National Insurance Trust Fund Finds Business Opportunities in New Ventures at Hambantota Magampura Port

11th February 2011, www.dailynews.lk, By Indunil Hewage

New business ventures to be set up in the Magampura port premises will bring more business opportunities to the National Insurance Trust Fund (NITF).

A leading company in the world has sought Sri Lankan Government approval to set up a vehicle assembling plant in Hambantota.

At the moment the company has forwarded required documentation for land allocation in the Magampura port premises. The company is planning to export utility jeeps to South Asian countries after assembling the vehicles in the Hambantota, National Insurance Trust Fund Chairman Senaka D Abeygoonasekera told Daily News Business.

He said these ventures will bring more business opportunities to NITF with regard to insurance needs of the company.

The world is looking at Sri Lanka with a lot of hope and Sri Lanka will be on par or better than Singapore by 2020. Enough resources and a knowledgeable population who can adopt to the changing technologies and latest trends in the economy in a speedy manner would assist in achieving set targets in the country’s economy.

Many investors are eyeing Sri Lanka and the Magampura port will also be a vital transit point in the shipping and air cargo facilities generating more foreign exchange to the country, he added.

In addition, National Insurance Trust Fund has made an investment worth of Rs 1.2 billion in 2010 with the Urban Development Authority to support the Colombo Restructuring plan. The investment was made under the guarantee of Bank of Ceylon at the UDA debenture issue.

“Idle lands and old buildings in the Colombo city will be used in the Colombo restructuring project by eliminating the ugliness they bring to the city.

There are so many unauthorized buildings in the city and under the project these structures will be removed while giving unauthorized dwellers alternative accommodation,” he said.

The project will help mitigate the floods and rain water drainage system issues in the Colombo city with the removal of unauthorized buildings which have been put up in an uncontrollable manner,” Abeygoonasekera said.