Business

Korea celebrates National Foundation Day and 48 years of Korea–Sri Lanka Friendship

Published

11 months ago

2025/11/6

The Embassy of the Republic of Korea in Sri Lanka, led by Ambassador Miyon Lee, hosted a grand celebration to mark Korea’s 4358th National Foundation Day at Cinnamon Life, Colombo. This year’s celebration also commemorated the 48th anniversary of diplomatic relations between Korea and Sri Lanka, highlighting the deepening friendship and multifaceted cooperation between the two nations.

The occasion was graced by several distinguished guests, including Hon. Saroja Savithri Paulraj, the Minister of Women and Child Affairs, who attended as the Chief Guest. Also in attendance were Cabinet Ministers, Ministry Secretaries, Ambassadors, Korean nationals, and representatives from diverse sectors of Sri Lankan society, all of whom have contributed to the ongoing partnership between Korea and Sri Lanka.

In her opening address, Ambassador Miyon Lee warmly welcomed the guests and emphasized the deep historical and cultural significance of National Foundation Day for the Korean people. She highlighted Korea’s journey from its ancient roots to its modern achievements, underscoring the nation’s commitment to democracy, global peace andprosperity.

Ambassador Lee also reflected on the evolving bilateral relationship between Korea and Sri Lanka, particularly through Korea’s Official Development Assistance (ODA) programs. She spotlighted several key collaborations over the past year and outlined Korea’s new phase of soft power diplomacy with focus on “K-Initiative” aimed at promoting K-pop, K-dramas, Kmovies, K-beauty, and even K-technology to reach beyond Korea and across the globe.

Special mention was made of KOICA (Korea International Cooperation Agency), the lead organization implementing Korea’s ODA in Sri Lanka. The Ambassador congratulated KOICA on its 30th anniversary in Sri Lanka, recognizing its enduring presence and dedicated service across multiple sectors.

Minister Saroja Savithri Paulraj, in her keynote address extended heartfelt congratulations on the occasion of Korea’s National Day and commended the Korean government for its generous support through Korea’s Official Development Assistance (ODA).

Korea Celebrates National Foundation Day and 48 Years of Korea–Sri Lanka Friendship She acknowledged the significant contributions of Korean ODA to key sectors in Sri Lanka including education, transportation, tourism, technology, water management, and rural development, which have played a vital role in the country’s socio-economic progress.

Emphasizing on the role of Sri Lanka’s migrant labour force in Korea, she stated that over 30,000 Sri Lankan migrant workers are employed in Korea under the Employment Permit System (EPS) and thanked the Republic of Korea for its commitment towards the well-being of the Sri Lankan community.

The Minister further noted that as Korea and Sri Lanka mark 48 years of diplomatic relations this year, she is confident that the strengthening ties between the two nations will continue to advance their comprehensive bilateral agenda and foster deeper collaboration in multilateral fora.

This year’s National Foundation Day celebration offered a unique sensory experience, showcasing the essence of Korean traditional culture, wellness and culinary artistry. Themed around “K-initiative” and showcasing K-beauty products, the event featured exhibits of Korean cosmetics hosted by the Korea Trade-Investment Promotion Agency (KOTRA) — showcasing Korea’s global influence in skincare and wellness. Additionally, a booth hosted by LG Electronics provided visitors with the chance to experience the latest cutting-edge technology developed in Korea, further underscoring the country’s innovation and cultural pride.

Guests also enjoyed a flavourful Korean culinary experience at the Korea Food Corner, which featured beloved dishes such as Kimbap, Ojingeobokkeum (stir-fried squid), Japchae, Bulgogi, Korean braised chicken, pan-fried zucchini, chive pancakes, and classics like Kimchi and Tteokbokki, all prepared by, Mr. Choi Jae-hyun, a master Korean chef who travelled all the way from Korea for the event. The traditional Korean sweet rice drink, Sikhye, also proved to be crowd favourite, delighted guests with its refreshing taste.

As in previous years, the celebration was made more vibrant by the enthusiastic participation of the Korean community in Sri Lanka. Their strong sense of national identity, unity and pride added warmth to the event. Following the official reception and dinner, Ambassador Miyon Lee, dressed in a customized Hanbok specially curated for her by Buddhi Batiks, took the time to engage personally with members of the Korean and Sri Lankan communities, capturing the spirit of togetherness through a commemorative photo session.

All News Advertisement

Business

ADB approves $100 million loan to boost skills development and jobs for youth in Sri Lanka

Published

9 hours ago

2026/10/2

Thilina Walpola

The Asian Development Bank (ADB) has approved a $100 million results-based loan to help Sri Lanka transform its technical and vocational education and training (TVET) system, equip more young people with industry-relevant skills, and strengthen the country’s competitiveness and inclusive growth.

The Skills Development System Transformation Program will support the Government of Sri Lanka’s efforts in improving the quality and relevance of skills training, strengthening links between training providers and industries, and expanding employment opportunities for youth. The program will increase women’s employment opportunities in nontraditional jobs in fields including automotive technology, engineering, information and communications technology, construction, and renewable energy.

“A skilled workforce is essential to Sri Lanka’s long-term economic transformation and competitiveness,” said ADB Country Director for Sri Lanka Shannon Cowlin. “This program will help create stronger pathways from education to employment by making training more responsive to industry needs, expanding opportunities for young people and women, and ensuring that graduates have the skills required by a modern and evolving economy.”

Though Sri Lanka’s economy is recovering, it faces skills shortages in priority sectors, high youth unemployment, and low female labor force participation. Many employers report difficulty finding workers with the skills needed in a changing economy.

Aligned with the Government of Sri Lanka’s Technical and Vocational Education and Training Sector Strategic Framework 2026–2035, the nationwide program will be implemented from 2027 to 2031 and is expected to directly benefit more than 100,000 young people through improved access to quality, employment-oriented training.

Business

USD 40.84m pipeline to secure aviation fuel supplies to BIA

Published

9 hours ago

2026/10/2

Thilina Walpola

By Ifham Nizam

The government has cleared a USD 40.84 million and Rs. 8,548.75 million contract to build a dedicated aviation fuel pipeline from Muthurajawela to Bandaranaike International Airport (BIA), alongside a massive new fuel storage facility with a capacity of 92,000 cubic metres.

Energy Minister Anura Karunatilaka said the project represented a major investment in strengthening the infrastructure underpinning Sri Lanka’s aviation fuel supply and ensuring more reliable fuel availability at the country’s main international airport.

‘This project will provide the infrastructure required to strengthen the reliability and continuity of aviation fuel supplies to Bandaranaike International Airport, Karunatilaka said.

The contract has been awarded to China Petroleum Pipeline Engineering Company Limited, following an international competitive procurement process in which three bids were received.

The project will see a new aviation fuel storage tank complex constructed at Muthurajawela, together with the associated infrastructure required for handling and transferring aviation fuel.

Business

CSE activity up, turnover weak at Rs. 1.4 billion

Published

9 hours ago

2026/10/2

Thilina Walpola

By Hiran H Senewiratne

Trading activity on the Colombo Stock Exchange (CSE) gathered pace yesterday as global fuel prices began to show signs of easing, according to market analysts.In this context, both indices moved upwards. All Share Price Index up by 67.97 points while S and P SL20 up by 8.30 points.

Turnover stood at Rs 1.4 billion with seven crossings. Those crossings were reported in Sampath Bank 1.7 million shares crossed to the tune of Rs 238 million and its share price traded at Rs 140, Access Engineering two million shares crossed to the tune of Rs 159 million and its share price traded at Rs 79.50, LOLC one million shares crossed to the tune of Rs 129 million and its share price traded at Rs 129, HNB 100,000 shares crossed to the tune of Rs 38.4 million and its share price traded at Rs 384, JKH 1.9 million shares crossed to the tune of Rs 35 million and its share price traded at Rs 18.60, Hayleys 100,000 shares crossed to the tune of Rs 22.50 million and its share price traded at Rs 225 and Richard Pieris 847,000 shares crossed to the tune of Rs 22 million and its share price traded at Rs 25.50.

In the retail market top seven companies that have mainly contributed to the turnover were Sampath Bank Rs 114 million (813,000 shares traded), JKH Rs 100 million (5.3 million shares traded) LB Finance Rs 49 million (325,000 shares traded), HNB Finance Rs 30 million (27 million shares traded), HNB Rs 27 million (70000 shares traded), NTB Rs 25 million (82000 shares traded ) and Lanka IOC Rs 21 million (666,000 shares traded). During the day 65 million shares volumes changed hands in 10433 transactions.

The Banking and manufacturing sector counters performed well. In the banking sector Sampath Bank let the market while manufacturing sector especially JKH also significantly performed well. With the fuel revision Land IOC also a significant stock at the floor.

Meanwhile, First Capital Treasuries said that Ramesh Schaffter resigned as a Non-Independent Non-Executive Director with effect from October 1, to facilitate the restructuring of the company’s board.

Yesterday the Central Bank announced the US Dollar rate as against rupee. The rupee was quoted flat at Rs 330.65/80 to the US dollar in the spot market , while bond yields dropped, dealers said.