Business
Interactive seminar in rok on augmentation of SL’s power and energy
The embassy of Sri Lanka in Seoul in close coordination with the embassy of the Republic of Korea (RoK) in Colombo, UNIDO-ITPO (Investment & Technology Promotion Office) in Seoul, Federation of Chamber of Commerce and Industry of Sri Lanka (FCCISL) and Sri Lanka Sustainable Energy Authority conducted a two-hour webinar followed by a comprehensive and fruitful Business-to-Business (B2B) session last week.
The highly focused and structured digital webinar was sponsored by the Ceylon Chamber of Commerce, INGINE and the Training Hub of Asia, among others and was moderated by Tharindu Amarasekera, The primary objectives of the interactive seminar were to profile and project opportunities and vistas in the power and energy sector of Sri Lanka to Korean corporate leaders and companies, expound the benefits and utility of engaging in the realm of power and energy in Sri Lanka and to arrange and connect the corporates of Sri Lanka and the RoK in the sphere of power and energy to commit investments and forge business partnerships, thus mutually benefitting both the countries.
The moderator, Amarasekera, introduced the panelists and experts in the field of power and energy and Ambassador of the RoK, Santhush Jeong Woonjin, addressed the digital seminar on the aforementioned theme. In the address of ambassador Woonjin, he stated that Sri Lanka has a very stable government and economy, which are two of the vital factors for any potential investor to consider and to engage in commercial and business arrangements be it investments, transfer of digital technology or renewable energy in any given nation. In this context, ambassador Woonjin impressed and urged the Korean corporates to seize the opportunities and vistas created in the sphere of energy and power in Sri Lanka. He also accentuated that Sri Lanka is well poised and positioned to be a developed economy in the foreseeable future and this would be the most propitious time to enter Sri Lanka.
Similar sentiments were articulated by ambassador of Sri Lanka, Dr. A. Saj U. Mendis, who added that the global COVID-19 pandemic has unfolded a number of new vistas with regard to investments, development of mega infrastructural projects, public private partnerships and generation of power and energy, among others. He also added that energy or power sector is often described as one of the key strategic lubricants of economic evolution of any given nation and Sri Lanka is most eager to engage with the corporates in the RoK. Dr. Mendis concluded his brief remarks by stating to the Korean investors and corporates that Sri Lanka, similar to entering an equity/stock market when the market is about to rise and become a “bull market”, the economy and particularly power and energy sector of Sri Lanka, at this juncture, can be compared to an equity market which is about to rise and is the most befitting time to enter Sri Lanka. He earnestly urged and entreated the potential investors to look at Sri Lanka favorably and positively, after assessing and weighing the seminal and critical attributes of Sri Lanka, as a future “fulcrum of investments on power and energy”.
A comprehensive address was delivered by ambassador Hyundong Cho, Head of UNIDO-ITPO of Korea and former Deputy Minister of Ministry of Foreign Affairs and former ambassador for Public Diplomacy of the RoK delineated and outlined the significant functionaries of the UNIDO-ITPO and the manner in which the UNIDO-ITPO could assist and facilitate Sri Lanka in the sphere of power and energy. Amb. Cho elaborated and expanded in detail the criticality of technology, innovation and investments in navigating the future development of any given country, thus attaining the status of a developed nation. In this context, amb. Cho underlined and enunciated how the RoK had become a developed nation within a space of few decades.
Keethi Gunawardena, Senior Vice President of FCCISL, in his address, stated the role of FCCISL and how the FCCISL could promote, project and profile power and energy sector of Sri Lanka to the potential investors and corporates in the RoK. Both Gunawardena and Dr. Asanka Rodrigo, Director General of Sri Lanka Sustainable Energy Authority, emphasized the seminal nature of power and energy for the economic and commercial expansion of Sri Lanka since Sri Lanka is now a middle-income nation. This sphere would play an instrumental role in elevating Sri Lanka from a middle-income nation to a rapidly developing higher-income nation in the foreseeable future. Dr. Rodrigo made an expansive presentation along the theme of creation of opportunities for sustainability and digital technology including renewable energy. Myung Sub Roh of Kosen Co. Ltd. of Korea and Dr. Farida Bondarenko, a consultant on Trade and Renewable Energy projects, also made dedicated and informative presentations, thus enabling the large select audience to comprehend the factual as well as optimistic situation of power and energy in Sri Lanka for the corporates of the RoK to commit investments and to engage. After the formal session, a number of companies and investors both from Sri Lanka and the RoK conducted B2B sessions, thus enabling them to connect and match with each other enabling to translate the B2B discussions to tangible power and energy projects in Sri Lanka, in the near future.
Business
Cost-effective clearance of goods across borders to determine worth of Customs Paperless Declaration
By Ifham Nizam
The introduction of the Customs Paperless Declaration from October 1 could mark an important step in Sri Lanka’s efforts to modernise trade, but its real value will depend on whether it reduces the time and cost of moving goods through the country’s borders, Customs House Agents & Traders Association President Mohamed Niyas said.
Niyas warned that digitising Customs declarations alone would not necessarily translate into faster cargo clearance or lower costs for businesses.
‘Expecting a dramatic improvement in clearance speed under the present conditions is like expecting Ferrari performance from a Morris Minor configuration, he said.
For importers and exporters, the issue extends well beyond paperwork. Every additional hour or day that cargo remains in the clearance chain can have wider consequences for businesses, including increased port and storage-related costs, additional working-capital requirements, uncertainty over delivery schedules and disruptions to production and distribution.
Niyas said the competitiveness of Sri Lanka’s trading sector ultimately depended on how efficiently goods could move through the country’s border-clearance system.
‘The real bottleneck is not merely the absence of paper. It is the entire clearance ecosystem—the limitations of the existing ASYCUDA World system, excessive regulatory interventions by Other
Government Agencies, multiple approvals, physical examinations, manual interventions, fragmented processes and institutional constraints, he said.
He cautioned that unless these bottlenecks were addressed, there was a risk that the paperless initiative would merely digitise existing bureaucracy.
‘If these underlying constraints remain unchanged, there is a real risk that the new paperless system could become another “copy-and-paste road show”—where an old, complex clearance process is simply transferred onto a digital screen without fundamentally changing the process itself, Niyas said.
For businesses dependent on imported raw materials, machinery, components and other inputs, clearance efficiency can directly affect the wider supply chain.
Delays at the border can create uncertainty for manufacturers, distributors and retailers, while exporters can face difficulties meeting delivery schedules when imported inputs or export consignments are held up.
Niyas therefore argued that the success of the October 1 initiative should be judged by its impact on trade flows rather than by the number of declarations processed electronically.
‘Paperless does not automatically mean faster, he said. ‘Digitising a slow process does not make the process fast. It only makes the slow process digital.’
He said Sri Lanka needed to move towards what he described as “process-less Customs”—a system in which unnecessary procedures are eliminated rather than simply converted into electronic procedures.
Among the reforms he called for are simplification of Customs declarations and approval workflows, improvements to the functionality of ASYCUDA World, greater use of risk-based inspections and better integration of Other Government Agency approvals.
Niyas also called for the elimination of repetitive document submissions and physical endorsements, greater use of pre-arrival processing, sufficient capacity for digital document uploads and clearly defined service-level timelines for Customs and OGAs.
Business
China backs Sri Lanka’s Non-aligned stance to counter regional pressures
By Sanath Nanayakkare
As global attention has fixed on the high-level diplomatic choreography at the United Nations General Assembly in New York, a subtler, yet profound geopolitical signal was sent from Colombo, yesterday.
In a major address marking the founding anniversary of the People’s Republic of China, newly appointed Chinese Ambassador Wei Huaxiang chose to anchor bilateral relations not just in modern trade or infrastructure, but in a shared respect for Sri Lanka’s legacy of non-aligned independence.
By explicitly invoking Sri Lanka’s foundational role in the 1976 Non-Aligned Summit, Beijing was doing something unexpected in an era defined by fierce great-power rivalry: it was officially validating a small island nation’s right to maintain an independent foreign policy stance.
The Strategic Value of Independence
For decades, nations caught in the crosshairs of major-power competition have faced intense pressure to pick sides. Yet, Ambassador Wei’s embrace of Colombo’s non-aligned tradition signaled a different diplomatic playbook. Instead of demanding alignment, Beijing was framing its partnership as a reliable counterbalance to regional pressures. By honouring Sri Lanka’s diplomatic autonomy, China was effectively reassuring smaller economies that sovereign independence and robust economic cooperation can coexist.
Beyond Ports and Industrial Zones
This diplomatic framing reframed the narrative surrounding major collaborative ventures like the Colombo Port City and Hambantota Port. While foreign analysts often view these projects exclusively through the lens of strategic rivalry, Beijing’s diplomatic messaging tied them back to a historical ethos of solidarity—evoking memories of the 1952 Rubber-Rice Pact.
By marrying economic projects with a stated respect for non-alignment, China is positioning itself as a steadfast stakeholder that respects Sri Lanka’s internal agency during difficult economic and political seasons.
As both nations look toward major milestones in 2027—including the 70th anniversary of diplomatic ties—this nuanced diplomatic move revealed how historic traditions are being leveraged to navigate modern multipolar realities.
For global observers, the takeaway was clear: in the shifting architecture of Asian geopolitics, respecting a nation’s historical neutrality may just be the most effective way to secure a lasting partnership, a diplomatic masterclass that Ambassador Wei Huaxiang executed in style.
Business
Sri Lanka Insurance Life appoints Dr. Sameera Dharmasena Chief Executive Officer
Sri Lanka Insurance Life (SLIC Life), the nation’s largest and strongest Life Insurer, is pleased to announce the appointment of Dr. Sameera Dharmasena as its new Chief Executive Officer, effective 22nd September 2026.
Dr. Dharmasena is a distinguished insurance professional with over 21 years of experience in the Sri Lankan insurance industry, having held senior leadership positions across several leading insurance companies affiliated with some of Sri Lanka’s largest business conglomerates. His extensive career spans both local and multinational insurance environments, bringing together broad industry expertise, strategic leadership and a strong commitment to the advancement of the insurance profession.
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