Korea’s Lodule to ink IJV for Lanka’s Smartphone

The CEO of Lodule International Ltd. in South Korea, Byungchul Kim and Senior Director Donghan Shin called on the Ambassador of Sri Lanka, Dr. A. Saj U. Mendis, at the Embassy to further discuss the aforementioned international joint venture (IJV) and to find the most efficacious navigation of the proposed IJV in Sri Lanka to manufacture a smartphone in Sri Lanka.

This would be the first ever occasion that a smartphone is manufactured, solely, in Sri Lanka and this news was first EXCLUSIVELY reported in ‘Daily News Business’ by this writer.

The CEO of Lodule International Ltd., Byungchul Kim, and the Senior Director of the Company explained and expounded, in detail, to Dr. Mendis and senior officials of the Commercial Division of the Embassy of their Company and the functionaries of the company since its formation in 2004.

Chairman Kim stated that most of the products and goods manufactured in Lodule International are being exported to other countries mostly to the ASEAN and China.

He added that Lodule has a large facility in China, and along with the facilities in the RoK, they produce contactless thermometers, Android cloud tablets, iPhones and Smartphones mostly for the export market.

During the meeting, Ambassador Dr. Mendis and Commercial Division of the Embassy had a zoom/virtual conference call with joint venture (IJV) partner in Sri Lanka, Chairman of Micro Electric International in Sri Lanka, Dhammika Samarawickrama to discuss the stratagem to expedite the IJV in Sri Lanka.

During the zoom/virtual conference call at the Embassy, with the intervention and intercession of the Ambassador Dr. Mendis, Chairman Byungchul Kim and Chairman of Micro Electric International Samarawickrama, discussed that the Non-Disclosure Agreement (NDA) had to be agreed upon by both the sides and would follow up with an MoU, thus paving the way for the operation of the proposed IJV to manufacture smart/mobile phones in Sri Lanka.

The two IJV partners from the RoK and Sri Lanka were, first, introduced to each other by the Most Venerable Katuwana Vijithawansha Thera of Sri Lankaramaya Temple in the City of Daegu in the RoK.

According to both the partners of the IJV and Dr. Mendis that this initiative would function as an investment and commercial catalyst with a synergistic impact for more IJVs and investments to flow from the RoK to Sri Lanka.

Ambassador Dr. Mendis and senior officials of the Commercial Division of the Embassy, during the zoom/virtual conference call, stated that there are a number of large corporates and chaebols in the RoK awaiting to commit investments in Sri Lanka since the investment milieu is most congenial and conducive with increasing economic and commercial opportunities and vistas, particularly, given the location of Sri Lanka.

-Daily News-

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