Cova Bay Lanka (Pvt) Ltd, a new joint venture company set up by two of the leading IFS partners in the UK, Cedar Bay (Europe) Limited and Covalent Systems Limited, will invest over one million Sterling Pounds to launch operations in Sri Lanka.
Both companies, which need highly skilled, dedicated, and agile people to provide consulting and support services 24/7, decided that Sri Lanka was the ideal location for this operation after investigation.
Managing Director, Covalent Systems of England, Simon Green said that one of the main reasons for them to invest in Sri Lanka was the highly knowledgeable youth talent pool in Sri Lanka. “We have around 30 Sri Lankan staff and we hope to double it by next year.”
He said that this JV while bringing in foreign exchange will also help to stop the brain drain of youth since each employee would net in a six figure salary.
“Following significant local recruitment and the opening of a fully functional office in Colombo to meet these requirements, we can now offer extended services to customers worldwide, where further investment will take place in line with market growth and new customer acquisition,” he said.
“Currently we have over 200 globe companies doing business with us and we also hope to offer our services to the public and private companies in Sri Lanka as well,” said Chairman, Cedar Bay of England, Roger Teagle.