Sri Lanka–Korea Business Council hosts session on ‘Doing business with South Korea’ as stakeholders gathered to explore new trade and investment opportunities, highlighting growing interest in strengthening bilateral economic ties with the Republic of Korea.
Sri Lanka–Korea Business Council hosts ‘Doing business with South Korea’ session
The session, organised by the Sri Lanka–Korea Business Council of the Ceylon Chamber of Commerce, brought together policymakers, trade officials, and private sector representatives to assess prospects for expanding exports and deepening commercial engagement with South Korea. The event forms part of broader efforts to position Sri Lanka more competitively within East Asia’s dynamic trade landscape, aligning with ongoing priorities around Sri Lanka trade relations and foreign investment Sri Lanka.
The event was attended by Ambassador of the Republic of Korea to Sri Lanka Miyon Lee, alongside senior embassy officials including Deputy Head of Mission Eunji Kang and Research Officer Minwoo Jo. Their participation underscored the importance both countries place on reinforcing economic cooperation and facilitating greater private sector engagement.
A panel of resource persons representing key institutions provided practical insights into navigating the South Korean market. These included Director General Lee Kyungseok of the Korea Trade-Investment Promotion Agency, Department of Commerce Sri Lanka Head of Trade Charitha Yattogoda, and Jagath Abeywarna, Head of Origin Division. Additional perspectives were shared virtually by Minister Counsellor – Commercial Chandima Abeyratna from the Embassy of Sri Lanka in South Korea, along with newly appointed Commercial Officer Kasun Balasooriya. The session also saw participation from the Korea International Cooperation Agency Country Director Lee Yoo Li.
Discussions focused on current bilateral trade performance, investment trends, and emerging opportunities for Sri Lankan exporters. Particular attention was given to identifying high-potential sectors capable of gaining traction in the Korean market, including value-added agricultural products, manufacturing components, and services exports. The session also examined evolving consumer trends and regulatory requirements, providing businesses with a clearer understanding of market entry strategies.
A key component of the session was the emphasis on effectively utilising the Asia-Pacific Trade Agreement (APTA), which offers preferential tariff concessions among member countries. Officials outlined eligibility criteria and compliance requirements, offering guidance for exporters seeking to maximise benefits under the agreement. This aligns with Sri Lanka’s broader push to enhance Sri Lanka trade relations through better utilisation of existing trade frameworks.
In her remarks, Ambassador Miyon Lee commended the Sri Lanka–Korea Business Council for its longstanding role in facilitating collaboration between the two countries. She acknowledged Sri Lanka’s recent progress in economic stabilisation, institutional reform, and anti-corruption measures, noting that these developments are encouraging signals for potential investors evaluating foreign investment Sri Lanka opportunities.
The Ambassador emphasised the need for Sri Lanka to continue strengthening its investment climate by streamlining tariff structures and expanding Free Trade Agreements with major global partners. She highlighted that reducing protectionist barriers and improving regulatory efficiency would enhance the country’s competitiveness and integration into global value chains.
She also pointed to the importance of implementing structural reforms such as the National Single Window system, which is expected to simplify trade procedures and improve efficiency for exporters and importers. Compliance with international commitments under the World Trade Organisation Trade Facilitation Agreement and intellectual property frameworks under the World Intellectual Property Organisation was also identified as a priority area for sustaining investor confidence.
Looking ahead, the Ambassador highlighted Sri Lanka’s interest in joining the Regional Comprehensive Economic Partnership (RCEP), one of the world’s largest trade blocs. She noted that membership could significantly expand market access across Asia, while also stressing the importance of maintaining strong bilateral partnerships alongside multilateral engagement.
Sri Lanka–Korea Business Council President Shamil Mendis reinforced the importance of Sri Lankan businesses diversifying beyond traditional Western markets and increasing their presence in East Asia. He noted that South Korea represents a technologically advanced and high-value market with significant potential for Sri Lankan exporters willing to adapt to its standards and consumer preferences.
He further emphasised the Council’s role as a platform for dialogue, knowledge-sharing, and business matchmaking, aimed at fostering long-term partnerships between Sri Lankan and Korean enterprises. Such initiatives are increasingly critical as Sri Lanka seeks to accelerate export growth and attract foreign investment Sri Lanka in priority sectors.
The session concluded with an interactive discussion, reflecting strong engagement from participants representing a wide cross-section of industries, including SMEs, exporters, and importers. The exchange of insights highlighted a growing recognition within the business community of the opportunities presented by deeper engagement with South Korea.
As Sri Lanka continues its economic recovery and export diversification efforts, initiatives such as this session demonstrate a strategic shift towards strengthening Sri Lanka trade relations with high-growth Asian economies. The Sri Lanka–Korea Business Council hosts session on ‘Doing business with South Korea’ event signals a continued commitment to building sustainable, mutually beneficial trade and investment partnerships in the years ahead.