Presidential intervention changes investor's mind

Shirajiv SIRIMANE

INVESTMENT: The Korean investor who was to pull out his hospital project has decided to reconsider his decision with the President's office issuing a directive to Enterprise Development Ministry Secretary subsequent to a Daily News report last Wednesday.

With the President's office taking an interest on the issue BoI Chairman Prof. Lakshman R. Watawala immediately had a meeting with local investor of the project, Chrishantha Mendis.

The Urban Development Authority (UDA) Director General has also requested the local investor to inspect an alternative land in Nawala after the Presidential intervention.

Korean investor Dr. En Sung Koh, has decided to remain in Sri Lanka after these positive developments.

Dr. En Sung in a telephone interview with the Daily News from Korea said he was surprised as to why this interest was not there before the media exposure and the intervention of President Mahinda Rajapakse.

"I know the President is genuine has gone out of his way to settle this dispute. I will visit Sri Lanka soon to re do a project proposal for the Nawala land as initially the project was to be implemented on a five acre land," he said.

The local investor said his Manager had gone to see the land in Nawala last Wednesday with an UDA official. "The property which is an UDA land is suitable for the project.

However there are nearly 20 families in the land and to gain vacant position of the land seem to be the only problem," he said. "I do not know why the UDA waited without doing anything when these houses were built. However I hope this matter will be settled by the UDA soon," he said.

A Korean investor will invest Rs. 350 million for a 250 bed modern hospital, which will provide 1500 direct and 1000 indirect jobs. The investor wishes to use Korean concept and American technology to maintain the hospital where there would be film theatres, shopping and other entertainments.

Meanwhile, BoI Director (Research), Dilip S. Samarasinghe, has sent the following news item with regard to the Daily News story.

"An article has appeared in the Daily news of March 23, relates to a Korean investor who was not able to obtain the land he wanted for a hospital project for which he had applied in 2003. Originally this land was allocated at Madiwela but had been withdrawn due to security reasons.

The matter was then placed before the Cabinet Subcommittee on Investment Facilitation chaired by the President on March 03 an alternative land was allocated to the investor at Nawala at this meeting. The investor was informed of this decision.

Since the article in the Daily News appeared, a further discussion was held with the local partner of the Korean investor and it was agreed that the latter and UDA officials will conduct an inspection of the site in the afternoon of March 23.

Thereafter he made representations to the new BoI Chairman in December 2005 and the land will be submitted for approval of the UDA Board Meeting on March 27. The UDA Director General has confirmed that the decision will be conveyed to the investor thereafter."