New venture to manufacture smart mobile phones in Sri Lanka
Daily FT: Micro Electric International and Hypro Holdings Ltd. of Sri Lanka and Lodule International Ltd. of South Korea have entered into a MoU (memorandum of understanding) to assemble and manufacture mobile phones in Sri Lanka.
Both these companies are well equipped and have the state-of-the-art technology to assemble and manufacture smart 4G mobile phones not only to the domestic market but also to export to the region of South Asia, South East Asia and African region, amongst others.
The MOU was signed by Micro Electric International and Hypro Holdings Ltd. Chairman Dhammika Samarawickrama and Lodule International Chairman and CEO Byungehul Kim.
Kim speaking to the media stated that their company in Korea had been manufacturing and supplying all smart phone accessories and LCT panels to most of the leading mobile and television manufacturers in the world.
“When we were contacted by Micro Electric International Sri Lanka, we decided to move into the manufacturing segment in Sri Lanka, given the economic and commercial opportunities and vistas in the country.”
According to the MoU, Lodule will send the machinery and accessories needed to assemble the mobile phone to Sri Lanka and will also base a number of Korean engineers to supervise and direct the operations, who in turn will pass the technology to Hypro Holdings in Sri Lanka.
“Since Micro Electric International is already manufacturing electric accessories locally, some mobile accessories such as the mobile cover and few other items can be manufactured locally,” said Samarawickrama.
Lodule International CEO Kim also said that this was only the beginning of their operations and in the future, hopes towards introducing the 5G smart phones and also towards the assembly of LCD TV panels in Sri Lanka.
Samarawickrama stated that some of the moulds and other equipment had already been imported and they were confident and optimistic that the first made in Sri Lanka mobile phone, Hypro, could be marketed by December 2021 for under Rs. 30,000.
The former Ambassador of Sri Lanka to South Korea and Director General Economic Affairs, Foreign Ministry Prof. A. Saj U. Mendis said that the launch of the Hypro Made in Sri Lanka mobile phone would contribute towards changing the economic landscape of Sri Lanka, thus elevating the nation to a high-tech nation.
Prof. Mendis, who promoted this project from the inception, recalled that when Samsung was launched in South Korea, many leading global mobile operators laughed at them. “However, Samsung unseated several mobile manufacturers and became one of the most sought after mobile manufactures in the world competing and vying, directly, with Apple Inc., which is today the largest corporate in the world.”
Minister of Industries Secretary Gen. Daya Ratnayake stated that this project would pave the path for the Sri Lankan technological sphere to be transformed and transmogrified to the next level. “The Ministry of Industries of Sri Lanka highly endorses and commends this project and will extend top priority to projects of this nature and calibre,” added Gen. Ratnayake.
Both Gen. Ratnayake and Prof. Mendis were the attesting witnesses at the signing ceremony of the MoU at the Corporate Office of Micro Electric International Ltd.
This business preposition could be described as a new page, new chapter and new era of the advancement and augmentation of the technological and innovation landscape of Sri Lanka since South Korea has been ranked as three of the most innovative nations in the world during the last decade by the Bloomberg Inc.
It may further be added that Korean Ambassador in Colombo Santhush Woonjin Jeong often states that, given the economic, commercial and investment potential of Sri Lanka, it could be ‘the Miracle of Kelani River’ similar to ‘the Miracle on Han River’ of South Korea in the 1980s and 1990s, thus becoming the fourth largest economy in Asia.
OSL take:
Sri Lanka’s manufacturing sector has recorded a steady growth even amidst the challenges posed by the global Covid 19 pandemic. The availability of skilled resources as well as the many trade agreements as well as concessions enjoyed by the country have helped the expansion of Sri Lanka’s manufacturing sector. Also, the ease of doing business environment in the country and the incentives offered by the government of Sri Lanka have made the country’s manufacturing sector an attractive business/investment opportunity.
| Article Code : | VBS/AT/09112021/Z_3 |