“As Sri Lanka aspires to become an upper middle-income country, it will need to bridge the gap between the industry skills demand and the labour supply,” the Korean embassy said in a statement.
“An important initiative that can help bridge this gap is to expand the physical infrastructure of the vocational training institutes and to improve the quality of TVET (Technical and Vocational Education and Training) programmes and teachers’ capacities in Sri Lanka.”
The scope of the project includes constructing and developing the aforementioned institutes; providing them with necessary equipment and facilities; conducting capacity building for vocational training instructors and policy makers; and providing further technical assistance and consulting services by dispatching Korean experts to Sri Lanka.
Through the successful completion of this project, it is anticipated to reduce the unemployment rate of the youth in Sri Lanka and to improve the satisfaction level of the industrial sectors who hire graduates from these institutes, the statement added.
Stressing the importance of the TVET sector to the overall economic development of the country, Ambassador Chang, Won-sam assured that the Government of the Republic of Korea will continue to share Korea’s development experience and knowledge in the TVET sector through continued development programmes in Sri Lanka.
Korea Eximbank also provides financing for international trade and overseas investment, to promote bilateral economic cooperation. Since 1978, Korea Eximbank has provided USD 340 million both for trade between Sri Lanka and Korea and for Korean companies’ foreign direct investments in Sri Lanka.