News
Korean envoy meets with BOI Chairman to promote bilateral trade and investment
Korean Ambassador Santhush Woonjin Jeong met with Sanjaya Mohottala, Chairman of the Board of Investment of Sri Lanka (BOI) at the Korean Embassy last week.
Representatives of the Korean Businessmen Association and the Korean Residents Association participated in the fruitful discussion to promote bilateral trade and investment, the Korean Embassy said in a statement.
Korean investors have played a significant role in developing two-way trade and investment to benefit both countries and their economies. The Ambassador reiterated that the investors have helped to strengthen commercial ties between Korea and Sri Lanka in harmony with the national policy.
Since the Covid-19 pandemic, the global economy including that of Sri Lanka has experienced a negative impact. Korean investors have faced many challenges amidst travel restrictions and disruptions in the global supply chains.
The Chairman of BOI agreed to expedite the resolution process of the challenges faced by the Korean investors due to the COVID-19 pandemic.
The Ambassador and the Korean Business delegation appreciated the continuous assistance extended by the Board of Investment led by Mr. Mohottala in coordinating and facilitating two-way trade and investment.
The Ambassador further said that FDI was one of the key strategic pivots in elevating and advancing the overall economy of Sri Lanka. Sri Lanka is very safe and is well poised to receive Foreign Direct Investment and Foreign Institutional Investment, particularly from the Republic of Korea since the two countries have been engaged in economic and commercial activity for well over four decades.
The Ambassador expressed confidence that the active role of the Board of Investment will attract more investment opportunities thus paving the way to consolidate strong bilateral ties.
News
Proposed restructuring of Sectoral Oversight Committees: House in talks with UNDP
By Shamindra Ferdinando
The newly elected National People’s Power (NPP) government intends to restructure the existing Sectoral Oversight Committees (SOCs) meant to examine Bills except those defined in Article 152 of the Constitution, treaties and reports, including annual and performance reports pertaining to institutions coming under their purview.
Parliament and the United Nations Development Programme (UNDP) would examine the government’s proposal in this regard, authoritative sources told The Island.
Sources said that both parties agreed that expenditure could be curtailed through proper restructuring. The UNDP over the years provided a significant amount of funding for strengthening of SOCs, in addition to providing expertise.
SOCs could also examine any other matter referred to them by Parliament or any Committee or a Minister relating to the subjects and functions within their jurisdiction, sources said.
Altogether there were17 SOCs in the last parliament and the majority of them didn’t function properly, sources said. The SOC process attracted public attention late last year when the US invited heads of all SOCs except Colombo District Lawmaker Rear Admiral (retd.) Sarath Weerasekera who led the one on national security. Weerasekera is on record as having said that the US embassy in Colombo sidelined him because of criticism of the US ambassador Julie Chung’s role in the high profile campaign that led to President Gotabaya Rajapaksa’s ouster.
The fully sponsored 10-day programme gave lawmakers an opportunity to study the committee process in the U.S. Congress. The United States Agency for International Development (USAID) and the National Democratic Institute (NDI) facilitated the programme. However, quite a number of MPs who represented SOCs in the last parliament either hadn’t contested the last general election or were defeated, hence the responsibility on the part of the Parliament to pay a lot more attention to the proposed restructuring process.
Parliament introduced the SOC system during the yahapalana administration. The system allowed selected youth to represent SOCs thereby participating in the process, sources said, adding that the operation of the committee system was of pivotal importance.
News
Wild elephant dies due to malnutrition
By Dinasena Rathugamage
A female elephant died on Wednesday (4th) after collapsing in a paddy field in Kudakachchakodiya, Vavuniya, due to malnutrition.
According to Wildlife officials, the elephant had travelled a long distance.
After being alerted by local villagers, the Wildlife officials attended to the elephant and provided care for nearly a week. Despite their efforts, the elephant’s frail condition and advanced age ultimately resulted in her death.
Wildlife officials in Vavuniya are investigating the circumstances surrounding the elephant’s death.
News
Hashim: AKD serving himself like Ranil
His claim misleading– NPP
Jathika Jana Balawegaya Kegalle District MP Kabir Hashim told Parliament yesterday that incumbent President Anura Kumara Dissanayake had emulated his predecessor, Ranil Wickremesinghe, by allotting the same amount of funds for the period from January to April 2025.
Speaking during a debate on the Vote on Account presented for parliamentary approval by the government, MP Hashim noted that Wickremesinghe had allocated Rs. 1.4 trillion rupees to himself.
“This Vote on Account reveals that President Dissanayake has made the same allocation. When Wickremesinghe did so, the NPP and its leader Dissanayake criticised him. People voted for them expecting change. Where is the promised change?” Hashim said.
Hashim also said the government should seek parliamentary approval for the debt sustainability agreement with international sovereign bond holders before implementing it.
He mentioned that over Rs. 3 billion had been allocated for debt sustainability, while an additional Rs. 3 billion had been set aside for legal consultancy fees related to the debt restructuring programme.
NPP National List MP Lakmali Hemachandra, participating in the debate, said that USD 1.3 billion provided by the FAO to the Presidential Secretariat was included in the Vote on Account under the President’s Office heading, and that had resulted in an expenditure allocation for President Dissanayake similar to that of former President Wickremesinghe.
“The incumbent president has reduced expenses for his private staff by 64 percent,” MP Hemachandra added.
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