By:Staff WriterColombo (LNW): The Korean Government is currently making significant contributions to boost Sri Lanka’s economy by promoting Korean Investors to set up more factories in Sri Lanka enhancing innovative product manufacturing with an eye for environment conservation, finance ministry sources revealed.
As part of this effort, steps have been taken to establish 19 factories with advanced technical facilities in Sri Lanka in the first phase.
These factories are equipped with the latest technology and knowledge and are among Korea’s most profitable ones.
They are implemented by the SKDRF, whose President Lea is currently visiting Sri Lanka to oversee the project. In addition to these factories, there are plans to create 30,000 job opportunities in Korea for Sri Lankans by the end of 2023.
In a partnership initiative launched by SKDRF, these 19 factories and 30,000 job opportunities are part of a free investment initiative in collaboration between Korean industrialists and local businessmen.
However, there is an issue. The Sri Lankan Government is yet give its approval for the Initiative, despite Korea’s offer.
Various reasons have been cited for the delay, including demands from some parties for permission to start the factories, while others are focused on the job opportunities.
SKDRF President Lea said , Korea’s businessmen are now striving to lift the people of Sri Lanka out of economic pressure.
According to him the products manufactured by these Korean companies are to be sold under the “Made in Sri Lanka” label.
Additionally, the SKDRF plans to launch a modern housing project with welfare facilities for 1,000 impoverished families in Sri Lanka, but there has been no response from the Sri Lankan Government.
Cho Sung Lea, President of the South Korea Disaster Relief Foundation (SKDRF), has visited Sri Lanka 20 times over the past eight years to provide Sri Lanka with investment and employment opportunities from Korea. Lea has been nominated for the Nobel Peace Prize as well.
Lea is determined to overcome any obstacles he faces. He pointed out that he had been bringing these opportunities to Sri Lanka over the past eight years without expecting any personal gain for Korea or himself.
Lea pointed out that Sri Lanka is yet to fully embrace the economic advantages offered by Korean businessmen in good faith; which is a form of diplomatic exchange between countries.
For these industries to be established in Sri Lanka, the Sri Lankan Government needs to create the necessary legal framework.
However, there seems to be a lack of effort in this regard. On the other hand, the Korean Government has already established the necessary foundations for the projects.
Admitting that he is not well-versed in Sri Lankan law Lea suggested that those who wish to start Korean businesses in Sri Lanka will need to find solutions to any legal challenges they may encounter.
Korean businessmen typically do not invest in Sri Lanka as sole proprietorships. In Korea, regular citizens run businesses as opposed to Sri Lanka where the Government runs businesses. As a result, when Korean businessmen visit Sri Lanka, they often engage in joint ventures rather than starting individual businesses, according to Lea.
These businesses are not small-scale industries but large-scale factories. Among the products they manufacture are electric motorcycles, electric three-wheelers, and eco-friendly insecticides (These insecticides are not toxic to humans and have a fruity taste.
They are also eco-friendly and do not harm animals, except for crop-damaging pests. They can produce affordable solar panels- that can save electricity up to 70 percent, electrical plugs that are waterproof, cosmetic devices that are safe to use, and medicines made from cannabis leaves that can cure incurable diseases, according to him.