Calls for increased investment:

Minister lauds Lanka - Korea relations

by L. S. Ananda WEDAARACHCHI

People-to-people contact is the most effective vehicle that can be used to foster the spirit of friendship and understanding between nations, said Enterprise Development and Investment Promotion, Mass Media and Information Minister Anura Priyadharshana Yapa.

The Minister, who was addressing the 15th anniversary of the Korean Businessmen's Association (KBA) held in Colombo, said the KBA had played an invaluable role as a bridge between Korean industry and Sri Lankan organisations.

"Due to the efforts of the KBA, there exists today a sound and friendly working relationship between all the important economic stakeholders from Sri Lanka and Korea," he said.

"I wish to also make a case for expansion of Korean investment in the island, which is currently represented by 30 leading enterprises in sectors as diverse as construction and the manufacture of garments, camping gear and ceramic products," the Minister said.

The Minister said Sri Lanka has now ushered in a new era of peace and development. Korea's rapid economic growth and global significance warrant a much more important and dynamic economic presence in Sri Lanka. Korea should in fact be one of the top five investors in Sri Lanka due to our longstanding ties; in fact, a few years back, Korea was our number one investor. Currently, it is the eighth largest investing country in Sri Lanka, he said.

The recent investment promotion mission of the Board of Investment to Korea, where the KBA played a significant supporting role, succeeded in creating much interest in investment in Sri Lanka, Minister Yapa said.