Keangnam to develop infrastructure in Sri Lanka

Keangnam Enterprises Chairman Sung Woan-jong, second from left, poses with Sri Lankan President Mahinda Rajapaksa, center, during a meeting at the Grand Hyatt Seoul, Thursday. Both sides agreed to cooperate on infrastructure projects in the Southeast Asian country.

Keangnam Enterprises, a mid-size local construction company, is making a foray into the Sri Lankan market by helping the country develop its infrastructure.

The firm said Sunday that its Chairman Sung Woan-jong agreed with Sri Lankan President Mahinda Rajapaksa to cooperate on infrastructure projects of the Southeast Asian country during their meeting in Seoul last week.

Sung asked the President to allow further opportunity to take part in additional projects in Sri Lanka citing the builder’s abundant experience there.

“We hope to join infrastructure projects, such as manufacturing plants, residence-office complexes and highways,” Sung said.

The chairman stressed Keangnam’s previous success in the nation. The company has completed 43 infrastructure projects, such as houses, roads and waterways valued at $780 million since 1978.

In 1997, it built Royal Park, a 23-story condominium in Colombo. Currently Keangnam is working on a second condominium project in the capital city with an investment of $84 million.

Rajapaksa acknowledged Keangnam’s contribution to the nation and expressed his intention to deepen the relationship in the future.
“Let’s make a win-win economic model together. We appreciate Keangnam’s role in the economic development of Sri Lanka by creating jobs and sharing technologies,” the President said.

Keangnam said it is known as a good foreign company in Sri Lanka thanks to its past support for the country. The builder helped the nation overcome a huge tsunami in 2004 by cooperating in restoration projects.

Rajapaksa visited Korea last week to meet President Lee Myung-bak and other government officials and business leaders. On the sidelines of the summit, the two signed three memoranda of understanding that called for bolstering cooperation in electricity and energy development and Sri Lanka’s project to set up an electronic government, the office said.

Rajapaksa arrived in Seoul on April 23 for a four-day state visit that also included a luncheon with major Korean business lobbies, visits to a waste disposal facility and a nuclear power plant, and a forum of business leaders from both countries. He is the first Sri Lanka leader to visit Korea in 16 years.  <Korea Times/Kim Jae-won>

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