For Negombo in Colombo LRT, mixed development projects for 500 MUSD

A memorandum of understanding has been signed between KCI Metro Link Korea Company Ltd and the GBK Consortium Ltd of the Republic of Korea to conduct a feasibility study for the construction of an LRT line from Negombo to Colombo (via the international airport of Bandaranaike) as well as several other mixed development projects.

This consortium is to use a concessional loan of approximately USD 500 million from the Korean bank EXIM for these projects in Sri Lanka.

The MoU was signed between Dr Parimalam Rajo Isa Michael, Chairman of KCI Metro Link Korea Company Ltd and Dr Byung Chun Shin, CEO of GBK Consortium Ltd last week in the presence of the Sri Lankan Ambassador to the Republic from Korea, Dr A. Saj U. Mendis and brought together more than 15 members of the Consortium.

Dr Michael, speaking EXCLUSIVELY to Daily News Business of Korea, said some of the key projects under this deal are the Negomabo Colombo Rail Link, the Ja-Ela mixed development on two acres of land, Export Village and Export Oriented Warehouse in Ekala, 150 acres Theme park in Bopitiya, hotel and recreation park in Bopitiya, Ragama Medical Village and City and a city hall in Negombo.

These megaprojects could transform the entire sphere of connectivity in Colombo District, thereby establishing greater connectivity between and among towns and villages in the district.

This mega development project could elevate Colombo District as one of the most efficient and connected districts not only in South Asia, but throughout the Asian continent.

Ambassador Dr. Mendis said that in advanced economies like Korea and Malaysia, or developing economies, connectivity or highways have played a critical, decisive and seminal role in the economic progress and growth of countries .

Dr Mendis said Sri Lanka at this point is very well placed and very well placed to receive Foreign Direct Investment (FDI) and Foreign Institutional Investment (FII) since all foreign investments are protected by the Constitution of the United States. Sri Lanka.

Dr Mendis said that today Sri Lanka is where the Republic of Korea was located in the late 1980s, some 30 years ago.

“The key and defining attributes such as political stability, the rule of law, an environment conducive to investment, human and natural resources and potential, to name a few, are well pronounced and are present in Sri Lanka, making the country a potential Mecca for FDI and IFI in the region.

Dr Mendis also equated the current stage of the country’s economy with a stock / stock market, which is about to go up. “Most stock markets start to rise with skepticism, they rise with pessimism, they peak with optimism, and they collapse with euphoria.”

Dr Mendis urged and begged potential investors to seize and seize the opportunity of Sri Lanka’s stock market-like economy on the verge of rising, as Sri Lanka’s economy is at the first stage of its rise.


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