Opportunities in railway, water projects, ship building:

Korean corporate giants eyeing Lanka

Ramani Kangaraarachchi

Over hundred Korean businessmen including some corporate giants have expressed business interests and trading or investment interests with Sri Lanka during the last few months due to Sri Lanka's peaceful situation.

Korean Ambassador, Choi Ki-chul said Samsung SDS, Samsung Electronics India and Korea Electric Power Company are some of the leading companies planning to enter Lanka.

He was speaking at a luncheon meeting organized by Sri Lanka-Korea Economic Co-operation Committee.

There are many other IT projects, hospital automization for good medical service, RFID technology for more effective and economical way of production storage and distribution as the future is knowledge economy.

Korean companies also look forward to major infrastructure projects such as the extension of Colombo harbour which is carried out by Hyundai Construction Company at present and the railway systems and water supply system improvement.

Ki-chul said that there are good opportunities for ship building, repair and maintenance technologies if Sri Lanka can come up with a master plan in Hambantota, Galle and other coastal maritime ports.

There are also possibilities for cooperation in the areas of agriculture in terms of increasing the low productivity of rural areas for the preservation of vegetable and fruits.

As Sri Lanka is emerging as a peaceful nation it is presented with a renewed opportunity of integrated development and it is a good idea for Sri Lanka to learn about the Korean Model which is known in modern history as the country to achieve miraculous economic progress in less than four decades despite dire initial conditions such as colonization, war and a struggling agrarian economy.

He said Korea went through its economic progress rapidly, fuelled by high savings and investment rates and strong emphasis on higher education and technical education.