Category: Daily Financial Times

The Corporate Capital Market Ltd., (CAPM) has launched ‘Retire360’, a comprehensive retirement planning solution designed specifically for Sri Lankans between 35 and 50 who want to actively shape their future.

Retire360 begins with a powerful question ‘What kind of lifestyle do you want in retirement?’

To guide this reflection, Retire360 offers three unique lifestyle pathways:

Essence – A simple, peaceful, spiritually fulfilling retirement with modest living, occasional religious travel, and reliance on government healthcare.

Voyage – A balanced lifestyle offering comfort and exploration, including one overseas trip each year and flexible access to both government and private healthcare.

Prestige – A premium retirement experience with multiple overseas holidays, luxury travel options, and full private or international medical care.

Once a preferred lifestyle is identified, Retire360 builds a personalised investment plan that may include investment-based insurance products, equity investments, debentures or fixed deposits, and soon, real estate investments.

The country’s manufacturing and services sectors in October have expanded, as per the Purchasing Managers’ Index (PMI), its compiler the Central Bank of Sri Lanka (CBSL) said.

The Manufacturing PMI registered an index value of 61 in October, reflecting an increase in manufacturing activities at a faster rate compared to 55.4 in September 2025.

The CBSL said this increase was broad-based, with all sub-indices contributing positively to this expansion.

The notable expansion in the New Orders sub-index was driven by the manufacture of food and beverages sector, with many respondents receiving production orders for the upcoming festive season. Moreover, firms enhanced their production during October in response to festive demand, resulting in an increase in the Production sub-index.

In addition, the Employment sub-index rebounded and the Stock of Purchases sub-index also increased, in line with the expansions observed in New Orders and Production.

However, Suppliers’ Delivery Time continued to remain lengthened during the period.

The CBSL said the outlook for manufacturing activities over the next three months remains positive, reflecting the positive sentiment ahead of the upcoming festive season.

The Services PMI registered an index value of 66 in October, indicating an accelerated expansion in services activities compared to 58.7 in September 2025.

Business activities expanded at a faster pace in October 2025, reflecting stronger momentum across multiple service sectors.

The expansion was led by robust performance in wholesale and retail trade. In addition, business activities related to financial services continued to improve, supported by increased lending activities. Other personal service activities and activities related to transportation of goods also contributed positively to the overall expansion.

The CBSL said New Businesses increased in October 2025, with higher demand for wholesale and retail trade, as well as improved activity in financial services.

In addition, Employment continued to rise in October 2025, although at a slower pace than in the previous month, as firms adjusted hiring to match operational needs.

However, Backlogs of Work continued to decline at the same rate as in September 2025.

The CBSL noted that the expectations for business activities over the next three months strengthened further, supported by favourable macroeconomic conditions, rising tourist arrivals, and an expected increase in demand during the festive season.

LOLC Finance yesterday said that its proposed Rs. 15 billion debenture issue has been approved by the Central Bank of Sri Lanka. The issue comprises of up to 150 million listed, rated, unsecured, senior, redeemable debentures. In September, the company said it was seeking regulatory approval for a Rs. 20 billion issue. It appears the company has now reduced the planned issue.

LOLC Finance reported a Rs. 8.8 billion after-tax-profit in the September 2025 quarter, a year-on-year growth of 106% while nine-month profit grew 72% to Rs. 14 billion.

Its total assets stood at Rs. 466 billion with a reserve of retained earnings nearing Rs. 82 billion.

According to LOLC Finance’s 2024/25 annual report, the company is laying the groundwork for growth through strategic partnerships, new products and wider distribution channels.

Allianz Insurance Lanka Ltd. celebrated excellence, dedication, and professionalism at the Allianz Claims Excellence Awards 2024, held on 2 October at The Grand Monarch.

The event honoured exceptional individuals and teams who consistently uphold Allianz’s promise of delivering superior claims service, demonstrating the company’s unwavering commitment to customer trust, service quality, and operational excellence. The awards served as a testament to Allianz Lanka’s culture of recognising performance that goes beyond expectations and strengthens customer confidence at every touchpoint.

Allianz Insurance Lanka is a fully-owned subsidiary of Allianz SE, a global financial services provider specialising in insurance and asset management, headquartered in Munich, Germany. Allianz is globally recognised as the ‘World’s No. 1 Insurance Brand’ by Interbrand and Brand Finance.

The Colombo stock market continued to slide with both indices closing in red yesterday on selling pressure as investors continued to book profits after a post-Budget rally last week.

The benchmark ASPI closed 0.74% down, losing 172.02 point to 23,051.66 and the active S and P SL20 ended 0.52% lower, down 33.46 points to 6,376.54.

Turnover was over Rs. 4.4 billion on nearly Rs. 137.82 million shares traded, and foreign investors remained net sellers with a net outflow of Rs. 100.6 million.

First Capital Research said the stock market witnessed pockets of bargain buying during early trading, however, profit-taking pressures in the latter half dragged the market into negative territory.

Retail and HNW participation remained comparatively muted throughout the day. Blue-chip counters led the downturn in the index, while SFCL, HNB, RICH, DFCC, and DIAL emerged as the key negative contributors

The Capital Goods sector dominated market activity, accounting for 33% of total turnover, followed by the Banking, and Food, Beverage and Tobacco sectors, which collectively contributed 31%.

For decades, Sri Lanka’s apparel industry has stood as a national success story-one that stitched together foreign investment, ethical manufacturing, and export resilience. But behind the glossy factory floors of major exporters lies another story: that of small and medium enterprises (SMEs) struggling to stay afloat under mounting costs, tightening regulations, and shrinking access to finance.

These smaller players form the invisible backbone of the apparel ecosystem-supplying trims, accessories, small-batch production, and specialised value-added services that help larger firms compete globally. Yet, despite their vital role, many SME producers now feel increasingly cut off from the support they need to survive.

VAT dilemma: A blow to competitiveness

One of the most pressing challenges today is the newly imposed VAT requirement. Until recently, imported materials for exporters were exempt from duty. Now, SMEs must pay 18%

VAT upfront tying up already limited cash flow and eroding competitiveness.

‘Earlier, raw materials came duty free for export production. Today we’re paying 18%VAT, even when the end product is destined for export,’ says an apparel manufacturer from Katunayake. ‘Most BOI companies have fallen into the 1,300 list and are not entitled anymore. There’s no level playing field; its the Government

duty to protect exporters, large or small.’

For many, this shift has created a cascading effect: liquidity constraints, delays in orders, and the inability to invest in machinery or technology upgrades. Unlike large apparel conglomerates with established financial buffers, SMEs operate on tight margins where even small policy changes can tip the balance.

Finance: The missing thread

Access to finance remains the biggest barrier. ‘Banks always ask for security. But what we need are loans based on business projections, not just collateral,’ explains another SME owner. ‘In other countries, banks share the risk with entrepreneurs. Why can’t ours do the same?’

Most small apparel producers lack the capital to invest in overseas marketing, modern machinery, or automation-factors critical to maintaining cost efficiency and labour productivity. With rising wages and labour shortages, automation could be the bridge to long-term sustainability. Yet, without affordable financing, it remains out of reach.

Technology and market access

Digitalisation could offer new lifelines to SMEs through online buyer engagement, transparent supply tracking, and access to design or production software. However, few possess the technical skills or capital to adopt such systems. Many cannot afford professional marketers or brand strategists, leaving them dependent on a handful of local buyers or subcontracting relationships that offer thin margins and little growth.

Targeted Government

and industry collaboration could change that. Shared R and D facilities, export promotion grants, and SME participation in global trade fairs would help smaller firms tell their stories to international buyers seeking ethical and diversified sourcing destinations.

Bridging the divide

The larger question is one of equity and sustainability: how can Sri Lanka ensure that the apparel industry’s success is shared across the supply chain from large exporters to the smallest regional workshops?

The answer lies in partnership. Stronger collaboration between government, financial institutions, and industry bodies is not just desirable, it›s essential. Policymakers must create a framework that balances fiscal discipline with export competitiveness, while banks should be empowered to take calculated risks that nurture innovation and employment.

As one SME owner puts it: ‘We’re not asking for handouts, just a fair chance. When small producers grow, the entire industry becomes stronger.’

Sri Lanka’s apparel sector has always thrived on resilience and adaptability. But resilience should not mean survival against the odds. With the right mix of financial support, smart policy, and shared vision, the country can transform its apparel SMEs from subcontractors into strategic partners helping Sri Lanka remain a trusted, high-value sourcing hub in an increasingly competitive global market.

Cheers and jeers welcomed Sri Lanka’s National Budget 2026. This is normal when the country’s ends are many, but the means are limited. Budget promulgations based on important and urgent priorities, as seen by drivers of national policy, will produce winners and losers.

Although the Opposition is taunting the National People’s Power (NPP) Government about bowing excessively to the requirements of the International Monetary Fund (IMF) and not adequately addressing the pressing needs of the low and middle-income citizens of the country, I applaud the focus and determination of the Government to not succumb to the temptation of giving what the country cannot afford to win votes at the upcoming provincial elections. In this light, the Budget represents a profound political and economic statement.

Though largely guard-railed by the demands of the International Monetary Fund (IMF) to increase tax collections, align electricity pricing with costs, strengthen social safety nets, implement anti-corruption measures, rebuild external buffers to ensure financial stability and complete debt restructuring with both private and bilateral creditors, I view the National Budget 2026 as one of deliberate abstinence, founded on the conscious refusal to resort to the addictive short-termism of populist measures that have historically defined Sri Lankan politics.

By prescribing the unpleasant but necessary medicine of structural reform, greater tax compliance, institutional clean-up, and reorientation towards productive investment, the NPP is taking a massive political gamble. Although I call it a gamble, it is the right approach. This is the gamble which both Mahinda Rajapaksa and Gotabaya Rajapaksa refused to take despite the commanding majorities they enjoyed in the Sri Lankan parliament in 2010 and 2020.

The NPP is betting that the long-term seeds sown in this Budget in the forms of the new Revenue Authority, the enhanced Anti-corruption Framework, the Single Window for investment, and the shift towards export-led industrialisation will yield tangible fruits such as restored investor confidence, increased foreign direct investment (FDI), economic growth, greater job certainty, reduced inflation and general prosperity before the next round of presidential and general election. To me, this is a rare, non-populist commitment to national solvency over short-term political survival. Bravo!

Challenge for President Dissanayake and the NPP

The challenge for President Dissanayake and the NPP is twofold. Maintaining the political will to enforce these painful reforms against inevitable public discontent and ensuring that the complex institutional mechanisms like the Revenue Authority and Single Window are implemented effectively and without bureaucratic inertia. If they succeed, the 2026 Budget will be remembered not for its lack of relief and electoral silence, but as the blueprint that finally broke Sri Lanka’s cycle of populist measures and laid the essential foundations for a prosperous and resilient long-term future.

The failure of the NPP Government to live up to its election promise that it would renegotiate the IMF deal in procuring fairer terms for the people has been the key censuring weapon of the Opposition. This is a classic example of sour grapes because had one of the parties in the opposition secured power, its approach to IMF’s ‘sword of Damocles’ would have been very similar to that adopted by the NPP. Any attempt by the NPP to flout the key IMF conditions would be economic hara-kiri. Therefore, the NPP must not feel shy in stating that the Budget was influenced by the IMF benchmarks.

We must recognise that Sri Lanka’s push into the arms of the International Monetary Fund (IMF) was the culmination of years of economic mismanagement by various parties who are now in the Opposition, a series of catastrophic policy decisions and external shocks. The Janatha Vimukthi Peramuna (JVP) insurrections in 1971 and late 1980s and the 26 year war between the Government and the Tigers of Tamil Eelam (LTTE) seeking an independent Tamil State, added fuel to the fire. We, the citizens, also had a good time living beyond the country’s means. At the core of the crisis was a persistent “twin deficit”. A massive fiscal deficit with Government spending far exceeding revenue and a current account deficit with imports constantly outweighing exports.

Failure of successive governments

For years, successive governments failed to expand the country’s export revenue or diversify the economy, instead relying heavily on tourism, remittances, and foreign borrowing to bridge the gap. The situation spiraled in 2019 when the Government enacted deep tax cuts, drastically reducing Government revenue by an estimated two% of GDP. This critical misstep rapidly weakened public finances. Simultaneously, the Government banned chemical fertilisers, severely damaging the crucial agricultural sector, including tea.

The COVID-19 pandemic delivered a brutal blow, crippling the lucrative tourism industry and slashing remittances, the primary sources of foreign exchange reserves. As debt repayment deadlines loomed and foreign reserves depleted by over 70% in two years, the Government resorted to printing money, fuelling hyperinflation. Rating agencies downgraded the country, locking it out of international capital markets. In April 2022, Sri Lanka formally defaulted on its foreign debt, a first in its history. With no foreign exchange to import essential goods like fuel, food, and medicine, the nation faced an unprecedented humanitarian crisis, leading to widespread protests.

IMF program

Having exhausted all other options and facing an existential collapse, the Government had no choice but to seek an Extended Fund Facility (EFF) from the IMF as a last resort for a comprehensive $ 2.9 billion bailout and a path to debt restructuring. For Sri Lanka, it was Hobson’s choice at that time. For the NPP Government it was fait accompli when it assumed power. Notwithstanding NPP’s election rhetoric, Opposition’s expectation that the NPP would dramatically alter the IMF program is a wish too far. The National Budget must be judged against this background.

There exists an established framework to secure IMF’s Extended Fund Facility (EFF). Credit must go to the Ranil Wickremesinghe (RW) administration, which walked a tightrope in establishing this framework for the implementation of, and the monitoring of progress against, the IMF demands. The RW administration tackled the economic collapse by setting up a robust structural foundation to satisfy the IMF’s Extended Fund Facility (EFF) and establish a base for monitoring and governance through, Fiscal Fortification via an unrelenting push for revenue-based fiscal consolidation through unpopular tax hikes. This move was not just about cash. It was about shifting Sri Lanka from debt-fuelled spending to sustainable, self-financed Government operations, Cost-Reflective Pricing. To stem the bleeding from massive losses in State-Owned Enterprises (SOEs), the Government established automatic, cost-reflective pricing formulas for fuel and electricity. This mechanism removed political interference, ensuring that prices cover the cost of supply, thereby preventing future Budgetary black holes, and The Governance Overhaul. Crucially, the administration focused on institutional reform to rebuild trust. It took a historic step by publishing the IMF Governance Diagnostic Report, which was a first in Asia, publicly acknowledging deep-rooted corruption weaknesses. Furthermore, it worked on enacting key legislation like the Public Financial Management Act and the Public Debt Management Act to strengthen fiscal discipline, debt management, and accountability, providing the legal infrastructure for transparent, monitored financial conduct.

These steps represented the foundation of institutional credibility and tough, non-negotiable financial monitoring that the IMF required for long-term stability. RW achieved a lot in these respects. Despite the same, he lost the presidential election because of his leadership style and his inability to inspire a shared vision for all Sri Lankans. Not just one for Colombo’s elites.

Balanced approach

It was common sense for the NPP Government to continue with the RW initiated program to maintain economic stability and complete debt restructuring, while seeking changes to ease the immediate burden on the populace. These may be seen as de facto concessions or adjustments. The NPP Government is navigating a long, narrow, and tough path. To be fair, it has publicly sought a “balanced approach” from the IMF and has been partially successful in securing adjustments aimed at alleviating some politically painful conditions, such as easing the tax burden on certain groups and prioritising social spending.

There is no denying that the National Budget 2026 is structurally and numerically aligned with the IMF demands and benchmarks. It is, by design, an ‘IMF Budget.’ Its key figures, the primary surplus target and the revenue-to-GDP goal, are direct quantitative requirements of the Extended Fund Facility. So- what is wrong? Beggars can’t be choosers!

The National Budget 2026 is more than a mere financial statement. It is a critical policy document designed to solidify fiscal stability, accelerate structural reforms, and lay the groundwork for a productive, digitally empowered, and inclusive economy. The significant moves within the Budget reflect a dual commitment: adhering to fiscal discipline required for debt sustainability and simultaneously addressing the social needs and growth aspirations of the nation.

Fiscal consolidation and macroeconomic targets

The primary focus of the 2026 Budget is fiscal consolidation, the cornerstone of the country’s economic program. The Government has set ambitious yet critical macroeconomic targets:

Budget deficit target:

The Budget aims to maintain the deficit at approximately 5.1% of GDP.

Primary surplus:

A primary surplus (revenue minus non-interest expenditure) of around 2.5% of GDP is projected, signaling the Government’s commitment to generate enough revenue to cover operational costs and contribute towards debt servicing.

Debt sustainability:

The long-term goal of reducing Government debt is reinforced, with a projection to decline to 96.8% of GDP by 2026 and further to around 87% by 2030.

Revenue mobilisation: Total revenue is targeted at Rs. 5,305 billion, being over 15.4% of GDP, emphasising that revenue enhancement is the main tool for deficit reduction, rather than cuts in essential public expenditure.

This disciplined approach is vital for restoring international creditor confidence and sustaining the momentum of the reform agenda.

Revenue and taxation reforms

The most significant moves involve taxation, aimed at broadening the tax base and improving collection efficiency.

debt servicing.

Broadening the tax net:

A key structural reform is the proposed reduction in the registration thresholds for the Value Added Tax (VAT) and the Social Security Contribution Levy (SSCL), effective from 1 April, 2026.

This move will bring a larger number of small and medium-sized enterprises (SMEs) into the formal tax structure, enhancing tax equity and revenue.

Tax structure rationalisation:

The Budget signals a commitment to gradually adjust the direct-to-indirect tax ratio from the current 25:75 to a more equitable 40:60. This shift is essential for a progressive tax system.

Trade tax simplification:Efforts to standardise customs duty bands and the phased removal of para-tariffs are intended to simplify the trade regime, reduce the cost of imports for production, and enhance Sri Lanka’s competitiveness in the global market.

Investment incentives for SMEs:

To counterbalance the broadened tax net for smaller players, the Budget proposes to reduce the qualifying investment threshold for enhanced capital allowances from $ 3 million to $ 250, 000. This measure makes investment-related tax benefits accessible to a much wider range of SMEs, encouraging capital formation and job creation in the domestic sector.

Structural and governance reforms

Beyond fiscal numbers, the 2026 Budget prioritises structural and governance reforms crucial for long-term economic transformation.

Anti-corruption drive:

Restructuring and modernising loss-making SOEs remain a top priority. The Budget proposes introducing a Public Commercial Business Management Act to strengthen governance, accountability, and commercial viability in these institutions. Furthermore, there are proposals to merge or close redundant public sector institutions to improve overall efficiency.

Anti-Corruption Drive: The Budget calls for adequate funding to be allocated to key institutions like the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) and the judicial system to strengthen their capacity and ensure swifter justice, tying economic reform to better governance.

Digital transformation:

A significant thrust is placed on digitalisation. Key initiatives include the rollout of the first Digital ID in 2026, establishing a national data exchange infrastructure, facilitating the commercial launch of 5G services, and implementing an e-procurement system for the Government. Furthermore, zero service fees are proposed for online payments to the Government to encourage cashless transactions.

Sectoral development and social welfare

The Budget seeks to balance fiscal austerity with targeted measures to boost specific economic sectors and protect vulnerable populations.

Export and investment promotion:

A Trade National Single Window is to be established to streamline export-import processes. Investment promotion is strengthened through the implementation of a Public-Private Partnership (PPP) framework and amendments to the Port City and Strategic Development Acts to ensure predictable concession frameworks for foreign investors.

Focus on production economy:

The Budget emphasises strengthening domestic production, particularly in agriculture, through the modernisation of paddy processing, strengthening food storage, and expanding irrigation. For the SME sector, the consolidation of key enterprise development agencies aims to provide a more streamlined support system.

Social protection: While maintaining fiscal prudence, the Budget continues to support targeted social welfare programs like ‘Aswesuma’. A notable direct move for workers is the announced increase in the plantation sector’s daily wage to Rs. 1,750, effective from January 2026, aiming to address cost-of-living pressures in this key sector.

The primary risk to the Budget 2026 is maintaining fiscal consolidation while addressing popular dissent and weak execution capacity. Revenue targets are ambitious, relying heavily on widening the tax net and improved compliance. Failure to sustain this strong revenue performance, especially amid potential global trade slowdowns or domestic resistance to new taxes, like a wealth tax, would widen the projected 5.1% GDP deficit and derail the IMF program. Second, there is a significant risk of underspending on capital projects, as seen in 2025, which limits growth potential and makes long-term fiscal stability harder to achieve. Third, political resistance and “reform fatigue” threaten structural reforms, particularly the restructuring of State-Owned Enterprises (SOEs) like the Ceylon Electricity Board. Policy inconsistency and frequent reversals of major decisions can deter vital foreign investment. Finally, while the Budget aims to balance discipline with social justice, rising costs of living and public frustration with reforms could create social instability, undermining the policy continuity required to secure final debt restructuring and achieve the targeted 7% medium-term growth.

Sri Lanka at a pivotal juncture

Sri Lanka stands at a pivotal juncture. The profound economic and governance crises of the recent past have delivered a clear, unequivocal mandate. Political division must yield to national unity. The Government and the Opposition share a sacred, non-negotiable duty to the citizens. Make the national strategy work. The country’s long-term strategy, whether it concerns economic recovery, anti-corruption reforms, constitutional changes, or debt restructuring, is far too vital to be held hostage by partisan rivalries. When political leaders spar, the nation suffers. Austerity measures, structural reforms, and regaining international trust require consistency and longevity. Any policy that can be dismantled or reversed with a change in Government is fundamentally unsustainable.

A united front sends a powerful signal to the world and, more importantly, to every Sri Lankan. Our future is not one of perpetual crisis, but of shared, resilient purpose. The time for a new political culture, defined by sincerity and collaboration, is now. National stability depends on it. Finally, do not refer to IMF dictated Budgets. We got ourselves into it.

Carlos Alcaraz says he is ‘heartbroken’ after withdrawing from Spain’s Davis Cup Finals team because of injury.

World number one Alcaraz, 22, who was beaten by Jannik Sinner at the ATP Finals on Sunday, says he has been advised not to compete because of swelling in his right hamstring.

Spain face the Czech Republic in the Davis Cup quarter-finals in Bologna, Italy on Thursday.

Spaniard Alcaraz, who won the French and US Open titles this year to take his career Grand Slam tally to six, wrote on Instagram, external that playing for his country was the ‘greatest thing there is’, adding: ‘I’m going home heartbroken…’

World number two Sinner – the four-time Slam winner – and team-mate Lorenzo Musetti are both missing from Italy’s team, leaving Germany’s Alexander Zverev, the world number three, as the only top-10 ranked player at the eight-team finals.

The Spanish tennis federation said Alcaraz felt ‘physical discomfort’ in the back of his thigh during the first set of his 7-6 (7-4) 7-5 final defeat in Turin by 24-year-old Sinner.

Alcaraz travelled to Spain’s training camp on Monday but medical tests revealed ‘significant muscle strain with marked oedema’ in his hamstring.

He secured the year-end world number one ranking last week after reaching the knockout stages of the ATP Finals with three straight wins.

A 30-member delegation of handloom and powerloom craftsmen from Sri Lanka visited India from 09-15 November 2025 to participate in a specialised Textile Training and Capacity Building Program. The delegation represented both the handloom and powerloom segments of Sri Lanka’s textile industry. The program was organised pursuant to the announcement made by Prime Minister of India, Narendra Modi during his recent visit to Sri Lanka in April 2025, offering 700 customised slots annually for Sri Lankan professionals.

The week-long training program was conducted by the Government of India at the Sardar Vallabhbhai Patel International School of Textiles and Management (SVPISTM), Coimbatore, Tamil Nadu. It featured a comprehensive set of technical and thematic sessions covering the entire textile value chain, including modules on weaving, modern design technologies, marketing, and leadership. These sessions were designed to enhance practical skills, strengthen industry exposure, and build advanced capabilities in design and production.

As part of their experiential learning, the participants undertook site visits to key institutions and industry facilities. These engagements offered valuable insights into contemporary textile ecosystems, production technologies, design development, and modern retail environments.

Beyond professional skill development, the program provided the delegation with broader exposure to India’s textile innovation landscape, industrial best practices, and collaborative opportunities within the sector.

The specialised training program for Sri Lankan textile craftsmen contributed meaningfully to strengthening professional competencies, encouraging knowledge sharing, and deepening institutional linkages in the textile sector between India and Sri Lanka.

99x recently unveiled Agentri Al, the company’s latest innovation in advancing the future of Agentic Artificial Intelligence (Al), in Colombo

. The event gathered 99x’s global leadership and media to discuss the company’s vision, its strategic expansion across new markets, and its continued commitment to positioning Sri Lanka as a hub for Al-driven innovation.

The launch was attended by key members of the 99x leadership team including 99x Asia Founder and Chairman Mano Sekaram, 99x Group CEO Odd Sverre Østlie, Group CFO Trygve Moe, 99x Product Engineering CEO Hasith Yaggahavita, COO Shehani Seneviratne, and Chief Al Officer Chatura de Silva.

Yaggahavita shared 99x’s vision and aspirations in the global Al landscape. He shared how 99x engineering teams have adopted Al tools and work alongside many customers in driving their product journey, enabling Al features. The focus of the event was the launch of Agentri Al, 99x’s own agentic orchestrator platform. Yaggahavita shared how the Agentri platform has enabled multiple customers to transform their business processes across industries.

Yaggahavita said: ‘Generative Al has been a huge step forward, but the real game-changer is when multiple Al agents can work together to solve complex business challenges. That’s what Agentri is all about-bringing together engineering excellence, creativity, and human insight. We built our own orchestrator because we wanted something truly powerful, and today, it’s delivering real impact for our customers around the world.’

Over the past year, 99x’s Agentic Al framework has powered high-impact implementations across financial services, legal, insurance, transportation, and accounting, delivering measurable value and accelerating business outcomes. These successes have reinforced 99x’s reputation as a trusted global partner for product engineering and digital transformation.

Sharing an update on the 99x Group’s global journey, Østlie spoke about the company’s steady expansion across Europe, the Americas, and Asia. ‘Our growth over the past year has been purposeful, built on innovation and a deep focus on helping our clients succeed through technology. To that end, we have acquired multiple high-performing companies in Europe and are in active discussions with several other Mergers and Acquisitions (M and A) candidates. Some of our recent acquisitions include Solvr and Clave (both in Norway) and a major share in Fabres (Poland). Our ambition is to be a high-value, long-term engineering partner, able to draw on the top tech talent across all the geographies we operate in.’

The discussion also explored the tech talent available and the opportunities emerging for Sri Lankan professionals to contribute to the global Al ecosystem.

Seneviratne said: ‘The demand for Al and product engineering talent is accelerating. Along with that, so is the demand for engineers who have mastered using Al tools to increase their productivity and quality of work. We also see how our customers expect even shorter turnaround times for proof-of-concepts, expectations that can only be met by using Al tools effectively. On the ground, we work collaboratively with universities conducting industry sessions, mentoring students, and hosting hackathons. These create opportunities for students to experience real-world innovation.’

The launch also showcased the future of Agentic AI, 99x’s innovation roadmap, and the continued focus to nurture the next generation of Al talent in Sri Lanka. 99x said its Agentri Al once again reaffirms its position as a global technology leader, building digital products and platforms for European software development companies and enterprises.