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Tuesday, September 03, 2013 - 05.35 GMT
Cabinet approves USD 4 bn Sípore investment in Sampur


The Cabinet has approved USD 4 billion Industrial Park in Sampur, Trincomalee by Singapore based Gateway Group.

The proposal will be presented in Parliament today by Minister of Investment Promotion Lakshman Yapa Abeywardena, for debate.

The mega project, which would be completed in three phases, within seven years, would facilitate heavy industries, mainly from Singapore and would self-facilitate infrastructure and other requirements for operations without the government having to provide them.

Singapore based Gateway group would invest more than USD 700 million within the first two years, followed by USD 1.3 billion, which would develop infrastructure, education and other facilities to support the industries. That would be followed by a further USD 2 billion capital infusion coming from industries to be set up there.

Minister Abywardena, addressing the media in Trincomalee, said that the project would take off soon and enhance the development of the eastern province, particularly Trincomalee. He said that the government was aiming to capture another mega scale project for the Northern Province as well.

Highlighting the opportunities in the area, he said Trincomalee was the second highest contributor to the national economy since the war ended in 2009 and it had a great potential.

He said the tourism zone in Passikuda, which was located in close proximity to Trincomalee, had made progress and was nearing completion. Ten of the 14 hotels had been completed so far, as well as the infrastructure.




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Last modified: September 03, 2013.

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