Japanese firm to re-enter Sri LankaJuly 25th, 2012 - 4:36 pm ICT by IANS
Colombo, July 25 (IANS) Japanese conglomerate and Fortune 500’s Sumitomo Corporation is returning to post-war Sri Lanka, authorities said Wednesday.
Sumitomo is considered as one the largest trading houses in Japan, with 2012 revenue estimated at $26.8 billion, reported Xinhua citing a statement by the industry and commerce ministry.
It began operations in Sri Lanka in 1968 but pulled out in 2009, the same year that a three-decade war ended, leaving only a representative office in capital Colombo.
“We warmly welcome back Sumitomo. Our government is prepared to do everything possible to facilitate your prompt re-entry,” Industry and Commerce Minister Rishad Bathiudeen was quoted as telling the company delegation.
The company is well known in Sri Lanka for its heavy machinery, cranes and telecom towers.
Sumitomo is closely looking at steel products, agro-chemicals and food sectors as investment opportunities in Sri Lanka.
This is the second Japanese company that is planning to re-enter Sri Lanka this year after Marubeni Corporation expressed their interest in January. They pulled out of Sri Lanka in 2008.
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