A top Japanese conglomerate is relocating its selected foam operations to Sri Lanka from China.
More importantly, the Tier 1 global supplier also says it is ready to set up world class automotive component production in Sri Lanka -with latest Japanese technology. “Japanese giant INOAC’s new venture with a $ 20 Mn investment here today is one of the biggest industry FDI’s to come from Japan to Sri Lanka in our bilateral partnership history” said Rishad Bathiudeen, Minister of Industry and Commerce.
Minister Bathiudeen was addressing the launch event of advanced soft foam production plant of INOAC Polymer Lanka located at the BOI Industrial Zone, Horana recently.
Addressing the occasion, Minister Bathiudeen said: “There is no doubt that INOAC’s re-entry is a great boost for Sri Lanka’s competitiveness in global market place as well as exports diversification efforts. Therefore on behalf of our committed President Mahinda Rajapaksa I thank INOAC corp. for its initiatives here. Japan is Sri Lanka’s third largest foreign financier. And our bilateral trade with Japan is also on a promising trend. In 2012 Japan was Sri Lanka’s third largest foreign financier after China and India as a Development Partner committing $ 521 Mn. 39 Japanese private investment projects are in operation , the bulk of them is entering in the immediate aftermath of the opening of our economy in 1977.”
”INOAC however was with us since 1959. Sri Lanka – Japan trade too has been growing -an increase of 56% from 2002 by 2012 to $ 770 Million,” quoting Minister Bathiudeen Asian Tribune reported.