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.
- To promote trade in goods, tourism and other services between Sri Lanka and South Korea.
- To promote investment from South Korea to Sri Lanka and encourage the establishment of joint ventures in Sri Lanka with investors from South Korea.
- To exchange information on trade and investment with the appropriate authorities and institutions in South Korea.
- To recommend to the Standing Committee ‘A’ of the Ceylon Chamber of Commerce proposals to be made to the Governments of Sri Lanka and or South Korea to promote bi-lateral trade and investment.
- To conduct joint meetings with Korean business organizations in Sri Lanka and in South Korea.
- To undertake all matters those are incidental or conducive to attaining the above objects.