Sri Lanka’s Jaffna Lures Investments After Defeat of Rebels
April 26 (Bloomberg) -- Sri Lanka’s Jaffna peninsula, a former stronghold of the Tamil Tiger rebels in the country’s north, is attracting investments by Indian companies in construction and agriculture after the defeat of the separatists, an industry official said.
As many as 10 Indian companies have this month expressed interest to set up factories for food processing, plastics and glass recycling, garments and ready-mix concrete, Kanagasabai Poornachandran, president of the Jaffna Chamber of Commerce and Industry, said in a telephone interview today from his office in Jaffna city.
The end of the 26-year civil war in Sri Lanka has encouraged Indian Oil Corp. and Bharti Airtel Ltd., India’s biggest state-run refiner and largest mobile-phone operator respectively, to expand in the island nation. Sri Lanka could benefit from its proximity to India just as Hong Kong profits from being a trade hub to China, HSBC Private Bank said after the war ended in May last year.
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Published: Mon Apr 26 09:04:39 EDT 2010