Okaya Electric Industries Company, a public listed company from Japan a manufacture of electronic components for noise suppression and surge suppression signed an agreement with the Board of Investment of Sri Lanka (BOI) to invest in a high-tech manufacturing plant in Sri Lanka.

The state of the art plant to be located at Katunayake Export Processing Zone, with an initial investment of US$ 30 million and will employ 1200 skilled workers and the company is already planning to send a batch of workers for training to Japan. The Katunayake factory, where the equipment and machinery, are being installed will manufacture for the first time in Sri Lanka, film capacitors for noise suppression and spark quenchers, which is a protective device for electrical systems, and coil filters for export market.

The projected capacity of the plant is over 40 million pieces per month, said Chairman of the Company Ritsuo Maruyama.

The decision of Okaya Electric Industries to invest in Sri Lanka is a strong endorsement for the investment environment of Sri Lanka, particularly the favorable conditions existing for the electronics industry and the manufacturing capability of the Sri Lankan skilled workers. The initial investment is likely to lead to their investment in Sri Lanka in the near future to manufacture the other products of the company.

“Okaya is joining today the list of leading Japanese electronics companies who have already invested in Sri Lanka and operating successfully including FDK Japan (FDK Lanka Pvt Ltd) and Toslec (TOS Lanka Pvt Ltd) since 1990s. Okaya’s entry into Sri Lanka augurs well also for the economic cooperation between Japan - Sri Lanka, he explained,” Chairman / Director General of BOI Dhammika Perera said.