The Ratmalana Industrial Zone (RIZ) where 2012 US BID Quality award winner Elcardo Industries is based, has reported $ 18 m (Rs 2,500 m) turnover in 2011.
The $ 456,000 initial investment by the Industry Ministry in RIZ since 1998 has paid off and it also reaped revenue of 40 times of initial investment in 2011 showing that RIZ is another success in our industry zone scheme, said the Minister of Industry of Commerce, Rishad Bathiudeen.
Our initial estimates of revenue for 2011 are $ 18 million but we believe it could be more, almost in the range of $20 million, he said.
Minister Bathiudeen made these observations in the aftermath of his sudden site tour to the Ratmalana Industrial Zone (RIZ) under his Ministry on June 22.
During the unannounced visit, the Minister made a close inspection of the operations of the zone and also inquired of the wellbeing and issues faced by zonal industrialists.
RIZ was started by the Ministry of Industry and Commerce in 1998 and to-date, the ministry’s investments and upgrade outlay for RIZ totals Rs 61.03 million ($ 456,000).
The zone, which has manufacturing sectors such as steel, toiletries, herbals, and stationery, has two phases spread across 16 acres (6.47 Ha).