Optimistic South Korean investor signs new BOI deal to export packaging items

The Board of Investment of Sri Lanka recently signed a supplementary agreement with J and D Venture Ltd. The agreement was signed on behalf of the BOI by Chairman Mangala Yapa and on behalf of the company by Directors Seong Eun Lee and Seok Ok Jang. 

Jeong Ho Lee and Seok Ok Jang invested in Sri Lanka as BOI projects, Da-Sung Industrial Ltd., and Jin-Sung Industrial Ltd., in 1993. They were pioneers of manufacturing woven labels in Sri Lanka. As operations started to grow, they invested in several other BOI projects manufacturing hand-tags, screen printing and embroidery garments. 

Under this agreement, the company will be manufacturing packing and display items made of printed/unprinted value-added die-cut corrugated cartons. They will also manufacture garment accessories such as stickers and body cards for export at their existing plant which is located in Katuwawala, Boralesgamuwa. 

The global paper packaging market is valued at $ 265.34 billion in 2018. By 2025, it is estimated to reach $ 383.94 billion, growing at a CAGR of 5.42%. Growing consumer awareness for sustainable packaging and increasing environmental concerns are some of the factors favouring the market growth. 

Even many countries are pushing for paper packaging products over plastic packaging, which poses a significant threat to the environment.

“Having been born in South Korea, our countries have gone through similar modern histories, especially the fact that both have had to recover from an economically debilitating civil war. 

South Korea like Sri Lanka moved to propagate the manufacturing sector as a means to pull themselves out from hard times and become more economically self-sufficient. 

“Even today, manufacturing alone accounts for about 40% of South Korea’s GDP and is extremely important for nations that are looking to develop their respective economies. 

I strongly hope to support the process of strengthening Sri Lanka’s manufacturing sector by implementing some of the economic strategies that were used in South Korea and help Sri Lanka’s wider economic ecosystem in the process,” Seong Eun Lee said.