July 13, Colombo (LNW): President Ranil Wickremesinghe emphasized the potential for a robust economy through the enhancement of the export economy, manufacturing, tourism, technology sectors, and modern agriculture. He highlighted that the government has already laid the foundation for this vision.
The President made these remarks during the inauguration ceremony of the second and third phases of the Bingiriya Export Processing Zone, the largest of its kind in Sri Lanka, on July 12.
In his address, President Wickremesinghe mentioned that new investment zones are being created to bolster the country’s export economy. It is estimated that the Bingiriya Investment Zone will generate an export income of US$ 2,600 million and create 75,000 job opportunities upon completion.
During the ceremony, President Wickremesinghe inaugurated the newly constructed Dongxia Industrial & Commerce Co. Ltd in the Bingiriya Export Processing Zone. He toured the premises and engaged in conversations with the employees.
The President also held discussions with officials from the Board of Investment, the Urban Development Authority, investors, and entrepreneurs, instructing them to develop Bingiriya, Dummalasuriya, and Madampe to metropolitan standards alongside the development of infrastructure in the export processing zone. Plans were discussed to transform Bingiriya into a major economic region, focusing on agriculture, manufacturing, information technology, tourism, and fishing industries.
President Wickremesinghe elaborated on Dongxia’s investment in Sri Lanka since 2018, noting that the company provided job opportunities to around 400 people despite the country’s economic challenges. He stressed the importance of establishing more investment zones and developing Bingiriya as an investment hub to boost the overall economy. He highlighted the government’s successful steps to prevent an economic collapse and achieve debt restructuring, which has provided significant financial relief and extended the loan repayment period to 2043.
He warned that without proper economic management, the country could face bankruptcy again. Emphasizing the need for adherence to the IMF agreement and strengthening the export economy, he pointed to the factory opening as an example of fostering an export-driven economy. He assured that the government has laid the foundation for a strong economy, which can be achieved by developing key sectors.
The Bingiriya Export Zone, established in 2018, aims to develop the surrounding areas, including Kuliyapitiya, Dummalasuriya, Madampe, Bingiriya, and Chilaw, creating 75,000 job opportunities. Future plans include developing Iranavila, Bingiriya, and Chilaw as tourist areas, building a golf course in Iranavila, creating an IT zone, and modernizing agriculture through the estate of the Chilaw Plantation Company. The development of this investment zone will lead to new housing, a new city, and numerous business opportunities, contributing to the transformation of the Pannala and Kuliyapitiya areas.
Investment Promotion State Minister Dilum Amunugama highlighted the achievements under President Wickremesinghe’s economic leadership, noting 35 investment agreements and Rs.1 billion in investments secured this year. The inauguration of the first factory in the Bingiriya Export Trade Zone and the allocation of an additional 1,000 acres for further development mark significant milestones for Sri Lanka’s economy.
The event was attended by North Western Province Governor Ahamed Nazeer Zainulabdeen, State Ministers Shantha Bandara, Ashoka Priyantha, and D.B. Herath, MPs Anura Priyadharshana Yapa and Sumith Udukumbura, former Minister Akila Viraj Kariyawasam, Secretary to the Ministry of Investment Promotion Meera Muhiadeen Nayeemudeen, Director General of the Board of Investment Renuka Weerakone, and Managing Director of Dongxia Industrial and Commerce Co. Ltd. Sho Wing.
