Business

Korea could assist SL to reach pinnacle of development – Ambassador Woonjin JEONG

Published

6 years ago

2021/01/5

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!

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Business

Cost-effective clearance of goods across borders to determine worth of Customs Paperless Declaration

Published

7 hours ago

2026/09/25

Thilina Walpola

Containers held up at the Port of Colombo

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

Published

8 hours ago

2026/09/25

Thilina Walpola

Chinese Ambassador Wei Huaxiang delivering the keynote address in Colombo

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

Published

8 hours ago

2026/09/25

Thilina Walpola

Dr. Sameera Dharmasena

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.