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Thursday June 20th, 2024

Korea funds Sri Lanka vocational training facility for hi-tech industry

ECONOMYNEXT – Sri Lanka Wednesday opened a technical and vocational education facility in Colombo built with South Korean funds that in two years will produce 1,000 qualified youth with the skills to work in hi-technology sectors.

The ministry of industry, commerce, skills development and vocational training said the Korea-Sri Lanka National Vocational Training Institute (KSLNVTI) in Orugodawatte provides new technology training that will help fill growing skills shortages across a range of industries.

The facility becomes the only institution in Sri Lanka providing training on automation and robotics technology,  pneumatic and hydraulic systems and CNC (Computer Numerical Control) programming  used to control machine tools, a statement said.

The KSLNVTI has been completed at a cost of 17 million dollars in the first of a two stage 26 million dollars project which will also upgrade the Gampaha Technical College.

Funding for the project came as a loan from the Export-Import Bank of Korea, with additional support from Korea International Cooperation Agency and the Economic Development Cooperation Fund (EDCF) of Korea.

“We all know the strong relationship between vocational training, skills development and labour productivity of any country,” minister of industry, commerce, skills development and vocational training Rishad Bathiudeen said.

Sri Lanka’s service exports have been growing and diversifying with ICT/BPM, electronics, construction, engineering, printing and packaging, health and education being the key service exports.

“Of all these, three service exports – ICT/BPM, electronics, printing and packaging services  – alone contributes to around 1.3 billion dollars in export revenues every year,” he said.

“Good skills training shall help this sector to grow as well.” 
(COLOMBO, 21 August, 2019)
 

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Sri Lanka shares debt management experience at global forum

ECONOMYNEXT – Sri Lanka has shared its experiences at a forum on debt management to “provide lessons for others”, State Minister of Finance Shehan Semasinghe has said.

Semasinghe spoke on “The Role of Debt Management in Navigating Crises” at the 14th Debt Management Facility (DMF) Stakeholders’ Forum, in Livingstone, Zambia.

“I shared the experiences of Sri Lanka which can provide valuable lessons for others and explored the critical elements of capacity building and sound institutional practices in managing debt, particularly in the context of economic challenges,” Semasinghe said on X (twitter).

“Sri Lanka’s experience demonstrates that effective debt management is not just about managing numbers but also about building robust institutions and capacities.”

The journey underscores the importance of transparent, accountable governance and the need for international support and cooperation in times of crisis, he said.

“Sri Lanka prioritized addressing gaps in public debt management by drafting a consolidated Public Debt Management Act, ensuring clarity and legal robustness and establishing a centralized Public Debt Management Office with operational autonomy.

“The role of debt management in navigating crises is multifaceted and critical. Further, by investing in capacity building, adhering to sound institutional practices, and strategically managing debt restructuring and liability operations, countries can better withstand economic shocks and pave the way for sustainable recovery.”

Developing countries face severe debt distress as they are more vulnerable to external shocks, Semasinghe said, and “managing global debt requires coordinated international efforts on debt restructuring where necessary, timely fiscal policy adaptation and help sustainable economic growth.”

The state minister also pointed out the financial impact of climate change was an emerging challenge, as countries need investment to mitigate and adapt to climate impacts, “especially through non-debt creating inflows, which would require private capital mobilization.” (Colombo/Jun20/2024)

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Sri Lanka rupee closes stronger at 305.10/30 to US dollar

ECONOMYNEXT – Sri Lanka’s rupee closed stronger ahead of the long weekend at 305.10/30 to the US dollar on Thursday, up from 305.40/55 to the US dollar Wednesday, dealers said, while some bond yields edged up.

A bond maturing on 15.12.2026 closed at 10.45/80 percent, up from 10.35/75 percent.

A bond maturing on 01.07.2028 closed at 11.20/45 percent.

A bond maturing on 15.09.2029 closed at 12.00/15 percent, up from 11.95/12.35 percent.

A bond maturing on 01.12.2031 closed at 12.05/25 percent.
(Colombo/Jun20/2024)

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Sri Lanka stocks close up, JKH trade pushes turnover

ECONOMYNEXT – The Colombo Stock Exchange closed up on Thursday, data on its site showed.

The broader All Share Index closed up 0.19 percent, or 23.11 points, at 12,249; while the more liquid S&P SL20 Index closed up 0.15 percent, or 5.33 points, at 3,610.

Turnover was 2 billion. Nearly half of this (Rs980mn) came from a crossing on John Keells Holdings Plc. The share closed down at 202.00.

“There were several crossings today which pushed turnover,” market participants said.

“Institutions and high net-worth activity drove the market, while the retail investors we feel are still about uncertain and adopting a wait-and-see approach.”

Melstacorp Plc was among the companies that saw active volumes (Rs194mn) in the day. The share closed up at 87.10.

Top contributors to the index included TeeJay Lanka Plc (up at 41.70), Sampath Bank Plc (up at 79.50), Hatton National Bank Plc (down at 201.00). Hayleys Plc (up at 105.00) and its subsidiary Hayleys Fabric Plc (up at 46.60) were also positive contributors. (Colombo/Jun20/2024)

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