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The Cabinet has approved the mega US$ 4 billion Industrial Park in Sampur, Trincomalee proposed to be set up by the Singapore based Gateway International.

Minister of Investment Promotions Lakshman Yapa Abeywardena yesterday told the media that the 818 acres, in Sampur, was given to the Singaporean Developer, who was awaiting clearance by several authorities to pump in US$ 700 million during the first two years.

The developer has so far invested US$ 10 million, according to the minister and was seeking approvals from several relevant authorities including environmental coastal.

According to the BOI, the approvals are expected to be completed during the next few months and the BOI was ambitious to commence the development.

The mega project, which would be completed in three phases, in seven years, after the necessary approvals have been obtained, would facilitate heavy industries, mainly from Singapore and would self-facilitate infrastructure and other requirements for operations without the government having to provide them.

The investment of USD 700 million, within the first two years, would be followed by a USD 1.3 billion injection to develop infrastructure, education and other facilities to support the industries. That would be followed by a further USD 02 billion capital infusion coming from industries to be set up there.

After the project approval and the procedure followed to grant Singapore’s Gateway the 818-acre land on a 50-year lease agreement was questioned by the Opposition, on moral grounds, Minister Abeywardena submitted the project proposal to parliament for debate early this month (Sep 03).