Category: Daily Financial Times

The Consulate General of Sri Lanka to Dubai and Northern Emirates, in collaboration with the Export Development Board of Sri Lanka (EDB), facilitated Sri Lanka’s participation at GITEX GLOBAL 2025 and GITEX Expand North Star, from 13-17 October at the World Trade Centre and Dubai Harbour in Dubai, United Arab Emirates (UAE).

GITEX GLOBAL 2025, marking its 45th edition, is recognised as one of the world’s largest and most influential and iconic tech events that brings together global technology leaders, innovators, and entrepreneurs across the world.

Sri Lanka’s presence at GITEX 2025 was organised highlighting the country’s growing strength in ICT, software development, Artificial Intelligence (AI), fintech, and emerging technologies. The Sri Lanka delegation comprised women entrepreneurs including representatives from Remedy Consultants Ltd., Paymedia Ltd., InTalent Ltd., Emojot Ltd., Prologics IT Solutions Ltd., Sanmark Solutions Ltd., and the EDB.

As one of the leading technology and engineering events in the Middle East and North Africa (MENA) and Asian regions, GITEX GLOBAL 2025 offered an opportunity for the Sri Lanka delegation to connect with tech giants and innovative startups of AI, cybersecurity, mobility, sustainable tech, and more by engaging in business-to-business (B2B) meetings, investor meetings, networking receptions, and workshops.

Special meetings were arranged for the delegation with Dubai Silicon Oasis, She Trade MENA Hub, and Falak Tayyeb Platinum Government Services to explore possibilities in attracting Foreign Direct Investment (FDI), outsourcing opportunities, and build on partnerships for digital trade and technology transfer.

Consul General of Sri Lanka to Dubai and Northern Emirates Alexi Gunasekare hosted a networking reception for the Sri Lanka delegation attending GITEX GLOBAL 2025 on 15 October at the premises of the Consulate General to connect with IT experts, delegates, and representatives participating in GITEX GLOBAL 2025 and to foster collaboration, promote Sri Lanka’s growing IT and innovation sector, and celebrate international partnerships within the GITEX community.

The event was attended by Sri Lankan Ambassador to the UAE Prof. Arusha Cooray and a cross section of IT experts, professionals, and investors.

Prof. Cooray, addressing the gathering, stated that Sri Lanka’s participation in GITEX 2025 is a testament to its commitment to digital transformation, innovation, and global collaboration. Sri Lanka’s ICT sector is among the fastest-growing export industries, with a highly skilled workforce and a strong focus on sustainability, quality, and impact.

Consulate General Office of Sri Lanka in Dubai Head of Chancery Subhashini Silva said that Sri Lanka’s ICT industry currently contributes significantly to the national economy, with ambitions to become a $ 3.7 billion export industry by 2027.

GITEX 2025 provided the ideal venue to connect with potential partners, clients, and collaborators in the Middle East and beyond and reassured the support of the Consulate General Office in strengthening public-private partnerships to support the ICT sector in Sri Lanka.

Sri Lankan IT Professionals Association (SLIPTA) UAE Chapter President Thishan Gunasekara also reiterated their support for the growth of the ICT sector in Sri Lanka.

Muthiah Chandrasekaran, was unanimously elected as President of Trinity College Kandy Old Boys’ Association (OBA) Colombo Branch for the term 2025/2026 at the 117th Annual General Meeting held recently at the Christ Church Galle Face – Church of Ceylon. Otoka Holdings Ltd., Managing Director Ronnie Gunasinghe was re-elected as Secretary. Chartered Accountant Sanjeewa Weerakkody, was re-elected as Treasurer. Zydus Life Sciences Country Head Azam Jaward was elected as Assistant Secretary and Susitk Holdings Director Susitkar Enoch was elected as Assistant Treasurer.

The General Committee for the 2025/2026 term is as follows:

Patron: Trinity College Kandy Principal Rev. Araliya Jayasundera

Vice Patrons: James Mather, Sriyantha Senaratne, Jayantissa Kehelpannala, Gotabaya Dasanayaka, Andrews Thevathason, Upali Ratnayake, Himendra Ranaweera, Anil Goonetillake, Dr. Dan Seevaratnam, Horace Jacob, Sunil Wickremasinghe, Suchitra Aluwihare, Romesh Jayawardene and Sidath Pananwala

Immediate Past President: Ranil Prematilake

President: Muthiah Chandrasekaran

Vice Presidents: Nalaka Madugalle, Ravi Balasuriya, Shamal Gunawardene, Keshan Thalgahagoda, Kapila Pilimatalauwe, Madhushanka Ranatunga, Ashan Welagedara, Rohan Dunuwille, Duminda De Silva and Vajira Abeysundera

Trustees: Jayantissa Kehelpannala, Gotabaya Dasanayaka and Upali Ratnayake

Secretary: Ronnie Gunasinghe; Assistant Secretary: Azam Jaward; Treasurer: Sanjeewa Weerakkody; Assistant Treasurer: Susithkar Enoch

Committee: 19-25 years: Pawara Rambukwella and Rashinda Nanayakkara, 26-30 years: Darshana Herath and Vishwa Ranaraja, 31-35 years: Ryle Madena and Seniya Senarathne 36 – 40 years: B.N.R. Fernando and Arinda Bulanawewa, 41-45 years: Thilanka Kiriporuwa and Piyumal Wickramasinghe 46-50 years: Namindra Perera and Roshan Medonza 51-60 years: M. Ganeshamoorthy and Priyantha Hapuarachchi, Over 60: Saranath Rambukwella and Jayampathy Arambepola

Lanka Credit and Business Finance PLC (LCB Finance) said yesterday it has completed the allotment of its 2025-2030 Tier 2 listed rated unsecured subordinated redeemable high-yield Bonds worth Rs. 195 million.

The company said the Board of Directors approved the allotment of 1,950,000 Bonds, representing 100% of the issue, to eligible applicants. The date of allotment was 17 October 2025.

The Bond issue initially comprised 7.5 million high-yield bonds, each with a par value of Rs. 100, under Type A and Type B 2025-2030 tranches. The company also had the option to issue a further 7.5 million Bonds in the event of an oversubscription, to raise up to Rs. 1.5 billion in total.

The listed Bonds qualify as Tier 2 capital under the Central Bank’s regulatory framework and are intended to strengthen the company’s capital adequacy and support business expansion.

The United National Party (UNP) has announced the creation of a new senior position within the party structure, appointing former Minister Harin Fernando as Deputy Secretary General of Political Mobilisation.

According to a party statement, Fernando will be responsible for fostering cooperation among political parties and promoting a unified national program. He will also oversee the coordination of meetings and political activities organised by the UNP.

A renewed drive for enhancing government quality

After the historic downturn in Sri Lanka’s economy, multiple stakeholders have emphasised the urgent need for reforms across various sectors. Some reforms have already been implemented successfully, while others remain in the design or early implementation stages. Among these, economic reforms often receive greater attention because their financial outcomes are more visible and measurable. However, administrative reforms are equally critical, even though their benefits are less tangible in the short term. Therefore, strengthening governance and institutional quality is an essential part of rebuilding national resilience.

It is encouraging that the present Government appears to recognise this vital need. For instance, the President of Sri Lanka has explicitly acknowledged the poor quality and inefficiency of the existing public sector. During a recent public speech, he further emphasised that the country cannot progress with the existing traditional public sector [1]. This concern is well supported by evidence. For example, the World Bank’s Government Effectiveness Index for Sri Lanka fell from a percentile rank of 50.48 in 2019 to 41.04 in 2023, reflecting a notable deterioration in public sector performance over the past five years [2].

The Government has already implemented and continues to propose several policy initiatives aimed at improving public administration and governance. However, a closer examination of these measures reveals that certain trade-offs are inevitable. Understanding these complexities is essential to ensure that the reform momentum leads not just to the introduction of changes, but to genuine improvements in the quality of government.

Rule of Law vs. Rule by Law

In simple terms, the rule of law means that everyone is treated equally before the law, and justice is applied without bias. Ensuring the rule of law has become one of the most prominent initiatives of the new Government to enhance the quality of governance. Among scholars of governance, the importance of upholding the rule of law is widely recognised. Therefore, the future outcomes of the measures taken today are expected to bring many favourable benefits toward improving the quality of government in the country.

On the other hand, it can also be observed that the new Government is promoting rule by law at the same time. Although this is not explicitly stated, it becomes visible when one closely examines the Government’s recent actions. Scholars such as Fukuyama (2013) describe rule by law as a situation in which the government uses laws as tools to control people [3]. In particular, it is often applied to regulate the behaviour of bureaucrats. In simple terms, strengthening the rule by law refers to measures taken to ensure that bureaucrats strictly follow existing rules and procedures.

Corruption in the public sector has long been recognised as a major reason for lowering the quality of government. Therefore, from the perspective of policy formulators, the main aim of strengthening the rule by law is clear: to eradicate corruption from the public sector. According to scholars, unlike upholding the rule of law, strengthening the rule by law, however, has a dark side.

The governance trade-off: When fear replaces initiative

Efforts to strengthen the rule by law often emerge from a genuine desire to reduce corruption and restore discipline within the public sector. In a context like Sri Lanka, where corruption, political interference, and inefficiency are deeply rooted within the public sector, such reforms can initially appear both necessary and desirable.

However, governance theory suggests that excessive emphasis on control may generate unintended consequences. When rules and sanctions dominate the reform agenda, public officials may begin to perceive the administrative environment as punitive rather than supportive. Under such conditions, fear often replaces initiative. Bureaucrats become more concerned with avoiding mistakes than with achieving meaningful outcomes. This risk-averse culture leads to an overreliance on procedural correctness while discouraging experimentation and innovation in the public sector.

Moreover, as argued by Bardach in his classic ‘management game’, bureaucrats tend to behave as rational players navigating a complex implementation game, constantly balancing the risks and rewards of their actions [4]. Hence, when the system emphasises punishment over learning, the game encourages safe, compliant behaviour rather than initiative or problem-solving.

Therefore, unlike in the case of the rule of law, an overemphasis on strengthening the rule by law can lead to numerous consequences that ultimately lower the quality of the Government. This is mainly because citizens tend to assess government quality primarily through the effectiveness of public service delivery.

Corruption = Discretion – Accountability

It is useful to understand this situation by referring to the classic governance formula introduced by Klitgaard (1988): Corruption = Discretion – Accountability [5]. As we can see in many COPE meetings, public sector reforms that aim to strengthen the rule by law often focus on reducing the discretion of bureaucrats as a means to fight against corruption. As the formula indicates, this approach can indeed reduce corrupt practices, but it often comes at the cost of negative effects on the overall quality of government.

In our view, a more effective strategy, therefore, is to implement reforms that enhance the accountability of bureaucrats rather than simply limiting their discretion. Additionally, scholars have suggested various other approaches based on the experiences of different countries. We will explore these approaches in a future article.

Sri Lanka’s contingent competing at the Asian Youth Games 2025 in Bahrain had plenty to cheer about as both the Men’s Kabaddi and Beach Volleyball teams recorded impressive victories to move closer to medal contention. These results have given the Sri Lankan camp renewed confidence as the Games enter their decisive stages.

The Men’s Kabaddi team produced a thrilling display to edge out a strong Thailand side 50/49 in a nail-biting encounter at the Bahrain National Stadium (ISA Sports City). It was a closely fought contest where Sri Lanka’s tactical discipline and quick raids under pressure made the difference in the final moments.

Having already earned a dominant 65/21 win over hosts Bahrain earlier in the competition, Sri Lanka showed great spirit despite falling to the tournament’s heavyweights, Pakistan (36-55) and India (16-89). With two strong victories under their belt, the Sri Lankan outfit remains firmly in contention for a top-three finish and a potential medal.

Meanwhile, the Boys’ Beach Volleyball team continued their impressive run, securing back-to-back victories that have boosted their medal hopes. They edged out Maldives 2/1 in a tense encounter following an earlier straight-set win (2/0) against hosts Bahrain.

The young volleyball duo showed outstanding teamwork and composure, especially in the deciding set against Maldives, demonstrating their readiness to challenge Asia’s best. Their performances have reflected the promise and preparation of Sri Lanka’s youth athletes.

With both the Kabaddi and Beach Volleyball teams progressing steadily, Sri Lanka’s campaign in Bahrain is shaping up with real medal prospects, bringing pride and momentum to the national contingent. The balance athletes arrived in Bahrain yesterday evening and the official opening ceremony will take place today.

Meanwhile another medal prospect, Sri Lanka Golf outfit consisting of Kaya Daluwatte, Reshan Algama, Jevahn Sathasivam, and Adhithya Weerasinghe will play a warm up round before the big event commences on 23 October. The outfit is coached by veteran, Muthunayake Perera. They will participate in the individual segment and team event for the Boys.

99x, technology company headquartered in Norway with operations in Sri Lanka, Malaysia, Portugal, and Brazil, reaffirmed its commitment to developing global tech talent. The company continues to focus on people development through mentorship, international projects, and exposure to global best practices.

A recent visit to its Malaysian office showcased this approach to talent, as the local team of skilled professionals engaged in projects that promote continuous learning and professional growth.

The visit also included meetings with Heriot-Watt University Malaysia and Asia Pacific University, where the team explored opportunities for collaboration on curriculum development, industry-led projects, and internship programs. These engagements aim to strengthen talent pipelines by giving students practical exposure to real-world technology challenges and fostering early connections with industry professionals. Discussions with the Malaysia Digital Economy Corporation (MDEC) focused on supporting the country’s digital ecosystem through initiatives that upskill local professionals, encourage innovation, and create pathways for emerging tech talent to contribute to Malaysia’s growing technology sector.

99x Chief People Officer Damitha Jayasinghe said, ‘Visiting our team in Malaysia was about connecting with people and understanding how our culture of collaboration and continuous learning has taken root beyond Sri Lanka. The energy and enthusiasm of the Malaysian team show how much impact our shared values have had, and it reminded us that our greatest strength lies in our people.’

99x Senior Technical Architect and a Sri Lankan professional Arshad Nadheem who has transitioned to Malaysia, shared, ‘Working in Malaysia has been rewarding both personally and professionally. Collaborating with talented local colleagues and seeing how quickly we built teamwork and understanding across cultures has been inspiring. We learn from each other every day, and it’s encouraging to see how shared values of innovation and respect bring the teams together.’

The visit also featured CSR initiatives that combined teamwork and social impact, bringing employees together through interactive workshops, a citywide scavenger hunt to collect food donations, and the ‘Wheels of Hope’ community service, where they helped build wheelchairs for those in need. These initiatives reflect the company’s commitment to meaningful social engagement, demonstrating that professional growth and positive social contribution go hand in hand.

Across its global operations, 99x continues to show that developing skilled, capable teams extends beyond borders. Through opportunities for mentorship, hands-on experience, and cross-country collaboration, the company is helping to strengthen technology ecosystems worldwide while fostering a culture of innovation, excellence, and talent development.

The University of West London (UWL) officially launched its first ever UK branch campus in Sri Lanka on 15 October.

The campus is located at R.A. De Mel Mawatha, Colombo 3. ANC Education is the operating partner for the venture. The new campus extends the institutions’ decade-long collaboration.

ANC Education Chairman Dr. Jagath Alwis called the partnership a critical step for the nation and said the new campus gives students access to a globally recognised British degree in Colombo.

He highlighted the economic contribution of the institution by noting the campus would help retain talent, broaden access to international education, and strengthen graduate employability.

The British High Commissioner to Sri Lanka Andrew Patrick, addressed the initiative’s importance to both countries. He acknowledged the Government’s ambition to expand public sector education. He noted, ”that’s very important, and we support it. However, I think there will always be a place for private sector, education, private partnerships that we celebrate today.’

He highlighted the international focus of British universities. He said institutions like UWL ‘bring that international experience and international network’ to Sri Lanka. He also stressed that a globally recognised degree from a British university is a ‘huge advantage’ for those who want to work abroad.

In his closing remarks he left an important advice to the Sri Lankan future students. He said they should gain experience abroad but should return to the island. He pointed out that according to the economist’s growth forecasts for the next 30 years favour India, not the US or the UK. He said students should consider ‘coming back to Sri Lanka, settling here, becoming a part of the growth.’

UWL Vice-Chancellor and President Prof. Peter John said the establishment of the new campus was a proud moment that opened even greater opportunities for the future, building on the success of over 5,000 previous graduates.

He stated the new campus would be bigger than the current partnership, reflecting the university’s confidence in Sri Lanka and its commitment to career-focused degrees.

He declared the campus will be a catalyst for national progress that will transform and empower the next generation of Sri Lankan leaders. He assured that students would have a similar experience to those in London, with the scale and number of opportunities increasing. He added that UWL was proud to stand by Sri Lanka and proud of what they would achieve together, knowing students will carry their name, academic standards, and commitment to excellence globally.

ANC Executive Director Dr. Punarjeeva Karunanayaka provided an overview of the ANC Education stating the campus recognised as Sri Lanka’s leading private higher education institution, with over 20,000 graduates having earned internationally recognised US or UK degrees over two decades in Sri Lanka.

He explained the collaboration began in 2012 with a vision to find a highly ranked, career-focused UK university that would deliver identical, job-ready programs. Starting with the initial program, the Master of Law and MBA in 2012, the partnership has grown significantly; ANC now owns five faculties from UWL, namely school of Business, the school of Computing, the school of Human and Social Sciences, the School of Law with the school of Biomedical Science set to launch in 2026.

Dr. Karunanayaka announced major expansion plans by 2026, the campus will offer 15 undergraduate and 12 structured postgraduate programs. These will cover high-demand areas like AI, Cyber Security, Data Analytics, Sustainability, Biosciences, and Executive MBAs, aligning programs with Sri Lanka’s National Vision for knowledge development.

He also mentioned the cost of degree programs offered through the UWL Branch Campus in Sri Lanka will be significantly lower than pursuing the same programs in the UK, thereby providing Sri Lankan students with greater financial viability.

He confirmed the Ceylinco and ANC board of Director’s will invest substantially in the construction of the new university on the existing ANC building. He reiterated that ANC is committed to building world-class infrastructure and human resources to ensure the UWL branch campus is a success. Students enrolled under the branch-campus model will gain direct enrolment with UWL, ensuring access to the university’s academic standards, qualifications, and global networks while studying locally.

Recruitment for new programs will commence after all regulatory requirements are met in the UK and Sri Lanka.

The National Institute of Business Management (NIBM) is set to host its flagship talent show REACH 2025, celebrating the creativity and wide range of talent among its growing student community.

Held for the third consecutive year following its success during its previous editions, REACH continues to embody NIBM’s vision of holistic education, nurturing both academic and creative excellence.

The 2025 edition of REACH encourages students to explore and express their talents across the performing arts, supported by vocal coaching sessions, dance workshops, and instrumental training conducted by experienced professionals, enabling them to refine their abilities and gain hands-on exposure to performance techniques.

NIBM Director General Dr. D.M.A. Kulasooriya said: ‘We believe in empowering our students within, and beyond the classroom through our Outcome Based Learning module.’

‘Through these structured creative learning opportunities, we are building confidence and self-esteem among our learners, while also encouraging self-expression and creativity. REACH has also become a platform for our learners to build a sense of community, working together as a team to put on a memorable show that continues to set the bar higher than the previous year. We are proud of their achievements and are excited to discover more creative talent in 2025.’

A panel of distinguished judges representing excellence in Sri Lanka’s entertainment and performing arts will be adding further prestige to the event; namely Sri Lanka’s pioneering female pop artist, songwriter and producer Ashanthi De Alwis, renowned entertainer, performer, and entrepreneur Dushyanth Weeraman, and lastly actor and musician Mihindu Ariyaratne round up the judging panel, and are set to provide professional insight during the judging process, and mentorship to participants throughout the competition.

REACH 2025 consists of multiple audition and training rounds, culminating in a spectacular grand finale where the top finalists will perform before an audience of peers, faculty, and distinguished guests, showcasing the very best of NIBM’s creative genius. The first round of auditions took place on 15 and 17 October 2025, drawing an enthusiastic response from students representing all NIBM campuses-Colombo 7, Rajagiriya, Kirulapone, Kandy, Peradeniya, Kurunegala, Galle, and Matara. The event brought together a vibrant mix of talent and creativity, reflecting the diverse artistic spirit that thrives across the NIBM community.

The ultimate purpose of REACH 2025 is to discover, develop, and elevate the natural talents of NIBM students while providing a platform for recognition and career development. By integrating performance training, professional feedback, and exposure to the creative industry, REACH reinforces NIBM’s commitment to shaping confident, well-rounded individuals prepared to excel in an evolving global environment.

A workshop aimed at raising awareness among Government executive officers on the use of Artificial Intelligence (AI) to improve public sector productivity and efficiency was held on 17 October at the Rabindranath Tagore Memorial Auditorium of the University of Ruhuna.

The event, titled ‘AI for Transforming Public Service,’ was organised by the Southern Provincial Council in collaboration with the Presidential Secretariat and the Ministry of Digital Economy. Executive-level officers from the Galle, Matara and Hambantota districts attended the session, the President’s Media Division said.

The workshop focused on preparing public officers for the Government’s digitalisation initiative and promoting a positive attitude toward integrating AI into public administration.

Digital Economy Chief Adviser to the President Dr. Hans Wijayasuriya delivered the keynote address. Ministry of Transport, Highways and Urban Development officials, including Harsha Purasinghe and Samisa Abeysinghe, members of the ministry’s Digital Task Force, also contributed as resource persons.

Among the attendees were Southern Province Chief Secretary Sumith Alahakoon, Senior Additional Secretary to the President Roshan Gamage, District Secretaries, and several other senior officials.