SL- Korea ties entering new phase of cooperation – Ambassador

The relationship between Seoul and Colombo is entering a new phase of cooperation. A new momentum is being generated in many fields, said Korean ambassador to Sri Lanka Jong Moon Choi during an interview with the Daily News. “President Rajapaksa’s state visit is timely because the summit meeting will expand exchanges at ministry and agency level to facilitate a variety of bilateral collaboration projects and create a favourable setting for the promotion of investments in Sri Lanka,” he added.

Following are extracts of the interview:

Q: What is the significance of President's forthcoming visit to South Korea?

A: President Rajapaksa's state visit to South Korea, the first visit by a Sri Lankan Head of State after 16 years, is expected to serve as a milestone, opening a new chapter in the Sri Lanka-Korea relations. The two leaders will discuss ways and means to upgrade cooperation between the two countries in every field. Attention would be especially placed in increasing Korean investment, expanding developmental cooperation and promoting employment of Sri Lankan workers in Korea.

In preparation for this summit meeting, the two governments have worked together to come up with concrete programmes to deepen ties in these areas. Once the summit meeting endorses such projects, we will take measures to translate them into reality.

Q: Who are the Korean leaders the President is slated to meet? Are there any agreements due to be signed?

A: Besides the summit meeting, the Korean government has arranged luncheon meetings with the CEOs of leading Korean companies to facilitate interaction between the Sri Lankan delegation and the Korean private sector.

The invitees are mostly leading Korean household name companies as well as small and medium-sized companies interested in investing or who have already invested in Sri Lanka.

Three MoUs will be signed in the presence of the two Presidents, on e-government cooperation, power and electricity cooperation and developmental assistance. I expect these MoUs to serve as a framework under which the two countries will develop and implement the substantive cooperation projects.

Q: Comment on the bilateral relations between the two countries?

A: The relationship between our two countries has been a little slack over the past years. But now the relationship between Seoul and Colombo is indeed entering a new phase of cooperation. A new momentum is being generated in many fields.

President Rajapaksa's state visit is timely because the summit meeting will expand exchanges at ministry and agency level to facilitate a variety of bilateral collaboration projects and create a favourable setting for the promotion of investments in Sri Lanka.

With regard to investment and trade, there is a growing interest of Korean investors in Sri Lanka. Thus, this visit is expected to be an opportunity to promote Sri Lanka as an attractive destination for investment.

Also, Korea has been supporting Sri Lanka by providing Official Development Cooperation (ODA) in renewable energy, capacity-building and infrastructure. In conjunction with the state visit, the Korean government will increase the current concessionary loan for the next three years. In technical sharing, through the Korea International Cooperation Agency, many Korean private and public companies are involved in various projects in Sri Lanka in cooperation with their local partners. This technical experience sharing and developmental assistance will be further improved with the state visit.

There is ongoing cooperation in the fields of culture, education, training and labour. We have gained many positive outcomes such as building schools in rural areas, sending teachers and providing facilities, and there are various upcoming plans to facilitate the education and cultural engagement between Sri Lanka and Korea by offering Korean language classes and telecasting Korean dramas. This cultural diplomacy will further strengthen the mutual bonds between our two nations.

Q: Sri Lanka sans conflict is considered fertile ground for foreign investments in a variety of fields. Do you have any recommendations and suggestions to offer Korean investors in this regard?

A: After the end of the war in 2009, Sri Lanka has maintained a growth of 8 percent or higher for the past two consecutive years. Stabilization of the political and economic status has created confidence among many Korean investors and companies. More Korean companies find the Sri Lankan market attractive and there is a growing demand and interest in Korean direct investment. A few Korean companies have already participated or considering joining various projects from highway construction to solar energy.

The state visit of President Rajapaksa is expected to be an excellent opportunity for Korean entrepreneurs to have a better understanding of the economic environment of Sri Lanka. As the Sri Lankan government is in the process of creating a more investment-friendly environment, more Korean companies and investments will flow in from Korea to Sri Lanka in the foreseeable future. The embassy will continue to actively promote Sri Lanka as an investment-friendly country.

Q: Sending Sri Lankan workers to South Korea started under an initiative of President Rajapaksa during his tenure as the Labour Minister in the early 1990s. Today Sri Lanka stands among the top three labour sending countries to Korea. How important is their contribution to the growth of the Korean economy?

A: The Sri Lankan workers’ contribution to the economy of Korea is indispensable. Korea is currently facing a lack of manpower in the primary and secondary industries. Under the Employment Permit system, approximately 21,000 Sri Lankan workers are employed in Korea. Furthermore, Sri Lankan workers are popular in the Korean job market.

Korean law provides the same payment and treatment as locals to foreigners. This is the major reason why Korea is the most favourable destination for Sri Lankan workers.

Q: Jobs in Korea are in high demand among Lankan migrant worker aspirants mainly due to higher wages and better working conditions. Can they expect more opportunities in the future?

A: Taking this summit as an opportunity, the Korean government increased the existing foreign employment quota for Sri Lanka. Out of 15 countries, the Sri Lankan government now holds the highest quota.

My embassy will continue to work with the Sir Lankan government to expand the job opportunities for the Sri Lankan people.

Q: The Korean War devastated the country in the early 1960s. Korea was literally at the bottom of the heap in Asia. Since then Korea has made impressive progress in many fronts, more so in the economic sphere. What are the main reasons behind this success?

A: In hindsight, there are numerous factors. To begin with, the government's economic policy turned out to be very successful.

Export driven economic policies and the Five-Year Economic Development Projects generated high growth in secondary industry.

It is also undeniable that the Korean economy benefited from the friendly international environment. During the 1970s and 80s, there were less competitors in the global market while the international financial environment was favourable to Korea.

Above all, it is generally agreed that the Korean Spirit was the critical element of the rapid economic growth in Korea. Korean people are diligent and hard working.

For the past hundred years, Korea has been through many difficulties. Korea was under foreign colonial rule for 35 years and the Korean War devastated entire territories. However, entering the 1960s, the Korean people were determined to take up challenges. After several decades of sweat and tears, Korea now ranks as the 14th largest economy of the world. In sum, the morale of the success and growth of Korean economy is that hard work pays off eventually.

In this light of success, we need to bear in mind that there were also negative sides of the compressed development.

Koreans have lost many valuable things in the heat of rapid development and have made many trials and errors. That is why Korea is ready to share the lessons, good and bad, with Sri Lanka.