Sri Lanka, S Korea to sign economic cooperation deal next month

Sri Lanka will sign an economic cooperation agreement with South Korea during the state visit of President Maithripala Sirisena, which is scheduled for next month, the government said.

The economic cooperation agreement will cover the fields of investment partnership, trade relations, tourism promotion, and industrial cooperation.

The Cabinet, this week, approved a proposal made by Development Strategies and International Trade Minister Malik Samarawickrama to sign this agreement.

In March this year, South Korea’s former Foreign Minister Yun Byung-se visited Sri Lanka as the first South Korean top diplomat to visit Sri Lanka in 31 years.

He held bilateral discussions with his Sri Lankan counterpart during which both sides agreed to further strengthen economic ties.

South Korean Foreign Minister said that they want to expand economic cooperation with Sri Lanka from 300 million dollars to 500 million dollars 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.

Two countries also mark the 40th anniversary of diplomatic relations this year.