South Korea to develop N-E

The South Korean Government has pledged to support development activities in the North and the East. South Korea's Deputy Minister of Knowledge and Economy, Park Young June, assured Korean assistance when he met Minister of Industry and Commerce Rishard Bathiudeen on Wednesday.

Minister Bathiudeen thanked the South Korean Deputy Minister for Korea's continued support for Sri Lanka. Minister Bathiudeen called upon Korea to assist North and East projects as well.

He also called upon the Korean Deputy Minister June for a full fledged conference hall of international standards for the Northern region. 'Minister Bathiudeen asked Minister June to undertake development Sri Lanka in windpower generation, water supply and the construction sector.

Minister June pledged full cooperation and said that he would submit proposals to the relevant official channels in South Korea.

Minister Bathiudeen said "Sri Lanka's exports to South Korea which were US$ 22.9 million in 2005 have increased to US$ 30.1 million in 2010 recording a 31.4 percent growth while Sri Lanka's imports from South Korea which was US$ 210.3 million in 2005 has decreased to US$ 201.5 million in 2010 recording a 4.2 percent decline". Minister Bathiudeen stressed the need for further Korean support for Sri Lanka. Minister June expressed satisfaction of the progress of South Korean Economic Development Cooperation Fund (EDCF) projects in Sri Lanka. The EDCF process was set up in 1987 by South Korea to help developing countries spur industrial growth and economic stability.

"South Korea will increase its ODI assistance to Sri Lanka in future", Minister June said.