Billion-dollar CG Corp Global renews commitment to Sri Lanka
Daily FT: Nepal’s multinational giant CG Corp Global this week renewed its commitment to Sri Lanka, reiterating it will further grow its investments in existing and new sectors.
CG Corp Global Group already has investments in Sri Lanka’s hospitality, financial services, and automobile sectors and its Managing Director Nirvana Chaudhary, who arrived in Colombo on Sunday, told the Daily FT that the Group is exploring opportunities in real estate, renewable energy, cement, as well as further expansion in the electric vehicle market. Among its longstanding investments are Taj Lanka Hotels PLC, Union Bank of Colombo PLC, and BYD Auto Lanka in partnership with diversified blue chip John Keells Holdings PLC. CG Corp Global also has investments in and joint ventures with Jetwing Symphony PLC and Ceylon Hotels Corporation PLC.
“We have been committed to Sri Lanka for over three decades despite the country having gone through multiple challenges. We have remained steadfast as a long-term investor and partner for the wellbeing of Sri Lanka and our resolve to continue remains intact,” Chaudhary emphasised. “With the National People’s Power Government, under the leadership of President Anura Kumara Dissanayake, receiving a strong mandate from the people of Sri Lanka, we remain optimistic and confident of the future prospects of Sri Lanka,” he added.
CG Corp Global Group’s recent investment is in the Union Bank of Colombo, in which it is the largest shareholder and Chaudhary is the Deputy Chairman. “We see strong growth prospects in financial services in Sri Lanka and will continue to explore opportunities to expand,” he said.
Since the entry of CG Corp Global Group, Union Bank has set its vision to make it Sri Lanka’s first digital bank. CG Corp Global also owns Nepal’s biggest private sector bank – Nabil Bank.
In August, Union Bank partnered with the University of Moratuwa and the National Innovation Agency to support the National Entrepreneurship Development Program (NEDP), aimed at empowering SMEs and youth aspiring to become entrepreneurs across Sri Lanka. This initiative – Union Bank School of Social Entrepreneurship (UBSSE) – aims to develop, support, and promote social entrepreneurs while providing essential access to finance.
Chaudhary also said CG Corp Global also believes in providing community service as a driver of progress and prosperity for people as its CSR and philanthropic arm Chaudhary Foundation celebrates its 30th anniversary this year, championing sustainable social reform.
In the automobile industry, CG Corp Global Group made a major foray by bringing in the world’s largest electric vehicle brand – BYD of China – in partnership with John Keells Holdings PLC. Chaudhary said the Group’s commitment to this sector is despite ongoing restrictions of imports but with the hope of relaxation and support to e-vehicles in Sri Lanka, thereby contributing to safeguarding the environment and reducing the fuel import bill.
Given its existing forte in Nepal, by partnering with global industry giants, CG Corp Global Group is also keen to explore opportunities in the cement manufacturing sector in Sri Lanka, as well as in renewable energy and real estate.
OSL take:
Sri Lanka’s ongoing economic activities and the overall economic expansion have opened many business/investment opportunities covering key economic sectors in the country. The resilience, strength and growth of Sri Lanka’s economy after facing an unprecedented economic crisis in the past few years. Sri Lanka’s geographical positioning in the Indian Ocean and the many trade agreements as well as trade concessions enjoyed by Sri Lanka with other countries have all helped boost the country’s image as an emerging business destination in the South Asian region. While Sri Lanka is working on becoming a hub in the South Asian region, the country’s growth and business potential is evident by the interest shown by foreign businesses/investors to explore the expanding business/investment opportunities in many key economic sectors. Foreign businesses have also shown interest in forming partnerships or joint ventures with local businesses with the aim of further expanding opportunities locally and internationally. Sri Lanka also presents an ideal destination for foreign businesses to set up bases to engage with other countries in the region using the preferential treatments/facilities enjoyed by the country with many foreign countries.
| Article Code : | VBS/AT/20241204/Z_6 |