27 July 2020 12:00 am
The third largest conglomerate in South Korea has expressed their interest to commit Foreign Direct Investment (FDI) and other investments in Sri Lanka, Embassy of Sri Lanka in S. Korea said.
A meeting was recently held between the Ambassador of Sri Lanka to Korea, Dr. A. Saj U. Mendis and the topmost management of SK Group, third-largest conglomerate (Chaebol) in S. Korea including its the President and CEO Mr. Jeong Joon Yu and the Board of Directors of the company. The SK Group is one of the largest corporates in the world in terms of revenue and market capitalisation. In 2019, the revenue of the SK Group was USD 220 billion and the market capital was close to USD 280 billion, thus making the SK Group amongst the 25 largest corporates in the world. The discussion was focused on a LNG project to be established on Build-Own-Operate-Transfer (BOOT) in Sri Lanka for supplying of LNG at a total cost of USD 600 million. The proposed project would be able to supply LNG to 930 MW power plants in Sri Lanka. Further, the proposed mega project would create semi-skilled and skilled employment to nearly a 1,000 Sri Lankan nationals, the Embassy said.
The CEO and Board of Directors of SK Group have informed Sri Lankan Ambassador that the SK Group is keen and eager to commit more investments in Sri Lanka, particularly, in sectors such as IT & ITES, construction and telecommunication, amongst others.