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[Satellite TODAY 05-29-12] Sri Lanka has moved a step closer to becoming part of the global space community. SupremeSAT has signed an agreement with the Board of Investment to bring these plans to fruition, the company announced May 24.
The company is making an initial investment of $20 million, which will be further increased up to $320 million to have this space capability. The company’s long-term plan is to utilize the planned orbital slot of Sri Lanka which is located at 50 degrees East and launch SupremeSAT, the country’s first ever telecommunications satellite.
The company 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 and also to secure the marketing facilities of many other satellites owned and operated by CGWIC and also China Satellites Communications Corporation.
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