Sept 14, 2011 (LBO) – South Korean firms like Hyundai and LG are interested in exploring investements in shipbuilding and electronics in Sri Lanka, the island’s ministry of industry and commerce said. The interest of Korean companies was revealed by South Korean ambassador Jongmoon Choi during a courtesy call on the industry and commerce minister Rishad Bathiudeen, said in a statement.
Other Korean firms too are keen on a variety of projects in Sri Lanka, ambassador
Jongmoon Choi said.
“Hyundai is looking mainly at shipbuilding and repairs while other Korean firms including LG are looking at electronics,” the statement quoted Jongmoon as saying.
“To this end, these companies are planning to send a fact finding trade delegation to Sri Lanka in the due course.”
The main sectors of Korean investments in Sri Lanka at present are apparels, textiles, yarn, electrical and electronics, plastic, rubber, chemicals, steel, ceramics, ornamentals, toys, infrastructure and packaging. In 2010, Sri Lanka exported to South Korea 30.9 million US dollars worth of goods and imported goods worth 201.4 million dollars, resulting in a trade gap for Sri Lanka of 171.3 million dollars.