Korean Embassy hosts academic seminar on economic situation of SL and effort to turn challenges into chances

The Korean Embassy recently hosted a seminar titled, ‘Economic situation of Sri Lanka and effort to turn challenges into chances’ with the aim of fostering a deeper understanding of the economic situation of Sri Lanka among the Korean diplomatic mission and ODA Country Directors.

It brought together a panel of Sri Lankan and international experts including Central Bank of Sri Lanka former Deputy Governor and Veteran Economist Dr. Weerakoon Wijewardena, Daily FT Newspaper CEO and Editor Nisthar Cassim, United Nations World Food Programme Country Director and Representative Abdurrahim Siddiqui, and Verite Research Senior Research Analyst Raj Prabu Rajakulendran. The In-House Seminar sponsored by the Korean Embassy was held at the Cedar Room, Cinnamon Grand Hotel.

Delivering welcoming remarks, Korean Ambassador Santhush Woonjin Jeong emphasised the significance of understanding the economic situation of Sri Lanka to identify and address its development needs. “It is my great honour to welcome you all today at the ‘In-House Seminar on the Economic Situation of Sri Lanka and Effort to turn Challenges into Chances’ organised by the Korean Embassy. As a development partner country and a close friend of Sri Lanka, I believe that it is of utmost importance for the Korean diplomatic mission and its ODA agencies to foster a deeper understanding of the current situation, to effectively identify and address the development needs of Sri Lanka, thus augmenting the bilateral cooperation between our two countries. 

“I have observed that Sri Lanka is rich in high-quality human and natural resources which are complementary to the state-of-the-art technology and capital available in Korea. I firmly believe that challenge is another chance. With time and collective efforts, I hope that Sri Lanka will resolve its economic challenges and look forward to a brighter future. Like the Korean journey towards economic development, well known as the ‘the Miracle on the Han River’ of Korea, I would like to witness Sri Lanka work ‘a Miracle on the Kelani River’ in the near future.”

In addition to the existing economic challenges prevalent in Sri Lanka, the In-House Seminar, focused on the impacts of economic challenges on food security, international cooperation to assist the vulnerable groups in Sri Lanka, the progress of the ongoing debt-restructuring discussions and Sri Lanka’s roadmap to recovery and an assessment on the public sentiment on the ongoing challenges and ways to transform economic challenges into opportunities for sustainable growth. 

Veteran Economist and Columnist Dr. Weerakoon Wijewardena explained an in-depth analysis of the current status of the Sri Lankan economy and the emerging challenges. WFP Country Director Abdurrahim Siddiqui highlighted the upcoming issues in the fields of food security in Sri Lanka and the need for concerted international cooperation. Senior Research Analyst Raj Prabu Rajakulendran outlined the ongoing developments in debt-restructuring of Sri Lanka comprehensively and Daily FT CEO and Editor Nisthar Cassim provided a coherent assessment of the public sentiment in response to the economic situation.

With a particular focus on discussing views on the ways to overcome the existing challenges, the seminar was productive and fruitful in terms of addressing a way forward to transform the challenges of Sri Lanka into chances to develop the nation.

The Embassy extends an appreciation to all guest speakers for their profound contributions that created an impetus for strengthened bilateral cooperation between Korea and Sri Lanka.