Sri Lanka-Korea Business Council holds 30th AGM

Seated from left: SLKBC Advisor Priyantha Mendis, Embassy of the Republic of Korea to Sri Lanka Research Officer Minwoo Jo, Ambassador of the Republic of Korea to Sri Lanka Miyon Lee, SLKBC President Shamil Mendis, SLKBC Senior Vice President Patali Karunarathne, SLKBC Immediate Past President Asitha Martis and Yashodha Fernando of The Ceylon Chamber of Commerce.

Standing from left: Kaveeshi Weliwattha (JGK Holdings (Pvt.) Ltd), SLKBC Honorary Member John Shiran Dissanayake, Prajeeth Balasubramaniam (BOVCapital Ltd), SLKBC Honorary Member Mahen Kariyawasan, Emudu Perera (Abans PLC) and Devapriya Arthanayake (A. Baur & Co. (Pvt.) Ltd)

The Sri Lanka-Korea Business Council (SLKBC) of The Ceylon Chamber of Commerce held its 30th Annual General Meeting (AGM) with Ambassador of the Republic of Korea to Sri Lanka Miyon Lee gracing the event as the chief guest.

In her address, Ambassador Lee highlighted South Korea’s robust economic outlook under President Lee Jae-myung’s administration, which has embarked on a new five-year economic development plan. She noted that the successful hosting of the APEC Leaders’ Meeting emphasised Korea’s role in supporting global economic dialogue and easing geopolitical tensions.

Reflecting on the global economic environment, the ambassador shared that despite the lingering uncertainties, international growth forecasts continue to improve. She emphasised Korea’s strong fundamentals—low unemployment, stable inflation and resilient consumer and business sentiment—driving expected GDP growth recovery in 2026. Korea’s leadership in advanced manufacturing sectors such as semiconductors, shipbuilding, defence and cultural industries was underscored as key contributors to sustained growth.

The ambassador also noted the potential to deepen economic cooperation with Sri Lanka, calling on Sri Lankan authorities and the business community to enhance the trade and investment climate through improved customs processes and regulatory efficiency. She cited growing opportunities in automobiles, cosmetics, food products tied to K-culture, port development, mineral resources, digital and AI-driven sectors.

Shamil Mendis of Spear International (Pvt.) Ltd was elected as President of the council for 2025/2026. In his remarks, Mendis reaffirmed the council’s mission to advance trade, investment, tourism and business collaboration between Sri Lanka and Korea.

He highlighted the key initiatives undertaken during the year, including a session on ‘Korea’s Current Economy, Business Environment and Opportunities for Joint Collaborations’, a networking evening involving the members, government officials and representatives from the embassy and a collaborative event with the council for start-ups on navigating the Korean market and opportunities for Sri Lankan businesses. The council also hosted a highly acclaimed session on ‘Sri Lanka’s Future Forecast Scenarios and Challenges’ featuring leading Sri Lankan economists as well as a discussion on ‘Sri Lanka’s Export Prospect? Challenges. Opportunities. Reforms’ led by an industry expert to explore the strategies for expanding Sri Lanka’s global export footprint, particularly in sectors with untapped potential. Furthermore, a visit to Port City Colombo was arranged to explore the investment avenues for Korean enterprises.

Mendis expressed appreciation to the Embassy of the Republic of Korea, Embassy of Sri Lanka in Korea, KOTRA, KOIMA, KBA and the council’s membership for their continuous support. He reiterated the council’s commitment to serving as a gateway for meaningful partnership with Korea as Sri Lanka enters a phase of economic reform and renewed global engagement. 

The committee appointed for 2025/2026 include President Shamil Mendis (Spear International (Pvt.) Ltd), Senior Vice President Patali Karunarathne (Centrum Marine Consultancy (Pvt.) Ltd), Vice President Andre Fernando (MAC Holdings (Pvt.) Ltd), Immediate Past President Asitha Martis (Aitken Spence Shipping Ltd).

Committee Members: Representatives from Abans PLC, A. Baur & Company, BOV Capital (Pvt.) Ltd, Isuru Engineering (Pte) Ltd and JGK Holdings (Pvt.) Ltd.

Advisory Committee: Past President Priyantha Mendis, Honorary Members: Prof. Lakshman Watawala, Mahen Kariyawasan and John Shiran Dissanayake.