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By Shirajiv Sirimane

A Korean entrepreneur is to invest 4 million US dollars to build a cargo depot and a five star resort hotel in Galle.

Chairman Won World God Corporation, Yim Won Bhin, which is involved in international projects development, trading, construction, investment and financing since 1989 in an interview with the 'Daily News' said that he would also invite a British investor for this project. "Won World God Corporation is already involved in similar projects in East Asia, Pakistan and Bangladesh and now our company is focusing in Sri Lanka."

Won Bhin who was in States for 17 years said that his company would pump in 3 million US dollars while the British investor will invest the balance. "I will be flying next to week to England to finalise all the details and sign the MoU in this regard." He said that Sri Lanka and specially Galle is located in a very strategic location. "If the Galle harbour can be developed to international standards it can easily compete with Singapore."

He said that this was the reason they decided to come with a hotel project as well. "We are planning to build a sky scraper hotel similar to JAIC Hilton. It will have a casino for foreigners and all other facilities. We will be targeting the expatriates who would be working in the Galle harbour as well as the foreign employees of the Export Promotion Zone in Koggala."

The Korean investor said that his next aim would be to go in for an international taxi service in Colombo and Galle catering to the upmarket. "I am also keenly following the development of the Koggala domestic airport. The proposed taxi service and hotel project will benefit when this airport is open to domestic traffic once again."

In addition to the Palali domestic airport, plans are under way to re-open domestic airports in Trincomalee, Wirawila, Koggala and Minneriya. The Aviation Ministry has also received over 40 applications seeking approval to operate domestic flights in Sri Lanka.

Asked how he was going to raise the finances for these projects he said that his company in Korea will go in for a debenture trading program. "In addition we will also float a high yield interest scheme and will use our company funds to finance these projects in Sri Lanka."

The consultant of this project Chairman Falcon International M. J. M. Zurfick who is the local partner for these projects said that Yim Won had been visiting the country for the past nine years having visited Sri Lanka on 43 occasions. "He was keenly following the political and peace process in the country. Now he is happy with the political and economic set up and has decided to invest in these multi million dollar projects." Zurfick who has been doing business with Japan for the past 25 years said that the investor had the money but the time was not opportune for him to invest.

"I met the Vice Chairman of the Sri Lanka Ports Authority M. H. M. Salman and he promised to provide all information needed for the proposed harbour project."

Yim Won Bhin will also invest 1.3 million US dollars to manufacture surgical syringes in Sri Lanka. This project has already received BOI approval. "I am planning to set up our factory in Kandy by February and production will commence next March."

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