Sri Lanka – Korea Business Council Targets Strategic Trade Expansion 📈

The Sri Lanka–Korea Business Council recently hosted a high-level session to boost bilateral trade and investment, emphasizing the integration of Sri Lankan products into Korean and global supply chains. • Strategic Focus Areas High-potential sectors identified for Sri Lankan exporters to penetrate the South Korean market. Focus on SMEs, importers, and exporters to leverage emerging trends in East Asia. Emphasis on joining the Regional Comprehensive Economic Partnership (RCEP) to access broader Asian markets. • Trade Policy & Compliance Encouraged full utilization of the Asia-Pacific Trade Agreement (APTA) through strict compliance with Rules of Origin. Stress on streamlining Sri Lanka’s tariff structure and implementing the National Single Window system to reduce protectionism. Focus on WTO Trade Facilitation Agreement commitments and intellectual property obligations. • Investment Outlook South Korean Ambassador Miyon Lee noted progress in Sri Lanka's economic stabilization and anti-corruption reforms. Call for an investment-friendly environment to support ongoing Korean projects and future cooperation in ICT/BPM and manufacturing. • Key Sentiment The Council reaffirmed its commitment to the East Asian market, positioning South Korea as a vital partner for economic diversification and enhanced industrial competitiveness.