08 April 2010

Nine Investors to Start Projects in Horana Export Promotion Zone in Sri Lanka at US$ 57mn

08th April 2010, www.island.lk

The Board of Investments (BOI) says renewed investor confidence in Sri Lanka would lead to nine new factories being stablished in the Export Processing Zone (EPZ) at Horana.

The BOI announced that nine new companies would start projects at the Horana Export Processing Zone. The total value of their investments once completed would be US$ 57.15 million and they will employ 1,221 staff at the Horana Export Processing Zone.

"This is very significant as the new enterprises decision to invest will result in almost doubling both the Foreign Direct Investment (FDI) and the number of jobs available at the Horana Export Processing Zone (HEPZ)," the BOI said in a statement.

The new factories would be set up by the following companies:

1. Unilever Sri Lanka (Pvt) Ltd, a UK investment, that will be producing food items, soap and toothpaste and investing US$ 40 million and providing employment at capacity for 100 workers.

2. Aspic Bio Tea (Pvt) Ltd, a Malaysian investment will be producing liquid tea and bio tea and investing US$ 2.5 million and providing employment at capacity for 49 workers.

3. Cavin Care (Pvt) Ltd, an Indian investment will be producing cosmetic products and investing US$ 0.65 million and employing 110 workers.

4. Auto Link International (Pvt Ltd), a Sri Lankan enterprise will be engaged in vehicle reconditioning

5. Heritage Foods (Pvt) Ltd is an Indian company engaged in the production of food and beverages, representing an investment of US$ 0.35 million that will provide employment for 202 workers.

6. Phoenix Industries Ltd is a Sri Lankan plastic personal care & packaging products company which is an investment of US$ 2 million which will employ 55 workers at capacity.

7. Nithiya Packaging (pvt) Ltd is an Indian manufacturer of paper products, representing an investment of US$ 7 million that will employ 350 workers at capacity.

8. Hwagin Medical Lanka (Pvt) Ltd is a Chinese manufacturer of disposable syringes representing an investment of US$ 4.2 million, which will employ 100 workers at capacity.

9. Digital Engineering Lanka (Pvt) Ltd is a Sri Lankan company that will manufacture anti adhesive oil, concreting and foaming grease, representing an investment of US$ 0.45 million and employing at capacity 55.

The Horana Export Processing Zone, which is in the Kalutara District commenced operations in November 1999. It is located 50 kilometers from Colombo on a land of an area of 385 acres.

The HEPZ is equipped with a complete road network, power supply, treated water supply, telecom facilities, water treatment plants, waste water treatment plants and security services.

The current total investment at the HEPZ is US$ 54 million and its 11 enterprises provides employment to 1,623 workers. These enterprises are involved in the manufacture of garment accessories, essential oil, plastishell products, non ferrous metal recycling, MDF boards, electric power generation and glassware.

The nationalities of the enterprises currently at the HEPZ include Sri Lankan, Indian, Malaysian companies and three joint venture companies consisting of India/Singapore, Finland/India/Sri Lanka and India/Sri Lanka investments.

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