Korean companies sign MoU to construct LRT line from Negombo to Colombo
Mega mixed development project too on the cards
A Memorandum of Understanding (MoU) was signed between KCI Metro Link Korea Company Ltd. and the GBK Consortium Ltd. of the Republic of Korea to conduct a feasibility study in order to construct an LRT line from Negombo to Colombo via Bandaranaike International Airport of Colombo as well as a mixed development project.
The MoU was signed between Dr. Parimalam Rajo Isa Michael, President of KCI Metro Link Korea Company Ltd. and Dr. Byung Chun Shin, CEO of GBK Consortium Ltd. last week in the presence of the Ambassador of Sri Lanka to the Republic of Korea, Dr. A. Saj U. Mendis. In this regard, the Consortium is to utilize approximately USD 500 million concessionary loan of the Korean EXIM Bank extended to Sri Lanka and to raise well over a USD one billion from international investors and money center banks. This mega project could transform the entire sphere of connectivity in the Colombo District, thus establishing greater connectivity between and amongst cities and villages in the District. This mega development project could elevate the District of Colombo as one of the more efficient and connected districts not only in South Asia but in the entire Continent of Asia.
At the signing ceremony of aforementioned MoU, which was attended by over 15 members of the Consortium and potential investors, Ambassador Dr. Mendis addressed the gathering after the conclusion of the signing ceremony. Dr. Mendis, during his 50-minute address, stated that world over be it advanced economies or developing economies, the connectivity or highways have played a critical, decisive and seminal role in economic advancement and augmentation of the countries. In this context, Dr. Mendis delineated a number of countries, including the Republic of Korea and Malaysia, which have rapidly developed due to connectivity. Further, Dr. Mendis stated that Sri Lanka, at this juncture, is very well positioned and very well poised to receive Foreign Direct Investments (FDI) and Foreign Institutional Investments (FII) since all foreign investments are protected by the Constitution of Sri Lanka. On the same note, Dr. Mendis stated that, today, Sri Lanka is where the Republic of Korea was in late 1980s, approximately 30 years ago. He added that key and determining attributes such as political stability, rule of law, conducive investment environment, human & natural resources and potentiality, to name a few, are well pronounced and are present in Sri Lanka, thus making the country a potential Mecca for FDI and FII in the region.
Dr. Mendis also equated the current stage of the economy of the country to an equity market/stock market, which is about to rise. He stated that most equity markets begin to rise with skepticism, they rise with pessimism, they peak with optimism and they crash with euphoria. Dr. Mendis urged and entreated the potential investors to seize and capture the opportunity of the economy of Sri Lanka similar to an equity market about to rise, since the economy of Sri Lanka is at the first stage of beginning to rise.
After the address, Q&A session followed, during which, many queries and clarifications were addressed.
(Sri Lankan embassy in Korea)
Women led LPO services firm Velox Partners enters new office space in Colombo
Velox Partners, a tech-based legal process outsourcing (LPO) firm, expanded its presence into Colombo to augment its existing law firm. Velox commenced operations in January 2020 prior to the onset of the pandemic. Today, it has expanded its services across numerous verticals Commercial law, Litigation, Conveyancing and Company Secretarial Services, with Legal Process Outsourcing (LPO) Services being the core. It is geared as a fully-fledged legal service provider servicing clients across United Kingdom, Australia, Singapore and Southeast Asia.
Velox is female-led with over 90% being women comprising versatile and experienced lawyers. Their expertise bridges multiple disciplines of law with a local and global clientele. The two powerhouses leading the firm are its founding partners Lihini Fernando and Dakshika Perera whose collective experience spans over three decades.
Velox Partners saw Covid-19 restrictions and remote working as an opportunity to position the firm as a tech-based entity and launched its LPO arm. Providing back office legal services to law firms across continents was seen as a viable business model that is both functional and lucrative. Furthermore, the partners of Velox realized the potential of positioning Sri Lanka as a LPO Hub, where the LPO sector enables foreign remittance to the island nation to rebuild its economy. This also provided an opportunity particularly as LPO services can be offered remotely, without a physical office presence.
Velox has serviced clients in over 14 jurisdictions worldwide providing solutions on the ethos, ‘Beyond Legal’. Velox believes in combining business efficiency and tech enabled processes to differentiate itself from the conventional law firms.
Lawyers at Velox are solution providers guided by industry expertise. The team comprises professionals based in Australia, the United States of America, Singapore, and Sri Lanka which enables them to draw cross country perspectives in providing services. Velox is now poised to use their multiple years of experience across continents to provide smart legal solutions.
Estonian TV crew gets a taste of Sri Lanka for the first time
Sri Lanka Tourism, under its Scandinavian market promotions hosted a Media FAM with 4 Media personnel from Kanal2 TV from Estonia. The tour started off on February 28 and ended on March 8. The purpose of hosting this tour was to receive more high-end tourist arrivals from Estonia, as well as the other Scandinavian markets including Lithuania and Latvia.
Subsequently, this tour was hosted in collaboration with the Sri Lanka embassy in Sweden which contributed to make this tour a success. The FAM Tour covered all the main tourist attractions in Sri Lanka, including wild life, Ayurveda, Boutique hotels, and also cultural attractions.
All these attractions were filmed and the destination will be promoted on air via Kanal2 TV, through the TV show ‘’ Kaugele Siit’’ (far from here). The first episode of this programme is scheduled to be telecast for 45 minutes. This travel programme has 420,000 followers as their audience. Kanal2 TV was also the official Media partner for the Winter Olympics 2018, a Sri Lanka Tourism press release said.
The release adds: ‘The visitors were quite impressed with the 8-day tour which they had, enjoying every moment of their tour. They were equally mesmerized with the warm hospitality which they received from the Sri Lankans, which they are mostly renowned for. They enjoyed the traditional Sri Lankan cuisine, and the variety of dishes which they tasted. Nevertheless, they had the opportunity of exploring every attraction of the paradise island to convey the message to their fellow Estonians, that Sri Lanka is a unique travel destination which has everything in store for the enthusiastic traveler.
‘They also had a cooking demonstration by courtesy of Siddhalepa Ayurveda Resorts & Spas Wadduwa, and also a Yoga treat at the same venue. Visiting the Turtle Hatchery at Kosgoda , the Elephant orphanage at Pinnawala, going through a safari at Eco park was also another amazing experience which they had during their stay.’
The Academy of International Business signs Memorandum of Understanding with the University of the Pacific
Academy of International Business Sri Lanka (AIB) held its second graduation at the Bandaranaike Memorial International Conference Hall with over fifty graduates successfully passing out. At the recent graduation, the business academy signed its MOU with the University of the Pacific.
The signing of the MOU is a major milestone for the business academy. The courses offered are DBA, MBA, and BBA top-up programs through AIB. Prof Liam, Rector – of the University of Pacific, expressed confidence that the program delivered by AIB will be very beneficial.
The event was graced by passed graduates, teachers, and lecturers, the ceremony was hosted by the chief guest and the regional director of ABE(UK) Dr Praveen Mahendran. “The ABE(UK) is one of the long-standing professional awarding bodies from the UK and AIB is proud to be associated with ABE and approved by the awarding body.
Hard work, competency and capability are the values that produce results, through the AIB and its programs these are achievable. Every student is encouraged to show their full potential”.
The distinguished guests were the Vice President of the BNI Pioneer Chapter, Dilan Fonseka. He emphasized, the importance of students gaining experience in entrepreneurial skills and business development by enrolling at BNI. AIB is a member of BNI, which creates multiple opportunities.
About the Academy of International Business: AIB is recognized for its management programs, digital marketing, marketing, and English language programs such as IELTS, and PTE. It’s widely popular among students in search of pursuing business and management courses.The Director of AIB Sri Lanka, Chrishankar Janathanan, expressed the institute’s commitment to providing the best quality education. It’s not only a center that is simply cornered to the education sector but also has focused its efforts on recruitment services and digital agency services.
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