Business and Economics
BOI, Jay Jay Mills sign up for US$ 4 mn expansion to Trincomalee

In line with the government’s policy of developing regional industrialization, the Board of Investment (BOI) of Sri Lanka recently entered into a supplementary agreement with Jay Jay Mills Lanka, to lay foundation to an initial investment of US$ 4 mn to establish operations in the Kappalthurai Industrial Zone in Trincomalee.

The agreement, which was signed by Sanjaya Mohottala, Chairman, BOI and B Srikumar -Managing Director, Jay Jay Mills Lanka will boost much needed economic activity and generate employment opportunities for local communities in Eastern Sri Lanka. A subsidiary of Jay Jay Mills India, this is the fifth expansion project of its kind for Jay Jay Mills Lanka, which was established in 2000.
Chairman BOI Sri Lanka Sanjaya Mohottala, said, “We are deeply grateful and encouraged by the enterprising strides taken by Jay Jay Mills Lanka to establish operations in territories that require a much-needed infusion of economic activity and technical skills enhancement. Sri Lanka has no shortage of a rich reserve of intelligent talent that can be tapped across the country.

Union Assurance records Rs.6.5 bn GWP in 1H

Union Assurance PLC closed the first half of the financial year as the fastest growing life insurer, achieving a 65% growth in regular new business premiums among the top 5 life insurers in Sri Lanka amids a pandemic-affected business landscape.

The company recorded a Gross Written Premium (GWP) of Rs.6.5 billion during the six months ending June 30, 2021 with an increase in top-line growth of 29% compared to the corresponding period of last year (2020).

ude Gomes, the CEO of Union Assurance stated, “The results recorded by Union Assurance from January to June 2021 are underpinned by the strong performance and strategic drive to become the fastest growing life insurer among the top five players in the industry.

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SriLankan Airlines launches direct flights to Paris

SriLankan Airlines, unveils flights to the French capital, Paris. SriLankan? s new service will operate scheduled flights between Colombo?s Bandaranaike International Airport (BIA) and France?s Paris Charles de Gaulle Airport (CDG) from November 1, 2021.

Accordingly, SriLankan would commence thrice weekly, non-stop flights to France every Wednesday, Friday, and Saturday using a fleet of Airbus A330-300 aircraft configured for 269 economy and 28 business class seats.

SriLankan Airlines Chairman, Ashok Pathirage said, “The new route is indicative of our continuous commitment to enhance our network and the travel experience of passengers both in France and around the world. This new service will allow leisure and business travelers alike to travel to and from Paris non-stop and reach their destination in less time. At a time, the world tourism trade is trying to revive, we see this as an opportunity to grow our presence and promote Sri Lanka as an ideal travel destination in a new travel landscape dotted by new guidelines for safe travel.”

SriLankan Airlines ceased its operations to Paris in November 2016 but operated provisional passenger and cargo flights during the pandemic in July and September 2020. The National Carrier continues to rebuild its global network from the devastating effects of the ongoing pandemic.

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