Sri Lanka invited to S. Korea's 2012 Yeosu Expo

Hyundai and LG, the two reputed South Korean brand giants are currently studying Sri Lanka for the "feasibility of commencing manufacturing operation in the country." Also, other Korean firms too are keen on a variety of projects in Sri Lanka, said Ambassador of the Republic of Korea to Sri Lanka Jongmoon Choi.

Ambassador of the Republic of Korea to Sri Lanka Jongmoon Choi presenting the invitation to Industry and Commerce Minister Rishad Bathiudeen.

Choi said this during a courtesy call on Industry and Commerce Minister Rishad Bathiudeen last week. "Hyundai is looking mainly at shipbuilding and repairs while other Korean firms including LG are looking at electronics.

To this end, these companies are planning to send a fact finding trade delegation to Sri Lanka in the due course" Choi said. 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.

Choi also invited Sri Lanka to the 2012 International Expo show in Yeosu city while Sri Lanka, on its part, has invited the Korean Government to take part in 'Sri Lanka EXPO 2012.' The International Exposition Yeosu Korea 2012 (Expo 2012) is to be held from May 12 to Aug. 12, 2012 in Yeosu, Korea, on the theme "The living ocean and coast: diversity of resources and sustainable activities".

"Sri Lanka is keen to take part in Yeosu Korea 2012" said Industry and Commerce Minister Rishad Bathiudeen. "I strongly believe that this will further strengthen bilateral trade relations".

"I also invite South Korean business and industrial delegations to Sri Lanka's mega show Sri Lanka EXPO 2012, a premier international trade fair organized by the EDB to be held from March 28 to 30, 2012 at BMICH in Colombo" Minister Bathiudeen said.

"In 2010, Sri Lanka's exports to S.Korea registered US $ 30.9 million while imports stood at US $ 201.4 million, registering a negative trade balance for Sri Lanka at US $ 171.3 million. Sri Lanka's negative trade balance with South Korea has fallen by 21% since 2004" revealed Minister Bathiudeen.

According to the Commerce Department under Industry and Commerce Ministry, the bilateral trade and economic relations between the two countries have not shown significant progress during the last few years.