Korean firm setting up container factory in Trincomalee with $ 50 million investment.
Daily FT: Yakdong Industries Co. Ltd., one of the 10 leading companies in Korea is to invest $ 50 million in the establishment of a large scale container manufacturing factory in Trincomalee, according to the office of Prime Minister Dinesh Gunwardena.
Yakdong Industries Chairman Heung SeokGwon and the Vice Chairman Kyeong Won Shin called on Premier Gunawardena on Wednesday and assured that the constructions of the factory will be completed soon so as to commence production within the next six months.
The factory will be established across 50 acres site in Trincomalee and the expected production is 10,000 containers per month. It has already selected 32 welders from Sri Lanka to work initially in Korea and they will be used to supervise the employees in the Sri Lankan factory in future. They will recruit 70 more employees to the factory.
A statement from Prime Minister’s office said that leading international freight companies have already given orders to build containers. The factory will also purchase discarded containers to be renovated and used for several other purposes such as sales outlets, dwellings, agricultural purposes etc.
OSL take:
The investment by a Korean company to construct a container factory in Trincomalee is indicative of the expanding opportunities in the development of Sri Lanka’s supplementary infrastructure facilities. The country’s ongoing development programme and the target of becoming an emerging business destination in the South Asian region have all expanded the business/investment opportunities in Sri Lanka. The many trade agreements as well as trade concessions enjoyed by Sri Lanka and the country’s geographical positioning in the Indian Ocean have also helped boost the business/investment opportunities in the country. Also, the growth and profits recorded by Sri Lanka’s private sector and several key economic sectors are indicative of the resilience and strength of the country’s economy. All these have resulted in winning and attracting foreign businesses/investors to explore opportunities in Sri Lanka. Given the growth and business potential of Sri Lanka, foreign businesses/investors could confidently explore the expanding opportunities in the country.
| Article Code : | VBS/AT/09012023/X_2 |