An Echelon Media Company
Sunday September 24th, 2023

More jobs for Sri Lankans in South Korea: Korean Labor Minister

ECONOMYNEXT – Amendments in the South Korean EPS system, under which foreigners are recruited for employment in South Korea, after 20 years will result in more foreign recruitments from Sri Lanka to Korea a visiting foreign minister said.

The Korean minister for labor and employment, Lee Jung-Sik told assured Sri Lanka’s minister of Labor, Manusha Nanayakkara, that necessary steps will be taken to open up new employment opportunities for Sri Lankans in Korea and also increase the number of jobs provided to Sri Lankans.

The minister, who is in Sri Lanka on a two-day state visit, met his local counterpart to discuss job opportunities for Sri Lankans at the Ministry of Labor and Foreign Employment today (15).

The South Korean minister responded positively to Nanayakkara’s request to the opening up of new employment sectors such as the apparel sector and the caregiver sector.

South Korea’s birth rate has declined by 1.93 per cent from 2022 as the burden of child care and housework have been identified as a discouragement for young people to have children, raising concerns of population decline.
South Korea is also faced with an ageing population.

To combat the disinclination of young people to reproduce, South Korea’s government announced the start of a pilot program allowing 100 foreign domestic workers, mostly care workers, to start working in Seoul.

The discussion also featured the need for workers in South Korea’s ship construction industry and the opportunities available for Sri Lankan skilled workers in the ship construction sector.

Minister Lee Jung-Sik said that he had met large number of Sri Lankans working in Korea and he appreciated their productivity and commitment.

Minister Lee Jung-Sik assured to provide full support by further strengthening bilateral relations between the two countries. (Colombo/Sept15/2023)

Leave a Comment

Your email address will not be published.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

Leave a Comment

Leave a Comment

Cancel reply

Your email address will not be published.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

Sri Lanka India industrial zone around Trinco, maritime links mooted

ECONOMYNEXT – Sri Lanka’s Ports Minister Nimal Siripala de Silva had highlighted the desire of both the Governments to work closely to develop the industrial zone at Trincomalee, after accepting an invitation to participate in a maritime summit.

The Global Maritime India Summit (GMIS) will be held in India from October 17-19, 2023 at Mumbai where Sri Lanka has been invited at a partner country.

At a curtain raiser event on September 22, India’s High Commissioner in Colombo, Gopal Baglay had said both countries were working on enhancing sea connectivity according to a vision document launched during a recent visit of the President of Sri Lanka to India.

Minister de Silva will lead a delegation from Sri Lanka to the summit.

Secretary to the Ministry of Ports, Shipping and Waterways, Government of India, T K Ramachandran said the Global Maritime India Summit aims strengthen the Indian maritime economy by promoting global and regional partnerships and facilitating investments.

The event will give an opportunity to the Government of Sri Lanka to attracting greater investment from India in development of its maritime infrastructure, Ramachandran said.

It will also facilitate greater business to business interactions. (Colombo/Sept24/2023)

Continue Reading

Sri Lanka brings back import para tariff on milk

ECONOMYNEXT – Sri Lanka has brought back an import para tariff called the Ports and Airports Levy, to several grades of milk powder.

Milk powder has been removed from a list of PAL exemptions, making them liable for a 10 percent tax.

The PAL para tariffs are also a contentious issue in terms of export competitiveness, and the government has previously given undertakings that they will be eliminated.

Trade freedoms of the poor figure in an IMF/World bank reform program with the governments.

Milk is a protein rich food, in a country where children of poor families are facing stunting and malnutrition.

Economic nationalism is seen at high levels in food, with several businessmen are pushing for trade protection, amid an overall autarkist (self-sufficiency) ideology, going directly against policies followed in East Asia, which the same as hold up as examples.

Sri Lanka keeps dairy product prices up ostensibly to bring profits to a domestic dairy company and farmers.

Sri Lanka also keeps maize prices up, ostensibly to give profits to farmers and collectors. (Colombo/Sept22/2023)

Continue Reading

Sri Lanka govt warns liquor manufacturers: pay defaulted tax or lose licence

ECONOMYNEXT – Sri Lanka government which is struggling to raise the state revenue despite   higher taxes, has warned liquor manufacturers to pay defaulted taxes or lose their licence.

The government is now getting tough with past tax defaulters amid concerns over falling short of this year’s revenue target agreed with the International Monetary Fun (IMF).

“Liquor manufacturing firms owe us 660 crore rupees (6.6 billion rupees),” Siyambalapitiya told  reporters on Thursday (21).

“Most of this or around a third is the only excise tax amount to be paid. The rest is penalty. If a liquor manufacturer does not pay on time, we impose a penalty of 3 percent per month This means 36 percent (penalty) per annum,” he said.

“We have given them deadline to repay the basic excise taxes. If they don’t pay, we will cancel their licence.”

President Ranil Wickremesinghe’s government committed an ambitious revenue target among many other reforms to the International Monetary Fund (IMF) in return to a $3 billion loan package.

However, the revenue could face a short fall of 100 billion rupees, State Finance Minister Ranjith Siyambalapitiya has said.

A new Central Bank Act also has legally prevented the government of printing money at its discretion as  in the past.  (Colombo/September 24/2023)

Continue Reading