Webinar on economic cooperation between Sri Lanka and South Korea

The embassy of Sri Lanka in the Republic of Korea in close coordination with the Ceylon Chamber of Commerce (CCC), Korea Importers Association (KOIMA), Korea Business Council and the embassy of the Republic of Korea in Colombo conducted a webinar, last week, with particular focus on business opportunities and vistas, strategies to enhance bilateral trade particularly exports of goods and services of Sri Lanka to South Korea, investment and commercial opportunities and tourism, among others.

The key speakers were the ambassador of South Korea in Colombo Amb. Jeong Woonjin, chairman & CEO of KOIMA Kwang-hee Hong and Senior International Director of KOIMA Joong-hyun Jough, Chief Economist of CCC Shiran Fernando, president of Sri Lanka-Korea Business Council Priyantha Mendis and ambassador of Sri Lanka to Seoul Dr. A. Saj U. Mendis respectively. Ms. Lilakshini de Mel, Senior Assistant Secretary General of the CCC, coordinated, orchestrated and publicized all spheres of this high-profile webinar along with the two embassies and KOIMA.

A number of noted corporates, entrepreneurs, business houses, senior bureaucrats and technocrats and academics mostly from Sri Lanka as well as from South Korea participated in this Webinar. The president of Sri Lanka-Korea Business Council made the opening welcome remarks, while Shiran Fernando of CCC, introduced the respective speakers of the webinar as the moderator.

Ambassador Jeong Woonjin stated that being in Sri Lanka for only two months, he could witness at first-hand basis the potential and vistas of the country, particularly in the context of the manner in which the general elections were conducted on 5th of August 2020 as well as efficacious containment of COVID-19. He accentuated two key factors, which were trust and confidence of the peoples of Sri Lanka and of the international community vis-à-vis Sri Lanka. He further enunciated a very positive and sanguine message of Sri Lanka, particularly to Korean corporate leaders and entrepreneurs to be engaged with Sri Lanka.

The chairman of KOIMA expounded the goods and services imported to the RoK and ways and means to enhance and aggrandize the exports of Sri Lanka to the RoK, in particular. It may further be noted that the KOIMA is the focal Institution in the entire country with regard to imports to the RoK similar to the BOI of Sri Lanka with regard to FDI and FII. The Senior Director of International Affairs of KOIMA made a comprehensive presentation which encompassed opportunities in the import sector of South Korea.

Ambassador Dr. A. Saj U. Mendis stated the courses of action Sri Lankan corporates and entrepreneurs should implement and execute in order to capture and penetrate the highly competitive Korean market, thus enhancing the exports to South Korea. He added that today South Korea is the 9th largest economy in the world and in 1960s was one of the poorest nations in the world. He added that the imports of South Korea in 2018 were in the vicinity of USD 530 billion and if Sri Lanka could capture, only 0.1%, it would amount to USD 530 million. This would be an increase of over 700% compared to the exports from Sri Lanka to the RoK in 2019. Dr. Mendis also added that 50% of Sri Lanka’s exports to the RoK comprised of apparels, coconut and rubber products and tea and accentuated the vitality and seminality to diversify the export basket.

(The embassy of Sri Lanka)