The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Lee Duk-Hoon, "Korea Eximbank") announced on January 20 that it opened a new representative office in Colombo, Sri Lanka on January 19 (local time).
The opening ceremony of the Colombo representative office was attended by some 100 officials of the two countries including Korea Eximbank Chairman Lee Duk-Hoon, Korean Ambassador to Sri Lanka Chang Won-Sam, and the State Minister for National Policies and Economic Affairs of Sri Lanka Niroshan Perera.
The representative office will support Korean companies in their local businesses in ways such as assisting the companies in export·import activities and setting financial arrangements for their foreign investment in Sri Lanka.
Furthermore, the office will assume the concurrent role as a local office for Southwest Asia to explore and support social·economic infrastructure development projects through EDCF.
* The Economic Development Cooperation Fund (EDCF) was established by the Korean government in 1987 to promote economic exchanges with the developing world and to assist developing countries in achieving industrialization and economic stability through the provision of long-term, low-interest credit.
Sri Lanka is the fifth largest EDCF beneficiary country for which USD 610 million has been supported to twenty seven EDCF projects.
Korea Eximbank has promoted economic cooperation with Sri Lanka by providing USD 340 million for export financing and overseas investment financing to Sri Lanka since 1978.
At the opening ceremony, Chairman Lee Duk-Hoon said, "Since 2009 when the Sri Lankan Civil War has ended, demand for social·economic infrastructure development has been surging rapidly for national reconstruction." He added, "As a member country of the South Asian Free Trade Area (SAFTA), Sri Lanka has concluded FTAs with several neighboring countries including India and Pakistan. Considering this status of Sri Lanka, the Colombo representative office of Korea Eximbank will promote Korean firms' foreign direct investment to Sri Lanka and contribute greatly to their entry into the Southwest market."