Sri Lanka to set up more investments in north to create more jobs

(MENAFN- NewsIn.Asia) Colombo, Sept 3 (newsin.asia) - Sri Lanka's state run Board of Investment (BOI), that oversees all foreign direct investmentS into the country, on Monday said 14 new projects would be implemented in the island's former war torn north in order to strengthen the island's economy and boost employment.

In a statement, the BOI said among the new investments which are to be set up in the northern province, are a Chinese aquaculture project, power plants and a hotel.

Out of the 14 projects, 2 projects are awaiting commercial operation, 5 are awaiting implementation, 2 have been approved and awaiting the signing of agreement and another 5 projects are awaiting approval.

"Whilst it is correct to say the Northern Province does have considerable potential, many opportunities still remain untapped as a result of the effects of the past conflict affecting that region in particular," the BOI said.

"In spite of these challenges the BOI places high priority in investment in the North as this effort is more than just development and part of the process of strengthening inclusiveness and reconciliation in the country," it added.

Among the BOI investments in the north, there are currently six apparel manufacturers which employ 7,917 workers. Another 15 projects in different sectors are also operational and employ 837 workers.

When all these 35 BOI projects in the North become operational, it will result in a cumulative total of 10,142 jobs, the BOI said.

Sri Lanka's north was the strong hold of the rebels known as the Liberation Tigers of Tamil Eelam who were militarily defeated by government troops in May 2009 after a three decade long civil conflict.

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