The Board of Investment of Sri Lanka signed an agreement with Sri Lanka Gateway Industries (Private) Limited, to spearhead Sri Lanka’s highest value ever Foreign Direct Investment project, for the development, operation and management of a special industrial zone for heavy industries, in the Trincomalee District. As per the agreement this project will come under the Strategic Development Act.

The project master plan includes the development of a Deep Water Jetty, Bulk Commodities, Terminal with Stockpiling and Blending Capabilities, Power Generation Plant, and a host of other heavy industries and complementary industries. The project will be delivered in three phases, with a total investment exceeding US$ 4 billion.

This project will open opportunities for much export and import markets in the Asian, African, Australian and American continents, and provide a strategic access gateway to satisfy the growing demands of the Indian market.

In addition to the above, the Trincomalee region will be benefited through direct and indirect employment opportunities, social and community development and creation of new skills during construction and long-term operation of the project. It is expected that over 5000 direct employment opportunities and over 20,000 indirect employment opportunities will be created from this project.

Sri Lanka Gateway Industries will establish a vocational training centre to enhance the professional skills of the local community of the region, thereby targeting many job opportunities for the local population.

The company has completed detailed feasibility and engineering studies and will be adopting World Bank environmental standards as a benchmark for the project.

Prabath Nanayakkara, Chairman of Sri Lanka Gateway Industries stated that he is certain that the heavy industrial zone will change the economic landscape of Sri Lanka and be a stepping stone for transformation of Sri Lanka to be an industrialized nation. Chairman of the BOI, M.M.C. Ferdinando stated “the signing of this landmark project is an indication of the growing international investor confidence in Sri Lanka."