Sri Lanka to sign economic cooperation agreement with South Korea next month
The government of Sri Lanka is scheduled to enter into an economic cooperation agreement with South Korea during the state visit of President Maithripala Sirisena to the country next month.
The government states that the economic cooperation agreement will cover the fields of investment partnership, trade relations, tourism promotion, and industrial cooperation.
The Cabinet of Ministers last week approved a proposal presented by Development Strategies and International Trade Minister Malik Samarawickrama to sign the agreement with South Korea.
South Korea’s former Foreign Minister Yun Byung-se visited Sri Lanka in March this year as the first South Korean top diplomat to visit Sri Lanka in 31 years.
During his visit he held bilateral discussions with his Sri Lankan counterpart during which both sides agreed to further strengthen economic ties.
South Korean Foreign Minister has said that they want to expand economic cooperation with Sri Lanka from US$ 300 million to US$ 500 million over the next three years.
Over 30,000 Sri Lankan workers are officially employed in Korea in fisheries, manufacturing and construction sectors under a special employment quota.
Sri Lanka and South Korea also mark the 40th anniversary of diplomatic relations this year.
The move by the Sri Lankan government to enter into an economic cooperation agreement with South Korea would further open up markets for Sri Lankan businesses. It would also open up new avenues to start businesses in Sri Lanka as well. The fact that South Korea is looking at expanding its economic cooperation with Sri Lanka from US$ 300 million to US$ 500 million within the next three years is a beckoning call for those seeking investment opportunities in the island nation.
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