BOI showcases Sri Lanka to visiting delegation from Busan Chamber of
Commerce and Industry
A trade and investment delegation from Korea headed by the
President of the Busan Chamber of Commerce and Industries Jung
Taek Shin paid a courtesy call on President Mahinda Rajapaksa
at Temple Trees on Monday Picture by Sudath Silva
INVESTMENT OPPORTUNITIES: The BOI conducted a presentation
highlighting the opportunities Sri Lanka offers to investors to a
delegation from the Busan Chamber of Commerce and Industry. This was a
group of 39 leading business personalities from the industrial city of
Dhammika Perera, Chairman/ Director General of the BOI welcomed the
delegation and made a strong case for Korean investment in Sri Lanka. In
his address he spoke of the close relations between Sri Lanka and the
Republic of Korea which are celebrating the 30th anniversary of
He also noted that the Republic of Korea is one of the major
investors in Sri Lanka and that already 73 companies from that country
have set up enterprises in Sri Lanka. The value of Korean investment in
Sri Lanka is US$ 72 million and the companies employ 13,180 workers.
In his address to the Busan Chamber representatives Perera gave
prominence to some Korean success stories such as the Keangnam Group
which has been in Sri Lanka since 1980 and has been active in property
development. This company built the Royal Park apartment complex and is
currently building the new US$ 60 million luxury apartment complex at
Another success story he mentioned was the Doosan Group that operates
a large scale steel mill under the name of CHICO. Perera also appraised
the Chamber delegation on the sectors targeted for investment by the BOI
such as auto parts, rubber based products, light engineering sectors for
the export market.
He highlighted the advantages offered by the Free Trade Agreements
Sri Lanka has entered into with India and with Pakistan as well as the
EU- GSP + Agreement. These agreements offer investors the possibility of
access to the huge markets of India, Pakistan and the European Union
This was followed by a comprehensive presentation on Sri Lankaâ€™s
potential for investment which highlighted the countryâ€™s natural and
human resources, her position as a business hub, and the incentives
offered to investors by the BOI.
The presentation focused on Sri Lankaâ€™s liberal economy and the
international agreements ensuring the rights of investors.
Other important speakers at the function were Mrs. Manel De Silva,
Director General (Commerce) who conducted detailed presentation on the
international agreements Sri Lanka has entered into and how they promote
business opportunities by providing access to markets.
J. J. Choi, Chairman of Ceylon Heavy Industries and Construction
(CHICO) also addressed the Korean business delegation, describing in a
positive light his companyâ€™s own operations in Sri Lanka.
CHICO plans to produce in 2007 84,000 metric tones of steel. Choi
added that CHICO was able to acquire raw materials easily, modernise
their work process and also improve on the quality of their product.
Thosapala Hewage, Secretary, Ministry of Enterprise Development and
Investment Promotion were also present at this function. The BOI
officials participating were A. M. C. Kulasekera, Deputy Director
General (Investment), C. Ignatius, Director (Promotion), Kirthi
Jayasinghe, Executive Assistant (Promotion) and Dilip S. Samarasinghe,
Director (Media & Publicity).
Busan is the second largest city of the Republic of Korea.The Chamber
of Commerce and Industry of Busan is one of the main chambers in
Korea.The visiting delegation is led by the Chamberâ€™s President Jung-
Taek Shin, who is the Chairman of a steel company and also the Consul of
Sri Lanka since 2006. Trade between the Republic of Korea and Sri Lanka
is worth US$ 300 million while an estimated 7,000 Korean nationals visit