Sri Lanka-South Korea trade rises by 6%

• Little progress on investment, BOI delegation in October to seek opportunities  

Korean Ambassador Chang Won Sam

Sri Lanka-Korea Economic Co-Operation Committee President Mahen Kariyawasam

By Himal Kotelawala

Trade volume between Sri Lanka and South Korea has increased by 6%, from $ 387 million in 2013 to $ 408 million last year, Korean Ambassador Chang Won Sam said this week, highlighting lags in attracting Korean investment to Sri Lanka over the same period.

Speaking at the Annual General Meeting of the Sri Lanka-Korea Economic Cooperation Committee (SLKECC), Ambassador Chang said much needed to be done to boost Korean investment in the country, in light of which the Board of Investment (BoI) of Sri Lanka would dispatch a delegation in October to attract more investment.

“In line with these efforts, I hope that the business communities as well as the Governments of both countries will work together to come up with a comprehensive framework of a more investor friendly business environment Sri Lanka,” he added.

Pix by Lasantha Kumara

There still exists a great untapped potential for cooperation between Sri Lanka and the Republic of Korea, said Chang, adding it was necessary to explore new and more creative ways of boosting trade and investment ties between the nations.

“Korea can be no match for big trading partners like the US, Japan, China and India, but I firmly believe that Korea’s development experience can be very helpful to Sri Lanka, in formulating economic strategies to achieve sustainable growth,” he said.

Touching on the recently and largely peacefully concluded Parliamentary elections, the Ambassador praised the Sri Lankan people for demonstrating to the world what he called Sri Lanka’s high democratic standards.

Sri Lanka is now emerging as a leading nation in terms of economy and democracy in this part of the world, he said, adding that the cooperation between President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe would allow for a more peaceful, secure, prosperous and truly democratic country in the coming years.

“Economic development and political reconciliation go hand-in-hand. For any kind of sustainable growth to take place. Therefore, I do hope that the newly-elected Government will be successful in achieving genuine national reconciliation with the strong support and cooperation of the international community,” he said.

Korea, as a true friend of Sri Lanka, will continue to stand by Sri Lanka, the Ambassador assured.

The new Sri Lankan Government has identified accelerated economic growth as one of its top priorities and to implement business friendly economic policies focusing on export growth and the inducement of FDI, said Sam.

“This will definitely provide new business opportunities for the companies of both countries. The Embassy is now preparing a feasibility study to explore various ways of enhancing bilateral economic ties,” he added.

SLKECC President-elect Mahen Kariyawasam meanwhile said tourism from Korea to Sri Lanka has improved since Korean Airlines began its operations in Colombo, with the figure increasing from 12,400 passengers in 2013 to 13,000 last year. It is expected to increase up to 15,000 by the end of this year.

The Sri Lanka Tourism Promotion Bureau has carried out a significant number of promotional activities in Korea, he said, adding that the SLKECC hopes to invite a film crew from Korea with the aim of producing television promotions for Sri Lanka in the country.