By Srian Obeyesekere
The government’s accelerated economic drive accentuated on the prime southern city’s Hambantota Port is expected to get into full swing by July once cabinet approval is given to the eleven giant foreign investors earmarked to set up business in the 2,717 acre investment zone.
Of these investors, one of the world’s giant car manufacturers from Germany, Audi is to set up a multi billion rupee vehicle assembling plant in the Hambantota Port premises besides another vehicle assembly plant by Transmec under the government’s top priority ‘Free Zone’ concept of assembling and exporting diverse technological products, Managing Director of the Sri Lanka Ports Authority, Captain Nihal Keppitipola told The Bottom Line.
“We have identified eleven opportune giant foreign and local investors from 27 who were short listed and presently the tender papers of these investors are before the Cabinet Appointed Negotiating Committee pending its final approval which we are hopeful will come this month or in July,” the SLPA Chief Engineer, Agil Hewageegama, told The Bottom Line. He affirmed that work would commence shortly after the cabinet green light is given for the eleven investors who were considered the most potential business generators from an initial number of 63 investors capable of driving forward the government’s economic thrust showcased on making Sri Lanka the ‘Wonder of Asia.’ The SLPA said that an investment under one million US dollars was expected to be pumped into the Hambantota project which is seen as a huge playmaker in Sri Lanka’s economic thrust.
Meanwhile, confirming on the vehicle assembling plant the General Manager of
Senok Automobiles (Pvt) Ltd, the sole agent of the prestigious Audi vehicles in Sri Lanka
Rajieve M. Fernando said that the Audi project would go ahead as planned.
Accordingly, Audi will bring over its raw materials and start work in about one month’s time, informed sources said.
“The Free Zone concept on the lines of the Jebel Ali of United Arab Emirates will see some 2,500 to 3,000 acres of the Hambantota Port premises coming under the hammer of billion rupee projects within a month’s time,” the Port Authority Managing Director said. Capt. Keppitipola stressed that the ‘Free Zone’ concept strictly envisaged that all businesses bring their raw materials for production in Sri Lanka under which the Hambantota Port would play a significant role in the country’s economic thrust.
Saying that investors from many countries had shown an interest to invest in the Hambantota Port’s ‘Free Zone’ concept, the Port Authority MD said, “The Port Authority will handle the bunkering in this respect while revenue earning avenues would include throughput charges as production in these sites increase including dockage, navigation and bilateral charges,”
The government’s accelerated economic drive accentuated on the prime southern city’s Hambantota Port is expected to get into full swing by July once cabinet approval is given to the eleven giant foreign investors earmarked to set up business in the 2,717 acre investment zone.
Of these investors, one of the world’s giant car manufacturers from Germany, Audi is to set up a multi billion rupee vehicle assembling plant in the Hambantota Port premises besides another vehicle assembly plant by Transmec under the government’s top priority ‘Free Zone’ concept of assembling and exporting diverse technological products, Managing Director of the Sri Lanka Ports Authority, Captain Nihal Keppitipola told The Bottom Line.
“We have identified eleven opportune giant foreign and local investors from 27 who were short listed and presently the tender papers of these investors are before the Cabinet Appointed Negotiating Committee pending its final approval which we are hopeful will come this month or in July,” the SLPA Chief Engineer, Agil Hewageegama, told The Bottom Line. He affirmed that work would commence shortly after the cabinet green light is given for the eleven investors who were considered the most potential business generators from an initial number of 63 investors capable of driving forward the government’s economic thrust showcased on making Sri Lanka the ‘Wonder of Asia.’ The SLPA said that an investment under one million US dollars was expected to be pumped into the Hambantota project which is seen as a huge playmaker in Sri Lanka’s economic thrust.
Meanwhile, confirming on the vehicle assembling plant the General Manager of
Senok Automobiles (Pvt) Ltd, the sole agent of the prestigious Audi vehicles in Sri Lanka
Rajieve M. Fernando said that the Audi project would go ahead as planned.
Accordingly, Audi will bring over its raw materials and start work in about one month’s time, informed sources said.
“The Free Zone concept on the lines of the Jebel Ali of United Arab Emirates will see some 2,500 to 3,000 acres of the Hambantota Port premises coming under the hammer of billion rupee projects within a month’s time,” the Port Authority Managing Director said. Capt. Keppitipola stressed that the ‘Free Zone’ concept strictly envisaged that all businesses bring their raw materials for production in Sri Lanka under which the Hambantota Port would play a significant role in the country’s economic thrust.
Saying that investors from many countries had shown an interest to invest in the Hambantota Port’s ‘Free Zone’ concept, the Port Authority MD said, “The Port Authority will handle the bunkering in this respect while revenue earning avenues would include throughput charges as production in these sites increase including dockage, navigation and bilateral charges,”
He claimed that Sri Lanka, taking a leaf from the UAE’s Jebel Ali city was in the wake of the thriving commercial activity that country enjoyed through its ‘Free Zone’ concept.
“Under this concept businesses will have to strictly conform to the government requirement of assembling and exporting the products and not bringing them into the country. In the event they bring it in they will be accordingly taxed the appropriate levies,” he said.
Other industries that would be established apart from the two vehicle assembly plants are a cement grinding plant, cement packaging plant, sugar refinery plant, three petro-chemical companies and four companies in warehousing from Pakistan, India and Switzerland among others.
Source : The Bottom line
“Under this concept businesses will have to strictly conform to the government requirement of assembling and exporting the products and not bringing them into the country. In the event they bring it in they will be accordingly taxed the appropriate levies,” he said.
Other industries that would be established apart from the two vehicle assembly plants are a cement grinding plant, cement packaging plant, sugar refinery plant, three petro-chemical companies and four companies in warehousing from Pakistan, India and Switzerland among others.
Source : The Bottom line
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