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Asian Tribune is published by World Institute For Asian Studies|Powered by WIAS Vol. 12 No. 2648

Sri Lanka needs mega investments - Dr.Amunugama

Sunil C. Perera, reporting from Colombo

Colombo, 16 March, ( Sri Lanka’s Foreign Investment promoter –Board of Investment [BOI] and the Investment Promotion Minister Dr.Sarath Amunugama have made arrangements to obtain mega investments and hope to sign agreements with number of large-scale overseas investors to start Mega projects.

Opening the New Mega Project Unit of the BOI , the minister said that the BOI has accepted a proposal to reclaim the sea and develop 450 acres of land alongside the Colombo Port by John Keels Holdings.

According to the minister, the first phase of this project is likely to cost about US$ 500 million.

He said Sri Lanka needs major investments and not the investment on Chinese Restaurants under the BOI law.

He disclosed past project proposals on Investments and said the BOI had accepted a number of small-scale investment proposals.

The newly opened Mega Project Unit will serve Mega investments and the minister’s expectation is to obtain 4 billion US$ as investments in this year.

He said several large projects are in the pipeline including an 800 million US dollar mass speedy transport system for Colombo and several industries connected to the Hambantota industrial port. This includes an oil refinery of Dubai based company and it has also asked to set up a sugar refinery.

- Asian Tribune -

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