By Savithri Rodrigo
Colombo Sri Lanka (Commonwealth Union)_It was in 2001, in the thick of Sri Lanka’s debilitating thirty year war that Nepal’s first and only billionaire Binod Chaudhary decided to make not just his first investment in the war-torn country but also his first investment into the now burgeoning hospitality sector within his globally expansive group of companies. This investment was in the Taj Samudra Colombo, a project that set him off on a global hospitality trail which has grown to 141 properties across twelve countries. And the congolemerate founded by Chaudhary – CG Corp Global – has a presence in 15 business verticals across 32 countries in five continents, with 123 brands and 160 companies manned by 15,000 people.
CG Corp Global just acquired one of Sri Lanka’s bigger banks, marking its entry into Sri Lanka’s financial space, adding to the thirteen properties it has across the country. While the conglomerate itself is already present in financial services, consumer goods, education, hospitality, energy, telecom, consumer electronics, real estate, biotech, and alternative medicine, the Chaudharys unwavering confidence in Sri Lanka is quite extraordinary. In fact, going by history, the investments have always been during the bleakest of times.
In an exclusive interview with the Commonwealth Union, CG Corp Global and CG Hospitality Managing Director and Chief Executive Officer Rahul Chaudhary reiterated that an investor always looks at the fundamentals of any country and Sri Lanka’s fundamentals are strong. “CG’s strategy has always been to enter emerging markets that have, perhaps, come out of turmoil or wars. We always felt that’s where the opportunities are.” Binod’s three sons, Nirvana, Rahul and Varun now head different verticals within the conglomerate located in various parts of the world.
Having observed Sri Lanka grow, despite obstacles, in the 22 years since its first investment, Rahul Chaudhary observes: “I’ve always looked at the ability of any country to bring back its own people to invest, because that shows how the country has developed. Pre-Easter attacks, it was Sri Lankans from outside who expressed their confidence in the market. We’ve seen it from the stock market and human capital perspectives. All these are factors that have contributed to investors having that confidence from the viewpoint of the economy, hospitality, market, and positioning. Everything seems positive right now.”
However, Chaudhary cautions that Sri Lanka must work better at branding in terms of perception to the world. “I’m often in Sri Lanka and I know things are normal and peaceful. But the world only knows what the media feeds them and this is an area Sri Lanka is lagging behind.” With tourism being one of the backbones of Sri Lanka’s economy, he urges Sri Lanka to focus on positive branding and messaging, assuring the international traveller that Sri Lanka is safe.
The CG Group has joint ventures in the Sri Lanka hospitality industry with the Jetwing Group and Ceylon Hotels Corporation in addition to its venture in the Taj Samudra with India’s Tata Group. CG Capital Partners Singapore, a subsidiary of CG Corp Global acquired 70.85 percent of Union Bank Colombo in December 2022.
While Chaudhary sees opportunity in hospitality, cement, the capital market, education, crypto currency, real estate, technology and the BPO and KPO sectors given the country’s excellence in human resource excellence, he concludes stating, “There’s a reason why we are here. We see systems in place and support from the financial sector and the authorities. But, Sri Lanka herself has to go a step further. The opportunities are endless and our commitment to stay in this country will continue to remain strong.”
February 24th 2023
