BOI approves value adding agri business venture

Dhammika Perera, Chairman/ Director General formally hands over the BOI Certificate of Registration to the investors of Cocopel Lanka Ltd

The Board of Investment of Sri Lanka has granted investment approval to Cocopel Lanka (Private) Limited and Moorgate Lanka (Private) Limited.
The investment agreement signed with Cocopel Lanka is for a unique project to manufacture value added coir pith and coconut husk products for the export market. The joint venture project with Norway based Holsein Invest is an investment of US $ 500,000. The company will set up two state-of-the-art manufacturing plants equipped with machinery imported from Europe in Pallebadda and Padanangala. With the establishment of this venture, 200 new employment opportunities will be generated.
The value added coir pith developed by the company will be used in seeding in plant nurseries. Cocopel is a disc of compacted mixture of coir fibre pith, also known as coco peat; a natural and renewable resource, produced from coconut husks. Cocopel is a natural, eco-friendly, organic, growing medium supplied in compressed form. It is an ideal product for seed germination and multiplication plots in tissue culture.
Norwegian commercial and agricultural expertise together with indigenous know-how of the coir pith has laid the foundation for the establishment of this joint venture company to develop a high-tech agricultural product
W. Hewawitharana, Director stated that there is a high demand for their product in China and will commence export in July. The company is established under BOI’s “300 Enterprises Programme” and will be their third BOI venture. Cocopel Lanka has imported seeds from China to research and develop the product, so that it best suits their requirements.
Moorgate Lanka (Private) Limited was the second company to obtain investment approval from the BOI this week. The project is for the manufacture and assembly of air conditioners, bottle coolers, water coolers, water dispensers and auto air conditioning parts for export. The project represents an investment of US$ 1,100,000 and will provide 30 new employment opportunities.