The Board of Investment (BOI) of Sri Lanka has focused its attention on the establishment of a Textile Park in Punnakuda, Batticaloa with the intention of locally manufacturing textile raw materials.
Sri Lanka is renowned for manufacturing high-quality apparel for iconic global fashion brands and annually imports textile raw materials used in the apparel industry worth US$ 6 billion from different countries around the globe.
The first phase of the Fabric Park was launched last week and is expected to provide an opportunity to add raw materials to the local apparel industry.
BOI Chairman Raja Edirisuriya said the Fabric Park in Punnakuda, Batticaloa will strengthen import substitutes for the apparel industry and save US$ 500 million annually for Sri Lanka.
Spread over a 255-acre land, the Fabric Park is equipped with all facilities and the potential to establish eight to ten large-scale factory complexes.
Raja Edirisuriya said, in addition, the Government is to spend a sum of Rs. 5.5 billion on the development of infrastructure facilities in the project which will eventually boost infrastructure facilities in the area.
The Textile Park can be named the largest development project being undertaken in the Eastern Province and will provide 5,000 job opportunities.
BOI Chairman Raja Edirisuriya and its Director-General Renuka M. Weerakone recently made an inspection tour alongside a group of investors who are geared to embark on new projects in the Fabric Park. (NewsWire)