On the invitation of the Speaker of Parliament Hon. Mahinda Yapa Abeywardana and Parliamentarian Hon. Dayasiri Jayasekara, COYLE and The National Chamber of Exporters, engaged in bilateral business discussions with the Busan Economic Promotion Agency of South Korea. The aim of this dialogue was to bolster inward industrial investment in Sri Lanka and broaden operational opportunities for Sri Lankan businesses in Busan to stimulate positive returns.
Mr. Jin Yang Hyun, President and CEO of The Busan Economic Promotion Agency who joined the discussion online, acknowledged Sri Lanka’s potential with financial incentives, strategic presence and access to raw materials. However, concerns were raised about the barriers to entry, particularly with regard to inefficiencies on the part of local authorities, impacting investment timelines.
It was pointed out that addressing these concerns requires a comprehensive examination of Sri Lanka’s investment processes. The Board of Investment (BOI) plays a crucial role and its efficiency is key to facilitating foreign investment into the country. Accordingly, Sri Lanka needs to streamline its processes, as the bureaucratic complexities are adverse oppose to countries like Vietnam and Thailand who are dominating the region. Furthermore, initiating operations within an Export Processing Zone (EPZ) in Sri Lanka demands a closer look, and the Island needs to match other competitive nations whilst also exhibiting economic and political stability.
The discussion also touched on Busan’s economy, and the advantages it presents for Sri Lankan businesses. For example, setting up operations in Busan provides an opportunity for Sri Lankan companies to tap into the significant buying power of the South Korean market, enhancing their export potential. Companies establishing operations in Busan can also contribute to inward remittances for Sri Lanka, strengthening the economic ties between the two nations. It was revealed that identifying sectors currently exporting to South Korea and encouraging them to set up operations in Busan could further augment the bottom line for Sri Lankan businesses.
Overall, the dialogue ended on a strongly positive note, with COYLE, empowered by Hon. Mahinda Yapa Abeywardana and Hon. Dayasiri Jayasekara, who is also the President of the Sri Lanka Korea Association, pledging assistance to companies from Busan interested in exploring industrial and commercial operations in Sri Lanka. Ultimately, the discussion made clear the need for Sri Lanka to quickly enhance its accessibility, efficiency, and ease of doing business in order to compete on a global scale and benefit from foreign investment on a larger scale.