Sri Lanka President to ink employment deal with Korea on visit

ECONOMYNEXT – Sri Lanka’s President Maithripala Sirisena will ink and agreements on employment and labour during a state visit to South Korea, his office said.

President Sirisena will meet Korean President Moon Jae-in.

Sri Lanka will sign a deal on economic development funding, investment co-operation and an employment permit system.

Korea is a country with a strong exchange rate, low inflation, and investment, which is now experiencing labour shortages. Many Sri Lankans leave jobs at home to go to Korea.

Sri Lankan salaries are low due to weak investment and anti-private sector bias in the last decade, and a service based economy which can deliver better jobs is threatened by a weak exchange and high inflation, according to some analysts.

Many of its companies including Samsung have set up production bases in Vietnam, where there is plentiful labour. (Colombo/Nov28/2017)

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