In a bid to capitalize on growing  interest from high-net-worth Japanese investors, State Minister for Investment Promotion, Dilum Amunugama, has expedited plans to advance the second and third phases of the Bingiriya Investment Zone in Sri Lanka.

This directive came in the wake of a visit by the President to Japan, which sparked interest among Japanese investors keen on tapping into Sri Lanka's growing economic landscape.

Minister Amunugama, during a recent progress review meeting held at the Bingiriya Export Processing Zone, instructed officials from the Sri Lanka Board of Investment to fast-track the development of the investment zone.

The meeting, attended by Minister of Investment Promotion Secretary M M Naimudeen, Director General of Sri Lanka Board of Investment Renuka Weerakoon, Divisional Secretary, and representatives from various key institutions including highways, electricity, and water supply, emphasized the need for swift action to accommodate the influx of potential investors.

Currently, five projects are underway within the Bingiriya Investment Zone, with a total investment value of approximately fifty million US dollars. Minister Amunugama personally engaged with investors during his visit, addressing their concerns and reaffirming the government's commitment to facilitating a conducive environment for investment.

The Bingiriya Investment Zone spans 160 acres in its initial phase, with plans to expand to 282 acres in the second phase and 650 acres in the third phase. Minister Amunugama underscored the multifaceted benefits of this expansion, citing not only direct employment opportunities for local youth but also the creation of new service-oriented businesses and employment avenues. Additionally, he highlighted the anticipated growth in infrastructure facilities, particularly in road development, which is expected to accompany the expansion of the investment zone.