Landmark investment projects fuelling the future of Sri Lanka

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Two landmark investment projects will begin laying the foundation at Mirijjawila Export Processing Zone in Hambantota on March 24. The total investment of these projects would be around US$ 4 billion, which is the highest ever foreign direct investment (FDI) record in Sri Lanka.

The highest FDI was recorded as US$ 2.3 billion in 2018. A large number of direct and indirect employment opportunities will be generated through these two significant projects.

Green Field Refinery

A new oil refinery complex will be set up after a number of decades in the country. This is a 100 per cent foreign investment from Singapore and the Sultanate of Oman Ministry of Oil and Gas. The total investment of this project is US$ 3,850 million. Allocated land extent for this project is 200 acres.

Cement Grinding and Blending Plant

This is a joint venture investment between Sri Lanka and UAE. Ceylon Steel Corporation and Onyx Group of Companies, United Arab Emirates are the main investors and the total investment of the project would be US$ 100 million. The company is targeting at the local construction industry and the entire project will be completed within five years.

The Mirijjawila Industrial Park spanning over 8.7 hectares (25 acres) was established in 1999 by the Board of Investment of Sri Lanka, with several industries in active operation and over 1,200 employees since its inception. In 2012, the industrial park was declared as a licensed zone to establish an export processing zone under the provisions of the BOI Act No. 4 of 1978, with an expanded area of 218 hectares (565 acres).

The BOI has undertaken operations and maintenance of the EPZ providing all internal infrastructure facilities such as roads, water supply, electricity, waste water treatments, waste disposal, storm water disposal, etc. necessary for the smooth functioning of the export oriented and other industries.

The Mirijjawila EPZ will focus on the industries based on fuel oil, raw material, chemicals, byproducts and other finished product industries in order to minimize the water consumption adapting to the prevailing environment conditions.

Spanning over 565 acres in total, the Mirijjawila Export Processing Zone consists of industrial blocks spread across in 338 acres with 309 acres already occupied by industries in commercial operations. This includes a 200 acre tank farm project and a 62.5 acre cement grinding and blending plant with an envisaged investment of US$ 4,000 million.

Located in close proximity to the Hambantota Port, Mattala International Airport, Magam Ruhunupura International Convention Centre, Oil Refinery and the extension of the new railway line, the Mirijjawila EPZ is expected to supplement and realize the country’s vision of becoming an economic, trade as well as a logistic hub in the region.

Attracting investment creating job opportunities leading to an enhanced social-economic status in the otherwise rural Southern Districts, the zone would attract large scale investment owing to Hambantota’s geo-strategic location and its proximity to the main trade navigation route connection of the West and East.

With these new two projects, the total land area of the zone will be utilized productively.