Sri Lanka lures Tamil diaspora investment for former war zone

Apr 05, 2010 (LBO) - Sri Lanka's investment promotion agency said it has set up an office in the former war zone of northern Jaffna to handle foreign investments especially from Tamils who migrated to avoid the conflict. The Board of Investment said in a statement staff at its new Jaffna branch are all Tamil speaking and familiar with the modalities needed for investors to establish projects.

Targeted sector include fisheries and fish processing, agriculture and agro-industries and the service sector such information technology and business process outsourcing.

"The purpose of this office is to promote Jaffna as a new destination for investment and to facilitate projects in the Jaffna peninsula."

The BOI said that as a result of the conflict, the Northern Province’s economy needs to be rebuilt and opportunities created to provide employment to a large section of the population.

The 30-year war ended in May 2009 leading to interest from investors seeking to invest in the island.

"There is already considerable interest overseas from foreign investors to start projects in the Eastern Province especially hotels, IT, and agro-processing industries," the BOI said. "Similar interest exists for Jaffn