Sri Lanka today signed an agreement with Sri Lanka Gateway Industries ( Private) Limited, who has agreed to invest US$ 4 billion to develop a special industrial zone for heavy industries in the Trincomale district.

Accordingly, Sri Lanka Gateway Industries, a consortium made out of several local and overseas firms will develop, operate and manage the special industrial zone for heavy industries in the Trincomalee District.

BOI says, the proposed project will see the development of a Deep Water Jetty, Bulk Commodities Terminal with Stockpiling and Blending Capabilities, a Power Generation Plant, and a host of other heavy Industries and complementary industries.

The US$ 4 billion will be invested in three phases.

Chairman of the Sri Lanka Gateway Industries (Private) Limited, Prabath Nanayakkara said companies based in Brazil, Australia, Japan, China, India and USA are taking part in the development of the proposed industrial zone.

According to the BOI, the project, the biggest ever FDI project in the country is expected to provide 5000 direct employment opportunities and  over 20,000 indirect employment opportunities.

“The signing of this landmark project is an indication of the growing international investor confidence in Sri Lanka.  Just a few years ago, it was difficult to envisage an investment of this magnitude in Sri Lanka” says Chairman of the BOI, M M C Ferdinando, following the signing of the agreement.

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