The government of South Korea has entered an agreement with Sri Lanka to develop the southern capital of Colombo and adjacent areas as part of a potential $63.2 billion development plan reports adaderana.lk.
The agreement forms part of Sri Lanka’s $63.2 billion plan to develop nine new zones in Colombo and its adjacent areas by 2030.
South Korea’s Minister of Land, Infrastructure and Transport Kang-Ho-in signed a memorandum of understanding with his counter-part from Sri Lanka during a meeting in Seoul on Tuesday.
Mr Kang said,
“We believe Korea’s experience in developing smart cities will greatly contribute to Sri Lanka’s new city development.”
A total of 10 Korean companies have already expressed interest in participating in the project, said the Korean government.
The agreement will set up a framework for South Korea and Sri Lanka to cooperate in projects to develop a science and technology hub on the outskirts of Colombo whilst also expanding residential developments near Colombo’s main airport.
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