Gokula Natural Medicines to export ayurvedic medicines with BOI Project

Mr. Dhammika Perera, Chairman / Director General , BOI formally hands over the agreement document to the investor of Gokula Natural Medicines (Private) Limited


Gokula Natural Medicines to export ayurvedic medicines with BOI Project

The Board of Investment of Sri Lanka granted investment approval to Gokula Natural Medicines (Private) Limited for a project to manufacture ayurvedic medicines for the export market. Mr. Dhammika Perera, Chairman / Director General signed the agreement on behalf of the BOI and formally presented the BOI Certificate of Registration to the investors.

The investment agreement worth Rs. 22 million is a joint venture between Gokula Natural Medicines and Iron River, United Kingdom. Chairman of Gokula Natural Medicines Limited, Ayur. Dr. M. B. Ratnayaka said that the company will manufacture ayurvedic medicines of international standard that will be exported to the European market.

Evolving throughout history, ayurveda remains an influential system of medicine in South Asia. Ayurveda is considered to be a form of complementary and alternative medicine within the western world having a growing interest.

“Ayurvedic medical methods which were limited to countries like Sri Lanka and India have now become an international need. The current requirement for ayurvedic medicine to the western world is supplied by India and China. There is an immense opportunity to earn foreign currency by penetrating this segment” said Dr. Ratnayaka.

He said that herbs that are required to manufacture the medicine are not available in large quantities in Sri Lanka. To address this issue the company will set up a 100 acre Herbal plantation in Kurunagala.

Production will be initially carried out in the plant located at Kadawatha and manufacturing plants will later be established in Wayamba and Uva Provinces. This is done in line with H. E. President Mahinda Rajapaksa’s concept of taking investments outside Colombo and Gampaha, which have traditionally attracted investment.

The company also expects to setup 7 ayurvedic health spas in the country with the guidance and support from the Ministry of Ingenious Medicine. The first two ayurvedic health spas are expected to be established in Bandarawela and Hambantota.

Ayur. Dr. M. B. Ratnayaka intends of utilizing his 25 year experience in the sector to improve the awareness among people. Dr. Ratnayaka was the Chairman of State Ayurveda Drugs Corporation from (1983-88) and has been actively involved at the College of Siddhayurvedic Medicine, Gampaha as Senior Lecturer to Principal.

He further stated that he expects to increase the amount of professionals, who are well versed in ayurvedic medicine to sustain the longevity of this sector in Sri Lanka.

Chairman, Ayur. Dr. M. B. Ratnayaka signed the agreement on behalf of the company. Directors of the company Ayur. Dr. Mrs. Wijayalakshmi Ratnayaka, Dr. Gokula Ratnayaka, Mr. Sanjaya Ratnayaka and Mr. Kosala Ratnayaka were also present at the occasion.

Visiting Pakistan Investor Delegation is briefed by BOI on investment potential of Sri Lanka.

Pakistan Investor Delegation headed by the Secretary General of the PSLBF, Mr. Syed Farukh Mazhar met BOI officials headed by Mr. Dhammika Perera, Chairman / Director General. Mr. A M C Kulasekera, Deputy Director General (Investment), Mr. Duminda Ariyasinghe, Executive Director (Investment Promotion), Mr. V. S. Sidath Kumar (Consul General from Consulate General of Sri Lanka Karachi) and leading businessmen from Pakistan attended the occasion.

Visiting Pakistan Investor Delegation is briefed by BOI on investment potential of Sri Lanka.

The BOI conducted a presentation highlighting the opportunities Sri Lanka offers to investors, to a 22-member delegation from Pakistan Sri Lanka Business Forum (PSLBF) today. The delegation headed by the Secretary General of the PSLBF, Mr. Syed Farukh Mazhar comprised of Consul General from Consulate General of Sri Lanka Karachi, Mr. V. S. Sidath Kumar and leading businessmen from Pakistan.

Mr. Dhammika Perera, Chairman / Director General welcomed the delegation on behalf of the BOI and highlighted the friendly bilateral relations existing between Pakistan and Sri Lanka. This was followed by a comprehensive presentation on Sri Lanka‘s potential for investment, which highlighted the country’s natural and human resources, her position as a business hub, and the incentives offered to investors by the BOI. The presentation focused on Sri Lanka liberal economy and the international Free Trade Agreements she enjoys with India, with Pakistan and the European Union (GSP+).

Mr. Syed Farukh Mazhar congratulated the Sri Lankan Government on successfully eliminating terrorism in Sri Lanka. He expressed that since Sri Lanka has successfully eradicated terrorism, there is a huge potential for trade and investment from Pakistani enterprises. He further stated that relations between the two countries have been enhanced by visits from H.E President Mahinda Rajapaksa to Pakistan, where the President has also met the Pakistan Sri Lanka Business Forum.

The members of the delegation were from sectors such as security, textile and clothing, agriculture and dairy products, information technology, water products, shipping, herbal pharmaceutical products, steel products and vehicle manufacturing.

The objective of the Pakistan Sri Lanka Business Forum is to encourage and enhance business and friendly relations between the industrial and business communities of Pakistan and Sri Lanka

The BOI officials participating were Mr. Dhammika Perera, Chairman / Director General, Mr. A M C Kulasekera, Deputy Director General (Investment), Mr. Duminda Ariyasinghe, Executive Director (Investment Promotion) and Mr. C. Ignatius, Director (Promotion).

Minister Yapa briefs Chinese investment delegation from Cixi Province at BOI Business Forum

Minister Anura Priyadharshana yapa exchanges mementos with Mr. Hong Jiaxiang, Senior Advisor of the Cixi Peoples Municipal Government at the BOI Investment Forum.

19th May 2009

Minister Yapa briefs Chinese investment delegation from Cixi Province at BOI Business Forum

Hon. Anura Priyadharshana Yapa, Minister of Enterprise Development and Investment Promotion briefed an investment delegation from Ningbo, Cixi Province on the potential Sri Lanka offers as an investment destination.

The delegation which was headed by Mr. Hong Jiaxiang, Senior Advisor of the Cixi Peoples Municipal Government and his high-powered investment delegation from the City of Ningbo, in the Cixi Province of the Peoples Republic of China.

This six-man delegation is spending a few days in Sri Lanka to examine the possibility of establishing a dedicated zone for Chinese investors, possibly in the Kurunegala district or in the Southern part of the island.

Minister Yapa emphasized the fact that since Sri Lanka had succeeded in overcoming her security problem, the country was likely to soon attract a higher quantum of investment. This problem has in the past damaged Sri Lanka’s image worldwide. Investments originating from friendly countries such as China were welcome.

Sri Lanka in the near future was likely to experience rapid growth and enjoy enhanced investor confidence.

Minister Yapa added that H.E the President had in his address to the Parliament and the Nation stressed the importance of rebuilding the national economy. The Minister further stated that the economic front has to be won in the same way as Sri Lanka had on the battlefront and here investment had a pivotal role to play. This would lead to Sri Lanka enhancing her position in the global economy.

Through investment, which he described as a “truly modernizing force”, Sri Lanka’s economy would be revived thanks to job creation, enhanced export earnings and technology transfers. China can become a catalyst to Sri Lanka’s economic growth by investing in the local economy.

China and Sri Lanka have had commercial and diplomatic relations since the earliest of times. This had lead to a great understanding on the part of each nation for the concerns and aspirations of the other.

There were already a number of significant Chinese investments in the country in the field of infrastructure including the Norochchollai power plant that will meet many of Sri Lanka’s power and energy requirements when it is completed in 2010.

In addition the Hambantota Port, also built by Chinese enterprises, will firmly anchor Sri Lanka into the global trading economy. This new port will play an important part towards the creation of a new economic hub in the southern tip of the island, as it is at the crossroads of the major shipping lines of the Indian Ocean.

Chinese enterprises have also expressed interest in offshore oil exploration. Sri Lanka has awarded one block to China to begin prospecting for oil off her coast. Another potential area of co-operation includes the development of the Colombo Airport Road.

There have thus been many meetings and exchanges between the governments and private sectors of Sri Lanka and of China in recent months.

Many Chinese business delegations have visited Sri Lanka and the latest to date was that of a large group of entrepreneurs in the area of light industries. Their visit was very successful and culminated in further meetings and the signing of a number of joint ventures.

Much of this interest and activity can be attributed to meetings held at the highest levels of Government such as President Mahinda Rajapaksa’s State Visit to China in 2007, to honour 50 years of Sino- Sri Lankan diplomatic relations.

At this event, the Board of Investment organized in Beijing, Shanghai and Guangzhou, investment fora, highlighting the country’s potential. Many Sri Lankan entrepreneurs from leading companies thus had opportunities to engage their counterparts from the Chinese Private sector and discuss matters pertaining to trade and joint ventures.

DHL considering Sri Lanka as South Asia’s Global Logistics Hub

DHL considering Sri Lanka as South Asia’s Global Logistics Hub

The world’s leading air and ocean freight provider DHL, which has operated in Sri Lanka for over 25 years, is exploring the possibility of setting up a global logistics hub in Sri Lanka to serve the South Asian region. This followed the recent signing by DHL of a BOI approved joint venture where a commitment was made to invest US$ 8 million.

The visit by Mr. Hermann Ude, Board Member of Deutsche Post DHL and CEO of DHL Global Forwarding & Freight to Sri Lanka, is proof of the interest this Global 100 company has in the country as a future global logistics centre for South Asia. Mr. Ude will be holding discussions with Hon. Mano Wijeratne, Minister of Enterprise Development and Mr. Dhammika Perera, Chairman/ Director General of the BOI.

Mr. Ude’s delegation includes senior company officials including his chief of staff Mr. Christian Allecote, Ms Anne Schaefer, Director Strategic Planning, South Asia Pacific, Mr. Amadou Diallo, CEO for South Asia Pacific and Mr. Thomas Tieber, CEO for South Asia.

The delegation is visiting Sri Lanka on a fact-finding mission as the island is strategically located to set up a multi national gateway to serve India, Bangladesh, Pakistan as well as other SAARC countries. DHL have already introduced a number of innovations in Sri Lanka such as GPS tracking and Garments-on-hanger boxes for the fashion and apparel industry.

Sri Lanka’s strategic location on the East-West trading route, progressive trade policies, highly literate work force and developed ICT infrastructure offers considerable opportunities for the logistics sector.

The Mahinda Chinthana, the economic and social blueprint of the Government, is committed to develop Sri Lanka as a logistics hub for South Asia. The Board of Investment in association with the Strategic Enterprises Management Agency, the Sri Lanka Ports Authority and the Airport and Aviation Services Limited have adopted long-term strategies aimed at developing the country into a logistics hub.

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