Visiting Minister Koo Yun-cheol stated that the Korean Government has already focused on providing more employment opportunities for Sri Lankans in South Korea.
The Minister further highlighted that Sri Lanka has been listed as one of Korea’s priority countries for Overseas Development Assistance (ODA) allocations.
An increase in the quota for employment provided for Sri Lankans will replenish the much-needed foreign reserves in Sri Lanka and revive the economies of both countries. Also, Korean ODA assistance to development projects in Sri Lanka has been raised by almost 35% this year.
Minister for Government Policy Coordination of the Republic of Korea, Koo Yun-Cheol, who is on an official visit to Sri Lanka, called on the Minister of Foreign Affairs, Prof. G.L. Peiris on Friday (April 01).
The meeting was followed by a luncheon where the two sides discussed the entire gamut of bilateral relations and explored ways to further strengthen the close and friendly ties between Korea and Sri Lanka.
the Korean Government has already extended the enormous support for Sri Lanka thus far through loan assistance under the Economic Development Co-operation Fund (EDCF) and grant assistance via the Korea International Cooperation Agency (KOICA),
The SL Minister of Foreign Affairs stated that the Government is looking forward to further expansion into many areas including pharmaceutical production, Small and Medium Enterprises (SME), waste disposal, energy, technology, vocational training and education.
Minister Peiris also explained the challenges Sri Lanka is currently experiencing with regard to its external budget and both sides agreed to work together to further enhance collaboration in mutually beneficial sectors.
Approximately 22,000 migrant Sri Lankans are employed in Korea under the Employment Permit System (EPS). The Foreign Minister expressed appreciation of the Government of Sri Lanka for providing a pleasant working environment for Sri Lankans and looking after their welfare..
Welcoming the favourable decisions of the Korean Government, Minister of Foreign Affairs Prof. Peiris reiterated the significance of Korea-Sri Lanka relations on the advancement of economic
development of Sri Lanka.
He expressed his satisfaction with the strong bilateral ties between the two countries and explored ways to further promote Korean investment in Sri Lanka.
In particular, he highlighted that industries such as pharmaceuticals, information technology, digitalization, electronics have a lot of potential to attract foreign investors including Korean investors to Sri Lanka.
Minister Koo said that he would do his utmost to encourage South Korean entrepreneurs to invest in Sri Lanka and to introduce the latest technology from South Korea to Sri Lanka.
It has already provided development assistance and other assistance, he saidadding that South Korea is exploring opportunities available for value-added products using Sri Lankan raw materials.
