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Strengthening cooperation is vital to unlock the economic potential of Sri Lanka – Korean Ambassador

The 26th Annual General Meeting of the Sri Lanka–Korea Business Council (SLKBC) of The Ceylon Chamber of Commerce was held recently via MS Teams.
The SLKBC was inaugurated on November 4, 1982, in Colombo at the request of the late Lalith Athulathmudali with the objective of promoting trade, investments, tourism and services between Sri Lanka and Korea.
Mr. Priyantha Mendis, Managing Director, Alpha Tours (Pvt) Ltd (General Sales Agent for Korean Air in Sri Lanka & Maldives) was re-elected President of the Council for the year 2020/2021, while John Shiran Dissanayake, Chairman, Transmarine (Pvt) Ltd and Shamil Mendis, Chairman/Managing Director, Spear International (Pvt) Ltd were elected Vice Presidents.
Mahen Kariyawasan serves as the Immediate Past President and the Founder President, Prof. Lakshman Watawala as an Honorary member. Ambassador of the Republic of Korea to Sri Lanka, Woonjin Jeong, said, “strengthening the commercial ties between the nations in harmony with the national policy is among my top priorities. It is noteworthy that amid this pandemic, Sri Lanka was the first South Asian country which held a nationwide election and Korea was the first country in the world to hold a nationwide election successfully. The global economy including that of Sri Lanka has experienced a negative impact since the covid-19 pandemic.
“Businesses have incurred grave losses due to the travel restrictions, disruptions in global supply chains and the imposition of numerous lockdowns. At this juncture, I will do the best to help achieve the economic goals of Sri Lanka together with the Sri Lanka-Korea business council members.
“The Sri Lankan economy will bounce back by attracting new foreign investors as it has shown strength and resilience in spite of past setbacks. Sri Lanka has great potential for growth and provides ample business opportunities with its strategic location, natural resources and high quality human resources which are very complimentary with the capital and technology of Korea. Strengthening the economic cooperation is thus vital unlock the economic potential of Sri Lanka.
“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 business opportunities to expand between our two countries. In this regard, I hope that this esteemed Council too will work tirelessly to take our trade and economic ties to the next level and the Embassy, as always, will render its utmost assistance to you and work with you every step of the way until we realize this mutual goal”.
Priyantha Mendis, President of SLKBC reiterated that the main objectives of the Council is to promote trade and tourism between Sri Lanka and Korea, promote investment to Sri Lanka and encourage joint ventures, and to conduct joint meetings with Korean business organizations between the two countries.
“Bilateral Trade between Sri Lanka and Korea is around USD 400 million, mainly in favor of Korea. Anyway, for the past 15 years, the Korean government has offered employment opportunities to Lankan youth in the Manufacturing, Construction & Fisheries Sectors in Korea. At present there are around 30,000 Sri Lankans living in Korea, the biggest concentration of SL expatriate employees after Middle East.
With the commencement of direct services of Korea National Flag Carrier Korean Air to Sri Lanka in 2013, the Korean Tourist arrivals jumped to 16,000 in 2020 from around 4,000 earlier. Anyway Korean Air temporarily suspended its scheduled services in mid of March 2020 due to Covid-19 pandemic situation and will recommence its operations when the situation improves here and in Korea”, he said.
Abans Ltd, Ceyline Shipping Ltd, Senok Trade Combine (Pvt) Ltd, Shipping & Cargo Logistics (Pvt) Ltd and Southern Tea Producers (Pvt) Ltd were elected from the membership to serve on the Executive Committee of the Council.
News
COPE discovers fake documents covering drug imports in 2022/23

The Parliamentary watchdog Committee on Public Enterprises (COPE) has found that there were fake documents regarding the importing of medicines under the emergency procurement system in 2022 and 2023.
This was revealed during a COPE meeting held at Parliament probing the transactions of the National Medicine Regulatory Authority (NMRA).
NMRA CEO Saveen Semage told the committee that several fake documents have been found due to the lack of registration of medicines.
Stating that six such fake documents were found last year alone, Semage said he had recorded statements regarding each of the documents with the Financial Crimes Investigation Division.
He revealed that, however, no investigations have been conducted yet into the incidents.
“We have documents with confessions from a woman accepting that fake documents had been made. However, a statement has not even been recorded from that woman yet,” he said.
Meanwhile, COPE member MP Asitha Niroshana Egoda Vithana also revealed that the highest number of waive-off registrations (WOR) for medicines had been obtained in 2022 and 2023.
He said 656 such WORs had been obtained in 2022 and 261 in 2023, adding that this proves that discrepancies have taken place during the emergency procurement of medicines during these periods.
Furthermore, Deputy Director General of the Medical Supplies Division of the Health Ministry, Dr. G. Wijesuriya said discussions are underway on allowing the State Pharmaceutical Corporation (SPC) to directly import essential medicines.He pointed out that it was essential to take a policy decision in this regard as a solution to mitigate such discrepancies.
News
Batalanda report tabled in parliament, forwarded to AG

The Batalanda Commission report was tabled in Parliament on Friday by the Leader of the House and Transport Minister, Bimal Ratnayake.
Minister Ratnayake announced that the government has decided to forward the report to the Attorney General for legal advice. Additionally, a Presidential Committee will be appointed to provide guidance and recommendations on how to proceed with the findings of the report.
Ratnayake said that the Cabinet of Ministers, along with President Anura Kumara Dissanayake, has made a policy decision to take necessary action in response to the report. He reassured the public that steps are being taken to ensure that such a dark chapter in the country’s history is never repeated.
Minister Ratnayake said that a two-day debate on the Batalanda Commission report will be scheduled in Parliament at an appropriate time, allowing for a detailed discussion on the report’s findings and recommendations.
The report, which will be printed in all three official languages—Sinhala, Tamil, and English—will be made available to the public in the near future. Ratnayake confirmed that printed copies would be provided to members of Parliament as well as the general public for their review.
The Leader of the House further revealed that there are 28 evidence volumes associated with the commission’s work, which will be submitted to Parliament at a later date for further scrutiny.
Ratnayake said that as entire country concerned of the Batalanda Commission’s findings, the government’s commitment to addressing the issues raised and preventing future atrocities stands clear. The next steps, including legal action and policy recommendations, will be shaped by expert advice and informed parliamentary discussions, he said.
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CB Governor stresses need to assist crisis-hit construction industry

Governor of the Central Bank Dr. Nandalal Weerasinghe on Friday (14) emphasized the importance of promoting a sustainable and cost-effective construction industry in the country, highlighting key challenges and opportunities in the sector.
Speaking at ‘Construction Expo 2025’, Dr. Weerasinghe underscored the need for Sri Lanka to align with global trends in sustainable construction, integrating cost-effective energy solutions and eco-friendly building practices.
“I must say my views here are not necessarily as Governor of the Central Bank of Sri Lanka, but as a person looking at this construction industry and how this can be developed and what the issues are. Sustainability in construction is essential, not just for new projects but also for existing buildings,” he noted.
Dr. Weerasinghe acknowledged that the construction sector has been one of the hardest-hit industries due to multiple economic pressures in recent years including the decline in public investments, high material costs and the industry being dependent on government projects.
The CBSL Governor, who acknowledged that the government faced fiscal constraints, limiting infrastructure spending and delaying payments to contractors, said that however, the outstanding arrears had now been settled.
“Government did not have space to spend money for public investment, especially construction that had a significant impact on the industry in the last couple of years, plus the government inability to pay the arrears for a long period. That was an issue we all recognize that has been one of the adverse impacts the industry had in the past”, he expressed.
“Also the cost of materials went up significantly, partly because of foreign exchange shortages. As a result, the shortage had shot up the prices of construction materials, as well as depreciation of the currency, high interest rates, finance costs, and other factors. We all recognize that it had an adverse impact on the industry. It’s one of the worst affected industries because of all these factors.”
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