A leading Korean bluechip company is to invest in Sri Lanka on developing several railway lines in Greater Colombo. This railway system is known as Mono Rail Transport (MRT). The US $ 500 million project will com
mence work in two stages.The first stage includes construction of a railway line from Colombo Fort to Mount Lavinia.The second phase will include construction of a railway line connecting Colpetty and Battaramulla via Rajagiriya.
The project initiated by the BOI is a result of the visit of Transport Minister Kumara Welgama to Korea recently, BOI Japan and Korea Country Manager Keerthi Jayawardena said.
He said this is a landmark in Sri Lanka, South Korea co-operation.
The principal investor, Garam Space Ltd President Kin Jong-ik arrived in Sri Lanka yesterday with a delegation of 15 members to commence discussions with the Sri Lankan Government.
“Improving the transport system in the country was a long felt need. Therefore the Government has decided to introduce an Urban Monorail Development Project on the Korea Urban Mono Rail system Technology,” he said.
“Operating a mono rail transport system (MRT) is safe, economical, comfortable and environment friendly,” Jayawardena said.
Garam Space Ltd is a consortium representing Garam Space Research Institute, Korean Rail Research Institute, Busan Transport Corporation and SKCC.
The delegation will submit a feasibility study report to the Sri Lankan Government and have further negotiations with the transport and railway authorities and BOI officials on the implementation of this mono rail service in greater Colombo.
The total investment will be borne by South Korea.
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