The Board of Investment has made a significant impact in developing local economies, by implementing the Government’s objective to promote regional industrialization. There has been considerable employment generation, boosting of exports, new technology transfers as a result of Foreign Direct Investment inflows. The Jaffna District is one of the main districts in the Northern Province which the BOI has targeted for development through Foreign Direct Investments.
Among the existing investments under BOI in the Northern Province are six apparel manufacturers and 15 other projects. When these are all operational the total investment will be LKR 16,293 million and the total employment generation will be for 837 workers.
In addition to the existing projects in the Jaffna District, recently five new projects have been established in the province. Joule Power Ltd. with an investment of LKR 2,946.915 m and Beta Power Ltd. with an investment of LKR 3,103.4 m have already commenced their operations in power generation.
Another two more power generation projects under the purview of the BOI are awaiting commercial operation. Vayu Sakthi Vitpannar Ltd. with an investment of LKR 2,216.5 m and Yarl Vayu Pagavan Ltd. with an investment of LKR 2,244.402 m will additionally contribute 10 MW of electricity to the national grid. The contribution of these projects will reduce the dependence on electric generation by fossil fuel sources.
Sakthi Agro International Ltd. is a manufacturing base investment under the BOI regime. It is awaiting commercial operation. This company will be engaged in the manufacture of coconut fiber products and will utilize 35,000-40,000 coconut husks per day for their manufacturing process. This will be a LKR 72.75 m investment.
The project will initially provide employment to nearly 35 staff. These coco peat fiber products will be exported to discerning markets such as the USA, Netherland, Malaysia and Japan.