Sri Lanka’s state investment promotion body says industrial parks safe

Directory launched in the presence of Jagath Perera, CA Sri Lanka President, Manil Jayesinghe, CA Sri Lanka Vice President, Harsha Basnayake, Ernst & Young Asia Pacific Transaction Advisory Managing Partner, Aruni Rajakarier, Chairperson of the CA Sri Lanka Women Empowerment Committee, Anoji De Silva, Alternate Chair of the Women Empowerment Committee and Dulani Fernando, CA Sri Lanka CEO

March 27, 2007 (LBO) – Sri Lanka’s state investment promotion body which runs industrial parks said they were not affected by a Tamil Tiger air raid, including one near the targeted air base. The Board of Investment (BOI) runs two large industrial parks in Katunayake near the airport and in Biyagama as well as a number of smaller parks scattered around the country.

“The Board of Investment of Sri Lanka wishes to reassure the investor community, the public and all stakeholders in the investment effort of the country that the Katunayake Export Processing Zone (KEPZ), or any other export processing zone, has not been affected by the recent incident at the airport,” the BOI Chairman Lakshman Watawala said in a statement.

“We also wish to add that the management of the zone is functioning normally and that there has been no disruption in the functioning of any of the factories at the KEPZ.”

The BOI said all factories within the zone and outside are operating as normal and are engaged in import and export activities as usual.

Most factories in the export processing zones have foreign collaboration, tax breaks and are also allowed to import raw material without duty.