Korea pledges support for value added industries

by L. S. A. Wedaarachchi

Sri Lanka's economic focus should be changed from light industry to more value-added industries. Korea will assist Sri Lanka for the success of the prospective economic changes, said Kwon Yung Dal, the Ambassador of the Republic of Korea in Sri Lanka.

Addressing the members of the Korean Businessmen's Association (KBA) Kwon Yung Dal said that Korea has been one of the major investors in Sri Lanka.

"Until recently Korea's investment has been focused on textiles and garment business. Korea has contributed to the economic development in Sri Lanka and created job opportunities. However, both countries need to go beyond the success achieved so far and pursue a new level of future cooperation, he said.

"Just as Korea has moved quickly to information and a knowledge based economy in keeping with global trends, Sri Lanka also should move from light industry to value added industries. Korea will explore ways to broaden areas of economic cooperation with Sri Lanka, he said. As Ambassador of the Republic of Korea, he assured to do his best to achieve those objectives.

"A vigourous effort is required on the part of Sri Lanka to attract more Korean investments. Sri Lanka should create a more business friendly environment. The assistance extended towards Korean investors by the government should be continued, he said.

"The 30th anniversary of diplomatic relations between Korea and Sri Lanka will be celebrated in 2007. Both countries maintained very cordial relations in terms of politics, trade, investment, culture and creating job opportunities, the Korean ambassador said.

At present nearly 90 projects are being carried out by Korean companies in Sri Lanka, employing 32,000 people.

Keangnam, the Korean construction giant commenced work on the "Dawson Grand" super luxury apartment complex having 42 and 38 storeyed twin towers in Colombo recently. This will be the tallest building in the city.

It will employ the latest technology and a workforce of 600-1000 employees of whom four per cent will be Koreans. The "Dawson Grand" project is a US $ 60 million Korean investment. It is anticipated that more Korean investments will be pumped into Sri Lanka in the near future specially in the fields of telecommunications, roads and power.

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