Officials of the Sri Lanka Board of Investment (BOI) have been instructed to facilitate and execute the second and third phases of the Bingiriya Investment Zone as soon as possible, targeting high-net-worth Japanese investors. 

The directives were issued by State Minister for Investment Promotion Dilum  Amunugama recently. 

After the President visited Japan, a large number of Japanese investors expressed interest in investing in Sri Lanka. 

Based on this, State Minister Amunugama also informed the officials to provide the necessary facilities to start their projects as soon as they arrive in Sri Lanka.

The Minister conducted his routine progress review meeting held at Bingiriya Export Processing Zone recently. Minister of Investment Promotion Secretary M M Naimudeen, Director General of Sri Lanka Board of Investment Renuka Weerakoon, Divisional Secretary, and officials representing institutions such as highways, electricity, and water supply participated in this meeting.

Five projects are currently being implemented in the Bingiriya Investment Zone. The value of the projects that have been invested is about fifty million US dollars. During the visit, the Minister met investors and discussed their problems.

The Bingiriya Investment Zone has 160 acres in the first phase, 282 acres in the second phase, and 650 acres in the third phase. 

With the start of the new investment zone, the Minister pointed out that not only direct employment for youth in the area but indirect new service-oriented business opportunities and employment will be created, but further growth is expected in all infrastructure facilities including road development in the area. (NewsWire)

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The development of new investment zones based on an appropriate public-private partnership model has received Cabinet approval.

According to the government, the need to develop a joint mechanism between the public and private sectors to build an export-oriented economy has been emphasized in the budget 2022. 

Thereby, the appropriate new investment zones to be developed have been identified as follows.

1. New Investment Zones in the Northern, Eastern, Northwestern and Southern Provinces. 
2. New Investment Zones in Mankulam, Paranthan Chemicals Company Premises and Kankasanthure Cement Corporation Premises
3. New Investment Zones in Iranawila and Trincomalee 
4. Expansion of Bingiriya and Hambantota Investment Zones 

The Asian Development Bank has agreed to provide the necessary technical assistance for the establishment of a proposed economic zone. 

Accordingly, the Cabinet has approved the proposal presented by the President, in his capacity as the Minister of Investment Promotion, to develop the said investment zones based on an appropriate public-private partnership model. (NewsWire)

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A specialized investment zone will be established in the Northern Province, which will be tailored to the fishing industry, State Minister of Fisheries Piyal Nishantha announced.

The State Minister revealed that this strategic endeavour aims to attract investments related to the fisheries sector, fostering economic growth and generating substantial employment opportunities for the citizens.

He further underscored the proactive measures that have already been initiated to combat the fishing mafia, a network of intermediaries who have profited unjustly at the expense of both the fishing industry and consumers.

Providing an update on future plans, the State Minister said to coincide with this year’s World Fisheries Day, a series of programs will be held from November 19 to 21, with a specific focus on the Northern Province, led by the Jaffna district.

“Within the Jaffna district, various services provided by agencies affiliated with the Ministry of Fisheries, such as mobile fishing services, issuance of fishing ID cards, registration of fishing boats and resolution of communication issues concerning fishing signals, will be the centre of attention. Solutions will be delivered to these challenges directly within the local communities.”

State Minister Piyal Nishantha also noted that additionally, a testing centre affiliated with the National Aquatic Resources Research and Development Agency (NARA) Institute is set to be established in the Kilinochchi district. 

“Plans are in place to release small fish into lakes, rivers and reservoirs within the province, particularly the Iranamadu Reservoir. This move aligns with the commitment to expanding fish harvest areas for multi-day fishing vessels through the introduction of a new FAD machine.”

“The promotion of the freshwater fishing industry remains a priority, marked by the distribution of approximately 54 million small fish into freshwater reservoirs nationwide,” he added.

According to the President’s Media Division (PMD), State Minister Piyal Nishantha made these remarks during a press briefing held at the Presidential Media Centre on Wednesday (Oct 18).

He further said, “In the past, the Fishery Corporation procured sailfish through suppliers, subsequently distributing imported fish. However, the corporation later transitioned to direct imports through legitimate channels, yielding considerable profits. This transformation disrupted the monopolistic control exercised by a select group of suppliers and intermediaries to some extent.”

“Nevertheless, it is worth acknowledging that breaking this monopoly presented considerable challenges. Attempts were made to obstruct our efforts, even from within the corporation itself. As a consequence, fishermen, consumers and the corporation incurred substantial losses. Notwithstanding these difficulties, we remain steadfast in our commitment to curbing this exploitative network.”

“For instance, the Fishery Corporation previously procured a kilogram of sailfish from local suppliers at a price of Rs 1750. But when importing sailfish directly, one kilo can be bought for Rs. 1250. With a monthly requirement exceeding 50,000 tons, it is unsurprising that the corporation incurred losses”

“It is crucial to emphasize that this import of fish is a temporary measure. Our primary objective is to facilitate the Fishery Corporation’s progress in collaboration with Sri Lankan fishermen, ensuring the delivery of quality and dependable seafood to our valued customers,” he said.

Giving details on the dedicated investment zone for the fishing industry in the Northern Province, the State Minister said arrangements are underway in this regard, adding that it is a move that will welcome investments linked to the fisheries sector into Sri Lanka, while simultaneously generating employment opportunities for a substantial workforce.

Significant emphasis is also placed on projects with the potential to enhance foreign exchange earnings, including seaweed cultivation and sea leech breeding.

Under the aid of the Chinese government, a program to provide kerosene subsidies for one-day fishing vessels is being implemented for the second time. A total of 4,250,000 litres of kerosene will be distributed among 28,000 fishermen, equating to 153 litres of kerosene per fisherman.

“To foster cooperation among the officials of the Ministry of Fisheries and affiliated institutions, plans are underway to conduct a volleyball tournament and an ‘inter-school drawing competition,” the State Minister added. (NewsWire)

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