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Sri Lanka, South Korea eye increase in trade

Sri Lanka,Diplomacy,Business/Economy, Mon, 23 Apr 2012 IANS

Colombo, April 23 (IANS) Sri Lankan President Mahinda Rajapaksa left for South Korea Monday on a four-day official visit that will focus on increasing trade ties between the two countries.


The visit results from an invitation extended by South Korean President Lee Myung-Bak, the official government website said here.


The website said President Rajapaksa will hold bilateral discussions with his South Korean counterpart while several agreements will also be signed during his stay in South Korea.


Bilateral relations between Sri Lanka and South Korea date back to 1968 when South Korea opened a trade mission in Colombo, said Xinhua.



Sri Lanka's exports to South Korea have increased from $18.04 million in 2004 to $45.05 million in 2011.


Coconut fibre, rubber products, knitted and woven garments are the major export items to South Korea and the value of these items altogether has constituted 36.7 percent of total exports in 2011, according to the industry and commerce ministry.


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