National Chamber of Exporters leads Lankan delegation to Korea Import Fair

Monday, 8 July 2024 02:27 - - {{hitsCtrl.values.hits}}

The National Chamber of Exporters of Sri Lanka (NCE) represented Sri Lanka at the Korea Import Fair (KIF 2024) from 4 to 6 July at the COEX Exhibition Centre in Seoul.

This participation marks a significant milestone, being the NCE’s inaugural involvement in the esteemed fair, and underscores efforts to bolster Sri Lanka’s presence in the South Korean market.

The delegation led by NCE Secretary General/CEO Shiham Marikar, comprised five prominent Sri Lankan companies, each renowned for their excellence in various sectors. The participating companies were: CoCo Green Ltd., Warna Exporters Ltd., Imperial Tea Exports Ltd., MA’s Tropical Food Processing Ltd., and Tropikal Life International Ltd.

These companies, all established NCE members and recipients of multiple export accolades, exemplified Sri Lanka’s commitment to high-quality products and innovation. Several of these companies have been awarded the Certificate of Ethical Trading, reflecting their adherence to ethical business practices, compliance with international standards, and dedication to maintaining high-quality certifications. This ethical and quality-driven approach equips them to meet the stringent demands of the South Korean market.

KIF 2024 provided a dynamic platform for B2B interactions, enabling Sri Lankan exporters to engage with South Korean importers and distributors, fostering new business relationships, and exploring market entry strategies. The event also hosted numerous foreign embassies, offering a unique opportunity for Sri Lankan companies to network with a diverse range of international stakeholders.

Now in its 21st edition, KIF is renowned for fostering strategic partnerships and driving innovation. South Korea is a crucial market for Sri Lanka, ranking as its 30th largest export destination. In 2023, Sri Lankan exports to South Korea amounted to $ 74.28 million, including key products such as women’s outerwear, coco peat, activated carbon, and industrial gloves. Imports from South Korea to Sri Lanka were valued at $ 209.01 million, comprising petroleum oils, woven fabrics, and synthetic rubber.

Despite a 10.79% decrease in exports to South Korea in 2023, the NCE remains optimistic about reversing this trend through enhanced engagement and diversification of potential export products, including apparel, tea, chemicals, machinery, and food products.

The NCE emphasises the importance of international market presence for Sri Lankan exporters. By participating in events like KIF 2024, exporters can explore global markets, gain invaluable insights, and establish robust networks. The NCE’s role in facilitating participation in such international platforms demonstrates its commitment to creating market access opportunities and supporting the exporter community.

NCE said it plans to expand its presence at future KIF events, with aspirations to host a larger Sri Lankan pavilion at next year’s fair. This initiative aims to further showcase Sri Lanka’s diverse export offerings and strengthen trade relations with South Korea.