In 1982, the late Hon. Lalith Athulathmudali, the then Minister of Trade and Shipping, consequent to the visit to Korea with a business delegation in April 1982, mooted the formation of a Joint Economic Co-operation Committee between Sri Lanka and Korea. On July 8, 1982, the Korea Sri Lanka Economic Co-operation Committee was set up in Seoul, Korea under the aegis of the Korea Chamber of Commerce & Industry.

The Ceylon Chamber of Commerce at the request of the Hon.Minister set up the Sri Lanka – Korea Economic Co-operation on 4th November 1982, in Colombo, Sri Lanka.