September, 16, 2021
The Sri Lanka Export Development Board (EDB) in collaboration with the Sri Lanka Embassy in South Korea organized Sri Lanka product displays to promote the Food & Beverage sector in the Korean market. Sri Lankan food products were promoted in Korea Import Good Fair (KIGF) organized by Korea Importers Association (KOIMA) from 22nd to 24thJuly, 2021, at COEX, Seoul, and during the Seoul Food & Hotel Show (SFH) which was held at Korea International Exhibition Center (Kintex) from 27thto 30th July, 2021. Both events provided opportunities for Sri Lankan entrepreneurs to explore new business leads and strengthen the existing business networks.
Korean Market for Sri Lanka
South Korea is the 4th largest economy in Asia and the 10th largest in the world. It remains as one of the fastest growing developed countries in the world. South Korea was the 28th largest export destination of Sri Lanka with an export value of US$ 71.06 Mn in 2020 of which US $ 24.46 Mn was earned from the food & beverage products including coconut & coconut-based products, tea, fish & fisheries products, spices, essential oils & oleoresins, fruits and nuts and vegetables. Sri Lanka and South Korea are member countries of the Asia-Pacific Trade Agreement (APTA) and over 1,367 products are eligible for preferential tariff concessions when exporting to the Korean market.
Desiccated Coconut and Black Tea are major products exported from Sri Lanka under APTA concessions. There is a considerable market for premier quality products, especially in the food & beverage sector in South Korea. And also Sri Lanka Export Development Board have two MOU with the Korea Trade-Investment Promotion Agency (KOTRA) and Korea Importers Associations (KOIMA) to promote Sri Lankan export products to South Korea.
Sri Lanka’s participation at KIGF & SFH 2021
The Products of 6 Sri Lankan companies namely, Lanka Canneries (Pvt) Ltd, Edinborough Products Pvt Ltd, Sri Lankan Catering Limited, International Commodity Exports Private Limited, Akbar Brothers (Pvt) Ltd, and Empire Teas (Pvt) Ltd were showcased in KIGF & SFH 2021. Sri Lankan companies received trade inquiries for their products during the exhibitions and the EDB with the support of the Sri Lanka Embassy in South Korea is facilitating virtual B2B meetings to follow-up their negotiations with the identified Korean buyers.
With the fruitful outcomes of the participation during this year, EDB is optimistic of organizing Sri Lanka’s participation at the KIGF 2022 & SFH 2022 on will to diversify the basket of the nation’s export products to South Korea.