Korean investments in SL have contributed towards promotion of bilateral relations – Ambassador

Korean Ambassador Santhush Woonjin JEONG met with the Secretary General & Chief Executive Officer of Ceylon Chamber of Commerce, Manjula de Silva at the Embassy and discussed ways to promote investment and trade between Korea and Sri Lanka.

The meeting was held on the request of the Ceylon Chamber of Commerce in order to promote the upcoming Sri Lanka Investment Forum (SLIF) themed “Sri Lanka- Asia’s Next Growth Haven” which is jointly organised by the Board of Investment (BOI), The Ceylon Chamber of Commerce and the Colombo Stock Exchange.

The Ceylon Chamber of Commerce is actively promoting this forum for all potential foreign investors and is planning to visit many of the foreign missions. The Korean Embassy was their first visit to bolster Sri Lanka’s investment opportunities and uplift foreign investment flows. They had a fruitful exchange regarding the promotion of investment opportunities in Sri Lanka to Korean investors, expansion of trade relations, and export development.

The Sri Lanka Investment Forum will commence on June 7, 2021 on a virtual platform and it will be an opportunity to showcase the potential of Sri Lanka as a hub for investment.

De Silva highlighted that Sri Lanka is very keen to attract Korean investments and international joint ventures, along with Korean know-how and technology. As the Republic of Korea plays a leading role in the field of industrialization and technology, it would be favourable for Sri Lanka to attract Korean investments.

Sri Lanka Investment Forum will be the ideal platform to showcase to the world including Korea, that Sri Lanka is the next economic growth haven for strategic investment initiatives and a blend of mega projects given its economic, commercial and investment milieu.

He further elaborated that the forum will attract direct and portfolio investors, including sovereign wealth funds, private equity funds, development finance institutions, multi-national corporations, high networth individuals and all other investor classes from across the globe.

Ambassador Santhush expressed his pleasure regarding such a wonderful initiative which will educate and empower investors and businesses with a comprehensive set of information with respect to Sri Lanka’s FDI and portfolio investment environment.

He added that “it is a very good opportunity for investors worldwide including Korean investors to take a look at the Sri Lankan investment environment”.

He said that he would raise awareness among the Korean investors of this program which will be a bridge in improving trade and investment relations between our two countries. “Korean investments in Sri Lanka have contributed immeasurably to the promotion of bilateral relationship and the elevation of the economies of both countries, he noted.

In early 1990s Korea was the biggest foreign investment partner of Sri Lanka. Today, Korean investors in the ceramic industry, apparel industry etc. play a significant role in developing two-way trade and investment in ways which benefit our countries, the envoy said.

“I encourage Korean investors to explore more opportunities in Sri Lanka especially in sectors such as agriculture, renewable energy, LNG, infrastructure and digital economy. Given the huge opportunities offered by the developing Sri Lankan economy, and the talent of the Korean and Sri Lankan people, the scope for beneficial collaboration is infinite. Sri Lanka is endowed with smart, high quality human resources and affluent natural resources which are complimentary with the state of the art technology and capital available in Korea. This combination creates the perfect synergies for our two countries to further the potential for businesses”, he added.