Trade mission to Korea successful

The Deputy External Affairs Minister Neomal Perera undertook a three-day trade and investment promotional mission to South Korea with a 15-member business delegation from Sri Lanka-Korea Economic Co-operation Committee of the Ceylon Chamber of Commerce, from October 16 to 20. During the visit, he met with his counterpart in Seoul, and other Korean business associations and organizations, to promote investments to Sri Lanka.

Deputy Minister Perera met the Deputy Foreign Affairs Minister Kim Jae-Shin, and Trade (MOFAT), and held discussions on strengthening bilateral relations between the two countries. Deputy Minister Kim pledged his country's fullest co-operation to Sri Lanka's development efforts, and also agreed to work towards finalizing the APTA third round of trade negotiations to give effect to trade concessions enabling Sri Lankan exports to be more competitive in the Korean market.

Deputy Minister Perera addressing a Trade and Investment seminar organized by the Korea Chamber of Commerce and Industry (KCCI), in the keynote speech, highlighted the current political and socio-economic developments taking place in the country after the end of the three decade long civil conflict. He invited the Korean business sector to exploit the enhanced and varied business opportunities available by investing in Sri Lanka.

At the meeting with the Korea International Trade Association (KITA), discussions were held to identify possible avenues of strengthening bilateral commercial relations between the two countries. KITA agreed to make its member companies aware of the current business potential in Sri Lanka to entice Korean investors to Sri Lanka.

Korea Importers Association (KOIMA), responded favourably to Deputy Minister Perera's request to lead a business delegation to Sri Lanka to attend the "Sri Lanka Expo" in March 2012.

The Deputy Minister held discussions with Korean Air to seek the possibility of establishing direct air links. Korean Air agreed to dispatch a team of experts to Sri Lanka on an assessment mission, while also exploring the possibility of extending charter flights to Colombo, currently flying to the Maldives.

At the Small and Medium Business Corporation (SBC) of Korea, the Deputy Minister invited members of SBC to invest in Sri Lanka, making reference to the unique grasp of Sri Lanka's access to a huge market potential of almost 1.6 billion population with the Free Trade Agreements it has with India and Pakistan.

During the Deputy Minister's visit, a MoU between Sri Lanka Korea Economic Co-operation Committee and Incheon-Bucheon-Gimpo SMEs Hybrid Business Association was signed, to promote commercial relations.

Sri Lanka-Korea Economic Co-operation Committee of Ceylon Chamber of Commerce and Director, Board of Investment of Sri Lanka (BOI) and Deputy Director of Sri Lanka Export Development Board (EDB) joined the mission, as well as representatives from other leading Sri Lankan companies.

Ambassador Tissa Wijeratne and Commercial Counsellor Charitha Yattogoda from the Embassy of Sri Lanka in Korea organized and coordinated the visit.