Lanka’s exports to Korea increase

Moots direct air links to Seoul:

Indunil HEWAGE

Trade between Sri Lanka and Korea recorded US$ 240 million last year showing a considerable increase in Sri Lankan exports to Korea.

Korea Chamber of Commerce and Industry Executive Director Kim Seho, Korean Ambassador to Sri Lanka Dr Choi Ki-Chul, Korean Knowledge and Economy Vice Minister Park Young June, Industry and Commerce Minister Rishad Bathiudeen and Ceylon Chamber of Commerce Chairman Anura Ekanayake at the Korea-Sri Lanka Business Luncheon Meeting. Picture by Ranjith Asanka.

Addressing the Korea - Sri Lanka Business luncheon meeting yesterday, Industry and Commerce Minister Rishad Bathiudeen said the total trade between Sri Lanka and Korea in 2010 was US $ 240 million.

Sri Lanka’s exports to South Korea which was recorded at US $ 22.9 million in 2005 has surged to US $ 30.1 million in 2010 recording a 28 percent growth.

Sri Lanka’s imports from South Korea has recorded US $ 210 million in 2010.

The Minister said trade between both countries have to be further expanded with the support of existing economic cooperation activities. Adopting a dynamic trade promotional campaign such as participation in trade fairs, visits of trade promotional missions between the two countries, conduct of specific market surveys for products of potential and mutual interest for both countries would assist in achieving these targets easily.

South Korea is one of the most important foreign direct investors to Sri Lanka and has put these direct investments in areas such as textile and apparel, footwear, sports goods, toys, ceramic ornaments, hats, garment accessories, electric items and chemicals.

These investments have contributed to increase the manufacturing activities, employment generation and exports revenue in Sri Lanka.

The Sri Lankan Government invites the South Korean investors to invest in potential sectors in the country.

Some identified potential sectors for investment from South Korea are infrastructure such as power, recycling waste, real estate , other sectors such as leatherware, technical training institutes, mineral based industries, electrical, light engineering and others. Meanwhile the South Korea and Sri Lanka Government have agreed to recommend in relaunching direct air links between Colombo and Seoul in the near future.