[Monday, February 18, 2008 - 10.30 GMT]  

The BOI has entered into an agreement with Mahindra & Mahindra, India for a new IT Park at Katunayake. The Agreement was signed by Dr. Sarath Amunugama, Minister of Enterprise Development and Investment Promotion and Mr. Arun Nanda, Vice Chairman of Mahindra & Mahindra recently. 

The site would be built and managed by Mahindra & Mahindra and the company would market the site, making space available to interested investors in the IT, BPO and IT enabled services sectors. The rationale behind this new agreement is to use the expertise of Mahindra & Mahindra to build the site in association with the Board of Investment. 

Dr. Amunugama addressing the media present said "The IT industry is a US$ 1 billion industry for Sri Lanka. M& M will undertake the total integrated development of the IT Park. It will be open for companies to invest". He added "I am very confident that some of the big players in the IT industry will invest here". 

Arun Nanda, Vice Chairman of Mahindra & Mahindra said "The project will create 25,000 new software jobs in Sri Lanka, which is a tenfold increase of Sri Lanka's current pool of IT workers". In addition, there are another 5,000 other employment opportunities from support services. But Mr. Nanda is confident that the IT Zone in Katunayake will eventually create a staggering 60,000-70,000 indirect job opportunities, as the site will become a magnet for a wide range of activities.

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Last Updated Date: February 18, 2008 - 10.30 GMT