BOI inks deals in tourism and pharmaceutical sectors

BOI inks deals in tourism and pharmaceutical sectors

Dec 21, 2018 (LBO) – The Board of Investment signed Agreements for projects in neuro-scientific hotels and the manufacture of pharmaceuticals.

The Agreements were signed with respect to the BOI by the Chairman Hemasiri Fernando. Present was Champika Malalgoda also, Director General of BOI.

The Wild Beach Resorts (Private Ltd) project would be to create, construct and operate a 42 roomed hotel which will be located at the Yala Wildlife Tourism Zone at Palatupana, Yala.  The worthiness of the investment is US$ 12 Milion.

Muruganathan Pillai, Director of Melwa Hotels and   Resorts signed the Agreement with respect to the ongoing company.

Pillai stated “we’ve signed two projects with the BOI already, one will undoubtedly be situated in Negombo and construction has begun already.  The Negombo hotel will be opened in 2021 and you will be operated by the Hilton Chain .Today may also be opened in 2021 the Yala project that was signed. This hotel project when completed will undoubtedly be operated by the Hilton Chain also.  This can of course be considered a high end hotel project”.

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The other project signed by the BOI was with Kelun Life Sciences (Private) Limited by manufacture IV fluids for the neighborhood and export markets.  The plant will be in the Kandy Industrial Park.

The project shall employ 110 workers. The investment value of the project is US$ 12-75 Million which US$ 9.5 will undoubtedly be FDI.

The agreement was signed with respect to the ongoing company by Nadarajah, Managing Director of the Kelun Life Sciences (Pvt) Limited. Mr. Nadarajaj stated ”We intend to manufacture injectables and offer these to the ongoing health Ministry. This will lessen the shortages in the national country, bring about manufactured stocks and in addition contribute towards import substitution&rdquo freshly;.

In addition to the these projects, a supplementary&nbsp was signed by the BOI; agreements with existing BOI companies in the regions of Software development  for export, radio broadcasting, latex mattress manufacture, apparel manufacture, poultry feed production, conversion of vehicle from left to right handed driving, lace manufacture.