Business

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

Published

5 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

Trade and investment facilitation upgrade seen as needed for SL

Published

10 hours ago

2026/05/12

Sahan Weerasooriya

South Korean Ambassador Miyon Lee (centre) addresses the forum. On her left is Pathfinder Foundation Chairman Ambassador (Retd) Bernard Goonetilleke.

Sri Lanka should mainly focus on upgrading its trade and investment facilitation system while identifying the paramount importance of the issue, South Korean Ambassador to Sri Lanka Miyon Lee said.

The bureaucratic matters—from Customs clearance to tariff lines, licensing, and registration—should be streamlined, she said at a round table forum recently held at the Colombo Club of the Taj Samudra, Colombo. The forum was organized and conducted by the Pathfinder Foundation Sri Lanka and was presided over by its Chairman, Ambassador (Retd) Bernard Goonetilleke.

Ambassador Lee said that the Sri Lankan government and companies must focus on tourism sector development and also find businesses opportunities with Korea.

She also said that if Sri Lanka wants to attract Korean investment into Sri Lanka, Sri Lanka should highly develop its digital sector.

‘On top of that, If Sri Lankan is to sign a FTA or trade agreements, she should focus on niche markets to supply to Korean companies, she explained.

Ambassador Lee added: ‘Korea is highly digital and AI enabled and Sri Lanka needs to concentrate on that as well.

‘Further, it is going to be very important if you will be able to implement all the obligations that are laid out under a WTO agreement.

‘A single window is part of the overall trade architecture that Sri Lanka has to follow.

‘ I think that also follows with the FTA (Free Trade Agreement) negotiations. From Korea’s experience, when we had the financial crisis in 1997, we only pursued WTO negotiations. FTA negotiations came after the financial crisis.

‘The Asia-Pacific Trade Agreement (APTA) is important in this regard.

‘The APTA arrangement includes China, India, Korea, Nepal and Mongolia and 50 percent of Sri Lankan exports to South Korea benefit from the APTA.

‘But other than that, there is not much trade between the two countries. That’s why I think it is going to be very important for Sri Lanka to pursue the RCEP (Regional Comprehensive Economic Partnership) arrangement.

‘Unfortunately, there is not much appetite for upgrading the APTA because we already have separate FTAs with India and China.

‘ We have huge investments in India and in ASEAN countries. I think it would be very important that Sri Lanka uses that kind of opportunity to see if there is any initiative for Sri Lankan companies to provide supplies to Korean companies working in other countries.’

By Hiran H Senewiratne

Business

SL in damage-control mode in wake of financial security crisis

Published

10 hours ago

2026/05/12

Sahan Weerasooriya

Deputy Finance Minister Dr. Anil Jayantha Fernando

USD 2.5 million Treasury cyber heist has escalated into a full-blown financial security crisis, with the government scrambling to contain international fallout amid growing fears that multiple foreign debt repayment channels may have been compromised.

In the strongest indication yet of the gravity of the breach, Deputy Finance Minister Dr. Anil Jayantha Fernando told Parliament that investigators had uncovered suspicious irregularities linked to other external payment transactions, including one involving India, suggesting that the cyber intrusion may have extended far beyond the original fraudulent transfer.

The revelation has sent shockwaves through financial and political circles at a time when Sri Lanka is struggling to restore credibility after its historic sovereign default and painful debt restructuring process.

The controversial transfer involved funds earmarked for a debt repayment to Australia Export Finance. However, the money was allegedly diverted into a fraudulent account after what authorities now believe was a sophisticated cyber infiltration targeting Treasury communication and payment authentication systems within the External Resources Department (ERD).

With international confidence hanging in the balance, the Government has moved swiftly to reassure creditors that the incident would not be treated as a sovereign debt default.

Fernando informed Parliament that international debt restructuring advisors had assessed the situation and concluded that the theft constituted a criminal financial breach rather than a deliberate failure by Sri Lanka to honour debt obligations.

Behind the scenes, however, the crisis has triggered an unprecedented multi-agency investigation involving the Criminal Investigation Department (CID), Sri Lanka Computer Emergency Readiness Team (SLCERT), Financial Intelligence Unit (FIU) and foreign law enforcement authorities, including Australian agencies.

Investigators are now carrying out forensic examinations of official email systems, payment authorisation trails, digital devices and Treasury transaction records amid mounting concerns that critical State financial infrastructure may have been exposed to external manipulation.

The scandal has also intensified political tensions, with opposition parties accusing the Government of attempting to downplay the seriousness of the breach while demanding an immediate parliamentary debate and an independent inquiry into Treasury security failures.

Pressure mounted further following the sudden death of an interdicted Finance Ministry official reportedly connected to the ongoing investigation.

Although authorities have not officially linked the death to the fraud probe, the incident has fuelled widespread speculation and heightened public suspicion surrounding the case.

The latest disclosures have raised troubling questions about the vulnerability of Sri Lanka’s public financial systems, particularly as billions of dollars in foreign debt repayments, aid flows and restructuring transactions continue to pass through Government channels under intense international scrutiny.

Financial analysts warn that while creditors may refrain from categorising the incident as a formal default, the cyber heist could still damage Sri Lanka’s credibility unless authorities demonstrate swift accountability, institutional transparency and robust corrective measures.

The Treasury breach is now being viewed not merely as an isolated fraud, but as a major national financial security threat with potentially far-reaching implications for Sri Lanka’s economic recovery and global standing.

By Ifham Nizam

Business

JKCG Auto partners with BOC and SLIC to support EV adoption

Published

10 hours ago

2026/05/12

Sahan Weerasooriya

John Keells CG Auto (JKCG Auto), the authorised distributor of BYD and DENZA in Sri Lanka, has launched a campaign in partnership with Bank of Ceylon (BOC) and Sri Lanka Insurance Corporation General Ltd. (SLIC) to accelerate New Energy Vehicles (NEV) adoption among government sector employees.

The initiative, which will run from 4 May to 31 July 2026, is designed to improve accessibility and affordability of NEVs for public servants through a structured set of financing, insurance and ownership support mechanisms.

Open to employees across the government sector, the programme reflects a coordinated effort between industry and national institutions to enable a gradual and practical transition towards cleaner transport options.

As part of the collaboration, JKCG Auto will extend a set of ownership support measures across its BYD and DENZA portfolio, including introductory price considerations, access to home charging infrastructure, and aftersales service support. These are complemented by preferential leasing arrangements facilitated by the Bank of Ceylon, alongside tailored insurance solutions and customer support services from Sri Lanka Insurance Corporation.