Korean Ambassador, BOI discuss investment promotion

Wednesday, 23 March 2022 00:00 - - {{hitsCtrl.values.hits}}

Korean Ambassador Santhush Woonjin JEONG recently met Board of Investment Chairman Eng. Raja Edirisuriya to discuss ways to attract more Korean investments to Sri Lanka.

Edirisuriya emphasised the importance of boosting foreign investment to overcome Sri Lanka’s current economic challenges. Attracting more Foreign Direct Investments from Korea and the facilitation of an environment conducive for smooth operations for existing Korean investors were prioritised during the discussion. Korean companies are well known for globally dominating the electronics and computer industry. The BOI Chairman requested the Ambassador to encourage more Korean companies to invest in the electronic and pharmaceutical industries with a particular focus on the pharmaceutical zone that is being developed in Hambantota. They also explored ways to engage more Korean companies to invest in the Port City and on Water Supply Projects that are currently underway in Sri Lanka.

Korean Ambassador Santhush stated that during the official high-level visit of the Korean Speaker to Sri Lanka that took place last January, Speaker Park Byeong-seug focused on the economic relations for Korea and Sri Lanka. Particularly, Korean companies are paying attention to the prospect of economic recovery in Sri Lanka to explore more opportunities.

The Ambassador appreciated the efforts of the Sri Lankan Government to establish a special investment zone in Sri Lanka for foreign investors including Korean entrepreneurs which would be a clarion call to attract more Foreign Direct Investments from Korea.

Appreciating the continued support given by the BOI, Ambassador Santhush reassured that he would invite potential Korean companies to invest in Sri Lanka and in the meantime solicited the cooperation of the BOI to facilitate long term visas for foreign investors and businessmen including existing Korean investors.

The Korean Embassy will work in close collaboration with the BOI to resolve Korean investors and businessmen’s issues to provide effective solutions and boost more Korean investors in Sri Lanka.

BOI Director General Renuka Weerakone and Korean Embassy First Secretary LIM Miyeon were also present at the meeting.