Sri Lanka–Korea Business Council hosts session on ‘Doing business with South Korea’

From left: Department of Commerce incoming Commercial Officer – South Korea Kasun Balasooriya, Rules of Origin Division Head Jagath Abeywarna, Trade Promotion Head Charitha Yattogoda, Sri Lanka–Korea Business Council President Shamil Mendis, Korean Ambassador Miyon Lee, KOTRA Director General Lee Kyungseok, and Sri Lanka–Korea Business Council Senior Vice President Patali Karunarathne

The Sri Lanka–Korea Business Council of the Ceylon Chamber of Commerce recently hosted an awareness session titled “Doing business with South Korea”, bringing together key stakeholders to explore opportunities for strengthening bilateral trade and investment relations between Sri Lanka and the Republic of Korea.

The event was graced by Ambassador of the Republic of Korea to Sri Lanka Miyon Lee, along with officials from the Embassy including Deputy Head of Mission Eunji Kang, and Research Officer Minwoo Jo. 

The session featured a distinguished panel of resource persons comprising Korea Trade-Investment Promotion Agency (KOTRA) Director General Lee Kyungseok, Department of Commerce Sri Lanka Head of Trade Charitha Yattogoda, Origin Division Head of the Rules Jagath Abeywarna, Embassy of Sri Lanka in South Korea Minister Counsellor – Commercial Chandima Abeyratna, who joined the session virtually and newly appointed Commercial Officer designated to South Korea Kasun Balasooriya. Korea International Cooperation Agency (KOICA) Country Director Lee Yoo Li, also attended as an invitee.

The session provided an overview of bilateral trade and investment relations, while highlighting potential export opportunities to South Korea by identifying high-potential sectors for Sri Lankan exporters. It also explored emerging trends and future prospects for Sri Lankan products, along with the effective utilisation of the Asia-Pacific Trade Agreement (APTA). In addition, guidelines on eligibility and compliance under APTA were outlined, offering practical insights for businesses seeking to enter and expand in the Korean market.

The event was well attended by importers, exporters, and SMEs representing a diverse range of sectors.

In her address, Ambassador Miyon Lee acknowledged the Sri Lanka–Korea Business Council as a long-standing partner of Korean companies and commended the resilience of the Sri Lankan people in the face of recent challenges. 

She highlighted progress made by Sri Lanka in economic stabilisation, institutional reforms and anti-corruption efforts, describing these developments as encouraging for investors. The Ambassador emphasised the importance of enhancing an investment-friendly environment, supporting ongoing Korean business projects, and identifying promising areas for future cooperation.

She further underscored the significance of streamlining Sri Lanka’s tariff structure and expanding Free Trade Agreements with major trading partners. Referring to Sri Lanka’s comprehensive national tariff policy, she noted that such reforms would help reduce protectionism, enhance competitiveness, and integrate the country into global value chains. She also expressed hope for the timely implementation of the National Single Window system and full compliance with commitments under the World Trade Organisation Trade Facilitation Agreement and intellectual property obligations under World Intellectual Property Organisation.

The Ambassador also highlighted Sri Lanka’s interest in joining the Regional Comprehensive Economic Partnership (RCEP), noting that participation would provide access to a broader Asian market, while emphasising the need for strong bilateral engagement with individual member countries. 

She encouraged businesses to fully utilise existing agreements such as APTA and other preferential arrangements, stressing that Free Trade Agreements are not only about market access but also about strengthening domestic industries and improving competitiveness.

Sri Lanka–Korea Business Council President Shamil Mendis highlighted the importance of Sri Lankan businesses focusing on the East Asian market. He reaffirmed the Council’s commitment to fostering stronger trade, investment, and business ties between Sri Lanka and South Korea, noting that the Council will continue to serve as a platform for dialogue, knowledge-sharing, and mutual growth.

The session concluded with interactive discussions, reflecting strong interest from the business community in expanding trade and investment linkages with South Korea.