Korean businessmen, KOTRA Colombo Director General Wonchul Koh and Korea Eximbank Colombo office Chief Representative Sungsoo Jung
In an effort to boost investment and trade between Sri Lanka and the Republic of Korea, the Korea Trade-Investment Promotion Agency (KOTRA) and the Export-Import Bank of Korea (Korea Eximbank) are exploring the possibility of increasing Korean companies investing in Sri Lanka.
This was expressed by KOTRA Director General in Colombo Wonchul Koh and Korea Eximbank Chief Representative in Colombo office Sungsoo Jung at a luncheon networking meeting for Korean business persons attending Sri Lanka Investment and Business Conclave 2016, organised by the Ceylon Chamber of Commerce (CCC).
According to the CCC, 19 Korean enterprises attended this conclave to explore opportunities for business in such areas as manufacturing, property and infrastructure development, tourism, financial services and education.
In the 1980s, Korea was the number one foreign investor in Sri Lanka, specially in the textile industry.
But Korea was not even on the list of top 20 foreign investors in 2013 where China, Malaysia and Hong Kong being the leading three, respectively.
Korea Eximbank and KOTRA are keen to support prospective Korean businesses to invest in the country to reclaim Korea’s spot as the most important sources of foreign direct investment and trade to Sri Lanka by providing financial and information services.
Since 1978, Korea Eximbank has been providing US $ 340 million both for trade between Sri Lanka and Korea and for Korean companies’ foreign direct investments in Sri Lanka.