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Strengthening cooperation is vital to unlock the economic potential of Sri Lanka – Korean Ambassador

Published

5 years ago

2021/02/7

The 26th Annual General Meeting of the Sri Lanka–Korea Business Council (SLKBC) of The Ceylon Chamber of Commerce was held recently via MS Teams.

The SLKBC was inaugurated on November 4, 1982, in Colombo at the request of the late Lalith Athulathmudali with the objective of promoting trade, investments, tourism and services between Sri Lanka and Korea.

Mr. Priyantha Mendis, Managing Director, Alpha Tours (Pvt) Ltd (General Sales Agent for Korean Air in Sri Lanka & Maldives) was re-elected President of the Council for the year 2020/2021, while John Shiran Dissanayake, Chairman, Transmarine (Pvt) Ltd and Shamil Mendis, Chairman/Managing Director, Spear International (Pvt) Ltd were elected Vice Presidents.

Mahen Kariyawasan serves as the Immediate Past President and the Founder President, Prof. Lakshman Watawala as an Honorary member. Ambassador of the Republic of Korea to Sri Lanka, Woonjin Jeong, said, “strengthening the commercial ties between the nations in harmony with the national policy is among my top priorities. It is noteworthy that amid this pandemic, Sri Lanka was the first South Asian country which held a nationwide election and Korea was the first country in the world to hold a nationwide election successfully. The global economy including that of Sri Lanka has experienced a negative impact since the covid-19 pandemic.

“Businesses have incurred grave losses due to the travel restrictions, disruptions in global supply chains and the imposition of numerous lockdowns. At this juncture, I will do the best to help achieve the economic goals of Sri Lanka together with the Sri Lanka-Korea business council members.

“The Sri Lankan economy will bounce back by attracting new foreign investors as it has shown strength and resilience in spite of past setbacks. Sri Lanka has great potential for growth and provides ample business opportunities with its strategic location, natural resources and high quality human resources which are very complimentary with the capital and technology of Korea. Strengthening the economic cooperation is thus vital unlock the economic potential of Sri Lanka.

“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 business opportunities to expand between our two countries. In this regard, I hope that this esteemed Council too will work tirelessly to take our trade and economic ties to the next level and the Embassy, as always, will render its utmost assistance to you and work with you every step of the way until we realize this mutual goal”.

Priyantha Mendis, President of SLKBC reiterated that the main objectives of the Council is to promote trade and tourism between Sri Lanka and Korea, promote investment to Sri Lanka and encourage joint ventures, and to conduct joint meetings with Korean business organizations between the two countries.

“Bilateral Trade between Sri Lanka and Korea is around USD 400 million, mainly in favor of Korea. Anyway, for the past 15 years, the Korean government has offered employment opportunities to Lankan youth in the Manufacturing, Construction & Fisheries Sectors in Korea. At present there are around 30,000 Sri Lankans living in Korea, the biggest concentration of SL expatriate employees after Middle East.

With the commencement of direct services of Korea National Flag Carrier Korean Air to Sri Lanka in 2013, the Korean Tourist arrivals jumped to 16,000 in 2020 from around 4,000 earlier. Anyway Korean Air temporarily suspended its scheduled services in mid of March 2020 due to Covid-19 pandemic situation and will recommence its operations when the situation improves here and in Korea”, he said.

Abans Ltd, Ceyline Shipping Ltd, Senok Trade Combine (Pvt) Ltd, Shipping & Cargo Logistics (Pvt) Ltd and Southern Tea Producers (Pvt) Ltd were elected from the membership to serve on the Executive Committee of the Council.

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Heat Index at Caution Level in the Northern, North-central, North-western, Western, Sabaragamuwa, Eastern and Southern provinces and in Monaragala district

Published

1 min ago

2026/04/18

Priyan

Warm Weather Advisory
Issued by the Natural Hazards Early Warning Centre
Issued at 3.30 p.m. on 17 April 2026, valid for 18 April 2026.

The Heat index, the temperature felt on human body is likely to increase up to ‘Caution level’ at some places in the Northern, North-central, North-western, Western, Sabaragamuwa, Eastern
and Southern provinces and in Monaragala district.

The Heat Index Forecast is calculated by using relative humidity and maximum temperature and this is the condition that is felt on your body. This is not the forecast of maximum temperature. It is generated by the Department of Meteorology for the next day period and prepared by using global numerical weather prediction model data.

Effect of the heat index on human body is mentioned in the above table and it is prepared on the advice of the Ministry of Health and Indigenous Medical Services.

ACTION REQUIRED
Job sites: Stay hydrated and takes breaks in the shade as often as possible.
Indoors: Check up on the elderly and the sick.
Vehicles: Never leave children unattended.
Outdoors: Limit strenuous outdoor activities, find shade and stay hydrated.
Dress: Wear lightweight and white or light-colored clothing.

Note:
In addition, please refer to advisories issued by the Disaster Preparedness & Response Division, Ministry of Health in this regard as well. For further clarifications please contact 011-7446491.

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Oil prices plunge as Iran says Strait of Hormuz ‘open’ during ceasefire

Published

3 hours ago

2026/04/17

Priyan

Oil prices have plummeted after Iran said the Strait of Hormuz would be “completely open” to commercial ships for the remainder of the ceasefire.

The cost of a barrel of Brent crude fell to $88 dollars a barrel, having been above $98 earlier on Friday.

The Strait of Hormuz is a narrow strip of water linking the Gulf to the Arabian sea, through which a fifth of the world’s oil and liquified natural gas is typically transported.

“The passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire,” Iranian Foreign Minister Abbas Araghchi said.

Global markets also rallied on the announcement, with the major US stock indices rising in early trading. The S&P 500 rose by 0.8%, while the Nasdaq and Dow Jones Industrial Average (DJIA) were both up by more than 1%.

European shares also rose in reaction to the news. The Cac index in Paris and Dax in Frankfurt both climbed by more than 2%, while London’s FTSE 100 rose by around 0.5%.

The Strait of Hormuz has been effectively shut by Iran since the US and Israel launched military strikes in the country in late February.

Tankers have been unable to pass through, drastically reducing the amount of oil and gas available on global markets and causing prices to spike.

Before the conflict, Brent crude was trading at under $70 per barrel. It rose above $100 before reaching a peak of more than $119 per barrel in March.

Sharp rises in the price of oil have pushed up the price of petrol and diesel for drivers, as well as sparking concerns over the supply of jet fuel, leading to fears airlines will have to ground flights.

The closure of the key waterway has also cut off a major supply line of fertiliser, used by farmers, raising the prospect of higher food prices as a result of the conflict.

A third of the world’s key fertiliser chemicals pass through the Strait, and prices have risen steeply since the outbreak of war.

However, hours before Araghchi’s statement, motoring group the RAC said petrol and diesel prices had fallen slightly, in the UK for the first time since the US-Israel war with Iran began.

Pump prices began to ease on Thursday and continued on Friday, it said, though it remains far more expensive to fill up a tank than it did in February.

Iran’s decision to re-open the Strait of Hormuz followed a ceasefire agreement between Israel and Lebanon.

US President Donald Trump welcomed the move, writing on Truth Social: “IRAN HAS JUST ANNOUNCED THAT THE STRAIT OF IRAN IS FULLY OPEN AND READY FOR FULL PASSAGE. THANK YOU!”

Trump added that Iran had agreed “to never close the Strait of Hormuz again… it will no longer be used as a weapon against the world”.

But, in a follow up post, he said a naval blockade of Iran will remain “in full force and effect” until a permanent deal to end the US-Israel war with the country is agreed.

Despite Iran’s announcement, one oil and gas shipping operator told the BBC it “doesn’t change anything” immediately.

“We don’t feel like we need to be taking unnecessary risks and our company approach is that we won’t be the first to go through the Strait”, the operator, who did not want to be named, said.

Another company, Stena Bulk, which operates oil tankers in the region, said it was “monitoring developments closely”.

“The safety of our crew and vessels governs every routing decision, and we will not transit until we are satisfied it is safe to do so”, the company added.

(BBC)

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Navy seize 161kg heroin shipment in high-seas operation

Published

4 hours ago

2026/04/17

Priyan

Being a key frontline stakeholder in the national mission, ‘A Nation United,’ the Navy continues to maintain a vigilant maritime shield to eradicate the drug menace from society.

During yet another successful operation on the high seas south of Sri Lanka, the Navy intercepted a local multi-day fishing trawler and apprehended four suspects in connection with the
smuggling of a stock of suspected narcotics.

The intercepted trawler, along with the suspects, was escorted to the Dikowita Fisheries Harbour today, (17 April 2026).

During a special inspection at the fisheries harbour, the Police Narcotic Bureau (PNB) confirmed the presence of over 161kg of heroin.

The Deputy Minister of Defence, Major General Aruna Jayasekera (Retd), and the Commander of the Navy, Vice Admiral Kanchana Banagoda, to inspect seized narcotics.

Addressing the media, the Deputy Minister emphasized that drug trafficking has long persisted as an organized and sophisticated criminal enterprise. He highlighted that under the current government’s national mission, ‘A Nation United,’ a robust state mechanism is now in motion, integrating the Tri-Forces, Police, Special Task Force, PNB, and international agencies to dismantle these networks.

Underscoring the Navy’s operational success, the Deputy Minister revealed that in 2025 alone, the Navy seized narcotics valued at over Rs. 75,000 million. In the first four months of 2026, the momentum has continued with nearly Rs. 50,000 million worth of drugs intercepted and produced for legal action.

During this short period, 14 local multi-day trawlers and 127 suspects have been apprehended. He issued a stern assurance that seized drugs would never find their way back into society, as they are systematically destroyed under strict protocols.
“Human capital is our nation’s most vital asset,” the Deputy Minister noted, adding that a healthy population leads to a quality workforce and a resilient economy. He further remarked that the vision of a “A Thriving Nation – A Beautiful Life”, extends beyond financial stability to include the dignity, discipline, and mindset of the citizenry.

“On the instructions of the President, new legislation is being drafted for Parliamentary approval to further empower this national mission and ensure a law-abiding, civilized society for future generations”, he stated.

Concluding the briefing, the Deputy Minister lauded the media for their role in drug prevention and urged continued responsible journalism to educate the public on the dangers of narcotics.

Meanwhile, the apprehended suspects, the multi-day trawler, and the 161kg heroin shipment were handed over to the Police Narcotic Bureau for onward investigation and legal proceedings.