- Published on Thursday, 24 May 2012 10:32
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Board of Investment signed the agreement yesterday for Sri Lanka’s first-ever satellite technology company which is to invest 320 million U.S.Dollars in the long-term.
The company named SupremeSAT Ltd. has very ambitious plans to take Sri Lanka into the global space race. The company’s long-term plan is to utilise the planned orbital slot of Sri Lanka, which is located at 50 degrees east and launch SupremeSAT – the country’s first ever telecommunications satellite.
SupremeSAT has entered into an exclusive partnership agreement with China’s State-owned China Great Wall Industry Corporation (CGWIC) for the design, manufacturing and launching of the satellite.
It will also secure the marketing facilities of many other satellites owned and operated by the Chinese company.
Chairman of the SupremeSAT Ltd. R.M. Manivannan has said that they are now closely coordinating with the Telecommunications Regulatory Commission on the necessary approvals for the launch of the satellite.
Meanwhile the Chinese company has said that they are confident that this partnership will make Sri Lanka’s space ambitions a reality and they are looking forward to be a part of all the space-related activities of SupremeSAT.
Established in 1980, CGWIC is the sole commercial organisation authorised by the Chinese Government to provide satellites, commercial launch services and to carry out international space cooperation. The company has already signed nine contracts with international customers for manufacture and in-orbit delivery of telecommunication satellites, out of which four have been successfully launched into orbit, whilst the other two are set to be launched next year. It has launched many satellites for domestic purposes and has surpassed the US in the number of successful space launches last year.
This new initiative will pave the way for the Mahinda Chintana goal of making Sri Lanka a Knowledge Hub. (niz)