Korean firm to manufacture packaging items in Sri Lanka for export purposes: BOI
The Board of Investment of Sri Lanka announced today that it has signed a supplementary agreement with J and D Venture (Pvt) Limited, a South Korean manufacturer of packaging items.
Under this agreement, the company will be manufacturing packing and display items made of printed/unprinted value-added die-cut corrugated cartons. They will also manufacture garment accessories such as stickers and body cards for export at its existing plant which is located in Katuwawala, Boralesgamuwa.
The agreement was signed on behalf of the BOI by Mr. Mangala Yapa, Chairman of the Board and on behalf of company by Mr. Seong Eun Lee and Mrs. Seok Ok Jang, Directors.
Mr. Jeong Ho Lee and Mrs. Seok Ok Jang invested in Sri Lanka as BOI projects, Da-Sung Industrial (Pvt) Limited and Jin-Sung Industrial (Pvt) Limited in 1993. They were pioneers of manufacturing woven labels in Sri Lanka. As operations started to grow, they invested in several other BOI projects manufacturing hand-tags, screen printing and embroidery garments.
“Having been born in South Korea, our countries have gone through similar modern histories, especially the fact that both have had to recover from an economically debilitating civil war. South Korea like Sri Lanka moved to propagate the manufacturing sector as a means to pull themselves out from hard times and become more economically self-sufficient. Even today, manufacturing alone accounts for about 40% of South Korea’s GDP and is extremely important for nations that are looking to develop their respective economies. I strongly hope to support the process of strengthening Sri Lanka’s manufacturing sector by implementing some of the economic strategies that were used in South Korea and help Sri Lanka’s wider economic ecosystem in the process.” Said Mr. Seong Eun Lee
The global paper packaging market is valued at $265.34 billion in 2018. By 2025, it is estimated to reach $383.94 billion, growing at a CAGR of 5.42%. Growing consumer awareness for sustainable packaging and increasing environmental concerns are some of the factors favouring the market growth. Even many countries are pushing for paper packaging products over plastic packaging, which poses a significant threat to the environment.