Connect with us


‘Miracle on the Kelani River happening very soon’



Congratulatory Message by ambassador of the Republic of Korea to Sri Lanka

I am the Ambassador of the Republic of Korea to Sri Lanka, Santhush Woonjin JEONG.

Congratulations on Sri Lanka’s Independence Day! As ambassador of the Republic of Korea to Sri Lanka, I would like to extend my heartfelt congratulations on the 73 years of independence and to convey the best wishes for the welfare and everlasting prosperity to the people of Sri Lanka. I hope that the relations of friendship and cooperation between our two countries, which have strengthened year after year, continue to be strengthened to provide greater happiness to the people of both nations. The Republic of Korea celebrates together with you!

Sri Lanka commemorates the country’s peaceful path to independence 73 years ago.  While Korea and Sri Lanka had to overcome many hardships in the past, both countries have bounced back with vigour. Our two nations and people are examples of the resilience, steadfastness and hope even in the most difficult circumstances. Since the establishment of the diplomatic relations in 1977, Korea and Sri Lanka have come a long way together to form a cordial bilateral partnership. Korea and Sri Lanka have been truly good friends to each other on a whole range of issues, sharing common goals. It is my firm belief the common historical experiences shared by the Republic of Korea and Sri Lanka have further brought our nations together. Korea-Sri Lanka relations have made great strides in recent years and have become multidimensional, spurred by a significant convergence of interests, mutual goodwill and high level exchanges.

Today, Sri Lanka has the potential to become the next economic powerhouse in Asia. The strategic location, rich natural and human resources of Sri Lanka are complementary with the state of the art technology and capital available in Korea. This combination creates the perfect synergies for our two countries to further the potential for businesses. 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 development from poverty to prosperity. I believe that Sri Lanka will also be developed to “the Miracle on Kelani River” in the near future. Korea is the very country that can help Sri Lanka achieve its goal. Our relations have widened on multiple spheres in which development cooperation is of utmost importance. Sri Lanka is one of Korea’s principle ODA cooperation partners. The Sri Lanka office of KOICA has continued to assist and fund commercial and infrastructure projects of Sri Lanka, thus augmenting the development of Sri Lanka. Korea has been promoting projects in the various fields such as education, transportation, water resources, sanitation and regional development in Sri Lanka. As a reliable friend, Korea is a trustworthy partner of Sri Lanka to meet the current needs of national development. With these as a momentum, the bilateral ties are expected to widen and deepen further in coming years.

The engagement in labour cooperation has also been commendable 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 in 2019. They greatly contribute to the economic advancement of both countries. Since COVID-19, the process of departure to Korea for employment has been suspended. However, last September I invited the first batch of Sri Lankan migrant workers who were going to the Republic of Korea post COVID-19 to express my appreciation for their contribution to uplift the economies of both countries.

Furthermore the cultural ties between Korea and Sri Lanka have also deepened in the recent years. The Korea Week 2020 organized by the Embassy on virtual platforms provided various cultural events including a Korean language speech competition which was held in December last year, discussions on K-wave, a Taekwondo competition etc. Riding this momentum, the embassy has organized various cultural events in the recent past and I must say that we are truly gratified and heartened to witness the enthusiastic response of the Sri Lankans, especially the youth, to these events.

Now the world struggles to confront the challenges presented by COVID-19, and I would like to commend our continuing close collaboration to protect our people and defeat this pandemic together. Also we have strengthened the public health cooperation between our countries amid the COVID-19 pandemic. Under the “stay strong” campaign, on December 8, 2020, the government of the Republic of Korea donated COVID-19 diagnostic kits amounting to the sum of USD 300,000 to contain and control COVID-19. The Korean embassy donated re-usable fabric masks to Sri Lanka Army, Police who have dedicated themselves to protecting people in Sri Lanka including Korean residents amid, COVID-19. These re-usable masks were manufactured by a Sri Lankan social enterprise which empowers women. The Republic of Korea will stand in solidarity with Sri Lanka to successfully combat the battle against COVID-19.

Korea will continue to be with Sri Lanka as friend. While our level of cooperation today is unprecedented, there is always more progress to be made. As the ambassador of the Republic of Korea like the meaning of my Sri Lankan name “Santhush”, I would really like to carry happiness to Sri Lanka. I love Sri Lanka. I love Sri Lankan people. I will closely work with all of you to achieve our common goals. I wish all our Sri Lankan friends a very happy and memorable Independence Day.!

Let’s stay strong together!

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *


Webinar on ‘Security of Information Assets: What the Board Needs to Know’



The Sri Lanka Institute of Directors (SLID) together with EY organized a webinar, moderated by Manil Jayasinghe-Partner, EY on “Security of Information Assets: What the Board Needs to Know” recently to update the knowledge and understanding of Board members on the increasing cyber security risks and threats to information assets of an organization brought about by the rapid wave of digitalization and resulting changes in the way organizations work in response to the on-going pandemic.

The webinar also discussed strategies and best practices on how best to mitigate these risks in securing information assets while ensuring business continuity, loss minimization and quick, safe recovery in the event of a breach. The keynote address was delivered by Dileepa Lathsara-CEO, TechCert and the panel comprised of eminent tech and business leaders Madu Ratnayake-Executive Vice President, CIO/GM Virtusa and D. Soosaipillai-INED of Listed Companies.

“It is important to define what information assets are so that security can be provided to those assets. Contrary to the misconception that information assets are only the application systems or the systems where staff work on and the data that resides on those systems, information assets include supporting infrastructure such as switches, patch panels, routers, servers and all other equipment, and application systems including confidential corporate information in those systems. It is also important to identify where corporate information is stored and who has access to it” said Dileepa Lathsara-CEO, TechCert.

“Boards should get involved in handling cyber security risk by firstly setting a security tone for the organization so that everyone takes security seriously and also ensure that the required resources are made available. Boards can focus on the actual requirements of information security by adopting and adhering to security frameworks, standards, acts and directives such as NIST and ISO27000 series, PCI-DSS rather than having the IT security team re-invent the wheel” he added.

He further stated that cyber security should be incorporated into the digital transformation chain and should not be a mere afterthought to be plugged in at the end. Cyber accountability is also important in that it is the organization’s ability to demonstrate that they have good cyber hygiene to ensure, in case of an eventual attack, the ability to track back to a unique event/person or group responsible with admissible evidence which also aids in quick rectification and recovery. Dileepa also emphasized that it is important to make informed and optimal investments in cyber security mitigation which can be calculated preferably as Annualized Loss Expectancy (ALE) as against ROI since security is about loss prevention and not about earnings where ALE is calculated as the cost of a security incident x chance that the incident will occur in a year.

Panelist Madu Ratnayake said that it is essential and fundamental to have the right people in the security team led by a CISO (Chief Information Security Officer) and that cyber security is a journey and not a destination as security is evolving. The Boards should comprise of members who have expertise on security given that most companies are going digital and the risk becomes crucial.

Panelist D. Soosaipillai said that the first thing is to find a security standard to be adopted in the organization without which there will be limitless spending on security without knowing what the benefits are. The organization should have a security vertical such as a CISO or IT Security, which is where the Boards will look at to establish ownership for IT security. He also suggested that Board does regular, if not half yearly Vulnerability Assessment and Penetration Testing (VAPT) by external 3rd parties into the systems/security matrix of the organization.

Continue Reading


Sampath Bank further simplifies cash management for businesses with launch of Visa Business Debit Card



Sampath Bank recently announced the launch of Sri Lanka’s first Visa powered business debit card linked to a corporate account – the Sampath Bank Visa Business Debit Card – to help businesses of all sizes gain more control over their expenses.

The Bank’s business customers will now be able to move away from cash and provide separate debit cards to their employees for day-to-day expenditure. They can set monthly transaction limits to each individual card and link the cards to their preferred company account with Sampath Bank. The chosen account will be directly debited each time an employee makes a payment using the card. Businesses can consolidate all spending information using the detailed electronic reports it offers and simplify their payments, bookkeeping, reporting and monitoring processes.

Offering greater convenience and security, this new business debit card from Sampath Bank is set to encourage more businesses to go digital with their expenses, in line with the government and the Central Bank of Sri Lanka’s efforts to drive the adoption of cashless payments in the country.

Commenting on this, Tharaka Ranwala, Senior Deputy General Manager – Operations and Group Chief Marketing Officer, Sampath Bank PLC, said, “We are delighted to help businesses of all sizes go digital with their daily expenses with the launch of the Sampath Bank Visa Business Debit Card. Moving away from cumbersome cash transactions, businesses can now provide staff members with individual debit cards to be used for company expenses. The cards are linked to the customers’ preferred Sampath Bank accounts which get debited every time a transaction is made using these cards. We look forward to seeing our business customers experience the convenience and security offered by this solution to simplify their cash flow management as well as accounting, reporting and monitoring.”



Continue Reading


CSE indices dip below average turnover



By Hiran H.Senewiratne 

CSE saw the bear run persist for the third consecutive day with both indices dipping sharply below average turnover. The market was negative and at one point it declined to 200 points and subsequently started recovering  but not up to a steady level, stock market analysts said.

The market saw heavy foreign selling worth Rs. 700 million, up from Rs. 53.5 million, thereby pushing the year-to-date figure up. Foreigners continue to exit from some blue chip companies.

As result, both indices moved downwards. All Share Price Index went down by 131.94 points and S and P SL20 went down by 56.09 points. Turnover stood at Rs. 2.43 billion with a single crossing. The crossing was reported in Lion Brewery, which crossed 673,000 shares to the tune of Rs. 363 million, its shares traded at Rs. 540.

In the retail market five companies that mainly contributed to the turnover were, Vallibel One Rs 290 (5.7 million shares traded), LOLC Rs. 243 million (736,000 shares traded), Expolanka Rs. 197 million (4.4 million shares traded), Browns Investment Rs. 170 million (1.1 million shares traded) and Dipped Products Rs. 127 million (2.9 million shares traded). During the day 141 million share volumes changed hands 23199 transactions.

During the day, top turnover companies, LOLC,  JKH, Browns Investments, Melstacorp and Expolnka contributed negatively to the Index. LOLC  being one of the top listed companies in the stock market  contributed 21 negative points to the All Share Price Index.  Other companies were, JKH 7 negative points, Browns, Melstacorp and Expolanka contributed six negative points each during the day.

It is said that CTC and Carsons Cumberbatch contributed positively to the All Share Price Index.  CTC contributed the highest number of points to the Index which was 10 points.

It is said that even though the market’s recent downward trend is disappointing, it is believed that the bourse will gradually reverse course in line with the expectation of an upward biased long term trajectory.’Consequently, investors are advised to take advantage of the current weakness and focus on accumulating fundamentally robust and liquid stocks in high growth sectors with a long term investment horizon, stock brokers said. 

Sri Lanka’s rupee opened weaker at 195/199 levels to the US dollar in the one-week forwards market on Wednesday while bond yields were slightly up, dealers said. The rupee last closed in the one- week forward market at 196.50/197.50 to the dollar on Tuesday.



Continue Reading