Category: Daily Financial Times

Pyramid Wilmar, one of Sri Lanka’s most progressive and influential corporate entities in the food manufacturing and marketing sector has donated a sum of Rs. 50 million to the Presidential Secretariat to aid the Government’s relief effort towards the victims of the recent Ditwah cyclone.

Pyramid Wilmar Ltd. Group Managing Director M. Sajjad Mawzoon said, ‘The devastation that took place throughout the country due to the recent cyclone has left everyone in a vulnerable situation. For some who lost their loved ones, life will not be the same. In light of all affected individuals and families, we stand with the people of Sri Lanka as the country begins to recover and rebuild from this existential challenge. Our commitment is to change life for the better.’

Pyramid Wilmar remains committed to its mandate for social responsibility, ensuring support for communities during times of crisis.

The ruling National People’s Power (NPP) has failed to secure approval for the Colombo Municipal Council (CMC) Budget, which was voted down, with 57 members supporting the proposal and 60 voting against it.

Sri Lanka will launch its new National Export Development Plan (NEDP) for the 2026-2030 period in January 2026, Export Development Board (EDB) Chairman Mangala Wijesinghe said yesterday, outlining an ambitious roadmap to reposition the country as a stronger player in global trade.

He said the forthcoming plan builds on lessons from the National Export Strategy (NES) implemented between 2018 and 2022, while responding to changing global trade dynamics and the country’s post-crisis economic priorities.

‘This initiative is central to positioning Sri Lanka as a competitive player in international markets,’ he said.

According to Wijesinghe, the Government’s export strategy, embodied in the soon-to-be-published NEDP targets total export receipts of about $ 36 billion by the end of the four-year period, driven by accelerated growth in both merchandise and services exports.

‘The finalised NEDP will be presented in January 2026 and will provide the roadmap for translating targets into investment, skills development, and new-market penetration. Once implemented, the combination of tariff reform, digital trade facilitation, renewed trade diplomacy, and focused sector development could substantially de-risk the economy and put exports on a higher-growth trajectory,’ he explained.

The plan has been prepared by the EDB in partnership with the Asian Development Bank (ADB) following months of stakeholder consultations.

Wijesinghe said NEDP rests on three key pillars: Boosting trade competitiveness, expanding regional and global market linkages and promoting sustainable, trade-led growth.

‘To capitalise on this momentum, the EDB plans to strengthen economic diplomacy and has set performance targets for Sri Lanka’s foreign missions,’ he said, adding that a formal review of existing free trade agreements (FTAs) and preferential trade arrangements (PTAs) is underway, alongside proposals for negotiating new agreements to support the $ 36 billion export objective.

He noted that a Ministerial Committee chaired by Trade, Commerce, and Food Security Ministry Secretary K.A. Vimalenthirarajah has been constituted to evaluate current trade agreements and is expected to unveil its report by February 2026.

Wijesinghe said the EDB is also seeking to change the composition of Sri Lanka’s export basket by prioritising sectors beyond apparel, coconut, rubber, and tea, which together still account for around 60% of export value.

Market diversification will be another key focus of the strategy. While the United States remains Sri Lanka’s single largest export market, accounting for nearly 25% of export earnings, and Europe contributes about 22%, Wijesinghe said the EDB is pushing for deeper penetration into African, Asian, and Middle Eastern markets.

‘Exports to these regions have grown by over 25% during the January-November period, underscoring their potential,’ he said.

He also highlighted strengthened economic diplomacy efforts, with Sri Lanka’s foreign missions now assigned export performance targets.

Wijesinghe drew attention to significant policy reforms in the 2026 Budget, including an allocation of Rs. 80 billion to modernise Sri Lanka’s outdated tariff structure and create a more transparent, investor-friendly trade environment. He said long-delayed progress has also been made on the National Single Window.

‘The long-discussed National Single Window has finally secured Rs. 2.5 billion in funding to move forward, enabling full online integration of key agencies including the Board of Investment, EDB, Customs, and the Land Ministry to streamline trade processes and shift to e-invoicing,’ he said.

He added that the implementation of the National Tariff Policy will help streamline and reduce para-tariffs.

Wijesinghe also described the reactivation of the Export Development Council of Ministers (EDCM), chaired by the President and revived after nearly two decades, as a major governance milestone.

‘The EDCM will play a key role in policy coordination, especially in light of the reconstruction needs following recent disasters. The Council, exporter forums, and sectoral task forces will be responsible for monitoring the implementation of the NEDP and ensuring that reforms remain aligned with national priorities,’ he added.

He said 90% of the EDB’s planned activities for 2025 have already been achieved, largely due to direct policy intervention through the EDCM.

Wijesinghe also revealed 573 export companies were affected by Cyclone Ditwah, particularly in Colombo, Gampaha, Kurunegala, and Kandy districts. Of these, 362 were small factories, 113 medium-sized, and 98 large enterprises. The main challenges faced were disruptions to connectivity, transportation, and electricity supply.

‘We have discussed these issues with all stakeholders and, together with the Industry and Entrepreneurship Development Ministry, have gathered information and are taking next steps to provide concessionary loans through banks and other trade facilitation measures,’ he said.

Wijesinghe also said the EDB plans to expand exposure for new exporters through international trade fairs next year. Citing Gulfood 2026 in January, he said 61 exporters have already registered, with the majority being first-time participants.

He also highlighted an EDB initiative titled ‘Expo Scale Up’, a six-month handholding programme aimed at nurturing new exporters. ‘Through this initiative, we aim to build 3,000 new exporters,’ he said.

Wijesinghe said the new strategy reflects a decisive shift in Sri Lanka’s export ambitions. ‘The goal is not only to boost revenue, but to transform the export sector into a more resilient and technologically advanced engine of the economy,’ he added.

Indian External Affairs Minister Dr. S. Jaishankar arrived in Sri Lanka yesterday as Special Envoy of Indian Prime Minister Narendra Modi.

During his visit, Dr. Jaishankar is expected to meet Sri Lankan leaders and hold discussions on bilateral relations and ongoing cooperation between the two countries.

India’s External Affairs Ministry said the visit underscores India’s Neighbourhood First Policy and comes in the context of Operation Sagar Bandhu, launched by India to support Sri Lanka following the devastation caused by Cyclone Ditwah.

India has been providing assistance to Sri Lanka as part of the operation, focusing on relief and recovery efforts in areas affected by the cyclone.

The Board of Investment of Sri Lanka (BOI) said Cyclone Ditwah has left Sri Lanka dealing with a national disaster of unprecedented scale, causing severe economic disruptions across multiple sectors. Significant disruptions to industrial operations, supply chains, and export activities underscore the urgent need for coordinated recovery efforts.

In response, the BOI has taken a leading role in assessing the extent of damage to BOI-registered enterprises and identifying the support needed for a speedy recovery.

In a statement, the BOI said it was conducting a comprehensive evaluation of the support required by affected enterprises to recover from cyclone damage and to facilitate the early resumption of production and export activities. As an initial step, the BOI collected detailed data from impacted enterprises to determine the scope and nature of losses.

Following this, a special impact assessment forum was held on 19 December at the BOI Auditorium. The forum brought together 36 participants from 26 BOI-registered enterprises adversely affected by Cyclone Ditwah. The main goal was to engage directly with these enterprises, enabling the BOI to gain firsthand insights into damages to property, machinery, equipment, and critical infrastructure, and to explore possible support options.

The discussions provided a vital platform for enterprises to share their experiences, challenges, and immediate needs. This exchange was a major milestone toward developing effective recovery strategies, identifying relief measures, and enhancing collaboration between the BOI and other government agencies.

Addressing the attendees, BOI Chairman Arjuna Herath and Director General Renuka M. Weerakoon reaffirmed the institution’s commitment to supporting affected industries during this critical time. They stressed that the BOI would do everything within its mandate to help enterprises overcome the setbacks caused by the cyclone, restore operations, and move toward recovery.

Additionally, the BOI will establish a 24/7 support unit at the Investor Services Department, Level 06, West Tower, World Trade Centre, to provide continuous and expedited support for enterprises in restoring their operations, including import/export approvals and handling damaged goods.

The Chairman also mentioned that key topics will be discussed with the Finance Ministry to ensure the right policies, financial help, and teamwork between agencies are in place to support the speedy recovery and lasting success of BOI-registered businesses impacted by Cyclone Ditwah.

The Colombo stock market opened the week in red losing Rs. 80 billion in value yesterday with the benchmark index dipping below 22,000 points for the fourth time since peaking at 23,659.70 in 12 November.

The ASPI closed yesterday down 1.13% or 250.89 points to 21,898.20 and the S and P SL20 fell 0.70% or 42.18 points to 6,014.36. Turnover was over Rs. 2.9 billion on nearly 81.9 million shares traded.

First Capital Research said the market declined on the back of extended selling on Colombo Dockyard.

Ahead of the festive season, the Colombo Bourse opened in negative territory. Selling pressure dominated both the morning and afternoon sessions, particularly as a result of the extended selling pressure observed on the Colombo Dockyard share.

Top negative contributors to the ASPI were DOCK, HNB, RICH, CARG and JKH.

Participation from both HNW and institutional investors remained muted, reflecting reduced activity ahead of the upcoming festive days.

The Capital Goods sector accounted for 33% of total turnover, while the Materials and Banking sectors contributed a combined 22%. Foreign investors turned net buyers, posting a net inflow of Rs. 8.6 million.

Onestep Solutions, a trusted leader in accounting software and financial outsourcing services, celebrates 25 years of continuous growth and service excellence, supporting a diverse portfolio of businesses across Sri Lanka and in regions such as USA and Australia. The milestone was commemorated recently at a 25th Anniversary event held at Cinnamon Life, attended by both local and overseas clients, partners, and stakeholders.

From small and medium enterprises to large-scale organizations with complex operational requirements, Onestep has consistently enabled businesses to manage, track and optimize their financial and operational processes with greater confidence, accuracy and efficiency. The company has grown over the past two and a half decades from a small accounting firm into a reputable provider of technology-enabled financial solutions.

A defining strength of Onestep Solutions is its deep-rooted local market understanding. Through daily interactions with thousands of customers, the company has gained firsthand knowledge of the evolving expectations and difficulties faced by businesses. By avoiding a one-size fits-all approach and ensuring alignment with real operating environments gaining expert knowledge in statutory, Tax and payroll requirements of clients particularly in Australia and USA.

Suresh Hettiarachchi, Director from Onestep said, ‘Over the last 25 years, we have grown from a small team into a trusted organisation supporting a diverse range of businesses locally and internationally – built on commitment, relationships, and trust. A milestone like this is never achieved alone; our people, clients, and partners are the foundation of everything we have built over the years.’

Having taken inspiration from the past, magnifying the company’s achievements Onestep Director Indika Perumbuli looks forward to the future with visionary hope: ‘This milestone is not only about looking back – it’s also about looking ahead. The coming years will bring renewed opportunities, new technologies and new challenges. And just as we’ve done before, we will adapt, evolve and continue to lead.’

As it evolved, Onestep expanded the range of services it offers, adopted modern technology, and reaffirmed its dedication to providing excellent customer service. Its service offering is still centered on efficiency, accuracy, and reliability, enabling clients to confidently concentrate on their core business objectives.

The anniversary event also served as an opportunity to recognize and appreciate long-serving employees whose dedication and contribution have played a vital role in the company’s sustained success. Onestep is grateful for the trust that its partners, clients, and employees have placed in it as it commemorates this milestone. This foundation of trust has been established by providing dependable, professional, and compliant accounting services on a regular basis, supported by strong client relationships and long-lasting industry partnerships.

Looking ahead, Onestep Solutions is still dedicated to helping companies throughout Sri Lanka achieve better financial clarity, increased productivity, and scalable growth. With a continued focus on innovation, transparency, and continuous improvement, the company hopes to strengthen its network and provide solutions that are ready for the future and support long-term success.

Mahindra India has made a contribution of Rs. 100 million to the ‘Rebuilding Sri Lanka’ Fund, strengthening international support for the country’s recovery and reconstruction efforts following recent natural disasters.

The donation was formally handed over at the Labour Ministry by Mahindra and Mahindra Sri Lanka Country Head Sujeet Jayant, together with Indian High Commissioner to Sri Lanka Santosh Jha, to Labour Minister and Finance and Planning Deputy Minister Dr. Anil Jayantha Fernando.

The event was attended by Labour Deputy Minister Mahinda Jayasinghe and officials from the Indian High Commission, underscoring the close cooperation between Sri Lanka and India in post-disaster recovery initiatives.

The donation adds to a growing pool of financial support mobilised under the Rebuilding Sri Lanka program, as the Government continues to engage development partners and the private sector to support reconstruction and long-term resilience building across the country.

A group of 121 leading economists and academics has called for the immediate suspension of Sri Lanka’s external sovereign debt payments, arguing that the country’s latest IMF-backed restructuring leaves it highly exposed to climate-driven disasters.

In a statement on Sri Lanka’s climate crisis and its 48-month IMF Extended Fund Facility, they said the current deal offers only limited debt-service relief and fails to restore debt sustainability under the new risk environment. The group urged a new restructuring framework that treats climate disasters as systemic shocks and provides significant debt cancellation without punitive conditions to enable recovery, social protection and reconstruction. Signatories include Joseph Stiglitz, Thomas Piketty, Yanis Varoufakis, Jayati Ghosh, and Stephanie Kelton.

Colombo Dockyard PLC (CDPLC) is charting a course toward calmer waters after navigating a prolonged period of turbulence. During these challenging times, the Ship Repair Sector played a pivotal role in sustaining the organisation by ensuring steady cash flow to support all business units. True to the saying, ‘Hard times create strong men’, the Ship Repair Sector successfully established itself in several new market segments that value quality, safety, timely delivery, and technical competence-all while delivering superior financial returns.

These new segments not only enhance profitability but also address a long-standing challenge: ensuring consistent dock utilisation. With this progress, Colombo Dockyard is well-positioned for a more stable and promising journey ahead.

Shipbuilding at Colombo Dockyard always concentrates for compact specialised vessels with number of machineries. These are high value assets demand precision and high quality. Hence every few shipyards dare to serve in such niche segments. One of such segments where the Shipbuilding sector of Colombo dockyard had marked its position at top is the Cable Ship Segment.

In 2019, Colombo Dockyard delivered its first cable-laying vessel, ‘KDDI Cable Infinity’, to Kokusai Cable Ship Co., Japan. This milestone marked Colombo Dockyard’s entry into the specialised field of cable-ship construction.

In 2023, the shipyard further strengthened its position in the global subsea-vessel market by delivering the cable-repair ship ‘CRV Sophie Germain’ to Orange Marine, France.

While simultaneously progressing with the construction of 10 Hybrid Eco Bulk Carriers to the Norwegian ship-owning company Misje in 2025, Colombo Dockyard successfully returned to its core specialisation-cable-ship building. During this period, the company secured a prestigious repeat-order contract from Orange Marine to construct two new Cable Laying and Repair Vessels. Orange Marine operates one of the world’s most experienced cable-ship fleets, accounting for 12% of the global cable-ship capacity, making this contract particularly significant.

This achievement represents a historic milestone for Colombo Dockyard, marking the largest shipbuilding contract ever signed in the company’s history and reaffirming its status as a key global player in the subsea cable-vessel industry.

Having established itself as one of the world’s most preferred shipyards for Cable Laying Vessel construction, Colombo Dockyard’s Ship Repair Sector strategically focused on capturing opportunities within the cable ship repair segment. Building on the confidence gained through a growing portfolio of successful projects and strong references from highly respected clients in the industry, the Ship Repair Sector proactively engaged with key global cable ship operators to secure new business.

CDPLC secured its first dry-docking repair enquiry for ILE DE BREHAT, a cable ship operated by Alcatel Submarine Networks and managed by Louis Dreyfus Armateurs SAS, France. This specialised Installation and Maintenance vessel is engineered to perform a full spectrum of subsea cable operations, including cable installation, cable repairs, post-lay burial, and pre-lay grapnel runs, making it one of the key assets in global telecommunication infrastructure support.

She arrived at the yard on 20 December 2024 for a set of basic dry-docking tasks, primarily aimed at assessing the shipyard’s capabilities, capacity, working environment, and the level of support provided by the management. This initial ‘test project’ proved to be a resounding success, paving the way for three additional cable ship repair projects. Securing four complex projects within a single year from a new and highly specialised market stands as a significant achievement in the company’s history.

The second cable layer vessel ILE DE RE-an Optic Marine cable ship managed by Louis Dreyfus Armateurs SAS, France-arrived in August 2025. This versatile vessel is designed for both subsea cable installation and remedial operations. Known for its high speed and excellent performance in harsh marine conditions, the ship is equipped with its own ROV and six cable tanks, providing a total cable-carrying capacity of 5,050 tons.

Leveraging the shipyard’s extensive experience in shipbuilding and the support of the newbuilding team, a new whisker plate-the steel chute used to guide cable safely into and out of the vessel-was successfully installed, further enhancing the vessel’s operational capability.

The third cable layer vessel TENEO-an Optic Marine cable ship managed by Louis Dreyfus Armateurs SAS, France-is well-suited for both deep-water and shallow-water operations due to its low design draft. This compactness, combined with excellent manoeuvrability in confined spaces, makes her a preferred choice among operators.

However, while the vessel’s smaller size offers operational advantages, it presents challenges during repair activities. Therefore, from the outset, the job sequence was carefully planned to avoid foreseeable overlaps and ensure smooth execution of the repair schedule.

The fourth project, CS ILE D’AIX-an Alcatel Submarine Networks (ASN) cable ship managed by Louis Dreyfus Armateurs SAS, France-is currently undergoing repairs at the shipyard.

For this incoming project, the vessel is scheduled to undergo a major retrofit involving the installation of two new stern thrusters. This scope requires comprehensive 3D modelling and the development of class-approval drawings across multiple disciplines, including mechanical, piping, electrical, and steel structures.

Accordingly, Colombo Dockyard has demonstrated excellence both in its products and in the services it delivers. Repeat business is earned only through the positive experiences the clients gain at the shipyard, and these recurring partnerships reflect their confidence in the company’s capabilities.

Securing such a unique and complex business segment-and successfully executing four cable-ship projects within a single year-would not have been possible without the unwavering dedication and teamwork across all departments, divisions, and segments, as well as the visionary leadership of the company’s top management.

Colombo Dockyard has also achieved a remarkable milestone by attracting cable ships from Taiwan to Colombo for repairs, diverting them from Singapore, a region traditionally recognised for such specialised services. This accomplishment reinforces our standing in the regional maritime industry.

Today, Colombo Dockyard is recognised as a one-stop destination for highly specialised ship repair solutions, further strengthening our position as a preferred partner in the cable-ship repair and maintenance sector.