brand logo

Korean Ambassador espouses investment opportunities in SL 

27 Jan 2021

During the 26th Annual General Meeting of the Ceylon Chamber of Commerce’s Sri Lanka-Korea Business Council (SLKBC) held recently, Ambassador of the Republic of Korea to Sri Lanka Woonjin Jeong invited Korean investors to explore opportunities in Sri Lanka, especially in key sectors including agriculture, renewable energy, infrastructure, LNG, the digital economy, and so on.  “There is more potential for business opportunities to expand between our two countries. In this regard, I hope that this esteemed Council too will work tirelessly to take our trade and economic ties to the next level; and the Embassy, as always, will render our utmost assistance to you and work with you every step of the way until we realise this mutual goal,” he said. The meeting was held via MS Teams. The SLKBC was inaugurated on 4 November 1982, in Colombo at the request of the late Lalith Athulathmudali, with the objective of promoting trade, investments, tourism and services between Sri Lanka and Korea. Alpha Tours Pvt. Ltd. Managing Director Priyantha Mendis, whose firm is the General Sales Agent for Korean Air in Sri Lanka and the Maldives, was re-elected as SLKBC President for 2020/2021. Transmarine (Pvt.) Ltd. Chairman John Shiran Dissanayake, and Spear International (Pvt.) Ltd. Chairman/Managing Director Shamil Mendis, were elected as Vice Presidents of the Council. Mahen Kariyawasan serves as the immediate Past President, while Founder President Prof. Lakshman Watawala serves as an honorary member.   Jeong stated that, as the Ambassador of Korea, strengthening commercial ties between the nations in harmony with the national policy is among his top priorities. He added that it was noteworthy that amid this pandemic, Sri Lanka was the first South Asian country that held a nationwide election, and Korea was the first country in the world to hold a nationwide election successfully.  He also acknowledged the negative impact on the global economy from the Covid-19 pandemic, resulting in businesses incurring grave losses due to travel restrictions, disruptions in global supply chains, and the imposition of numerous lockdowns, and added that, at this juncture, he would do his best to help achieve Sri Lanka’s economic goals together with the Sri Lanka-Korea Business Council members.  He believes that the Sri Lankan economy will bounce back by attracting new foreign investors, as it has shown strength and resilience in spite of past setbacks. Sri Lanka has great potential for growth and provides ample business opportunities with its strategic location, natural resources, and high quality human resources, which are very complimentary with the capital and technology of Korea. Strengthening economic co-operation is thus vital to unlock Sri Lanka's economic potential.  SLKBC President Priyantha Mendis reiterated that the main objectives of the Council are to promote trade and tourism between Sri Lanka and Korea, to promote investment to Sri Lanka and encourage joint ventures, and to conduct joint meetings with Korean business organisations between the two countries.  “The present bilateral trade between Sri Lanka and Korea is around $ 400 million today, mainly in favor of Korea. Anyway, for the past 15 years, the Korean Government has offered employment opportunities to our youth in the manufacturing, construction and fisheries sectors in Korea," he said.  "At present, there are around 30,000 Sri Lankans living in Korea, the biggest concentration of Sri Lankan expatriate employees after the Middle East. But compared to the Middle East and other countries, the earning capacity and living standards are much higher in Korea. So in short, the Korean Government is helping Sri Lanka in a big way to earn much-needed foreign exchange to the country today.  "Also over 100 Sri Lankan students are studying in Korean Universities, many of them on scholarships given by Korean Government. With the commencement of direct services by the Korean national carrier Korean Air to Sri Lanka in 2013, the Korean tourist arrivals jumped to 16,000 last year, from around 4,000 earlier. Anyway, Korean Air temporarily suspended its scheduled services in mid-March 2020 due to the Covid-19 pandemic situation, and will recommence its operations when the situation improves here and in Korea,” he said. He added that the per-capita income in Korea is around $ 30,000, which is one of the highest in the world, and usually around 20% of Koreans travel overseas annually on vacation. This is a market that our Tourism Promotion Bureau should target, he pointed out. The Council could not attend to much activity last year due to the Covid-19 pandemic situation.  A seminar was conducted on Strategies to enhance trade between Sri Lanka and Korea in December 2019. The main objective of the seminar was to update the membership on the policy directions required to create an environment that will attract Korean investors more rapidly, as well as to identify opportunities through preferential trade arrangements with Korea.  In his address, he also thanked the founder President Prof. Lakshman Watawala and the Immediate Past President Mahen Kariyawasam for their continuous contribution to the Business Council Abans Ltd., Ceyline Shipping Ltd., Senok Trade Combine (Pvt.) Ltd., Shipping & Cargo Logistics (Pvt.) Ltd. and Southern Tea Producers (Pvt.) Ltd. were elected from the membership to serve on the Executive Committee of the Council.   Image caption: SLKBC immediate Past President Mahen Kariyawasan; Ambassador of the Republic of Korea to Sri Lanka Woonjin Jeong; SLKBC President Priyantha Mendis; and SLKBC Vice President Shamil Mendis  


More News..