Bravo Korea and Kyungshin Cables to invest $ 200 million in a manufacturing firm in Sri Lanka
Daily FT: Bravo Korea Co. Ltd., in collaboration with Kyungshin Cables Co.Ltd., is gearing up to make a significant mark on the industrial landscape with plans to establish a cutting-edge wire harness manufacturing company in Sri Lanka.
This visionary joint venture is poised to invest around $ 200 million, promising to merge technological excellence with economic advancement.
The preliminary discussions and negotiations that paved the way for this transformative initiative attended by key stakeholders from both sides include; Bravo Korea Co. Ltd. Chairman Jin You Ho, business adviser Chung Ha Young, Republic of Korea-Sri Lanka Business Coordinator Kim Hyeman, Country Director Ajith Jayawardena and Country Coordinator Lalith Bopitiya.
One of the most promising outcomes of this initiative is the potential to generate around 1,000 job opportunities within the local workforce. This contribution to employment growth reflects the dedication of Bravo Korea and Kyungshin Cables to fostering prosperity in Sri Lanka.
The collaborative project also holds the potential to revolutionize trade relations between the two countries. As Bravo Korea’s state-of-the-art wire harnesses roll off Sri Lankan production lines, the stage is set for these locally manufactured products to find their way to revered Korean companies such as Hyundai and KIA.
Kyungshin Cables, renowned for its excellence in wire cable production for the automobile sector, brings its distinguished reputation to this strategic collaboration.
This development holds the promise of not just enhancing economic ties but also solidifying diplomatic relationships between Korea and Sri Lanka.
OSL take:
Sri Lanka’s manufacturing sector is a fast-growing field with main focus being on the export industry. The country’s geographical positioning in the Indian Ocean and the many trade agreements as well as trade concessions enjoyed by the country have also helped boost Sri Lanka’s manufacturing and exports sectors. These sectors have been operational even amidst challenging conditions during the global pandemic and the economic crisis that followed. The steady growth and profits recorded by these sectors is a clear indication of the business potential in the manufacturing industry. Foreign businesses/investors could therefore explore the growing opportunities in Sri Lanka’s manufacturing and exports sectors.
| Article Code : | VBS/AT/20230828/Z_14 |