Sri Lanka, Korea to expand economic ties

By L.S. Ananda WEDAARACHCHI

Korea will expand economic cooperation with Sri Lanka and remain as a partner Ambassador to the Republic of Korea Jongmoon Choi said.

The year-end get-together of the Korean Businessmen’s Association (KBA) was held at Hotel Galadari, Colombo. The Korean Ambassador said that high level visits of Sri Lanka and Korean Ministers and officials brought successful results during the last few months.

The Korean Ambassador Jongmoon Choi addressing the KBA get-together at Galadari Hotel, Colombo.

The number of Sri Lankan workers heading for Korea is on the rise. There are 23,000 Sri Lankan workers in Korea. They make a considerable contribution to Korea and Sri Lanka. It is a good example of win-win cooperation,” the ambassador said.

He said that Korea was the largest foreign investor in Sri Lanka upto early 2000. KBA was responsible for 14 percent of the total exports. More and more Korean companies are coming to Sri Lanka. They are working on many projects. KBA will soon regain the glory of the past, he said.

Sri Lankan exports to Korea comprise woven fabrics textiles and garments, electrical machinery and parts, apparel clothing accessories, machinery and parts, mixed coir fibre - and other fibre products, coco peat, leather travel goods and bags and imports woven fabrics, yarn and thread, synthetic fibres, electrical and electronic items, machinery and machinery parts. Sri Lanka has the potential to expand the export of value added rubber products, such as healthcare products, solid rubber tyres, footwear for industrial use and other latex based items such as household, industrial and surgical gloves.

There is potential to expand exports of activated carbon to Korea since imports are in the region of about 12,000 million tons per year.

Other products with enormous potential are floricultural products particularly rooted plants, uprooted cuttings/cane, tissues, cultured plants, cut flowers, cut decorative leaves and flower seeds.

There is also opportunity for exports of calibrated gemstones, diamonds and jewellery, with prospects for collaboration with Korean partners.

Since Korea imports more than $ one b worth of garments, there are also enormous prospects for export of Sri Lankan textiles and textile based products, which at the moment is only Rs. 200 to 300 million.

Other potential product areas are limonite, graphite and silica sand, canned and processed fruits and juices, processed gherkins, baby corn, essential oils and spices. Sri Lankanan exports to Korea comprise woven fabrics textiles and garments, electrical machinery and parts, apparel clothing accessories, machinery and parts, mixed coir fibre - other and fibre products, coco peat, leather travel goods and bags and imports woven fabrics, yarn and thread, synthetic fibres, electrical and electronic items, machinery and machinery parts.Sri Lanka has the potential to expand the export of value added rubber products, such as healthcare products, solid rubber tyres, footwear for industrial use and other latex based items such as household, industrial and surgical gloves.