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| Sunday, 10 October 2004 |
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| News Business Features Editorial
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More Korean firms to invest in Sri Lanka By Hiran H.Senewiratne Korean vehicle manufacturing giant Daewoo Motor company is exploring the possibilities of setting up a car manufacturing plant in Sri Lanka. "It is up to the government to take the initiative to facilitate this huge investment in the country," Senior member of the Korea- Sri Lanka Business Co-operation Committee (KSLBCC) Dr M.G.S.Zurfick said. He said that since the KSLBCC has opened up the gateway for the company to come and invest in here, the Ministry of Tourism and Investment promotion must take the lead in promoting this major investment in the country. At present, Daewoo company is in the process of merging with another motor vehicale giant General Motors of USA, following a financial crisis in the recent past. Dr Zurfick said that many Koreans, Chinese and Japanese don't know the incentives, which are given by the Board of Investment of Sri Lanka such as tax holidays, duty free imports of certain goods for companies and investors. Moreover, a leading jewellery manufacturer in Korea Yooshin Jewellery also expressed its interest to invest in here since Sri Lanka has a potential for this sector, Dr Zurfick said. KSLBCC is also in the process of educating the Korean business community on Indo- Sri Lanka Free Trade Agrement to enter the huge Indian market. Many Korean small and medium size companies have also shown keenness to start small- scale apparel industries at the abandoned Kabool Lanka factory location. |
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