South Korea to expand economic cooperation with Sri Lanka

South Korean Foreign Minister Yun Byung-se said that his country would expand economic cooperation with Sri Lanka from $ 300 million to $ 500 million over the next three years, the Xinhua news agency reported.

Yun, who arrived in Sri Lanka earlier in the day, held bilateral discussions with his Sri Lankan counterpart Mangala Samaraweera during which both sides agreed to further strengthen ties in several areas.

Samaraweera said that Yun’s visit was historic and timely as he is the first top South Korean diplomat to visit Sri Lanka in 31 years.

While addressing the media after the meeting, Samaraweera said that the governments of South Korea and Sri Lanka had agreed to further strengthen ties in trade and investment.

He expressed his Government’s deep appreciation of the announcement by South Korea to increase its economic cooperation with Sri Lanka from $ 300 million to $ 500 million within the next three years.

“I appreciate the financial assistance given to us by the Republic of Korea,” Samaraweera said.

“I am confident that the visit by the Minister will further enhance the relations between our two countries and pave the way for stronger ties in all spheres of cooperation,” he added.

For his part, Yun said that the South Korean Government had agreed to facilitate Korean companies to engage in infrastructure projects in Sri Lanka so that it would help Sri Lanka’s national rebuilding efforts.

Yun said the two countries were planning to hold commemorative events to mark the 40th anniversary of diplomatic relations this year and facilitate the exchange of high-level visits.

He announced that his Government would hand over $ 200,000 to Sri Lanka as humanitarian aid for Sri Lanka’s ongoing drought situation.