The Sri Lankan government today has signed an agreement with a business consortium to invest US$ 4 billion to build a heavy industries complex around the Trincomalee port in the country's Eastern Province.
Sri Lanka's investment promotion agency Board of Investment (BOI) signed the agreement with Sri Lanka Gateway Industries (Private) Limited, a business consortium comprising local and overseas firms to develop, operate, and manage a special industrial zone for heavy industries around the north eastern Trincomalee Harbor.
The project, which is to be implemented in three phases, will be the largest foreign direct investment project, Chairman of the Sri Lanka Board of Investment M.M.C Ferdinando said.
According to a BOI statement the proposed project will develop 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 special Zone for Heavy Industry to be built at Sampur in Trincomalee in a land extent of 97 Sq km will also include a coke plant, iron ore palletizing plant, manufacturing plant and machinery, and a sugar refinery.
The first phase of the project, valued at US $ 700 million, includes the development of the deep water jetty and the stockpiling facility.
The BOI says the project, called Trinco Gateway Park, will generate 3,500 direct and 20,000 indirect employment opportunities and change the economic landscape of the Eastern Province.
The consortium will also establish local vocational training centers in partnership with leading industry specialists.
'The signing of this landmark project is an indication of the growing international investor confidence in Sri Lanka,' Ferdinando said.