Sri Lanka is to seek more investments and grants for development projects from South Korea, said the External Affairs Ministry yesterday.
Sri Lanka's External Affairs Minister G.L. Peiris will leave for the Republic of Korea on Monday and hold discussions with the country's Prime Minister Kim Hwang-sik, as well as other government officials.
Peiris will also meet with the Chairman of the Exim Bank to discuss the renewal of the Economic Development Co-operation Fund (EDCF), where concessionary loan assistance is provided for development projects in Sri Lanka, the External Affairs Ministry said.
Sri Lanka is to seek EDCF assistance for water supply projects, road development work as well as information technology, human resources, health and the power sector.
"In consideration of the vast investment potential that is available today to South Korean investors in Sri Lanka, discussions will also take place with heads of reputed business support organizations in South Korea," the External Affairs Ministry said.
A meeting will also be held between Peiris and the president of the Korean International Co-operation Agency which provides grant aid and technical co-operation to Sri Lanka.
The Republic of Korea and Sri Lanka established diplomatic relations in 1977 and South Korea was the largest foreign investor in Sri Lanka till the year 2000.
A number of Sri Lankans are employed in South Korea as skilled workers in small- and medium-sized Korean companies. (Xinhua)