Sri Lanka to partner with South Korea to establish A/C testing lab
The Morning: Sri Lanka is set to establish a laboratory for testing Air Conditioner (A/C) energy efficiency, with support from South Korea.
The project, funded by the Korea Energy Agency, aims to install the lab and train personnel by the end of 2024.
The Cabinet of Ministers has approved a proposal tabled by Minister of Power and Energy, Kanchana Wijesekera, to sign a memorandum of understanding (MoU) and related agreements between the two countries, facilitating the implementation of the project.
OSL take:
Sri Lanka is on a path to attract foreign businesses/investors to the country as part of its path towards becoming a regional hub. The country’s geographical positioning in the Indian Ocean and the many trade agreements as well as trade concessions enjoyed with other countries have also helped boost Sri Lanka’s attraction as an emerging business destination in the South Asian region. It is in such a backdrop that Sri Lanka has introduced many incentive schemes for foreign businesses/investors while also encouraging joint ventures or partnerships with local businesses on order to further expand operations. With the ongoing economic activities and the increase in skilled labour in the country there’s an overall expansion in the business/investment opportunities in all key economic sectors in Sri Lanka. Given Sri Lanka’s resilience, growth and business potential, foreign businesses/investors could confidently explore the growing opportunities in the country.
| Article Code : | VBS/AT/20240419/Z_2 |