COYLE’s trade delegation to South Korea forges new business alliance

Wednesday, 16 October 2024 00:06 - - {{hitsCtrl.values.hits}}

COYLE Chairman Thushira Radella (left) and IMA Chamber of Commerce President Yang Hee Chul

The Chamber of Young Lankan Entrepreneurs (COYLE) recently led a high-profile trade delegation to the Republic of Korea, marking a significant milestone for the Sri Lankan business industry. This visit, commemorating the chamber’s 25th anniversary, aims to strengthen economic ties and open up new business avenues between Sri Lanka and South Korea. Spearheaded by COYLE Chairman Thushira Raddella and the Foreign Delegations and Overseas Business Promotion Subcommittee Chairman Manusha Weeraratne, the mission signifies a new era of collaboration between the two nations.

COYLE inked important Memorandums of Understanding (MoUs) with two of the biggest business chambers in South Korea during the tour. One notable MoU was with the Chuncheon Chamber of Commerce, representing over 400 of Korea’s top corporations. This partnership is expected to boost trade and investment in various sectors, bringing economic benefits to both countries. Additionally, COYLE partnered with the IMA Chamber of Commerce, which represents over 150 small and medium-sized Korean enterprises (SMEs) operating globally. This agreement will pave the way for Sri Lankan SMEs to access international markets, fostering innovation and sustainable growth.

A critical player in facilitating this partnership was the Sri Lankan Embassy in South Korea, who coordinated significant discussions between COYLE and the Global Business Alliance. These conversations further enhanced the mission’s objectives of expanding business relationships and exploring joint ventures.

In a series of meetings with major South Korean companies, including POSCO International, LG CNS and Samsung Biologics, COYLE explored opportunities for investment, technology transfer and cross-border collaboration. These discussions are expected to bring long-term benefits to Sri Lankan industries, particularly in technology and healthcare.

Another key highlight was the delegation’s meeting with the Mayor of Wonju City, where opportunities for business matching were discussed. The purpose of this meeting was to build connections between Sri Lankan and Korean firms across various industries. In total, 200 Korean companies were matched with 32 Sri Lankan representatives within a four day period.

Ultimately, this pivotal trade mission represents COYLE’s commitment to driving Sri Lankan entrepreneurship to the global stage. These partnerships initiated in South Korea are expected to foster innovation and growth and ensure enduring economic progress for both nations.