Sri Lanka’s investment board signs pacts worth $60.86 mn

Sri Lanka’s Board of Investment (BOI) recently signed $60.86 million worth investment agreements with local and foreign investors in apparel, logistics, plant tissue culture and packaging sectors. The largest such project was signed with W U S Logistics (Pvt) Ltd to set up a logistics city in Negombo with a committed investment of $49.8 million.

The logistics city will include warehousing facilities, cold room facilities, in-house value addition and multi country consolidation services, auditorium, business communication centre, exhibitions centre, logistic education centre and research & development facility, according to Sri Lankan media reports.

The BOI also signed a $3.5-million agreement with First Steps Babywear Lanka (Pvt) Ltd to set up a plant in Modarawila Industrial Estate, Panadura, to manufacture garments and other textile products, especially baby wear, for export.

Y.C.G Packaging (Pvt) Ltd signed an agreement worth $7.6 million to manufacture garment accessories like hand tags, price tickets, over riders bands, body card, colour bands, body bands, label PVC, satin labels, size labels, booklets and packaging boxes.