In an effort to boost investment and trade between Sri Lanka and the Republic of Korea, the Korea Trade-Investment Promotion Agency (KOTRA) and the Export-Import Bank of Korea (Korea Eximbank) are exploring the possibility of increasing Korean companies’ investing in Sri Lanka whose economy has recorded more than a 6% of GDP growth rate annually for the last 5 years.
This was expressed by both Mr. Wonchul Koh, director general of KOTRA in Colombo and Mr. Sungsoo Jung, chief representative of the Korea Eximbank’s Colombo office, at a luncheon networking meeting for Korean businesspersons attending the Sri Lanka Investment and Business Conclave 2016, organized by the Ceylon Chamber of Commerce (CCC). According to CCC, 19 Korean enterprises attended at this conclave to explore opportunities for business in such areas as manufacturing, property and infrastructure development, tourism, financial services and education.
In the 1980s, Korea held the No. 1 in foreign investment to Sri Lanka especially in the textile industry but was not even on the list of top 20 foreign investors in 2013 where China, Malaysia and Hong Kong were No. 1~3 respectively. Korea Eximbank and KOTRA are keen to support prospective Korean businesses to invest in the country to reclaim Korea’s spot as the most important sources of foreign direct investment and trade to Sri Lanka by providing financial and information services.
Since 1978, Korea Eximbank has been providing USD 340 million both for trade between Sri Lanka and Korea and for Korean companies’ foreign direct investments in Sri Lanka. (Media Release)