Sri Lanka to get Courtaulds clothing plant

Apr 29, 2010 (LBO) – Courtaulds Clothing has signed an agreement with Sri Lanka’s Board of Investment to set up a plant to manufacture knitted fabric for the export market, the investment promotion agency said. Another investment is by Regnis Appliances worth 1.1 million dollars to manufacture and assemble home appliances.

An investment agreement for 150,000 dollars was signed with A T M Lanka to develop software for the local market, the BOI said. The venture located at Badalgama, in the island’s north-west, will be done with an investment of over 3.5 million US dollars, a BOI statement said.

Courtaulds already has factories in Sri Lanka making clothes for export, including for top Western retail brands.

The BOI also said it approved an investment of over 100,000 dollars by Courtaulds Trading Badalgama to set up an export trading house.

The statement said the Courtaulds investments were among six approved by the BOI for a total investment of seven million dollars in the home appliances, rubber, apparel and software sectors, expected to give jobs to 700 people.

An investment agreement for 250,000 dollars was signed with Asian Rubber for a project for pre- and post-harvest management of