Korean investments top $ 730 m

Sanjeevi JAYASURIYA

A visiting Korean delegates held a meeting with local business community to identify potential in the areas of trade and investment to further strengthen relationship between the two countries.

Korea will assist Sri Lanka's development drive and the key focus sectors would be power and technology.

'We are also looking at more contributions in the infrastructure development activities as this is an ideal opportunity to promote relationship, Deputy Minister for Planning and Coordination of the Ministry of knowledge Economy of the Republic of Korea Jeong Marn Ki said at the Korea Sri Lanka business meeting held in Colombo yesterday.

The trade between Korea and Sri Lanka stands at US $ 430 million in favour of Korea.

There has been $ 730 million investment from Korea for many sectors including the $ 3 million investment in the country's first solar power plant in Hambantota.

There is room for wider cooperation as Sri Lanka is making efforts to take the country to the next level. The country is located at an important transit point and is poised to continue rapid national economic growth, he said.

While highlighting importance of the state and the private sector to work together to achieve economic targets, he said that Korea is looking at bi-lateral cooperation in multiple sectors including textile and automobile.

The business meeting was facilitated by Korea Importers Association (KOIMA) and the Ceylon Chamber of Commerce where relationship between the two countries are over three decades old since the formation of Korea Sri Lanka Business Council in 1975.