Sri Lanka gets ten investment proposals from China

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Ten proposals from Chinese companies have been handed over to Sri Lanka's Investment Promotion Ministry, an official said here on Friday.

Responding to questions at a media gathering, Investment Promotions Minister Lakshman Yapa Abeywardana noted that the proposals were to set up factories in areas such as the central and eastern parts of the country.

The proposals include a steel factory, IT Park and assembling motor vehicles.

"One proposal was to produce herbal beauty products but most of them are for smaller ventures of around 25-50 million U.S. dollars, " he added.

The Sampur investment zone in the east received Cabinet approval over the weekend.

The cabinet of ministers approved the setting up of a special zone for heavy industry at Sampur in a land extent of 97 square kilometers. However the project got delayed due to litigation by land owners in the zone acquired by the Board of Investment (BOI).

The land has been given on a 99-year lease as a BOI venture to Sri Lanka Gateway Industries (Pvt) Ltd., a company registered in Singapore.

The project that will be implemented in three phases at an investment of 4 billion U.S. dollars will be the largest foreign invested project. Endi

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