COLOMBO: The deepened economic engagement is paramount to harnessing synergetic opportunities in trade and investment. The Pearl of the Indian Ocean is strategically valuable considering its geopolitically significant location, abundance of natural resources, and skilled human resources. Korea’s capital and state-of-the-art technology will be complementary to create the perfect synergies for our two countries to advance bilateral economic cooperation. The trade volume between Korea and Sri Lanka has increased by 30-fold since its establishment of diplomatic ties in 1977. Korea was one of the biggest investors in Sri Lanka in the 1990s. Since then, Korean companies like Keangnam, Kolon Corporation, and Samsung have continued to remain in Sri Lanka and endure challenges together with the Sri Lankan people. While our two countries have come a long way together on the path of development, there is a lot more to be done. Similar to the Korean trajectory to development known as ‘the miracle on the Han River,’ Sri Lanka also has the potential to be developed as “the Miracle on Kelani River.” Korea will stand in solidarity with Sri Lanka to realize this dream.
KOTRA as Trade and Investment Promotion Agency
The Korea Trade-Investment Promotion Agency (KOTRA) to Sri Lanka is dedicated to facilitate bilateral trade and promote investment of Korean enterprises in Sri Lanka. Thanks to their diligent efforts, amid the COVID-19 pandemic, the volume of exports from Sri Lanka to Korea has increased 10% from USD 100 million in to USD 110 million in 2020. KOTRA will continue to revitalize the two countries’ economies.
Labour Cooperation
The ongoing labour cooperation also attests to the close relations of both countries. Around 23,000 Sri Lankan workers are presently employed in Korea, contributing to the economic advancement of Korea and Sri Lanka. In 2019, they have transmitted around 520 million USD to Sri Lanka within the year. Sri Lankan employees in the Republic of Korea are a great asset to strengthening the economic and commercial ties of both countries. Indeed even after returning home, they have favourable interests in Korea and have helped to raise awareness among the general public. Their positive life experiences in Korea together with the Korean government’s policy on ‘Equal Pay for Equal Work’ for all workers regardless of nationality make Korea an attractive destination for foreign employment.
2022: Korea doubles quota for Sri Lankan migrant workers
In 2022, the Government of Korea almost doubled the manufacturing quota for Lankan migrant workers which will replenish the much-needed foreign reserves in Sri Lanka and revive the economies of both countries. Their invaluable labour and everyday experience in Korean society play an important role in not only boosting both economies but also strengthening people-to-people relations in the social and cultural fields.
KOREA EPS Center in Sri Lanka as Reliable partner in Seeking job opportunities in Korea
As the Government of Korea expanded foreign workforce quota under the Employment Permit System, HRD, Human Resources Development Service of Korea known as the EPS Center, is engaged in facilitating job opportunities for Sri Lankan labour force in Korea. Even though the number of foreign workers arriving in Korea is increasing, it still has not reached the numbers at the pre-Covid19 pandemic situation yet. The EPS Center in partnership with the Sri Lankan Foreign Employment Bureau is proactively engaged in facilitating the departure of the Sri Lankan workers to Korea.
