EDB promotes Lankan food beverages in South Korea

The Sri Lanka Export Development Board (EDB) in collaboration with the Sri Lanka Embassy in South Korea organised Sri Lanka product displays to promote the Food and Beverage sector in the Korean market, the EDB said.

It said: Lankan food products were promoted in Korea Import Good Fair (KIGF) organised by Korea Importers Association (KOIMA) at COEX, Seoul, and during the Seoul Food and Hotel Show (SFH) which was held at the Korea International Exhibition Centre (Kintex).

Both events provided opportunities for Sri Lankan entrepreneurs to explore new business leads and strengthen the existing business networks.

South Korea is the fourth largest economy in Asia and the 10th largest in the world. It remains one of the fastest growing developed countries in the world. South Korea was the 28th largest export destination of Sri Lanka with an export value of US$ 71.06 million in 2020 of which US $ 24.46 million was earned from the food and beverage products including coconut and coconut-based products, tea, fish and fisheries products, spices, essential oils and oleoresins, fruits and nuts and vegetables. Sri Lanka and South Korea are member countries of the Asia-Pacific Trade Agreement (APTA) and over 1,367 products are eligible for preferential tariff concessions when exporting to the Korean market.

Desiccated Coconut and Black Tea are major products exported from Sri Lanka under APTA concessions. There is a considerable market for premier quality products, especially in the food and beverage sector in South Korea. And also Sri Lanka Export Development Board have two MOUs with the Korea Trade-Investment Promotion Agency (KOTRA) and Korea Importers Associations (KOIMA) to promote Sri Lankan export products to South Korea.

The Products of six Sri Lankan companies, namely, Lanka Canneries (Pvt) Ltd, Edinborough Products Pvt Ltd, Sri Lankan Catering Limited, International Commodity Exports Private Limited, Akbar Brothers (Pvt) Ltd, and Empire Teas (Pvt) Ltd were showcased in KIGF and SFH 2021. Sri Lankan companies received trade inquiries for their products during the exhibitions and the EDB with the support of the Sri Lanka Embassy in South Korea is facilitating virtual B2B meetings to follow-up their negotiations with the identified Korean buyers.

With the fruitful outcomes of the participation during this year, EDB is optimistic of organising Sri Lanka’s participation at the KIGF 2022 and SFH 2022 with a view to diversify the basket of the nation’s export products to South Korea.