Business
Korea could assist SL to reach pinnacle of development – Ambassador Woonjin JEONG
By Lynn Ockersz
‘The time is right for Sri Lanka to change and take a leap to a higher level. Korea is the very country that can assist Sri Lanka to reach the pinnacle of national development and prosperity. Korea’s economic miracle, “The Miracle on the Han River” is a story of overcoming many hardships by the Korean people that led to Korea’s national transformation from poverty to prosperity. As a true friend, Korea would like to share the technological know-how and resources to help Sri Lanka to achieve “the Miracle on the Kelani River”, ambassador to the Republic of Korea in Sri Lanka Woonjin JEONG said.
Speaking to ‘The Island Financial Review’ recently in an exclusive interview ambassador JEONG also said that besides providing growing markets for Sri Lanka’s rubber, coconuts, graphite and apparels, among many other items, Korea-Sri Lanka tourism links are another area in bilateral economic ties that could be further developed. He said that 13,000 Koreans visited Sri Lanka last year. ‘But this is only 0.5 per cent of the total tourism in Korea.’
The interview:
In which broad directions do you hope to take Korea-SL ties?
Since the establishment of diplomatic relations in 1977, Korea and Sri Lanka have come a long way together to form a cordial bilateral partnership. We have been true friends to each other. Our relations have much potential to grow.
Sri Lanka is not only one of Korea’s priority ODA cooperation partner countries, but also one of the top five countries that are benefitted from the Economic Development Cooperation Fund of Korea. The sum of investment in various ODA projects and grants for Sri Lanka since 1987 is over one billion USD. The Sri Lanka office of KOICA has assisted and funded commercial and infrastructure projects of Sri Lanka in the various fields such as education, transportation, water resources, sanitation and regional development in Sri Lanka.
The engagement in labour cooperation has also been impressive in recent years. 23,000 Sri Lankan employees are presently in Korea. Around 520 million US dollars were transmitted by them from Korea to Sri Lanka last year. They greatly contribute to the economic advancement of both countries. Since COVID-19 outbreak, the process of departure to Korea for employment has been suspended. However, it resumed last September and I invited the first batch of Sri Lankan migrant workers who were going to the Republic of Korea to express my appreciation for their contribution to uplift the economies of both countries.
Our cultural exchanges also have intensified over the years. The Korea Week 2020 was conducted virtually on digital platforms to provide an immersive experience of the Korean culture. I witnessed the enthusiasm and interest among the Sri Lankan participants. It is evident that our cultural bonds have grown stronger over the years.
I hope to further expand our economic ties, labour cooperation and cultural exchanges during my term as Ambassador to Sri Lanka.
What are the best investment opportunities for Korean corporates in SL?
Korea was Sri Lanka’s biggest foreign investor during the 1980s and early 90s. I believe that it is an opportune moment for Korea and Sri Lanka to revive investments, learn from each other’s experiences and intensify mutually beneficial trade and FDI. Sri Lanka is endowed with natural resources and high quality human resources which are very complimentary with the capital and technology of Korea.
The South Korean economy is the 10th largest in the world with a GDP of $1.6 billion; the exports have increased by 750 times between 1970 and 2018. Korea’s economic miracle, so called ‘The Miracle on Han River’ is a story of overcoming many hardships by the Korean people that led to the national transformation from poverty to prosperity. As a true friend, Korea would like to share the technological know-how and resources to help Sri Lanka achieve “the Miracle on Kelani River”. I can say that it is the right time for Sri Lanka to change and take a leap to a higher level. Korea is the very country that can assist Sri Lanka to reach the pinnacle of national development and prosperity.
I invite Korean investors to explore opportunities especially in the key sectors including agriculture, renewable energy, infrastructure, LNG, digital economy and so on. There is more potential for the business opportunities to expand between our two countries.
Likewise, what are the best opportunities for SL businesses in Korea?
Import and export relationship is also important as it is two wheels of the same vehicle. Sri Lanka is famous in Korea for rubber, coconut and graphite. Furthermore, apparel products including leather, fabric, and other agricultural items make a significant contribution to the Korean economy. I would also like to mention that Sri Lankan tea is very popular among Koreans for its high quality and distinct taste.
Tourism is also another main aspect; 13,000 Koreans visited Sri Lanka last year. It is only 0.5% of the total tourism in Korea. I am confident that more tourists will arrive in Sri Lanka to enjoy the charm and beauty of the island as Sri Lanka was ranked as the top country to visit by the famous travel guidebook publisher,” Lonely Planet” in 2019.
How are Lankans in Korea contributing to Korea’s well being?
Approximately 23,000 Sri Lankan workers are employed in Korea under the Employment Permit System (EPS). The proactive engagement of the EPS centre has led to the first delegation of migrant workers heading for Korea and it has strengthened the strong bilateral relations of the two countries amid the coronavirus pandemic.
The Republic of Korea is maintaining a strong policy of equal pay for equal work which applies to both Korean nationals and foreign workers including Sri Lankan people. Sri Lankan migrant workers have contributed greatly to uplift both economies. I consider them as civilian diplomats on Korean soil and the Republic of Korea is appreciative of their precious contribution to the Korean economy.
I hope to expand the labour collaboration between our two countries.
S. Korea is one of the most creative countries. What are the keys to her success?
The Republic of Korea witnessed economic growth with the sheer hard work and dedication of its people. With the limited territory and natural resources, Korea has focused on education and investment on people. The strength of world-renowned enterprises such as Samsung, Hyundai and LG also empowered the Korean economy. With the technological advancement, Korea is a major force in several fields including smart devices, automotive, shipbuilding, and heavy industries. However primary industries such as mass agricultural production also contributed to the economic success in Korea.
The Korean cultural renaissance including K-pop and K- dramas have become popular globally and have also contributed to the economy and helped attract more tourists. Korea would like to share the success stories with Sri Lanka as Korea developed with limited resources, limited workforce. As the ambassador to the Republic of Korea, I love Sri Lanka, I love Sri Lankan people. I look forward to closely working with all of you to achieve our common goals. Let’s stay strong together!
Business
HNB Assurance Recognized with Merit Award at the Great HR Awards 2025
HNB Assurance PLC was recognized at the Great HR Awards 2025, receiving the Merit Award in the Finance, Insurance, Real Estate, and Investment sector. This recognition reflects the company’s continued commitment to strengthening its people strategy, nurturing a progressive culture, leveraging technology and maintaining strong industrial relations.
Sharing his thoughts on this accomplishment, Lasitha Wimalarathne, Executive Director / Chief Executive Officer of HNB Assurance PLC, stated, “This recognition reiterates our belief that people are the true drivers of our success. Over the years, we have invested significantly in building an environment where our teams feel inspired and supported to deliver their best. As we continue to grow as one of Sri Lanka’s best insurance companies, this award reflects our ongoing efforts to build a workplace where both our people and our business can thrive. My sincere thanks go out to our HR team for continuously driving these initiatives.”
Commenting on the award, Navin Rupasinghe, Head of HR / DGM at HNB Assurance PLC, said, “Our people-first philosophy shapes every HR initiative we design, from strengthening learning pathways and leadership development to enhancing employee well-being and engagement. This recognition validates our ongoing efforts to build a workplace culture grounded in trust, inclusivity and performance. As we look ahead, we remain committed to evolving our HR practices to meet the expectations of our people and the future of work. My sincere thanks to the CIPM for this recignition.”
Business
MullenLowe Sri Lanka named Creative Agency of the Year in South Asia
MullenLowe Sri Lanka has been awarded Gold as the Rest of South Asia’s Creative Agency of the Year at the Campaign Agency of the Year Awards 2025, held recently at Mumbai’s ITC Maratha Hotel. The accolade marks a landmark year for the agency, driven by breakthrough ideas, ambitious brands, and a surge in economic activity.

Campaign Agency of the Year – South Asia 2025 (Rest of South Asia – Creative Agency) awarded to MullenLowe Sri Lanka
Guided by a clear creative vision and extensive category expertise across 111 brands in 33 sectors, MullenLowe strengthened its position through strategic leadership appointments, talent acquisition, and the integration of AI-enabled tools. These initiatives created an environment where creativity, learning, and commercial impact worked in tandem, supporting long-standing client relationships and consistent new business momentum.
Thayalan Bartlett, Executive Chairman, said, “Our growth is rooted in a people-first, creative-centred culture. By attracting top talent and focusing on continuous upskilling, we have enriched both our creative and strategic capabilities.”
The agency’s innovation was further enhanced by Fever, its AI-enabled production studio, and LoweGo, a subscription-based design unit, enabling faster and more scalable solutions for modern marketers. Training programs, including an international AI workshop in Baku for top creative minds, helped unify teams around technology-driven creativity, leading to MullenLowe’s highest Effie points haul in a decade.
Harendra Uyanage, Senior Vice President and Executive Creative Director, added, “This recognition celebrates a team that constantly stretches its creative boundaries, transforming every brief into opportunity.”
The win adds to a series of recent accolades, including Most Effective Agency of the Year at the 2024 Effie Awards, and multiple awards at Dragons of Sri Lanka and SLIM Digis 2025, cementing MullenLowe’s vision to become Sri Lanka’s most commercially impactful creative company by 2030.
Business
ComBank named Sri Lanka’s Best Trade Finance Bank at Euromoney Awards 2025
The Commercial Bank of Ceylon PLC was named Sri Lanka’s Best Trade Finance Bank at the prestigious Euromoney Transaction Banking Awards 2025, in recognition of the Bank’s strong performance and continued contribution to supporting Sri Lanka’s export and import sectors.
This global recognition from Euromoney, a leading authority in financial markets, celebrates institutions that demonstrate innovation, leadership, and measurable impact in transaction banking across cash management, payments, trade finance, and technology. Commercial Bank is Sri Lanka’s clear market leader in trade finance, commanding a 21% share in exports and a 14.26% share in imports, demonstrating its strong presence across both segments.
In 2024, the Bank supported over US$ 5 billion in trade transactions, underscoring its unmatched role in enabling the flow of goods, services, and foreign exchange. Its leadership has also been recognised regionally by the Asian Development Bank (ADB), which named Commercial Bank its Leading Partner Bank in Sri Lanka for the fourth consecutive year under the Trade and Supply Chain Finance Programme.
At the forefront of Commercial Bank’s recent innovations is ComBank TradeLink, Sri Lanka’s first fully integrated, end-to-end digital trade finance platform. The system brings all trade finance operations – from Letters of Credit to export collections and shipping guarantees – into one secure online interface, providing customers real-time visibility, faster processing, and paperless convenience. This digitalisation drive has redefined the client experience, reduced manual processes and improved turnaround times across thousands of transactions.
The Bank’s commitment to advancing Sri Lanka’s trade sector extends beyond technology. Through initiatives such as the ComBank Trade Club, which facilitates connections between buyers and suppliers both locally and internationally, and ComBank LEAP | GlobalLinker, a digital business networking platform for SMEs, the Bank is actively building bridges between Sri Lankan entrepreneurs and global markets. Its Diribala Exporter Development Programme further empowers micro, small, and medium enterprises to become export-ready, providing access to expert guidance, training, and financial support.
Reflecting on the award, Commercial Bank said the recognition from Euromoney was a tribute to the trust placed in the Bank by Sri Lanka’s exporters and importers, and to the dedication of its trade finance teams who continue to innovate and deliver excellence in a rapidly evolving global landscape.
As Sri Lanka’s largest private sector bank and the first to surpass US$ 1 billion in market capitalisation, Commercial Bank continues to lead in supporting national trade, driving digital transformation, and shaping a more inclusive and resilient export economy, the Bank said.
Commercial Bank was the first bank in the country to be listed among the Top 1000 Banks of the World, and has the highest Tier I capital base among all Sri Lankan banks. The Bank is the largest private sector lender in Sri Lanka and the largest lender to the country’s SME sector. Commercial Bank is also a leader in digital innovation and is Sri Lanka’s first 100% carbon-neutral bank.
Commercial Bank operates a network of strategically located branches and automated machines island-wide, and has the widest international footprint among Sri Lankan banks, with 20 branches in Bangladesh, a fully-fledged Tier I Bank with a majority stake in the Maldives, a microfinance company in Myanmar, and a representative office in the Dubai International Financial Centre (DIFC). The Bank’s fully owned subsidiaries, CBC Finance Ltd. and Commercial Insurance Brokers (Pvt) Limited, also deliver a range of financial services via their own branch networks.
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