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Sunday, January 29, 2023

Sri Lanka to give defunct state paper factory, 111-acre land on 30-year lease

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ECONOMYNEXT – Sri Lanka will give a defunct paper factory owned by state-run National Paper Company and 111 acres of land on a 30-year lease to be revived by Korean Spa Packaging (Pvt) Ltd, a government statement said.

The Sri Lanka-based Korean Spa Packaging, a packaging company had agreed to revive the firm but the land lease had not been regularized.

The cabinet of ministers had approved a proposal by Industries Minister Wimal Weerawansa to formally lease 111 acre and 2 rood land in Empilitiya to National Paper Company.

The factory, which was closed in 2012, will be revived as a public-private partnership, the statement said.

Weerawansa, a former member of Sri Lanka’s Janatha Vimukthi Peramuna has accelerated leases of state land to several private firms for industries. (Colombo/March01/2022)

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