Tech Ventures

July 28, 2010 (LBO) – Two companies plan to set electronic commerce ventures in Sri Lanka which is promoting itself as a site for business process outsourcing, the Board of Investment said in a statement. The investment promotion agency said it has given investment approval to Senit Technologies and Vingrows Business Solutions to start operations under the BOI which entitles investors to tax breaks and duty free imports.

Senit Technologies is to provide e-commerce services for the local and international hotel industry.

The venture sponsored by Roomsnet International is an investment of 200,000 US dollars. The company expects to provide employment for 20 Sri Lankan information technology professionals.

Vingrows Business Solutions is to provide web-based services to Sri Lankan expatriates that will allow users to request services on real estate, medical and travel sectors.

It will invest 150,000 US dollars in the venture and provide employment for 20 people.

“The Board of Investment having identified the IT sector as a priority growth sector for economic development provides many incentives to promote investments,” the statement said.

“The country is emerging as an offsho