Swiss conglomerate Binance eager to restore Valaichchenai Paper Mill

Binance Private Limited, a leading conglomerate based in Switzerland and operating businesses in more than six countries has expressed its readiness to invest in the National Paper Mill, Valaichchenai and number of industries in the North and East, following President Ranil Wickremesinghe’s open invitation to Sri Lankan migrants overseas to invest in the country.

The company officials have held several rounds of discussions with senior government officials including President’s Economic Affairs Advisor Dr R.H.S. Samaratunga and President’s Chief of Staff Sagala Rathnayake seeking the go ahead from the government.

Former Competent Authority of the Valaichchenai National Paper Mill Mangala Senarath and UNP’s Maharagama Organizer Sudath Jayasundara are preparing ground work to have discussions with government authorities aiming at reaching an agreement with regard to investment projects. Company’s Country Chairman Martin Jeyaraj at a press conference held at Cinnamon Grand Hotel yesterday said they are ready to invest in the agriculture and water bottling industry in the country to boost export income to the country while addressing the unemployment issue among the rural community in the North and the East.

He said company officials have already visited the National Paper Mill in Valaichchenai and seen for themselves on what areas need urgent attention to resume operations.

Jeyaraj said that his company founder and CEO Vikneswaran Sivapatham has decided to make huge investments in various fields in the country particularly in the North and the East with an objective of reviving the country’s economy following the President’s requests to migrant Sri Lankans.

Jeyaraj said that he has already started a manioc cultivation project in the Vavuniya district for the production of manioc flour for export. “There is a huge demand for manioc flour or kasawa flour in the African region and we expect to meet this huge demand by cultivating manioc in many parts of the Northern province including Vavuniya,” Jeyaraj said. Vice Chairman Balasingham John Vasanthabalan said that they are capable in fulfilling the country’s paper requirement within several months, if the government gives the green light for the project.

Vasanthabalan said though politicians want to have more and more investments in the country, public officials at the top level are not interested in expediting them. He was of the view that public officials should play a more active role aiming at attracting more investments to the country at a time when the country is facing an unprecedented economic crisis.

He said that former Competent Authority of National Paper Mill at Valaichchenai has helped them tremendously to reach with the government leaders and senior government officials to have discussion with regard to their proposed investments to Sri Lanka .

by Daily News Sri Lanka

, Local, ,

Post a Comment

Previous Post Next Post