CG Cement of Nepal owned by Nepal’s first billionaire listed as by Forbes, Binod Chaudhary will invest US$ 150 million to set up a cement plant in Sri Lanka.
In an interview with ‘Daily News’ at Taj Samudra Colombo he said that this plant would be set up in Mannar and they will use local material to produce cement. “I have got the green light from the government and we have already identified several limestone deposits in the province to make cement locally,” he said.
“Currently Sri Lanka imports around US$ 350 worth of cement and clinker and I want to help stop this Forex drain. What I plan is to re export not only cement but clinker as well and reverse the trend. CG Cement launched 10 years ago is one of the leading and best-selling cement companies in Nepal and our factory uses modern technology and currently it holds a 10%of market share.”
The Chairman and President of Chaudhary Group said that he is also intensifying his investments in Sri Lanka in the leisure sector. “Though the country went through a lean stretch after the Easter Sunday blasts in April I have not lost hope in destination Sri Lanka and would keep on investing in existing properties and also look at new opportunities opening out in tourism.”
Along with the Ceylon Hotels Corporation and Galle Face Group of Hotels, Ella, Sigiriya, Kithulgala Rest houses are being refurbished. With the Jetwing Group, Jetwing Sea in Negombo, Wil Uyana in Sigiriya and Madira now rebranded as Dickoya by Jetwing have also seen new changes. Taj Samudra Colombo too has seen a major facelift.
“However I am disappointed that the government is yet to give the green light to build an iconic luxury resort in Kandy with Singaporean architect firm due to various reasons.”
He also said that the Sri Lankan government should and must be more aggressive to support entrepreneurs (specially the new and young) in the aftermath of the Easter blasts. “The Government is doing ‘something’ but that is not enough. During the financial crisis in USA, the government there went all out to support businesses and this helped the US economy make a speedy recovery.
“But in Sri Lanka if all political leaders get together and work in unison, the businesses can get more benefits. When I was in Sri Lanka last year the city of Colombo was buzzing with economic activity and global brands like Hyatt, ITC, Shangri La and others all wanted to be in Colombo and there were several other development projects happening like Cinnamon Life, Colombo Port City construction. There was a huge rush to invest in Colombo. But that enthusiasm is not there now and the government must look at ways to bring that ‘buzz’ back to Sri Lanka.”
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