President leaves for South Korea

Rasika SOMARATHNA

Busy schedule

*President to hold bilateral discussions with S Korean counterpart
*Several agreements to be be signed
*President to address business luncheon

President Mahinda Rajapaksa left for South Korea yesterday on a four- day official visit on an invitation extended by South Korean President Lee Myung-Bak. President Rajapaksa will hold bilateral discussions with his South Korean counterpart while several agreements will also be signed during the President’s stay. The President will also address a business luncheon co-hosted by four business associations in Seoul and the Sri Lanka – Korea Business Forum hosted by the Busan Chamber of Commerce and Industry.

He will also meet several leading trade organisations in South Korea. A Sri Lankan business delegation will travel to South Korea with the President. Bilateral relations between Sri Lanka and South Korea date back to 1968 when South Korea opened a trade mission in Colombo. In 1977, the South Korean embassy was opened in Colombo while Sri Lanka’s ambassador in Japan was concurrently accredited to Seoul in 1978. Sri Lanka’s resident embassy in Seoul was opened in 1987.

Sri Lanka’s exports to South Korea have increased from US $ 18.04 million in 2004 to US $ 45.05 million in 2011.

Coconut fibre, rubber products, articles of rubber and knitted and woven garments are the major export items to Korea. The value of these items altogether has constituted 36.7 percent of the total exports in 2011.

Other export items from Sri Lanka to Korea are rubber products, furniture, mattresses, tea, tableware and activated carbon.