Sri Lanka-Korea Economic Cooperation President emphasises importance of enhancing trade, attracting

Seated from left: Yong-Duk, Kim, Director General, KOTRA Sri Lanka, Won-sam Chang, Ambassador, Embassy of Korea, Mahen Kariyawasan - President SLKECC (Andrew the Travel Company Ltd.), Lilakshi de Mel, the Ceylon Chamber of Commerce, Prof. Lakshman R. Watawala, Immediate Past President, Priyantha Mendis - (Alpha Tours Ltd.) Vice President

Standing from left: Chamara Udugama (Southern Tea Producers Ltd.), Nuwan Wimalana (Delmege Forsyth & Co. Ltd.), Ananda Sirisekera (Ranara Engineering Services Ltd.), S.C. Byun (South Lighting Lanka Ltd.), Godwin Perera (Vaughan Chemicals Ltd.), K. Kunendran (Abans Plc), Christopher Chandiram (AccessInternational Projects Ltd.) and Iqram Cuttilan (Aitken Spence Shipping Ltd.) Not in the photograph: Shiran Dissanayake - Vice President (Transmarine  Ltd.), Committee Members - Mahesh Pasqual, (Isuru Engineering (Pte) Ltd.) and Shamil Mendis (Spear International Ltd.)

The 22nd Annual General Meeting of the Sri Lanka-Korea Economic Co-operation Committee of the Ceylon Chamber of Commerce and its interactive session on ‘Opportunities for Partnerships with Korea through the Megapolis Project’ was held on 23 August at Hilton Colombo Residences.

The re-elected President of the Sri Lanka-Korea Economic Co-operation Committee, Mahen Kariyawasan, emphasised the importance of collaborating with Korean companies to further strengthen trade, investment and tourism between Sri Lanka and Korea. 

Kariyawasan stated that the recent visit of Megapolis and Western Development Minister Patali Champika Ranawaka to Korea had opened a new chapter for companies engaged in the construction industry to collaborate jointly to take part in accelerated Megapolis and Western Development projects in Sri Lanka.

The Chief Guest at the event, Ambassador for Korea in Sri Lanka Won-sam Chang, stated that a framework arrangement enabling the Sri Lankan Government to obtain soft loans from the South Korean Government up to $ 300 million until 2018 was signed on 13 July 2016. 

This framework arrangement is based on an agreement between the two governments signed in December 1995 concerning loans from the Economic Development Co-operation Fund (EDCF) to develop a diverse range of projects in sectors such as transportation, education, water treatment, and rural development, identified as priority areas under the Country Partnership Strategy between Korea and Sri Lanka. 

Addressing the gathering, the Guest of Honour of the event, Minister Ranawaka stated: “Considering  the potentials of geographic location, international opportunities and our demography, we need to select strategies as to how to move forward, not to satisfy surreptitious cries but for the true and due future of the people in this country. This Government created the Ministry of Megapolis and Western Development to develop the whole western region, which includes the western shore and sea, in a well-distributed, integrated, meaningful and sustainable manner, as part of this mission.”

The Minister invited Korean investors to take part in this transformation. “Korean companies can use the Colombo business center as a warehouse to sell our Korean high-tech products to Southwest Asia, the Middle East and Africa. You may establish assembling lines using our relatively cheap but highly literate labour and 24x365 available electricity, to improve your competitive edge. Our Horana and Meerigama industrial estates can provide those economically. The free trade agreements signed with our neighbouring countries will open up a larger market.”  

In 1982, the late Lalith Athulathmudali, the then Minister of Trade and Shipping, consequent to a visit to Korea with a business delegation in April 1982, mooted the formation of a Joint Economic Co-operation Committee between Sri Lanka and Korea. On 8 July 1982 the Korea-Sri Lanka Economic Co-operation Committee was set up in Seoul, Korea under the aegis of the Korea Chamber of Commerce and Industry.

The Ceylon Chamber of Commerce, at the request of the Minister, set up the Sri Lanka-Korea Economic Co-operation Committee on 4 November 1982, in Colombo, Sri Lanka. The main objective of the Sri Lanka-Korea Economic Co-operation Committee is to promote and further strengthen trade, investment and tourism between Sri Lanka and Korea.

Bilateral Business Councils, an integral part of the Ceylon Chamber of Commerce (CCC), play a vital role in the promotion of international business. The main activity of the councils is the expansion of business between Sri Lanka and the partner country. To date, the Ceylon Chamber operates 21 Bilateral Business Councils and their prime objectives are the promotion of trade, investment, joint ventures and services including tourism between Sri Lanka and the respective countries. 

The first Business Council, the Sri Lanka-Japan Business Co-Operation Committee, was formed in 1979. Since then 20 more Business Councils were formed.