Business
‘South Asia, key region for Japanese cooperation in disaster prevention’
By Lynn Ockersz
Japan has identified South Asia as a key region for the extension of its cooperation in disaster prevention. As a matter of policy, Japan is in the process of strengthening the disaster prevention and response capabilities of countries vulnerable to natural disasters all over the world, Komura Masahiro, Parliamentary Vice Minister for Foreign Affairs of Japan said.
‘Through such cooperation, Japan is contributing towards firming a rules-based and free and open Indian Ocean region. Right now, it is sharing its know-how on environmental management with countries vulnerable to environmental destruction. For example, Japan has provided such countries with a weather information system. It is also bolstering the capabilities of the environment management authorities of these countries. Patrol vessels provided to Sri Lanka at the height of its X-Press Pearl disaster, are a proof of this, Masahiro said.
Among other things, Masahiro explained that environmental disasters are occurring all over the world although some parts of the Indian Ocean region are experiencing growth. He added that environmental issues need to be identified and resolved early.
The Japanese Parliamentary Vice Minister for Foreign Affairs was speaking at the forum, ‘Disaster Risk Management and Japan’s Role in the Indian Ocean Rim Association’, conducted under the aegis of The Lakshman Kadirgamar Institute of International Relations and Strategic Studies’, Colombo (LKI) in collaboration with the embassy of Japan in Sri Lanka, on October 13th at the LKI auditorium. He, along with State Minister for Defence Pramitha Bandara Tennakoon, were Guests of Honour at the forum, which was moderated by Dr. Harinda Vidanage, Director, International Relations and Founding Director, Centre for Strategic Assessment of the General Sir John Kotelawala Defence University.
Kicking-off the forum, LKI’s Executive Director, Ambassador Ravinatha Aryasinghe thanked Japan for her continued support for Sri Lanka as the latter builds disaster resilience through investments and capacity building. He added: “As Sri Lanka assumes the chair of the Indian Ocean Rim Association, this event was the first in a series of IORA-related conferences and panel discussions being hosted by the LKI, which will bring together a foreign policy-concerned community to discuss several issues on the IORA agenda, including ‘Biodiversity Beyond National Jurisdictions’, with the EU, ‘Blue Economy, the Way Forward’, with the UNDP and ‘Maritime Safety and Security in the Indian Ocean Region’, with UNODC.”
State Minister for Defence Tennekoon pointed to the importance of preventing smuggling operations by criminal elements in the Indian Ocean region. Some salient points made by him were: ‘Japan has taken a lead role in taking risk-management initiatives in the Indian Ocean Region (IOR). With security cooperation in mind, Japan is working along with Sri Lanka’s Coast Guard.
‘We need to be proactive in managing environmental disasters. Even though Sri Lanka did not face any major environmental disasters between 2016 and 2021, Rs. 60 billion by way of relief assistance was provided by the government. But mitigation measures are important. Japan has made valuable contributions in the area of disaster resilience. Japan’s assistance to Sri Lanka during the 2004 tsunami tragedy was most valuable.’
Director General, Disaster Management Centre, Sri Lanka, Maj. Gen. Sudantha Ranasinghe, among other matters, reiterated the need for Sri Lanka to be constantly vigilant about oceanic disasters. Sri Lanka, he said, has already conducted a comprehensive study on disaster risk reduction with Japan. Six other such projects with Japan are ongoing and we need to consistently collaborate with IORA, he added.
Prof. Nagami Kozo, Specially Appointed Professor, International Research Institute of the Disaster Science, Green Goals Initiative, Tohoku University, highlighted the importance of shifting from managing disasters to managing disaster risk. He explained that disaster risk could be controlled. There is also little discussion on what to invest in, in this context.
Chief Representative of the Japan International Coordination Agency in Sri Lanka (JICA), Yamada Tetsuya said that over the past 50 years, 2 million people had died the world over in natural disasters. The resulting economic loss was 3 trillion USD. He stressed the importance of the Sendai Framework for Disaster Risk Reduction in Japan’s efforts at managing environmental issues and pointed out that JICA’s approaches to disaster risk management were in accordance with this framework.
A.J.M. Gunasekera, Gen. Manager (Actg.), Marine Environment Protection Authority, pointed out that, going forward, there is a big likelihood of environmental issues escalating the world over. He said that Sri Lanka’s X-Press Pearl disaster should be regarded as an eye opener. ‘We have to put in place mechanisms to contain such accidents. However, finger-pointing among our agencies has been the order of the day.’
He added: ‘Sixty percent of environmental disasters are caused by human error and there has been an increase in ship-related accidents in our waters over the last five years. But there is no sufficiently effective response mechanism locally on marine disasters. Nor is there any mechanism for information-sharing among regional states. Locally, there needs to be clear procedures and chains of command to manage environmental disasters. There also needs to be more financial investments, with adequate private sector participation, to manage issues in this field. ‘
‘Sri Lanka is currently faced with considerable marine disaster preparedness challenges that are going inadequately addressed. It is of note that there is no mechanism to respond to the prevalence of hazardous material in our waters. We lack sufficiently trained manpower to tackle major sea disasters in our region as well. We also possess very little equipment to respond effectively to sea-related accidents and disasters. There is also very little legal provision in our laws to enable us to win adequate compensation for disasters occurring in our seas caused by external quarters. Sri Lanka could address such challenges to a degree through effective regional mechanisms coming under IORA.’
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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