In August 2015, the BOI signed an agreement with Senok Automobile (Pvt) Ltd and Volkswagen AG to set up an assembly plant for Volkswagen Automobiles in Kuliyapitiya | (Pic by Chandana Wijesinghe)

The Board of Investment of Sri Lanka (BOI) has signed 16 agreements for new projects during January to February 2016, the BOI said in a statement last week. Accordingly, the 16 agreements covering a wide range of sectors and representing a cumulative future investment of US$ 110 million will generate an estimated 1,250 new direct employment opportunities, the BOI noted.

Below are highlights of the list of the projects;

Mini-hydro projects
Five new agreements have been signed in January/February 2016 to set up mini hydropower projects in Ratnapura, Haldummulla, Matale and Hali Ela areas. The total value of these investments is US$ 18 million. The electricity generated by these mini power plants will be supplied to the National Grid which helps to meet the growing electricity demand in the country. Euro Lanka Energies (Pvt) Ltd, Meunex Nahalwathura Hydropower (Pvt) Ltd, Lower Lemastota Hydropower (Pvt) Ltd, Escas Digital (Pvt) Ltd and Bambarapana Hydropower (Pvt) Ltd have obtained BOI investment approvals for mini hydropower plant projects.

Wild Coast Lodge (Pvt) Ltd signed agreement to set up a 28-roomed boutique hotel in Palatupana, Yala. DodunduwaWatta (Pvt) Ltd signed agreement to set up 64-roomed hotel in Palalla, Weligama. These two new hotel projects will help the Government to achieve its target to build 75,000 rooms to cater to 4 million tourist arrivals by 2020.

Apartment complexes
Two agreements have been signed to set up new apartment complexes in Colombo. Both Superlative Properties (Pvt) Ltd and Mulberry Holdings (Pvt) Ltd will set up new housing complexes in Colombo. The estimated value of investment is US$ 14 million.

New Verazo Apparel Export (Pvt) Ltd and I C Collection (Pvt) Ltd will set up projects to manufacture garments for export markets in Bandarawela and Jaffna. The value of these investments is US$ 6 million and they will create 263 new direct job opportunities.

•  New Silkroad Aquatic Company (Pvt) Ltd signed an agreement to set up a project to manufacture fish meal for export market. This project will be set up in Mannar.
• Unfield Integrated Services (Pvt) Ltd signed agreement to set up a project to manufacture metal-based electrical components using imported coils and steel sheets for the export market. The project will be set up in Seeduwa.