Business
National Foundation Day celebrations of Republic of Korea held in Colombo
On 5th October 2022, the Korean Embassy led by Korean Ambassador, Santhush Woonjin Jeong hosted the National Foundation Day Celebrations of the Republic of Korea, at the Shangri-La Hotel in Colombo. It is a monumental year to commemorate the 4354th anniversary of the establishment of the Korean nation, against the backdrop of the 45th anniversary of diplomatic relations between Korea and Sri Lanka celebrated this year, The National Foundation Day reception was celebrated with the participation of many Korean nationals, Sri Lankans and friends of Korea.
Among the dignitaries, the gracious presence of the Chief Guest, the Minister of Education, Dr. Susil Premajantha, Speaker of the Parliament, Cabinet Ministers, State Ministers, Members of Parliament, Chief of Defence Staff, Attorney General, IGP, Governors, Secretaries, Ambassadors and diplomats further contributed to strengthening the bilateral cooperation of Korea and Sri Lanka. Members of the business community with ties to Korea, Sports and cultural dignitaries, Korean ODA directors and media organizations were also present at the event to felicitate this occasion. Korean residents including Um Kyung-Ho PUAC President also took part in the celebrations.
The Korean National Foundation day ‘Gaecheonjeol,’ marks the origin of the first Korean Nation by the legendary founding father Dangun in 2333 BCE on October 3rd of every year. It is a special occasion for Korean nationals living worldwide. Due to the COVID-19 global pandemic, the National Foundation Day Reception was not held in the last two years. The grand celebration held this year on the 45th anniversary of the establishment of diplomatic relations has served as an opportunity for the two Asian friends to develop the bilateral cooperation to new heights.
The official ceremony started with the National Anthems of both Sri Lanka and Korea performed by the Sri Lankan Navy Band.
Delivering the opening remarks, Ambassador Santhush Woonjin Jeong stated that, “I would like to express my sincere gratitude to all Korean nationals, Sri Lankans and friends of Korea in Sri Lanka for attending today’s event. It is my great honour to host this wonderful occasion after a hiatus of two years. The Republic of Korea was once known as an aid-recipient nation in the past. We started from nothing, from ruins, devastated by the Korean War. Today, Korea has risen to the 10th largest economy and the 7th biggest exporter in the world. This year we celebrate the 45th anniversary of diplomatic ties between our two countries. At this juncture, I remind you that the relations between our two countries have continued to evolve and develop in a whole spectrum of fields of mutual interest. Now is the time to realize the potential of this beautiful country and achieve our common goals together. It is an opportune moment for Korea and Sri Lanka to deepen and widen exchanges, learn from each other’s experiences and intensify mutually beneficial cooperation.”
Hon. Dr. Susil Premajantha Minister of Education congratulated H.E. Santhush Woonjin JEONG for the National Foundation Day of Korea. He stated, “Korea has emerged as a peaceful country with a vibrant democracy and a rich cultural heritage. We are proud as an Asian country to say that Korea has progressed in her journey as a developing country to a developed nation through the economic miracle, popularly known as ‘Miracle of Han River.’ Sri Lanka too wishes to draw from be guided and to emulate the economic miracle of the Republic of Korea, towards achieving our goal of socio-economic development. Korea has remained consistently as an invaluable development partner of Sri Lanka contributing to the development priorities of the Sri Lankan government especially in the fields of education, transportation, water management and rural development.” Hon. Minister further highlighted the Sri Lankan government’s initiative to adopt Korean language for advanced level classes and introduction of the Korean language for the university entrance examination from 2023. The Minister commended the paper donations by the Korean community in Sri Lanka to the Department of Examinations during the difficult times. Furthermore, the Minister expressed the deep appreciation to the government of Korea for providing much needed employment opportunities to Sri Lanka and looking after their welfare.
Global oil prices have risen after at least three ships were attacked near the Strait of Hormuz, as Iran continues to launch strikes across the Middle East in response to ongoing attacks by the US and Israel.
Two vessels have been struck, and an “unknown projectile” was reported to have “exploded in very close proximity” to a third, the UK Maritime Trade Operations Centre (UKMTO) said.
Iran has warned ships not to pass through the strait, which carries about 20% of the world’s oil and gas.
International shipping has almost come to a standstill at the strait’s entrance, with analysts warning that a prolonged conflict could push energy prices even higher.
In early trade in Asia on Monday, global oil prices jumped by more than 10% before those gains eased during the morning.
At 02:00 GMT, Brent crude was more than 4% higher at $76.16 (£56.53) a barrel, while US-traded oil was also up by around 4% at $69.67.
“The market isn’t panicking”, Saul Kavonic, head of energy research at MST Research told the BBC.
“There is more clarity that so far, oil transport and production infrastructure hasn’t been a primary target by any side,” he added.
“The market will be watching for signs that traffic through the Strait of Hormuz returns, which would see oil prices subside again.”
But some analysts have warned it could go over $100 in the event of a prolonged conflict.
On Sunday, the Opec+ group of oil producing nations – which includes Saudi Arabia and Russia – agreed to increase their output by 206,000 barrels a day to help cushion any price rises, but some experts doubt this would help much.
Edmund King, president of the AA, warned the disruption could drive up petrol prices around the world.
“The turmoil and bombing across the Middle East will surely be a catalyst to disrupt oil distribution globally, which will inevitably lead to price hikes,” he said.
“The magnitude and duration of pump price increases depends on how long the conflict goes on.”
The U.S. and Israeli strikes on Iran have reignited geopolitical tensions in the Middle East, stoking fears of a broader conflict that could disrupt critical energy supply routes – particularly the Strait of Hormuz, through which roughly one-fifth of the world’s oil supply flows. Brent crude has already edged higher, and global oil markets warn prices could climb toward, or even exceed, US$80–100 a barrel if hostilities escalate.
Against this backdrop, an independent economic analyst told The Island that for Sri Lanka – a small, fuel-importing economy with limited domestic energy resources – the implications could be significant.
“Sri Lanka imports over 90% of its petroleum requirements, and any sustained rise in global crude prices would expand the annual import bill, placing renewed pressure on already tight foreign exchange reserves,” he said.
Even moderate spikes in oil prices, he noted, tend to filter quickly through the domestic economy. “Higher fuel costs translate into increased transport and production expenses, which feed into inflation and erode household purchasing power. Freight charges for essential goods – from food items to industrial inputs – would also rise.”
“The Middle East remains a key source of remittances and export demand,” the analyst explained. “A large share of Sri Lankan migrant workers are employed in Gulf economies, while regional markets absorb tea and other exports. Heightened instability could weaken remittance inflows and soften demand, further straining the balance of payments.”
When asked whether the Central Bank of Sri Lanka (CBSL) might be compelled to shift policy in response, the analyst said the monetary authority faces a delicate balancing act.
“Rising import inflation stemming from higher global energy prices could push the Central Bank to maintain – or even tighten – its monetary policy stance in order to safeguard price stability and support the rupee. A firmer stance may be deemed necessary to anchor inflation expectations and preserve market confidence. The Central Bank is therefore likely to monitor inflation data closely in the coming weeks to assess whether energy-driven price pressures prove temporary or more entrenched,” he said.
Meanwhile, Ceylon Petroleum Corporation (CPC) Chairman S. Rajakaruna said that Sri Lanka’s fuel imports – sourced primarily from Singapore and India – reduce immediate exposure to supply disruptions directly linked to Middle Eastern routes. He also sought to allay public concerns, noting that the country currently maintains sufficient fuel stocks for approximately one month and that there need not be any queueing up by the public to hoard supplies.
However, the analyst cautioned that while physical supply may remain stable, global price pass-through effects are an unavoidable risk.
Meanwhile, Opposition politician Wimal Weerawansa said that official assurances of “one month’s stock” tend to unsettle the public, arguing that such statements evoke memories of past shortages and public distress.
By Sanath Nanayakkare
The Ministry of Education officially recognised LOLC Holdings PLC for its flagship humanitarian initiative, Divi Saviya, at a special ceremony held on 27th February 2026 in Battaramulla. The event marked the second time the Ministry has acknowledged the programme’s contribution to the nation’s education sector.
Group Managing Director/CEO Kapila Jayawardena presented a project update to Prime Minister and Education Minister Dr. Harini Amarasuriya, highlighting the rapid restoration of 200 schools under Phase 02 of ‘Obai, Mamai, Ape Ratai’. The schools were repaired and handed over within just 45 days, enabling students displaced by Cyclone Ditwah to safely resume learning.
Phase 02 follows a needs assessment that identified 200 damaged schools and 4,000 displaced families. Implemented with Divisional Secretariats and Disaster Management Centres, the Rs. 500 million programme has delivered Family Super Packs and school renovations across six districts.
Kapila Jayawardena stated, “It was a privilege to share these outcomes with the Prime Minister. This recognition reflects how private sector collaboration can complement government efforts during national challenges.” Plans are underway to fully rebuild select schools destroyed by the cyclone.
Oil prices rise after ships attacked near Strait of Hormuz
War photographer Paul Conroy dies as tributes paid
Allies of US in the Gulf bear brunt of Iran attacks
Dry weather will prevail in most parts of the island
Israel resumes attacks as Iran vows to avenge supreme leader’s death
CPC has enough fuel stocks
‘Dates have the highest sugar content to fight Coronavirus’
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