Sri Lanka to attract foreign direct investments from Korea for Hambantota pharmaceutical zone
The Morning: Sri Lanka looks forward to attracting foreign direct investment (FDI) from Korea for the pharmaceutical zone that is being developed in Hambantota.
Accordingly, Board of Investment of Sri Lanka (BOI) Chairman Eng. Raja Edirisuriya requested Korean Ambassador Santhush Woonjin Jeong to encourage more Korean companies to invest in the electronic and pharmaceutical industries with a particular focus on the aforesaid pharmaceutical zone, as Korean companies are well known for globally dominating the electronics and computer industry.
Ambassador Jeong met Edirisuriya and discussed ways to attract more Korean investments to Sri Lanka at the BOI premises.
Edirisuriya emphasised the importance of boosting foreign investment to overcome Sri Lanka’s current economic challenges.
Accordingly, attracting more FDIs from Korea and the facilitation of an environment conducive for smooth operations for existing Korean investors were prioritised during the discussion.
They also explored ways to engage more Korean companies to invest in the Port City and on water supply projects that are currently underway in Sri Lanka. Particularly, Korean companies are paying attention to the prospect of economic recovery in Sri Lanka to explore more opportunities.
The Ambassador appreciated the efforts of the Sri Lankan Government to establish a special investment zone in Sri Lanka for foreign investors, including Korean entrepreneurs, which would be a clarion call to attract more FDI from Korea.
Appreciating the continued support given by the BOI, Ambassador Jeong reassured that he would invite potential Korean companies to invest in Sri Lanka and in the meantime solicited the co-operation of the BOI to facilitate long-term visas for foreign investors and businessmen, including existing Korean investors.
The Korean Embassy is to work in close collaboration with the BOI to resolve Korean investors’ and businessmen’s issues to provide effective solutions and boost more Korean investors in Sri Lanka.
BOI Director General Renuka Weerakone and Korean Embassy First Secretary Lim Miyeon were also present at the meeting.
Sri Lanka’s health sector is fast becoming a hotspot for business/investment opportunities as the country looks to increasing its pharmaceutical manufacturing capacity. The government of Sri Lanka has launched a dedicated pharmaceutical manufacturing zone for the purpose. Given Sri Lanka’s geographical positioning in the Indian Ocean and trade deals, the country also provides the ideal location for foreign businesses/investors to set up pharmaceutical manufacturing facilities for exports as well. Given the increasing aging population in the country and the increasing demand for pharmaceuticals, foreign businesses/investors could explore opportunities in Sri Lanka’s health sector.
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