Korea in determined push to regain 1980s’ status as SL’s biggest investor
View(s):The Korea Trade-Investment Promotion Agency (KOTRA) and the Export-Import Bank of Korea (Korea Eximbank) are supporting an aggressive push by Korea to regain its 1980s’ position as Sri Lanka’s biggest investor. In the 1980s, Korea was the top foreign investor to Sri Lanka especially in the textile industry. However as at 2013 Korea is not even on the list of top 20 foreign investors whereas China, Malaysia and Hong Kong were at No. 1, 2 and 3, respectively, for various reasons.
Given this background, a media statement from the Korean embassy in Colombo last week, said that Eximbank and KOTRA are keen to support prospective Korean businesses to invest in the country to reclaim Korea’s spot as the most important sources of foreign direct investment and trade to Sri Lanka by providing financial and information services.
It said KOTRA the Eximbank are exploring the possibility of increasing Korean companies’ investing in Sri Lanka. This was expressed by both Wonchul Koh, Director General of KOTRA in Colombo and Sungsoo Jung, chief representative of the Korea Eximbank’s Colombo office, at a luncheon networking meeting for Korean businesspersons attending the Sri Lanka Investment and Business Conclave 2016, organised by the Ceylon Chamber of Commerce (CCC) held recently in Colombo.
According to the CCC, 19 Korean enterprises attended this conclave where they explored opportunities for business in such areas as manufacturing, property and infrastructure development, tourism, financial services and education. Since 1978, Korea Eximbank has been providing US$340 million both for trade between Sri Lanka and Korea and for Korean companies’ foreign direct investments in Sri Lanka.