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The Cabinet of Ministers at their meeting on Monday approved the signing of 33 Memoranda of Understanding (MoUs) between the Public Administration, Provincial Councils and Local Government Ministry and the Indian High Commission to implement development projects in the Eastern Province under the Indian Multi-Sectoral Grants.

The initiative follows a broader MoU signed between the two Governments in April 2025, through which India committed Rs. 2,371.83 million to support 33 priority projects addressing the province’s development needs.

‘Separate MoUs have to be signed between the High Commission of India and the Public Administration, Provincial Councils, and Local Government Ministry on each project to be implemented,’ Acting Cabinet Spokesman and Minister Vijitha Herath said at the weekly post-Cabinet meeting media briefing yesterday.

The initiative is part of India’s ongoing development assistance to Sri Lanka, focusing on infrastructure, livelihoods and community welfare in regional areas.

The proposal to this effect was submitted by Public Administration, Provincial Councils, and Local Government Minister Dr. A.H.M.H. Abayarathna was approved by the Cabinet of Ministers.

SLT-MOBITEL recently announced the launch of the highly anticipated Apple iPhone 17 Series in Sri Lanka, bringing Apple’s latest breakthrough technology to local consumers, powered by its state-of-the-art 5G-ready network.

The exclusive launch event, attended by premium customers, distinguished guests, and special representatives, underscored SLT-MOBITEL’s commitment to rewarding long-standing customers while strengthening its long-standing partnership with Apple. During the event, pre-ordered devices were handed over to customers, who were among the first in the country to experience Apple’s latest innovation. Attendees also had the opportunity to preview the full iPhone 17 lineup, including the iPhone 17, iPhone Air, iPhone 17 Pro, and iPhone 17 Pro Max.

Attendees were also given the opportunity to experience the power of SLT-MOBITEL’s future-ready 5G trial network, witnessing firsthand how Apple’s cutting-edge devices perform seamlessly on next-generation mobile connectivity.

To celebrate the launch, SLT-MOBITEL is offering customers an exclusive suite of benefits, including 1TB of free data, an Apple Original 20W Power Adapter, a two-year warranty, and two complimentary screen replacements (front and back each), ensuring premium protection, value, and enhanced after-sales service.

With the introduction of the iPhone 17 Series, SLT-MOBITEL continues to lead the evolution of digital lifestyles in Sri Lanka, empowering users with superior performance, intelligent features, and uninterrupted connectivity. The launch further reinforces SLT-MOBITEL’s leadership in digital innovation and its ongoing commitment to aligning with global technology trends.

The launch of the iPhone 17 Series marks yet another milestone in SLT-MOBITEL’s journey to deliver world-class technology and premium experiences to customers across Sri Lanka.

In its continued effort to deliver superior user experiences and unmatched connectivity, SLT-MOBITEL has recently optimized its network to enhance connectivity, ensuring best-in-class experience for all valued customers.

Brandix launched its 10th Sustainability Report for 2024/25 this week, and laid out new ambitious targets that will transcend its environmental and social footprint. Brandix is the pioneer of sustainable manufacturing in the apparel sector for the Asia-Pacific region, including the first Net Zero Carbon Apparel Manufacturing facility in the world.

The latest Brandix Sustainability Report showcases the company’s robust industry-leading Environment, Social and Governance (ESG) frameworks across all operations in Sri Lanka, India and Bangladesh. The company enriches the lives of over 500,000 associates globally.

At the core of its Environmental thrust is circularity. Brandix aims to become Net Zero Carbon across all locations by 2030, which is an ambitious target from its current figure of 37%. At present 90% of all solid waste is recycled or reused, and recently launched a pilot project to recycle elastic waste at commercial scale. Brandix also plans to eliminate dependence on ground water across all operations, a commitment that extends to the whole water mix.

‘Our journey commenced as far back as 2006 at our Seeduwa plant, when no one else in this industry was interested or invested in sustainability. We maintained that momentum, weaving environmental stewardship to our social, supply chain and stakeholder engagements. The value we create is global, touching the lives of millions of people including future generations. Our latest Sustainability Report reaffirms our continued commitment to these principles and transparency. It will strengthen our journey towards the next wave of advancements,’ said Brandix Group Managing Director Hasitha Premaratne.

The latest Brandix Sustainability Report is themed ‘Every Thread Matters’, and discusses how each element in a value chain matter to weave strong, resilient and effective outcomes that add value to users. Brandix believes change begins with agile and innovative choices, and the company has amply demonstrated responsibility and performance can go hand-in-hand.

In addition to groundbreaking initiatives on the environmental front, Brandix also leads several initiatives on social empowerment. Children of all Brandix associates receive stationary, uniforms and all other school essentials for the full curricular year, in addition to scholarships and vocational development schemes. The company also provides clean drinking water and sanitation facilities to all associates and the communities in which it operates.

At present, 65% of Brandix facilities in Sri Lanka are powered by solar energy, and it is ramping up investment to achieve 100% within the target period. This will also take place in India, whilst regulatory challenges in Bangladesh slowed progress.

The Cabinet of Ministers on Monday approved publishing a new Bill in the Government Gazette and submit the same for Parliament approval.

‘The move is aimed at issuing fresh licences for container depot operators and amending the existing licensing laws governing shipping agents, freight forwarders, general operators and container operators,’ Acting Cabinet Spokesman and Minister Vijitha Herath said at the weekly post-Cabinet meeting media briefing yesterday.

The decision follows Cabinet approval granted on 18 December 2024 to draft the new legislation and introduce amendments to the Licensing of Shipping Agents, Freight Forwarders, Non-Vessel Operating Common Carriers and Container Operators Act, No. 10 of 1972.

‘The Legal Draftsman has completed the preparation of the Bill, which has also received clearance from the Attorney General,’ he added.

He said the legal changes aim to strengthen regulatory oversight of shipping and logistics sectors, improve licencing procedures, and ensure compliance with international operational standards for container depot and freight handling operations.

Regal Holdings Director/CEO Reshan Liyanage, Chairman Ranjan Liyanage, and RM Parks, Sri Lanka Managing Director Susantha Silva (fourth, fifth and sixth from left), along with the invitees and employees at the Regal Filling Station during its official re-launch as the 50th Shell outlet in Sri Lanka and the first Shell outlet in Puttalam District

Regal Filling Station Ltd., has announced its official re-launch under the globally reputed Shell brand, which marked a momentous milestone as the 50th Shell branded outlet in Sri Lanka and the very first Shell branded outlet in the Puttalam District. The achievement is attributed to the company’s reputation for excellence, innovation and dedication to setting industry benchmarks in quality and service.

Part of the Regal Holdings Group, which is a diversified conglomerate with a strong foothold in a multitude of sectors, Regal Filling Station has elevated industry standards since its inception 10-years ago. Today, it stands as the country’s first and only ISO 9001:2015 certified filling station, which is a distinction that reflects its unparalleled dedication to operational excellence, safety and consumer satisfaction.

This milestone comes at historic juncture as Shell returns to the country after almost 60-years, partnering with RM Parks Ltd., to rebrand a network of 150 retail fuel stations across the island. Regal Filling Station represents the 50th rebranded outlet within this partnership, which is a testament to its reputation and operation standards.

Since its inception in 2014, Regal Filling Station has become one of the top-performing fuel stations in the country, driven by an innovative culture, quality, and community focus. Under the dynamic leadership of Director and Chief Executive Officer Reshan Liyanage, the company has consistently achieved new heights, earning recognition for its performance and pioneering approach in the fuel retail sector.

Re-launched Regal Filling Station, Puttalam District

Liyanage said, ‘At Regal Holdings, ‘Customer Satisfaction is everything to us.’ It is both a privilege and a significant milestone in our history to become the first Shell-branded outlet in the Puttalam District and the 50th in Sri Lanka. Additionally, our ISO 9001:2015 certification is a testament to the quality and operational standards we consistently maintain. We attribute this success to our loyal customers, committed team, and partners who have been pivotal on this journey.’

Driven by the spirit of progress and vision for global expansion, Regal Holdings recently ventured beyond the shores of Sri Lanka, establishing a presence in Australia with the opening of a fuel station in Gympie under the Regal Group Australia Pty Ltd. This marked the first steps in Regal’s international journey and reinforces its ambition to take Sri Lankan entrepreneurship to the world.

As Regal Filling Station celebrates a decade of trusted services, it remains committed to embodying the values of reliability, innovation and community care, while continuing to redefine what it means to be a leader in Sri Lanka’s fuel industry.

The Sri Lanka Embassy, ‘Diplomatic World’ and ‘Travel Tomorrow Magazine’ in Belgium and the Department of Commerce of Sri Lanka jointly organised a successful business forum; ‘Business and Tourism Opportunities in Sri Lanka’ on 13 October 2025 at the Press Club Europe in Brussels. More than 60 participants including the officials from the EU institutions, Belgian authorities, private sector companies, investors, travel industry representatives, think-tanks and media professionals had the opportunity to explore Sri Lanka’s growing potential as an emerging business hub as well as a promising tourist destination in South Asia.

The forum opened with welcome remarks by the Ambassador Chandana Weerasena, followed by an online keynote speech by Deputy Minister of Foreign Affairs and Foreign Employment, Arun Hemachandra from Sri Lanka. Both speakers underlined the nation’s resilience and renewed focus on sustainable economic development, attracting foreign investment, and fostering international partnerships, emphasising Sri Lanka is the best country to trade, invest and one of the safest countries to visit. The Deputy Minister highlighted the importance of working together for deeper and sustainable economic relations at a time international politics, economics, social and security aspects are being challenged.

Minister Commercial of the Embassy, Thavishya Mullegamgoda presented trade and investment opportunities in emerging sectors in Sri Lanka highlighting potential areas for mutual collaborations between Sri Lanka and Belgium. She presented a number of sectors for Belgians and Sri Lankans to find business opportunities such as pharmaceuticals, food and beverages, agriculture, ICT, renewable energy, logistics, tourism and leisure, innovation and technology etc. Country’s strategic location, vibrant business environment, sustainable manufacturing practices and market access opportunities were also highlighted.

One of the highlights of the event was sharing business experiences by Belgian entrepreneurs in Sri Lanka. Raketman Ltd., in Sri Lanka CEO Emmanuel Blomme, who also the former UTP Sri Lanka (VCF Cigars Belgium) General Manager and the Vets Alphi Diamonds Belgium and Lydie’s Diamonds in Sri Lanka CEO Joachim Vets shared their business experiences in Sri Lanka. Their real-world examples and experiences in Sri Lanka as foreign entrepreneurs, was attracted by many in the forum.

Sri Lanka Tourism Promotion Bureau Managing Director Sampath Nishshanka joined the forum virtually and presented Sri Lanka’s authentic, diverse and compact tourism offerings. Travel Tomorrow magazine Editor-in-Chief António Buscardini, and Aitken Spence Travels Benelux Representative Johan Six, contributed to the panel discussion on travel and tourism opportunities in Sri Lanka. The discussion explored the country’s unique blend of nature, heritage, and hospitality, with emphasis on responsible tourism and experiential travel.

Adding a vibrant cultural and economic dimension to the event, a display of Sri Lanka’s prominent export items to the European market including Ceylon tea, spices, coconut products, lifestyle products were displayed at the venue. Product and tourism brochures and promotional materials highlighting the island’s scenic beauty, cultural heritage, and adventure experiences were also on display for attendees to explore.

Following the formal program, guests enjoyed a reception featuring authentic Sri Lankan snacks and Ceylon tea, providing an opportunity for informal networking and cultural exchange. The

Embassy expressed gratitude to all partners and participants for contributing to a successful evening of dialogue and collaboration.

CEAT Kelani General Manager – QBM Chaminda Thushara (left) accepts the Top 10 award from Prime Minister Dr. Harini Amarasuriya in the presence of the Industry and Entrepreneurship Development Minister Sunil Handunneththi and Deputy Minister Chathuranga Abeysinghe

CEAT Kelani Holdings has been recognised with two prestigious awards at the 2025 CNCI Achiever Awards presented by the Ceylon National Chamber of Industries (CNCI), reaffirming its standing as one of the country’s foremost industrial enterprises.

Competing in the ‘Extra-Large Manufacturing Sector’ category, the company received the National Silver Award and a Top 10 award, accolades that celebrate excellence across multiple dimensions of industrial performance including financial strength, value addition, productivity, innovation, quality assurance, environmental responsibility, and social commitment.

The CNCI Achiever Awards, regarded as one of Sri Lanka’s most respected recognitions for industrial excellence, evaluate companies on stringent criteria encompassing more than 12 key operational aspects. CEAT Kelani’s success at the 2025 edition marks another milestone in its journey of continuous improvement, having previously won CNCI awards in 2013 and 2024.

CEAT Kelani Holdings Chief Operating Officer Shamal Gunawardene said: ‘These awards are a reflection of the collective commitment of our teams to manufacturing excellence, innovation, and sustainability. Every process within CEAT Kelani, from product design to delivery, is guided by our quality-based management philosophy and a deep sense of responsibility to our customers, employees, and the environment.’

The company’s performance in several key areas contributed to its recognition at this year’s CNCI Achiever Awards. CEAT Kelani has maintained a strong financial profile validated by Fitch Ratings, which reaffirmed its National Long-Term Rating at ‘AA+(lka)/Stable’ for the fourth consecutive year, projecting an 18% increase in sales volume in FY2025 and a compound annual growth rate (CAGR) of 10% through FY2028.

CEAT Kelani General Manager – Manufacturing Sriram Srikanthan (right) and General Manager – Technology Kiran Shettigar (fourth from left) accept the National Silver Award in the ‘Extra Large Manufacturing Sector’ from Industry and Entrepreneurship Development Deputy Minister Chathuranga Abeysinghe

Under its proprietary Quality Based Management (QBM) system – a holistic Total Quality Management framework built on ‘Customer Focus,’ ‘People Focus,’ and ‘Process Focus,’ – CEAT Kelani has institutionalised a culture of continuous improvement across all operational levels. Its product development is driven by consumer insight and supported by advanced research and development (R and D) capabilities in Germany and India, ensuring superior performance, safety, and durability in every tyre segment.

Reinforcing its commitment to quality and innovation, the company recently pledged Rs. 4.5 billion in new investments to acquire advanced technology for new product development and drive significant quality improvements across its entire product portfolio.

Beyond operational excellence, CEAT Kelani continues to demonstrate strong environmental and social responsibility. The company’s sustainability initiatives include the quantification and reporting of greenhouse gas emissions under ISO 14064-1:2018 standards, the installation of a 2.4 MW rooftop solar power system, advanced waste management and recycling systems, and extensive Corporate Social Responsibility (CSR) programs such as the ‘CEAT Cares’ school road safety initiative and educational support for children of the rubber cultivator community.

Seylan Bank yesterday said it recorded a Profit Before Income Tax (PBT) of Rs. 12.8 billion in Q3 2025, up 20.75% from Rs. 10.6 billion in Q3 2024. For the 9 months ended 30 September 2025, Profit After Tax (PAT) recorded by Seylan Bank was Rs. 8.3 billion, up 26.30% from Rs. 6.6 billion recorded in the corresponding period of 2024.

The bank said that net interest income decreased from Rs. 27.2 billion to Rs. 27 billion, a marginal decrease of 0.75% over the previous year for the 9 months ended 30 September 2025 mainly due to the reduction in market interest rates and repricing of loans and deposits.

The bank’s Net Interest Margin (NIM) also recorded a reduction from 4.90% in 2024 to 4.48% in Q3 2025. Net fee based income recorded a growth of 15.99% from Rs. 5.8 billion to Rs. 6.7 billion during Q3 2025, and growth was mainly attributed to fee income from cards, remittances, trade and other financial services.

The bank’s total operating income for Q3 2025 was Rs. 35.1 billion, an increase of 2.57% compared to Rs. 34.3 billion in the corresponding period of 2024, driven mainly by the increase net fee and commission income and other operating income during the period.

Total Operating Expenses recorded an increase of 9.38% from Rs. 15.7 billion in 2024 to Rs. 17.1 billion in 2025 for the 9 months ended 30 September 2025. Personnel expenses increased by 8.21% from Rs. 8.1 billion to Rs. 8.7 billion mainly due to increase in staff related expenses.

Other operating expenses and depreciation and amortisation expenses too increased by 10.64% due to increase in prices of consumables and services over the period. The Bank continues to take relevant measures to curtail costs through various cost optimisation initiatives.

The bank recorded an impairment charge of Rs. 772 million in Q3 2025 against Rs. 4.1 billion reported in Q3 2024, a reduction of 81.39%.

The bank has ensured impairment provisions are made to capture changes in global and local economy, credit risk profile of customers and the credit quality of the bank’s loan portfolio in order to ensure adequacy of provisions recognised in the financial statements.

The bank’s Asset Quality Ratios of Impaired Loan (Stage 3) Ratio stood at an impressive 1.48% (2024 – 2.10%), while the Stage 3 Provision Cover Ratio stood at a strong 83.22% as at 30/09/2025, one of the highest in the banking industry.

Income tax expenses recorded as Rs. 4.5 billion, which is a 11.64% increase over the comparative period, which stood at Rs. 4 billion.

Value Added Tax on Financial Services increased for the first nine months from Rs. 3.3 billion to Rs. 3.9 billion in 2025 which is a 15.33% increase over the corresponding period.

Social Security Contribution Levy increased for the first nine months from Rs. 467 million to Rs. 539 million in 2025 which is a 15.33% increase over the corresponding period.

Overall, the bank recorded a Profit After Tax (PAT) of Rs. 8.3 billion during Q3 2025 a growth of 26.30% over the corresponding period in 2024.

The bank’s total Assets increased from Rs. 780 billion to Rs. 853 billion during Q3 2025, demonstrating a steady growth over the last nine months in 2025. The bank also made arrangements to canvas new bank loans and deposits while retaining its existing customer base.

Loans and advances of the bank were recorded at Rs. 534 billion, a net growth of Rs. 71 billion, while deposits were recorded at Rs. 675 billion, a net growth of Rs. 28 billion during Q3 2025. The bank’s CASA ratio was maintained at 29%.

Key financial ratios and indicators of Seylan Bank remained sound as of 30 September 2025. The capital adequacy ratios were well above the regulatory minimum requirements and recorded 12.24% as Common Equity Tier 1 Capital Ratio and Total Tier 1 Capital Ratio and 18.34% as the Total Capital Ratio.

The bank maintained the Liquidity Coverage Ratio (LCR) well above the statutory requirement. All Currency LCR Ratio and the Rupee LCR Ratio were maintained at 317.20% and 276.57% respectively.

The banks’s Asset Quality Ratios of Impaired Loan (Stage 3) Ratio and the Impairment (Stage 3) Provision Cover Ratio stood at 1.48% (2024 – 2.10%) and 83.22% (2024 – 80.90%) respectively.

The Return on Equity (ROE) stood at 15.08% (2024 – 15.35%) and Return on Average Assets (profit before tax) stood at 2.12% (2024 – 2.14%) for the period under review.

The bank’s Earnings per Share stood at Rs. 13.10 in Q3 2025 compared to Rs. 10.37 reported in Q3 of the previous year. The bank’s Net Assets Value per Share stood at Rs. 122.99 as at 30 September 2025 (Group Rs. 126.33).

The bank opened 20 ‘Seylan Pahasara Libraries’ during the first nine months in 2025, taking the total number of libraries contributed to 285, which signifies the bank’s commitment to foster wider focus on education through building of libraries in under privileged schools across the island.

The bank also successfully raised Rs. 15 billion Basel III compliant, Tier 2, listed, rated, unsecured, subordinated, redeemable, 5 years and 10 years Debentures on July 2025, which was oversubscribed on the same day itself.

Fitch Ratings upgraded the National Long-Term Rating of Seylan Bank to ‘A+(lka)’ by two notches with a Stable Outlook in 2025.

Singer Sri Lanka PLC is redefining the premium smartphone experience with the launch of the HONOR Magic V5, the brand’s most advanced foldable flagship to date.

Designed to merge artistry, intelligence, and performance, the model introduces a new era of mobility, enabling users to unlock productivity and creativity like never before.

The HONOR Magic V5 wcombines stunning design with technological sophistication, boasting a foldable form factor that is only 4.2 mm thin when unfolded and an incredibly light 217 g body. It stands among the slimmest and most portable foldable smartphones ever made. The device also features dual HDR displays with a peak brightness of 5000 nits, ensuring exceptional clarity and contrast. Both screens come with pen support, providing a seamless experience for users who prefer to sketch, annotate, or multitask across two high-definition panels.

Singer Sri Lanka Group Managing Director Mahesh Wijewardene said: ‘We are proud to introduce the HONOR Magic V5, a device that embodies true innovation and craftsmanship. This foldable smartphone reflects our continued commitment to bringing world-class technology to Sri Lankan consumers and offering them not only premium performance but also a glimpse into the future of mobile experiences.’

HONOR President – Southeast Asia Region George Zheng said: ‘The Magic V5 is a statement of HONOR’s leadership in design and innovation. Through our partnership with Singer, we are delighted to bring this exceptional device to Sri Lanka. Its foldable form, AI capabilities, and ecosystem connectivity represent a new standard in what users can expect from a flagship smartphone.’

Hayleys Chairman Mohan Pandithage (left) inspects the Honor phone

The phone’s true power lies in its intelligent AI-driven experience. Its split-screen AI assistant lets users multitask seamlessly across both displays, from browsing to attending meetings, all enhanced by smarter organisation and smoother performance.

The phone’s camera system is equally impressive, headlined by a 64MP Ultra Sensing Periscope Telephoto Camera that captures striking detail and vivid colour, even in low light. Combined with HONOR’s advanced image processing technology, the HONOR Magic V5 delivers professional-grade photography and videography that matches its premium aesthetic.

The launch of the HONOR Magic V5 marks a milestone for both brands, symbolising their shared commitment to innovation and excellence. As consumer interest in foldable technology grows, this collaboration between Singer and HONOR underscores their dedication to making premium innovations more accessible to Sri Lankan users.

Sri Lanka’s long-delayed free visa policy for select countries is set to take effect within the next one to two months, Tourism Minister Vijitha Herath yesterday announced, as the Government moves to finalise and gazette the regulation.

‘We are finalising the process to gazette and submit the new regulation to Parliament for approval. After that, we expect it to be implemented within one to two months,’ he said in response to a query posed at the weekly post-Cabinet meeting media briefing yesterday.

Originally announced in August 2024 by the previous administration, the free visa scheme, covering 35 countries was intended to take effect from 1 October 2024(https://www.ft.lk/top-story/Presidential-boost-for-tourism-with-free-visa-to-35-nationals/26-765842), but was repeatedly delayed due to the Government transition.

In July this year, the Minister confirmed that the list had been expanded to 47 countries, adding that while the Treasury might lose an estimated $ 66 million annually in visa revenue, the policy is expected to yield higher indirect earnings through increased tourist spending (https://www.ft.lk/front-page/Cabinet-nod-to-rollout-free-visa-policy-for-40-more-countries-Vijitha/44-779517).

Tourism industry experts noted that the move was too late to woo tourists for the winter season. ‘They wasted the opportunity to launch a global campaign for almost a year and are now scrambling at the last moment to implement a free-visa initiative. Unlocking growth requires urgent action, consistent policy and real partnership with the private sector. Without this, accolades and potential will continue to be wasted,’ they told the Daily FT.

Herath also said Sri Lanka’s original 2025 target of 3 million tourist arrivals has been revised down to 2.4 million, with efforts now focused on achieving that goal in the remaining two months of the year.

Noting that the country has already surpassed 1.8 million arrivals year-to-date (YTD), he pointed out that they are now intensifying efforts to attract more visitors, particularly from European markets, to boost both tourist numbers and revenue.

‘Sri Lanka aims to reach 2.4 million visitors by year-end. We are trying our best to reach that target. We don’t know whether we will succeed or not,’ he added.

As per the latest data released by the Sri Lanka Tourism Development Authority (SLTDA), the country has so far welcomed 137,876 tourists in the first 26 days of October, reflecting a 22% year-on-year (YoY) growth, whilst propelling the cumulative figure to over 1.86 million visitors, accounting for around 62% of the full-year target. The revised arrivals target, quietly acknowledged by the SLTDA in its Growth Scenarios report (https://www.sltda.gov.lk/storage/common_media/Growth_Scenarios_2025_final_1.pdf) aligns, where its projections outline three potential outcomes- a ‘Lower Scenario’ of 2.415 million arrivals, a ‘Conservative Scenario’ of 2.676 million and an ‘Optimistic Scenario’ of 3 million. Given this trajectory, Sri Lanka appears likely to fall short of the 2.676 million Conservative target and will need a significant surge in November and December to even meet the 2.415 million ‘Lower Scenario’ target.

However, the Minister noted that passenger volumes and flight operations are expected to increase significantly during the next two months, supported by new airline schedules and expanded routes, citing Kuwait Airways, Belarus’s national carrier Belavia Airlines, Russia’s Red Wings Airlines and Edelweiss, a subsidiary of SWISS International Air Lines, commencing operations to BIA and Mattala International Airport.

‘During the winter season, Russian arrivals will increase significantly with the charter flights operating to Mattala,’ he added.

India continues to lead Sri Lanka’s tourist source markets YTD, followed by the United Kingdom and Russia. Herath noted that as a percentage European tourists have visited the most which are also considered the high-end travellers.

He also pointed to several new promotional campaigns underway to draw more European visitors, including targeted efforts in Scandinavian countries and the UK.

The Minister also said tourism revenue reached $ 2.47 billion in the first nine months, less than half of the Government’s $ 5 billion annual revenue goal.

Sri Lanka earned $ 3.17 billion in tourism revenue in 2024, marking a 53.2% increase from $ 2.07 billion in 2023. Tourist arrivals also rose 38.1% year-on-year to 2.05 million, though the country missed its 2.3 million arrivals and $ 4 billion revenue targets for 2024.

Tourism, which once contributed nearly 5% to Sri Lanka’s GDP, has faced severe setbacks since its 2018 peak due to the Easter Sunday attacks in 2019, the COVID-19 pandemic 2020 and the economic crisis 2022. Thus, the year 2018 remains the industry’s benchmark, when the country recorded 2.33 million arrivals and over $ 4.5 billion in rev