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| Sunday, 22 January 2006 |
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TBM Global Infra Ventures has invested US$ 100 million in Sri Lanka in a pioneering project to set up a Technology Park in the country. Managing partner of the project Sunjyiev Mahajan explaining the concept of a Technology Park said that it is an environment where multiple technology companies can come and operate in a plug and play basis. Basically it is a ready to move in office environment where all the infrastructure facilities are provided. Technology Parks are specifically targeted at IT services, outsourcing companies and life sciences such as clinical research where computer based research is done. He said that at present there is no such facility in Sri Lanka. The Technology Park will also include built in recreational facilities such as tennis courts, gymnasiums, swimming pools, health clubs, shops and food courts. Mahajan said that the project requires 100 acres but due to the lack of land in one block it will be done in two phases. The initial phase of the project will consist of 10 acres and will be established in Malabe while the second phase will be established nearby. The project will provide 10,000 technology related jobs within the next five years. The ripple effect of the project is significant and the secondary and tertiary investment and employment opportunities are huge, Mahajan said. He said that Sri Lanka is lagging behind in technology due to lack of infrastructure facilities compared to countries such as India. Mahajan said that there are Technology Parks in almost every nook and corner in India and therefore the start up costs are almost zero and if a company has the adequate amount of space they can start operations within a day or two. However, in Sri Lanka it is the other way around. It took six months from handing over the project proposal to getting the land. "But I am inherently an optimist and I see opportunity in adversity. Technology has transformed India so can it be in Sri Lanka", he said. He said that rising software prices in India has given an opportunity for Sri Lanka while Sri Lankans are more sincere and have better work ethics. In addition India is also faced with a problem of staff changing jobs frequently for higher salaries. This results in raising the cost of manpower in India. Softlogic are their main local partners in the venture. Mahajan said that they have interests in medicine and hospitality as well. Therefore they believe that they can promote the tourism industry a great deal for Sri Lanka. He said that at present they are discussing with large local companies in the field of tourism as synergising is the key. (SG) |
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