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Korea reaffirms commitment to support Sri Lanka

Korea reaffirms commitment to support Sri Lanka

Daily FT: The Korean Government has affirmed its commitment to fully support the transparency agenda of Sri Lanka under the new Presidency of Anura Kumara Dissanayake.
This commitment was made by a delegation of high-ranking Korea International Cooperation Agency (KOICA) officials during a meeting with Secretary to the President Dr. Nandika Sanath Kumanayake yesterday. KOICA has also agreed to offer loan assistance for projects aimed at preventing fraud and corruption in Sri Lanka.
Representatives from the agency emphasised their intention to tailor loan support to meet the specific requirements of the country.
Korean Ambassador to Sri Lanka Miyon Lee, Deputy Ambassador Songyi Jeong, KOICA Sri Lanka Country Director Kim Myungjin, Deputy Country Directors Yongwhan Kim, Yunsoo Jeon, DIMO General Manager Roshan Seransinghe, and Sri Lanks Railways Deputy General Manager B.M.U Banneheka were also present at the meeting.

OSL take:
Sri Lanka’s ongoing economic activities and economic expansion following an economic crisis experienced in the past few years have been commended by many foreign countries and many countries including Japan and now Korea have expressed commitment to support and engage with Sri Lanka in the country’s development programme. The country already has a development porgramme in place, which faced a setback during the economic crisis, but is once again being restarted with foreign funders expressing willingness to continue the stalled projects. Sri Lanka’s development programme therefore presents a host of business/investment opportunities. These opportunities range from direct to indirect business opportunities as well as include the development of supplementary infrastructure facilities required by the country as it works its way towards becoming a hub in the South Asian region. Sri Lanka’s ongoing economic activities have also caught the attention of many foreign businesses/investors who also understand the country’s value given its geographical positioning in the Indian Ocean and the strong trade ties enjoyed by Sri Lanka with other countries. All these indicate that Sri Lanka is the ideal business/investment destination for foreign businesses/investors looking at opportunities in the South Asian region.

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