Category: Daily Financial Times

A powerhouse roster of international and regional experts will headline the Sri Lanka Economic and Investment Summit 2025, setting the stage for a world-class dialogue on reform, resilience, and investment-led growth.

Organised by The Ceylon Chamber of Commerce, the two-day summit will take place on 2 and 3 December at the Shangri-La Hotel, Colombo. Registrations close on 31 October, and participants are encouraged to secure their place early to engage with this exclusive gathering of policymakers, investors, and business leaders.

Leading the international line-up of Keynote Speakers across the Summit’s sessions, is EDOTCO Group, Malaysia, and Astro Holdings Chairman Kenneth Shen. With over three decades in investment, corporate finance, and capital markets, Shen brings a wealth of experience on regional capital flows and private sector transformation.

World Bank Country Manager for Sri Lanka Gevorg Sargsyan, brings over two decades of experience in infrastructure, energy, and climate finance. He has held senior roles across Europe, Central Asia, and East Asia, and served as the Global Lead for Clean Energy, contributing to policy development, financing strategies, and sustainable energy solutions.

Former Chief Economic Adviser to the Prime Minister of Greece Dr. Alex Patelis, offers comparative insights from Greece’s post-crisis recovery and reform journey. Having served as Global Head of FX and Debt Strategy and Managing Director of Global Research at Merrill Lynch, and Chief Economist at PSQR, he brings unmatched expertise in macroeconomic reform and financial strategy.

From the sustainability and logistics front, APM Terminals Global Head of Decarbonisation Tim Miltenburg, will spotlight the future of green logistics and sustainable trade. Leading APM’s ambitious mission to achieve net-zero emissions across all terminal sites by 2040, he heads the company’s Decarbonisation Centre of Excellence in The Hague.

Adding an investor’s perspective, AFC Asia Frontier Fund, Hong Kong, Co-Fund Manager Ruchir Desai brings deep market experience from across Asia’s frontier economies. His fund was recently recognised as the Best Emerging Market Equity Fund at the 2025 Asian Investor Asset Management Awards.

Intrepid Travel – Asia Managing Director Natalie Kidd, brings nearly 20 years of experience in building one of Asia’s largest responsible travel networks. Overseeing Intrepid’s operations across 28 offices, Kidd has also served on the Board of the Global Sustainable Tourism Council, contributing to the global sustainability conversation.

Centre for Social and Economic Progress Visiting Senior Fellow and former World Bank Economist Prof. Sanjay Kathuria who brings over 35 years of experience in development economics and policy research, will provide a South Asian perspective on trade, competitiveness, and integration.

IFC Regional Director for South Asia Imad N. Fakhoury, drives sustainable, private-sector-led growth in the region, focusing on financial inclusion, climate financing, and public-private partnerships. He previously served as Global Director of Infrastructure Finance, PPPs and Guarantees at the World Bank and held senior ministerial roles in Jordan, including Minister of Planning and International Cooperation.

Bringing a local investment focus, Board of Investment of Sri Lanka Chairman Arjuna Herath will outline the country’s renewed drive to attract sustainable, export-oriented investments aligned with Sri Lanka’s long-term development goals.

SLEIS 2025 is supported by: Platinum sponsors – Nestle, Standard Chartered Bank, Unilever, Silver Sponsor – VISA, Bronze sponsor – South Asia Gateway Terminals, Session sponsors – Colombo Stock Exchange and Sunshine Holdings, Television Partner – Dialog Television, Telecommunications Partner – Dialog, Hospitality Partner – Shangri-La Hotel, Colombo, Strategic Partners – Ministry of Foreign Affairs, Department of Commerce, Ministry of Trade, Commerce, Food Security and Co-operative Development, Board of Investment, Export Development Board, Sri Lanka Convention Bureau, Strategic Development Partner – Asian Development Bank, Knowledge Partner – World Bank, Logistics Partner – Hayleys Advantis, and Official Airline – SriLankan Airlines.

The International Monetary Fund (IMF) has revised Sri Lanka’s 2026 growth forecast down to 3.1% from 3.5%, citing the economy’s return to its long-term trend following a sharp post-crisis rebound.

IMF Asia and Pacific Department Deputy Director Thomas Helbling said the downgrade does not indicate renewed weakness but rather a normalisation after an exceptional recovery.

‘Sri Lanka had a deep recession in 2022-2023 during the balance of payments crisis,’ he said. ‘With reforms supported by the IMF, there was a strong rebound-growth was about 5% last year and 4.8% in the first half of this year.

Some of that rebound was temporary, reflecting normalisation in activity. We now see the economy moving back to its trend growth of 3.1%, and that return is happening a bit sooner than expected.’

Helbling said the IMF staff mission that visited Sri Lanka earlier this month to conduct the Fifth Review of the Extended Fund Facility (EFF) reached a staff-level agreement around 9 or 10 October. ‘That signals that the IMF has been satisfied,’ he noted, adding that the Government has continued to meet key performance criteria.

He highlighted progress on electricity pricing reforms-a continuous structural benchmark under the EFF arrangement, designed to reduce fiscal risks from State-owned utilities.

‘The principle of cost recovery is a core principle enshrined in the program reforms, and the Government has continued to meet those benchmarks,’ Helbling said, noting that the early October assessment was positive.

On fiscal projections, Helbling said the IMF’s focus remains on the current and following year. ‘Reforms are progressing. It is important for Sri Lanka to stay the course and complete its own home-grown reform program to bring the economy back on track and fully stabilise the economy,’ he said.

He added that concerns about fiscal outcomes beyond 2028 should be kept in perspective, emphasising that consistent implementation of the reform program will be key to sustaining macroeconomic stability and growth.

HNB Assurance PLC (HNBA), has recently entered into a Memorandum of Understanding (MoU) with Bank of Ceylon (BOC) to further expand its bancassurance footprint across the island.

Through this collaboration, BOC’s extensive branch network will now provide customers with access to a wide range of credit life insurance solutions powered by HNBA. The partnership is expected to enrich customer experience by integrating financial and protection needs, offering greater convenience and value.

HNB Assurance Executive Director/CEO Lasitha Wimalaratne said, ‘Partnering with Bank of Ceylon, one of the most respected financial institutions in the country, marks a defining step in our bancassurance journey. With BOC’s unmatched reach and trust, coupled with our expertise in crafting innovative protection solutions, we are confident in extending meaningful life insurance to more Sri Lankans. I extend my appreciation especially to the senior management of BOC for the trust that they have placed on us in this endeavour as well as to both teams for their commitment in bringing this collaboration to reality.’

Bank of Ceylon Deputy General Manager – Branch Operations Priyal Silva said, ‘As the country’s No. 1 Bank, our focus has always been on creating value-driven partnerships that serve the evolving needs of our customers. By joining hands with HNB Assurance, one of the industry’s leading names in bancassurance, we are able to integrate protection solutions into our service offering. This MoU will undoubtedly enable us to deliver holistic financial solutions that go beyond banking, securing the futures of our customers and their families.’

HNB Assurance Chief Business Officer/GM – Partnerships Sanesh Fernando added, ‘This MoU with Bank of Ceylon marks a mutually beneficial partnership where both our organisations can draw on each other’s strengths. I certainly believe that by working together, we can deliver innovative, customer-focused solutions that provide real value and protection to communities across the country. I wish to extend my heartfelt thanks to the leadership of Bank of Ceylon for their confidence and commitment in making this partnership a reality.’

The Sri Lanka Association of Printers (SLAP), in collaboration with the Federation of European Screen Printers Associations (FESPA), has successfully organised another insightful seminar and business forum on the future of the printing industry.

The full-day workshop was held at the Hotel Grand Guardian, Ratnapura, from 9 a.m. to 4 p.m., with the participation of 95 professionals from Kuruwita, Balangoda, and Embilipitiya in the Ratnapura region.

SLAP President and Wijeya Newspapers Ltd., CEO Eng. Janaka Rathnakumara highlighted the Association’s ongoing initiatives to strengthen the regional printing community. He announced that the MSMEs Print Awards 2025 will be held on 3 January 2026, and invited all printers in the Ratnapura District to apply for the awards and align with the SLAP’s five-year strategic plan aimed at enhancing the printing industry’s contribution to the national economy.

The event brought together industry experts, business leaders, and entrepreneurs for a day of learning, networking, and inspiration.

Eng. Rathnakumara delivered the keynote address focusing on ‘The Future of the Printing Industry.’ He emphasised the importance of innovation, sustainability, and digital transformation in maintaining the competitiveness of Sri Lanka’s printing sector.

University of Kelaniya Staff Development Centre Director Prof. Ravi Dissanayake shared valuable insights on ‘Marketing Strategies for Small and Medium Printers.’ His session offered practical approaches to help local printing businesses strengthen their market presence and adapt to changing consumer trends.

The Industry and Entrepreneurship Development Ministry’s Suranga Gunaratne motivated participants with his talk on ‘Winning Attitudes for a Successful Printing Business,’ highlighting the role of mindset, leadership, and customer service in business growth.

Sri Lanka Development Board Assistant Director – Export Services Dinesh Attanayake discussed opportunities for Sri Lankan printers in international markets and the importance of maintaining high-quality standards for export success.

The SLAP President reiterated the Association’s commitment to distributing knowledge, introducing new technologies, and creating equal opportunities for printers not only in Colombo but also across all regions of Sri Lanka.

The SLAP extended its gratitude to the Main Sponsors – JDC Printing Technologies Ltd., Bhathiya Trading Company Ltd., Sithara Ltd., and Nimsara Trading Ltd., for their generous support.

Appreciation was also extended to the Co-Sponsors, D and D Engineers and Janaka Traders Ltd., media Sponsors, Wijeya Newspapers Ltd., Express Newspapers Ltd., and Photo and Video Partner, Event Sphere Media Innovations, for their contributions towards the success of the event.

The Ratnapura seminar marks another milestone in the SLAP’s continuous efforts to uplift the Sri Lankan printing industry through collaboration, education, and technological advancement.

Alpha Fire Services PLC has appointed Menaka Athukorala to its Board as Non-Executive Chairman.

The company said he is a dynamic and results-driven executive with over 30 years of experience in plantation management, renewable energy, and corporate leadership with proven expertise in strategic planning, operational management, and driving sustainable business growth.

He holds an MBA and a Higher National Diploma in Plantation Management and Agriculture.

Finance Deputy Minister Dr. Anil Jayantha Fernando called for renewed global commitment to openness in trade, investment, and knowledge exchange, warning that rising protectionism threatens decades of economic progress.

Addressing the ‘Global Dialogue on Innovation, Openness, and Shared Development’ organised by China Media Group, Dr. Fernando said global finance and trade cannot thrive behind walls, and urged nations to resist the drift towards fragmentation and geopolitical division.

He stressed that openness was essential for sharing the dividends of innovation and for ensuring equitable development across countries.

‘Our commitment to openness must be demonstrated through trade and investment liberalisation,’ he said, adding that a fair, rules-based multilateral trading system centred on the World Trade Organisation (WTO) remained crucial for global stability.

The Deputy Minister emphasised the need to lower barriers to cross-border investment and the free movement of capital while strengthening financial connectivity between economies. He said deeper financial linkages and cooperation would help manage systemic risks and support development financing in emerging markets.

Dr. Fernando also called for greater global collaboration in science, education, and research, describing knowledge exchange as a cornerstone of economic progress. ‘Ideas know no borders,’ he said, arguing that global challenges such as climate change and pandemics demand shared intellectual resources.

He noted that openness and innovation together could support sustainable, inclusive growth, particularly for developing nations.

‘Innovation provides the means; openness provides the bridge; and shared development provides the purpose,’ he said, urging policymakers to translate these principles into concrete trade and fiscal policies.

Dr. Fernando said that protectionism and unilateral economic measures undermine global confidence and investment flows.

He said Sri Lanka remains committed to multilateral cooperation and to policies that foster cross-border trade, investment, and knowledge partnerships as part of its economic recovery and long-term growth strategy.

SLT-MOBITEL, celebrated Customer Service Week 2025 from 6 – 10 October with an inspiring theme ‘Mission: Possible’, reaffirming an unwavering commitment to deliver exceptional customer experiences, while recognising the dedication of service teams, and strengthening bonds with valued customers across the nation.

Centred on the belief that every challenge can be transformed into an opportunity to serve better, ‘Mission: Possible’ brought together employees from all divisions to celebrate teamwork, innovation, and empathy. The initiative reflected SLT-MOBITEL’s determination to continuously enhance customer satisfaction and reaffirmed the organisation’s purpose of empowering every Sri Lankan to connect to what matters most.

Through Customer Service Week 2025, SLT-MOBITEL reaffirmed that with the right mindset, teamwork, dedication, and the unwavering trust of its customers, every mission is indeed possible.

Throughout the week, a series of engagement initiatives, motivational activities, and training programmes were conducted to inspire employees and elevate service excellence. Customer appreciation activities and exclusive offers were also rolled out across Home and Enterprise segments, expressing gratitude to loyal customers for their continued trust and support.

SLT-MOBITEL Chief Marketing Officer Prabhath Dahanayake said: ‘Customer Service Week is a celebration of our people, the dedicated teams who make the SLT-MOBITEL experience possible every day. ‘Mission: Possible’ reflects our spirit of collaboration, commitment, and innovation. Our customers are at the heart of everything we do, and this week reaffirms our shared dedication to service excellence.’

The initiative also recognised the efforts of customer service teams, highlighted the importance of customer service in driving business success, strengthened relationships between customers and service providers, boosted employee morale, and fostered a customer-centric culture across the organisation.

The week concluded with a recognition ceremony honouring employees who demonstrated exceptional commitment and creativity in serving customers.

Guided by core principles of delivering exceptional experiences, SLT-MOBITEL continues to set new benchmarks in service excellence. Making the impossible possible, placing customer loyalty at the centre of its mission, and remaining steadfast in every goal set, SLT-MOBITEL has strengthened its position as a strategic enabler of the nation’s digital transformation.

Sri Lanka’s spirited young athletes continued to fight with determination and pride at the Asian Youth Games (AYG) 2025 in Bahrain, with the nation’s shuttlers and wrestlers producing gutsy performances against some of Asia’s finest. Although the quest for Badminton and Wrestling medals came to an end, the effort and passion displayed by the teams reflected the steady rise of Sri Lanka’s youth sports.

In Badminton Sri Lanka’s medal hopes were pinned on Keneth Aruggoda and Pamududitha Randiligama, both of whom entered the pre-quarterfinals following impressive performances earlier in the tournament. The duo had played with confidence and consistency, defeating opponents from the Maldives and Cambodia to earn their spots among Asia’s top 16.

However, the dream run came to an end in the knockout stage. Keneth Aruggoda fought valiantly against Maharishiel Gain of Indonesia in a thrilling three-set encounter. After splitting the first two sets 1/1, the final game went down to the wire before the experienced Indonesian gained the upper hand, edging past the Sri Lankan youngster to secure a 2/1 victory.

Meanwhile, Pamuditha Randiligama faced a formidable challenge in China’s Leo Jing Yu, a technically refined player with strong international exposure. Despite Randiligama’s early resistance and quick reflexes at the net, the Chinese shuttler maintained control throughout the match, sealing a straight-sets (2/0) victory to move forward to the quarterfinals.

Although both Sri Lankans exited in the pre-quarterfinals, their earlier performances showed the country’s growing strength in badminton. Competing toe-to-toe with players from China and Indonesia two of Asia’s strongest badminton nations marked a significant step forward for Sri Lanka’s youth program. Their progress to the later rounds underlined the promise of a new generation of shuttlers ready to take on continental competition.

In Wrestling, Sri Lanka’s young contingent also showed heart and brave effort Nimesh Dulanjana, competing in the freestyle 55kg segment, began strongly with a 10/0 victory over Chan Pham of Cambodia. However, he later faced tough defeats against India’s Jaiveer Singhe and Iran’s Yasith Zarezadeh, both of whom are seasoned wrestlers from powerhouse nations.

Despite those losses, Dulanjana earned a lifeline through the repechage process, which gives wrestlers who lose to eventual finalists a chance to compete for a bronze medal. His early win ensured that he remained in contention, reflecting his competitive edge and fighting mentality. He was outclassed by Iranian Yasmin Zarezadeh on his way to the final round and Sri Lankan hope of Medal faded away but not before a brave performances.

In other wrestling events, Dewmini Ranaweera impressed in the free style 57kg division, overpowering Thailand’s Nunthawan Nathakkham 13/2, while Senura Dilmith scored a commanding 13/0 victory over another Thai opponent before bowing out in the quarterfinals to Kazakhstan’s Yeraly Askerbek. Meanwhile Sri Lankan hope of a Bronze Medal faded away when Deshika Bandara was beaten by Mira Higashi in the Girls free style 43 kg Bronze medal encounter.

Though the results did not translate into medals, Sri Lanka’s performances across badminton and wrestling demonstrated courage, progress, and belief. The young athletes’ ability to challenge top-ranked Asian competitors signals a bright future for Sri Lanka’s youth sports one built on resilience, discipline, and the hunger to succeed on the international stage.

Other results on 29 Oct.

Swimming

None of the swimmers were able to move forward to the next round due to the overall timings. Jayden de Silva and M.F. Mohamed showed some good speed but overall they were below average to move forward for the final round.

Heats

Jayden de Silva first with 1:05:82

M.F. Mohamed 2nd placed in 100 meters breaststroke

In 200m freestyle

Lithum de Silva 5th in 200m freestyle

Yasith Wijesundera 5th 200 m freestyle

Julie Hope 5th 200m freestyle

Lehara Melegoda 5th 200m freestyle

Julie Hope 6th in 100m backstroke

Adithya Siriwardena 8th in 100m backstroke

So far Sri Lankan youngsters have won One Gold, One Silver and Five Bronze medals totalling 7 medals which is the highest in the Asian Youth Games series. The previous highest was 6 medals in China at the 2nd AYG.

Sri Lanka’s rising golf star Reshan Algama has made history at the Asian Youth Games (AYG) 2025 in Bahrain by becoming the first-ever Sri Lankan male golfer to finish in the Top 10, securing an impressive seventh place overall among 51 of Asia’s finest junior golfers.

Algama, currently ranked world number 485 in the World Amateur Golf Ranking (WAGR), continues to make waves on the international stage. The talented youngster’s landmark performance marked a defining moment for Sri Lankan golf, proving that the island nation can now compete with Asia’s elite. His composed play, strong course management, and unwavering focus earned him admiration from coaches and competitors alike.

Supported by N-able, a leading Sri Lankan-founded technology solutions company, Algama benefits from high-performance training, international exposure, and a data-driven approach tailored with his coaches to optimise performance.

N-able Chief Executive Officer Shirantha Herath said: ‘Reshan embodies the high-performance mindset we champion at N-able. We are proud to stand behind young Sri Lankans who are breaking barriers and shining on the world stage.’

Building on his success in Bahrain, Algama will once again represent Sri Lanka at the Singha Thailand World Golf Championship 2025, which will tee off on 30 October in Hua Hin, Thailand.

Following the Singha Championship, Algama is scheduled to undertake a two-day overseas training program in Thailand to further enhance his technical skills and course strategy before returning home. He will then feature prominently in the upcoming Sri Lankan Golf League, where he has been one of the highest-bidded players, representing the Anuradhapura Gladiators.

With N-able’s backing, his competitive calendar will continue with the Sri Lanka Junior Championship and the Nick Faldo Junior Championship, both set to be staged in Sri Lanka later in the season.

LAUGFS Power PLC, a subsidiary of the diversified LAUGFS Group, has launched its first AI-enabled Annual Report in collaboration with Futurity Ltd.

The initiative marks a milestone for Sri Lanka’s energy sector, positioning LAUGFS Power among the earliest renewable energy companies in the country to adopt artificial intelligence for shareholder communications.

The deployment integrates Futurity’s flagship platform, Omni, into the Investor Relations section of the LAUGFS Power website. Through this implementation, stakeholders can now interact with the company’s two most recent Annual Reports using natural-language AI. Instead of manually navigating lengthy PDF documents, investors, analysts, and the public can engage with an interactive chat interface for fast access of financial insights, operational highlights, and performance data.

To further enhance accessibility, the solution incorporates custom dashboards that visualise selected financial metrics. These dashboards offer clear, intuitive representations of key performance indicators, making corporate data more transparent and easier to interpret. The interface has been fully customised to reflect LAUGFS Power’s brand identity, ensuring that the new functionality integrates seamlessly with existing corporate communications.

This implementation demonstrates how artificial intelligence can address long-standing challenges in corporate reporting. Traditionally, annual reports have been static, compliance-driven documents. By enabling interactivity, transparency, and immediacy, LAUGFS Power is setting a new benchmark for stakeholder engagement in the energy sector.

The project also represents the first step in a broader AI-enablement journey for the wider LAUGFS Group. With operations spanning energy, retail, and industrial manufacturing, the Group views AI adoption as central to its long-term strategy of improving competitiveness, strengthening transparency, and driving sustainable growth. The success of the LAUGFS Power implementation provides a foundation for extending similar innovations across the Group’s subsidiaries.

The platform has been fully customised to reflect LAUGFS Power’s branding and has undergone rigorous testing to ensure accuracy, reliability, and a seamless user experience. Post-launch, Futurity will continue to support the platform through an annual maintenance contract, ensuring ongoing integration of future reports and improvements to functionality.

LAUGFS Holdings Ltd., Executive Group Vice Chairman and LAUGFS Power PLC CEO Mithila Wegapitiya said: ‘Innovation has always been central to LAUGFS Power’s mission of driving sustainable energy solutions. By introducing AI-enabled reporting, we are providing our shareholders and stakeholders with transparent, accessible, and interactive insights into our performance. This is not just an upgrade to our reporting process but a step towards shaping the future of how we communicate and engage as a company. We are proud to lead the way in the energy sector.’

Futurity Co-Founder Supun Kaluarachchi said: ‘With Omni, we’re showing how AI can turn even a traditional Annual Report into an engaging, conversational experience that makes information more accessible.’

The launch of LAUGFS Power’s AI-enabled Annual Report underscores the growing momentum for artificial intelligence across Sri Lanka’s corporate landscape. While digital tools have been introduced in various industries, the energy sector’s embrace of AI for investor relations highlights the technology’s potential to transform even the most established business practices.

For LAUGFS Power, this initiative reflects its commitment to sustainability, transparency, and forward-looking innovation. For Futurity, it demonstrates the power of building enterprise-grade AI solutions in Sri Lanka that can redefine how organisations communicate and deliver value to stakeholders.