Published on: September 19, 2023

South Korea pledges its support for Sri Lanka’s economic recovery

  • Focus on expanding investment and trade ties between the two countries.
  • Expand the scope of employment for Sri Lankan youth in South Korea in the near future.
  • An agreement between the two countries related to mitigation of climate change.

South Korean President Yoon Suk Yeol pledged his support for President Ranil Wickremesinghe’s economic recovery plan for Sri Lanka. He praised President Wickremesinghe’s program aimed at alleviating the severe economic crisis in the country and commended his dedication.

Additionally, President Yoon Suk Yeol mentioned the potential for expanding the scope for job opportunities in South Korea for Sri Lankan youth in the future. The South Korean leader lauded President Wickremesinghe’s efforts to address Climate Change issues based on the COP 27 agenda and proposed for Sri Lanka and Korea to enter into a Bilateral Climate Change Agreement. He further proposed the need to expedite the conclusion of a Bilateral Trade and Investment Agreement with a view to facilitating more Korean investment bringing in new technology to Sri Lanka.

The official meeting between Presidents Wickremesinghe and President Yoon Suk Yeol occurred alongside the 78th session of the United Nations General Assembly at the South Korean Permanent Resident Mission to the United Nations in New York. The leaders discussed the strengthening of diplomatic relations that began in 1978 and explored opportunities for further expansion.

President Wickremesinghe emphasized the importance of expeditiously finalizing a trade agreement between the two nations. Both leaders prioritized enhancing trade and investment relations between Sri Lanka and South Korea. Additionally, President Yoon Suk Yeol expressed gratitude for the valuable contributions of Sri Lankan youths working in South Korea to the country’s economy.

Furthermore, the South Korean President highlighted that Sri Lankan workers who have gained skills in South Korea will return to contribute to Sri Lanka’s economy positively. He also applauded the commitment of the Sri Lankan President to address climate change.

President Ranil Wickremesinghe emphasized Sri Lanka’s digitalization efforts, while the South Korean President noted that Sri Lanka can draw valuable lessons from South Korea’s remarkable achievements in digitization.

In a friendly gesture, President Yoon Suk Yeol extended an invitation to President Ranil Wickremesinghe for an official visit to South Korea in the near future.

Foreign Minister Ali Sabry, Secretary to the President Saman Ekanayake, Foreign Secretary Aruni Wijewardane and other senior officials from Sri Lanka and Korea participated in the meeting.

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