Category: Daily Financial Times

The International Tourism Leaders’ Summit 2025 took place this week at BMICH in Colombo, bringing together key industry leaders, policymakers, academics, and global partners to mark World Tourism Day under United Nations World Tourism Organisation’s (UNWTO) theme of ‘Tourism and Sustainable Transformation.’ President and Finance Minister Anura Kumara Dissanayake also attended the summit, which was seen as a strong endorsement of the tourism sector’s role in shaping the country’s economy and future.

Alumni Association of Tourism Economics and Hospitality Management (AATEHM) President Nihal Muhandiram said that the gathering had brought together all stakeholders of the tourism sector on World Tourism Day. He said that Sri Lanka is well placed to be a leading destination with all the resources it already has. He added that Colombo should become the leading travel mart in South Asia, noting that the Colombo Travel Mart had been organised with that aim. ‘Several other programs including a career and job fair were held to create opportunities for young people and professionals. People want better prospects and tourism can provide them. We must keep working towards this collective goal with the support of everyone,’ he said.

University of Colombo Prof. Suranga Silva said that the summit was more than a conference. He said that the involvement of all stakeholders showed the direction in which the sector was moving. He explained that young people must be inspired to see tourism as an industry they love and want to work in. ‘Knowledge must be continuously renewed. That is why we organised programs such as research symposiums and school tourism club competitions. Tourism has supported the country at all difficult times including the Covid-19 pandemic, and future challenges must be faced with knowledge, skills, and data-driven strategies. It’s very important that the academia and industry work together to develop the sector.’

University of Colombo Vice Chancellor Prof. Indika Mahesh Karunathilake, spoke of the need for a long-term plan for tourism. He said that this required close cooperation between the Government, private companies, and local communities. He also said that the younger generation including university students must see tourism as a career that offers stability and growth, which can only be achieved if the industry evolves with global standards.

As part of the day’s events, the countries that send the highest numbers of tourists to Sri Lanka were recognised in their own languages. These included India, the United Kingdom, Russia, Germany, China, France, Australia, the Netherlands, the United States, Bangladesh, Italy, and Canada.

A panel discussion followed with the participation of Independent Commercial Aviation Consultant and former SriLankan-Emirates Airlines CEO Peter Hill, Sri Lanka Tourism Development Authority (SLTDA) Chairman Buddhika Hewawasam, Shangri-La Group Kieran Twomey, and travel consultant Miguel Cunat. The session was moderated by John Keells Group Dileep Mudadeniya. The discussion focused on connectivity, destination competitiveness, infrastructure, and strategies to increase tourist arrivals and spending.

One of the key moments of the summit was the launch of the Ruhunu Ring, a private sector-led initiative designed to transform the southern tourism landscape. Branded under the theme ‘Culturally Wild,’ the 300-kilometre circle links together Yala and Udawalawe National Parks, Sinharaja Rainforest, Arugam Bay, Mirissa, Galle Fort, and Kataragama. The project aims to encourage tourists to explore beyond traditional sites and spend more within local communities. Tourism advocate Yasas Hewage explained that the Ruhunu Ring is the first of five circuits, with plans already in place for the Wildlife Ring, Culinary Ring, Adventure and Sports Ring, and a Northern Ring. An official website for the Ruhunu Ring was also launched during the event.

The magazine Vision to Voice was launched as part of the summit, aimed at sharing ideas and perspectives within the tourism community.

Foreign Affairs, Tourism, and Foreign Employment Minister Vijitha Herath said that Sri Lanka must ensure that tourism is developed as an industry that benefits everyone. He said that opportunities must reach communities in every province, not only those in well-known tourist areas. He noted that when tourism grows in a way that includes small businesses, artisans, and local service providers, it brings more stability to the entire sector. ‘Tourism must also create a pathway for young people to build meaningful careers at home rather than looking overseas. Training and education must go hand in hand with expansion. Tourism is not only about foreign exchange but also about preserving culture and the environment. I urge all stakeholders to work together to build an industry that is strong, sustainable, and fair.’

Tourism Deputy Minister, Prof. Ruwan Ranasinghe said that tourism faces many challenges globally, but Sri Lanka continues to shine on the international stage. ‘This October, Sri Lanka was named the world’s best travel destination, adding to a series of recognitions and accolades the country has received from various international agencies. These acknowledgments show that we are moving in the right direction, and tourism has the potential to become a true turning point for Sri Lanka’s economy. At the same time, we cannot ignore the challenges. A key issue is capacity at Bandaranaike International Airport in Katunayake. It was originally designed to handle six million passengers annually, yet today it serves around ten million. The long-delayed expansion has put real strain on infrastructure. Another important area is branding. Sri Lanka needs a strong, globally recognised branding campaign to position itself competitively in the world tourism market.’

Lifetime achievement awards were presented to Prof. Suranga Silva and veteran tourism professional Chandra Wickramasinghe in recognition of their contributions to the sector.

The President awarded trophies and certificates to the winners of the All-Sri Lanka School Tourism Club competitions.

The International Tourism Leaders’ Summit was the concluding event of Sri Lanka’s program to mark World Tourism Day 2025. The program included provincial-level school competitions, industry exhibitions, and the International Tourism Research Conference. It was one of the most wide-ranging tourism events held in recent years and brought together students, professionals, policymakers, and international partners to shape the future of the sector. The series of events was jointly organised by the Tourism Ministry, SLITHM, the Sri Lanka Tourism Development Authority (SLTDA), the Tourist Hotels Association of Sri Lanka (THASL), and the Sri Lanka Association of Inbound Tour Operators (SLAITO), with support from the Alumni Association of Tourism Economics and Hospitality Management (AATEHM) and the Sustainable Tourism Unit of the University of Colombo.

The Commission to Investigate Allegations of Bribery or Corruption (CIABOC) yesterday launched a new digital Case Tracking System aimed at improving transparency, efficiency, and accountability.

CIABOC Chairman Justice Neil Iddawala described the new platform as ‘a transformative step’ that goes beyond a mere technological upgrade. He said the system represents a major shift in how the Commission manages and processes information, records, and case files central to its work.

‘Corruption thrives where there is opacity, delay, and inefficiency. Transparency and accountability are the strongest deterrents,’ Justice Iddawala said, calling the new system ‘an instrument of reform’ that will strengthen public trust.

The Case Tracking System integrates automation and centralised digital recordkeeping to improve accuracy, enable real-time case monitoring, and streamline workflows. It also introduces data-driven decision-making tools to enhance institutional performance.

The project was implemented with financial assistance from the Government of Japan and technical support from the UNDP. Addressing CIABOC staff, Justice Iddawala encouraged officers to embrace the new system, noting that it empowers them to work with greater precision and professionalism. ‘Each keystroke is a contribution to CIABOC’s mission-to build a cleaner, fairer, and more transparent society,’ he said.

The launch aligns CIABOC’s operations with international best practices and Sri Lanka’s commitments under the United Nations Convention Against Corruption (UNCAC).

The Mastercard 5 Club Stableford Tournament 2025 concluded in grand style at the Royal Colombo Golf Club (RCGC) drawing over 270 golfers across multiple divisions for two days of highly competitive golf.

The overall Nett Winner was Dr. Rohitha Silva, who delivered an outstanding performance, carding 47 points to set the benchmark for the tournament. His exceptional play stood out in a field filled with experienced and emerging golfers alike.

In Division A (Handicap 0-9), Avancka Herat emerged victorious with 38 points, while Manjula Chandrasoma claimed the runner-up position with 35 points, highlighting the depth of talent among the low-handicap players.

The contest in Division B (Handicap 10-18) was equally competitive, with Dr. Rohitha Silva once again in top form, scoring 47 points to secure the title. Romesh Abhayaratne followed closely with 41 points, finishing runner-up on a better back nine count.

In Division C (Handicap 19-28), Rakbo Perera triumphed with 44 points, narrowly edging out Dinesh de Silva, who finished runner-up with 43 points after a close finish decided on count-back.

Among the Seniors, Nimal Perera showed consistency to take top honours with 38 points, while Sunimal Salgadu claimed runner-up with 36 points, also on a better back nine.

The Masters Division saw Reyaz Mihular impress with 42 points, followed by Indrajith Fernando, who finished runner-up with 40 points after a solid showing.

In the Ladies Silver Division, veteran golfer Arusha Senadhira was in superb form, capturing victory with 34 points, while Tiru Jesudasan followed closely with 33 points.

The Ladies Bronze Division produced a thrilling finish as Mavali Weerasinghe edged out Mukeeta Manukulasuriya on countback, both tied at 39 points.

In the Ladies Senior Division, M.C. Sellayah prevailed with 30 points, while Shanaz Preena finished runner-up with 25 points, bringing the curtain down on a memorable and well-organised event.

Living beyond means has been a salient feature of Sri Lanka’s post-independent economy. Except for two years (in 1954 and 1955 under the premiership of Late Sir John Kotelawala), all Budgets in the island have ended up in deficits. Fiscal discipline is perceived by lawmakers as a political liability while Governments that strived hard to achieve fiscal prudence have often been defeated by voters at elections.

The recent announcement by the Treasury that Sri Lanka’s budget deficit declined by 55% or Rs. 411 billion in August 2025 from a year earlier is a noteworthy development in the backdrop of revenue-based fiscal consolidation having been recognised as a key benchmark of the IMF-mandated economic reforms. According to the latest figures, tax revenue expanded to Rs. 3,068.5 billion over the first eight months of the year from Rs. 2,348.5 billion during last year. The increase in Government revenue has been ably assisted by the increase in import volumes as a result of the economic recovery in addition to gradual relaxation of import restrictions.

Meanwhile, the Customs Department had collected Rs. 1,724 billion in revenue during the first nine months of this year compared to Rs. 1,116.1 billion in the same period last year, representing a 54.5% growth. As of mid-September 2025, over 220,000 vehicles have been imported into the country since the import ban was lifted on 1 February 2025. Sri Lanka Customs has set a revenue target of Rs. 2,115 billion for this year, compared to Rs. 1,553 billion during previous year. Customs had earned Rs. 165 billion from vehicle imports since the ban was lifted and expect tax revenue of Rs. 450 billion for the current year from vehicle imports.

The decline in capital expenditure to Rs. 331.2 billion from Rs. 435 billion last year too has contributed towards the decline in the budget deficit. A reduction in capital expenditure is generally associated with lowered growth prospects. However, in Sri Lanka, capital spending, particularly with regard to construction of roads, highways, and buildings is often associated with corruption and political patronage. Given the funding constraints, the Government would be well advised to explore public-private partnerships to implement essential infrastructure development programs to ensure economic growth is not constrained by fiscal tightening.

Despite the Government’s vociferous commitment to reduce waste and unnecessary spending, recurrent expenditure until August rose to Rs. 3,381.3 billion by 11.2% from Rs. 3,041.6 billion last year. Recurrent expenditure cannot be brought down by trivial measures like taking over the official residences of former presidents or by indulging in frugality as some politicians in the Government opine. Recurrent expenditure is likely to increase further with the Government expecting to recruit a considerable number of individuals into the public sector, including the postal service which has experienced a substantial reduction in demand for its services.

The NPP administration should review its stance on State-owned commercial enterprises. The plans to privatise loss-making enterprises like SriLankan Airlines were reversed by the Government and as a consequence the taxpayers’ money needs to be doled out as current transfers to ensure the continuity of such entities. Reforming institutions like the CEB, CPC and SriLankan Airlines is imperative to rectify persistent fiscal shortcomings. It is also vital to assess the island’s bloated public sector workforce which has been a huge burden on the island’s taxpayers over the years.

The IMF had pointed out that Sri Lanka needs to entrench fiscal discipline to avoid the repetition of the crisis it experienced in 2022. Prioritisation and rationalisation of public expenditure too needs to be pursued vigorously while expanding the Government revenue to maintain prudence in public finances. In spite of adverse political repercussions, steps need to be taken to close down State institutions that have outlived their usefulness.

Leadership is often misunderstood as positions and titles without referring to decisions and actions. One common complaint around the globe is that the so-called leaders give lame excuses to avoid accountability of their own actions. It also shows the need for authenticity in required actions. It may be true not only for political leaders but of leaders representing all walks of life. Today’s column reflects on leadership lessons associated with authenticity and accountability.

Overview

Authenticity refers to being genuine in showing the real you. When applied to leadership, it involves acting with sincerity, integrity, and transparency. It also includes practicing of one’s core values in setting an example to his/her team members. Authentic leaders emphasise ethicality in inspiring, influencing and initiating. They are high in demand in a world where principles are compromised for privileges.

Steve Jobs was frank about his failures. Oprah Winfrey used to openly share her past struggles during her interactions with others. Jacinda Ardern, the former prime minster of New Zealand was known for showing her empathy and effectiveness together. Satya Nadella strived to transform Microsoft’s culture from ‘know it all’ to ‘learn it all.’ These all represent authentic leaders by one way or the other.

‘Authenticity is when you say and do the things you actually believe. But if you do not know WHY the organisation or the products exist on a level beyond WHAT you do, then it is impossible to know if the things you say or do are consistent with your WHY. Without WHY, any attempt at authenticity will almost always be inauthentic.’ This is how Simon Sinek advocated in his popular book, ‘Start with Why.’

Accountability simply means that one is answerable to what you do. In a broader sense, it is the acknowledgment by an individual or an institution of the answerability of one’s actions. Often confusingly interchanged, it is different to responsibility or responsibilities. As we learn in the fundamentals of management, responsibilities can be delegated to others, but the accountability cannot be delegated. I remember once reporting to an elderly leader who had a framed tag hung on the wall behind his table with an interesting saying. ‘The buck ends here.’

‘Accountability breeds response-ability,’ so said Stephen Covey. It highlights the capability to handle issues in taking ownership. Accountability creates a clear expectation for outcomes, motivating teams to meet high standards and work towards shared goals. A lack of accountability can lead to employees doing the bare minimum instead of their best effort. Jason Kelce, a US football player expressed it elegantly. ‘I think as a leader, you just take accountability. That is what leadership is. Leadership is taking accountability yourself and holding others to the same standard, regardless of what is going on.’

Authenticity vs. Accountability

It is interesting to infer the interplay between authenticity and accountability with leadership in mind. Figure 1 is an attempt to do so, highlighting four possible scenarios.

Let us examine the four Es as given in the figure showing the combinations of accountability and authenticity.

Excusing

One may excuse to show results with low level of authenticity and accountability. We have many such examples in Sri Lanka. Rather than striving to achieve given targets despite obstacles, many will find excuses of passing the blame to others. It may be due to lack of competence and confidence both. Many politicians of yesteryear were famous for doing these and the voters, I am sure the voters gave them the deserving treatment at the elections.

In the corporate world too, such people are common. In ‘passing the buck,’ they have a whole heap of excuses to show how innocent and genuine they are. Blame games of this nature lead to escalation of organisational politics resulting in fragmentation, frustration, and eventual failure.

Exhibiting

This is one-way bias scenario where one shows the world of one’s desire to be accountable but without genuinely interested in it. It is more of a showing than sincerely doing. Some bosses who want to be popular among their teams, may openly make utterances to energise them, without seriously meaning them. We have such people among Sri Lankan community as well. The real shrewdness of such leaders is to convince their team members of their so-called keenness to ensure the wellbeing of the team and limit it only to the words.

In the corporate sector, the façade some wear by way of flowery slogans and flattery statements would demonstrate the absence of authenticity. They may deceive some for some time but not all in all times. Such so called leaders will be exposed eventually with evidence so that the true nature of them will be seen with surprise by many who followed them.

Exerting

In this scenario, the leader is sincerely struggling to accept the ownership of the outcomes, mostly negative. Because of the authenticity, the effort is there, yet the challenge of facing failures as ‘fertilisers for future’ is much less visible.

It can also be a case of having the attitude of being genuine yet not willing to be answerable for results. It is a subtle rejection of the ownership of one’s own actions may be individual or collective, paving the way for a possible avoidance. A manager who is known to demonstrate a high degree of integrity yet has not achieved the given targets as a team could be one example.

Excelling

This is obviously the preferred scenario, the much respected one. Great leaders in the annals of human history have shown excellence in being both authentic and accountable. Mahatma Gandhi is a fitting example of demonstrating such excellence. His non-violent path towards freedom showing ample evidence of authenticity and accountability.

In the corporate world, the leaders who also are ‘leader-breeders’ achieve results against odds in exceeding stakeholder expectations, together with a committed and a competent team demonstrate excellence in action. This is the rare breed in high demand, who can be role-models to many aspirant leaders.

Akio Morita as a case in point

In perusing through the annals of managerial leadership history, Akio Morita emerges as a fitting figure who excelled as a leader showing both authenticity and accountability. His leadership style combined ‘Japanese spirit’ with ‘western learning.’ He known for his visionary innovation, willingness to take calculated risks, and for fostering an employee-centric culture at Sony.

‘Nobody openly laughed at me. Everybody gave me a hard time. It seemed as though nobody liked the idea. I do not believe that any amount of market research could have told us that the Sony Walkman would be successful.’ That is how Morita reflected on his authentic actions, struggling at times with eventual success.

‘Sony’ was started in 1946 as an electronics shop by Masaru Ibuka with 8 employees, just as Japan was starting to rebuild itself after World War II. The company name Tokyo Tsushin Kogyo (Tokyo Telecommunications Engineering Corporation or TTK) was quickly established when Akio Morita joined Masaru Ibuka that same year. It was not until 1958 until the company changed their name to Sony, which sounded a bit like ‘sonus’ (Latin for noise or sound) as well as being a word unused around the world. In fact, Sony was the first company to list on an American stock exchange – the NYSE, which was a big deal for the company at the time.

Under Morita’s stewardship, Sony not only achieved unparalleled growth but also introduced a slew of groundbreaking products that revolutionised the electronics landscape. His leadership style, characterised by a blend of intuition, risk-taking, and employee empowerment, became the bedrock of Sony’s corporate culture.

Morita’s emphasis on fostering a culture of innovation and his unwavering belief in the potential of his employees played a pivotal role in Sony’s meteoric rise. His legacy continues to inspire leaders across the globe, emphasising the importance of visionary leadership in business success.

Being accountable when authenticity was challenged

In 1955, Bulova, a well-known American brand, sought to purchase 100,000 units of Sony’s innovative pocket-sized transistor radios. They had put forward one condition: no Sony name, branded as Bulouva. ‘Nobody in the country knows Sony! We could not sell anything under that name. But everyone in America knows our name. Isn’t it ridiculous not to utilise our established reputation?’ That was how they argued.

Morita’s response was interesting. ‘Fifty years ago, how many people knew your name? This is the first year of my company’s fifty years history. If we do not use our name, we may not have a history.’ Even though the deal was worth a significant portion of Sony’s capital and the blessings of his team was for it, Akio Morita said no.

It is amazing to see how his authenticity and accountability as a leader were aptly demonstrated. What Morita believed was to establish Sony’s reputation for quality and decided to find a distributor who would sell the product under the Sony brand, a decision that helped transform ‘Made in Japan’ from a mark of cheap goods to one of quality and reliability.

Way forward

‘The journey to authentic leadership begins with understanding the story of your life. Your life story provides the context for your experiences, and through it, you can find the inspiration to make an impact in the world.’ That is how Bill George advocates in his book titled ‘Discovering Your Authentic Leadership.’ No more stressing is needed to emphasise the leadership excellence with authenticity and accountability in action. Sri Lankan managers and administrators alike can perform a lot better in this acute respect.

The youngest Sri Lankan to reach Everest Base Camp, Jaith Adithya Nathavitharana, achieved this feat at just 15 years and 4 months. Now, he sets his sights on summiting Mount Elbrus, the tallest mountain in Europe, and Mount Vinson, the tallest in Antarctica. At 13, on 10 August 2023, Jaith summited Stella Point of Mount Kilimanjaro and pledged to himself to climb the Seven Summits, including Everest Base Camp, sooner rather than later. Mount Elbrus in Russia stands at 18,510 ft, while Mount Vinson reaches 16,050 ft.

‘As cliché as it may sound, I am truly proud of myself. Strengthened by the lion’s might, it was an amazing experience overall, and being the youngest there is simply the cherry on top,’ he says with a sense of achievement. A Year 9 student at Colombo International School Kandy with a penchant for History, Business Studies, and Biology, Jaith relied on his sports background in football and badminton to build stamina and endurance.

‘In comparison to summiting Kilimanjaro, Everest Base Camp was truly more special. It was less rushed and more relaxed. We stayed about 30 minutes, taking photographs and enjoying the surroundings, whereas on Kilimanjaro, it was five minutes, one photograph, and then turnaround.’ Jaith, who collects ornamental fish and plays video games as hobbies, also swims and plays chess, adding to his vast extracurricular repertoire, which includes being a member of the Model United Nations.

While the adrenaline rush of seeing the words ‘Everest Base Camp’ etched into the rock is hard to express in words, Jaith, who felt a mix of joy, achievement, and shock at having reached the Base Camp, also had some grounding moments on the climb. ‘The lives led by the mountain people on Everest and other peaks in the region were shocking. The Sherpas, for instance, earn barely enough to live even though they carry 15 to 30 kg on a given trip. The Everest region feels like time has stood still. There are no cars, no running water, and yaks and mules are used for ferrying necessities, while these Sherpas climb to and fro to earn their living. It’s not an easy life for them.’

Jaith recalls that the biggest challenge was the altitude, with breathing becoming harder as the climb grew steeper. ‘We would usually start climbing at about 6:30 a.m., walking an average of seven hours daily. The higher we went, the more difficult the days became, and those final days were truly challenging – fighting altitude and fatigue, which hit me in the last few days.’

He does, however, acknowledge that memories are not just made of reaching Base Camp. ‘Visiting tea houses, crossing suspension bridges, climbing alongside mules and yaks, soaking in the beautiful landscape of glaciers and temples, experiencing the spiritual side of the mountain, and meeting experienced mountaineers who kept encouraging me – all of these are memories I will cherish. It is amazing how every climber becomes a part of the mountain and the culture in the region. The experience truly helped me bond more with my father and this climb was special because it was my way of getting back at him for Kili,’ he adds with a smile.

Though his career ambition is not ‘mountain-oriented’ but rather focused on becoming a professional footballer playing in the Champions League one day, Jaith says he will not attempt an Everest climb again. ‘It’s a little too nerve-wracking and has too many negatives. But I am preparing for the next two climbs – the tallest in Europe and the tallest in Antarctica.’

Grateful for the support his teachers and friends extended to ensure he didn’t miss any schoolwork while away, Jaith encourages other young people to try mountaineering. ‘Just remember, once you start, there’s no going back – as one person on the mountain told me. All you need is a trekking pole and good layering. From there, it becomes an addiction. It is truly a soul-cleansing experience, builds self-confidence, and is a very useful way to find yourself.’

Hemas today announced the launch of its state-of-the-art tertiary care hospital in Thalawathugoda, marking one of the Group’s most ambitious investments to date. With a capital outlay of LKR 10 billion and plans to employ nearly 900 healthcare professionals, the new facility underscores Hemas’ commitment to advancing healthcare standards in Sri Lanka. This landmark initiative is a key component of the Group’s wider growth strategy, as it continues to expand its footprint and strengthen its position in the healthcare sector.

The event, themed ‘Redefining the Future of Healthcare,’ was graced by Dr. Nalinda Jayatissa, Hon. Minister of Health and Mass Media, along with senior dignitaries, consultants, the Board of Directors, and members of the Hemas Group leadership team.

This expansion will transform Hemas Capital Hospital into a fully-fledged tertiary care facility, doubling its capacity to 150 beds and introducing advanced critical care units, operating theatres, and specialized centers of excellence. With a strong focus on advanced cardiac care, this complements Hemas’ recent expansion of Cath Labs and interventional cardiology capabilities, and reinforces it’s position as a trusted provider of cardiac treatment.

As one of the largest private healthcare developments in the country, it reflects Hemas’ long- term commitment to invest in healthcare infrastructure and elevate Sri Lanka’s medical standards to regional benchmarks, bringing world-class healthcare closer to communities across the nation.

Raising Healthcare Standards in Sri Lanka

The expanded hospital will introduce several firsts to the nation’s healthcare sector:

Advanced cardiac surgery for precision heart interventions.

Expanded interventional cardiology and cardiac critical care facilities.

Robotic surgery in urology and orthopedics, offering minimal invasiveness, faster recovery, and enhanced patient safety.

Comprehensive spinal care, including scoliosis correction and endoscopic spine surgery.

A dedicated Orthopedic Trauma and Sports Medicine Unit, supporting both complex musculoskeletal conditions and the needs of athletes.

Advanced nephrology and gastrointestinal surgery, incorporating minimally invasive and robotic techniques.

Beyond Treatment – A Hub for Innovation

Dr. Lakith Peiris, Managing Director of Hemas Hospitals, said:

‘More than a hospital, the new facility is designed to be a hub of learning and innovation. It will host Sri Lanka’s first training center for robotic surgery, equipping the next generation of

clinicians with advanced surgical skills. It will also support research, digital health integration, and knowledge partnerships, ensuring that the benefits extend well beyond the walls of the hospital.’

Serving Patients, Clinicians, and the Nation

With its expanded capacity and pioneering services, Hemas Capital Hospital will reduce the need for Sri Lankans to travel abroad for specialized care, relieve the burden on the public health system, and provide clinicians with a platform to practice medicine at international standards.

Mr. Murtaza Esufally, Chairman of the Healthcare Sector of Hemas Group, added:

‘The project reflects Hemas’ deep commitment to Sri Lanka – creating new employment opportunities, advancing healthcare accessibility across communities, and positioning the nation as an emerging regional healthcare hub.’

Mr. Ashish Chandra, Group CEO Hemas Holdings, said:

‘Hemas stands as Sri Lanka’s largest healthcare group, with a strong presence across pharmaceuticals, surgical and diagnostics distribution and manufacturing, as well as healthcare services spanning primary, tertiary, and home care. Guided by our purpose of empowering the lives of every Sri Lankan, we are committed to delivering world-class healthcare that is both accessible and affordable. This state-of-the-art facility with latest digital innovations that will transform patient experience and outcomes reflects our vision to expand access to high-quality care’

The fifth Annual General Meeting (AGM) of the All Island Dairy Association (AIDA) was recently held at The Ceylon Chamber of Commerce in Colombo, with Agriculture Minister K.D. Lalkantha as Chief Guest.

Speaking at the AGM, AIDA President Asoka Bandara thanked the Government for removing the Value Added Tax (VAT) imposed on fresh milk from the last Budget.

He explained the role of the AIDA, which represents the country’s leading dairy collectors and product processors, producers such as large- and medium-scale farms, service providers of the value chain, as well as milk importers.

He stressed that the Association as the main focal point is fully committed towards the country’s dairy development process and is a willing partner to support the Government in achieving these objectives in collaboration with public sector institutions and Governmental authorities.

AIDA stakeholders collect over 65% of the local milk produced predominantly by the rural dairy farming community, which produces the bulk of Sri Lankan fresh milk. Furthermore, some members have also invested and managed large- and medium-scale dairy farms and also represented by members involved in the importation of dairy equipment, powders, and other relevant inputs.

Bandara highlighted the current challenges for the dairy industry, including high taxation for investments in large farms, the need to upgrade small farmers to commercially viable mid-sized farms, to ensure availability of high-quality fodder and concentrates for cattle feeding, an integrated approach for artificial insemination of cattle, and to improve the progeny of Sri Lanka’s low-yielding cattle.

Minister Lalkantha added that the vision and objective of the Government and his Ministry are in congruence with the views expressed by the AIDA President.

Looking forward to the support extended in developing the industry through robust private-public partnerships, he also explained that making available State land for cultivation of fodder/maize could be carefully considered in an objective manner to alleviate the shortage of feed and feed ingredients.

As the AIDA produces only 40% of the nation’s fresh milk requirement, he welcomed the supportive gesture by the AIDA towards the Government’s dairy development endeavours. The Minister will also focus on improving herd quality through National Livestock Development Board (NLDB) intervention and to increase the much needed production of fodder and maize.

The AIDA will formally propose their action plan urgently to the Minister considering the impending national Budget timelines.

The meeting was graced by all top AIDA members and Ministry officials, including NLDB Chairman Dr. B.S.C. Perera, NLDB Deputy Chairman Dr. W.M.D.S. Wanninayaka, and leading NGOs involved in the dairy value chain.

The following members were elected to the AIDA Executive Committee for 2025/2026:

President: Asoka Bandara (Maliban Group).

Vice Presidents: Saranga Wijesundara (Kotmale Holdings PLC – Manufacturing and Processors); Sasanka Perera (Lanka Milk Foods (CWE) PLC – Producers and Collectors); Saman Perera (Fonterra Brands – Importers); and Andy Weerawan (Prima Group – Service Providers).

Exco Members: Mohamed Imtiaz (Hare Park Dairies Ltd.); Susantha Malwatte (Pelwatte Dairy Industries Ltd.); Upul Dissanayake (Access Agro Ltd.); Dr. Keerthi Gunasekera (Quadragen VetHealth Ltd.); Kevin Jansz (Watawala Dairy Ltd.)

Technical Committee: Chalindra Pathirana – (Nestle Lanka Ltd.) – (Chairman of the TC); Ruwan Kumara (Fonterra Brands Lanka); Manoj Gunathilaka (Access Agro Ltd.); Manoj Jayasundera (Rich life Dairies Ltd.)

Treasurer: Gamini Rajapaksa, Hypromac Engineering Services

Immediate Past President: Nishantha Jayasooriya, Richlife Dairies Ltd.

Consultant/GM: A.C.H. Munaweera

Secretariat:Gloria Hewapatha

When conducting the latest analysis of real estate data (Q3 2025), one of the most positive observations that can be made is with respect to the recovery of the apartment market prices in Colombo measured in USD. Whilst average apartment prices, measured in LKR continued to witness an upward incline, even during COVID and the economic crises, much of the trend is attributed to the unprecedented currency depreciation that took place in 2022. This rendered the LKR as limited in use as a tool to gauge property market trends, especially for an international investor. However, the recovery in USD and other major currencies is more impressive because it withstood the depreciation and has since compensated for the drop in value of the LKR. Simply put, if you purchased an apartment property in Colombo in 2021 in foreign currency, you experienced some volatility in prices during 2022/23 but by 2024/25, you are in positive capital gains territory.

A second striking observation with reference to the rise of Colombo 5 in terms of new apartment inventory, apartment price gains as well as the increase in land prices. In our comparative analysis of Colombo, the Colombo 05 area stands out as the all-round best performer.

With reference to Tier 2 and 3 luxury apartments, Colombo 5 price trends have continued to remain above the average for Colombo as measured on a per-sq.-feet basis. Whilst the entire market dipped in 2022 (in USD terms), the pace of recovery has been strongest in the Colombo 5 area.

It is also interesting to note that this vibrant part of the Colombo city is increasing its popularity amongst developers who are catering to the top end of the apartment market. This is illustrated by the upcoming supply that is targeting the upper end of the market.

A case in point, Fairway Holdings, who have already transformed the skyline of Rajagiriya, is now set to enter the Colombo 5 market with its upcoming project, Fairway Latitude, scheduled to launch in the coming months. The development will feature 176 units and is located on High Level Road, opposite Stafford Avenue.

Commenting on the market trend, Research Intelligence Unit CEO Roshan Madawela said, ‘The rise in popularity of this part of Colombo can be attributed to several key factors. Firstly, Colombo 5 provides its residents with some of the best social and physical infrastructure in the capital. For instance, the hospitals and international schools in this area makes it extremely attractive for the buy-to-live market, especially parents with kids or retired couples. Secondly, the centrality offered by this location makes it particularly attractive to tourists, extended stay tourists and the diaspora who visit the country regularly. Hence, property investors have invested and are reaping the benefits of improving rental yields.’

He added, ‘Barring any more external shocks, we expect the apartment market in Colombo to gather momentum from several positive factors that include the growth in tourism as well as the rise in incomes that are driven by economic growth.’ According to the latest data from RIUNIT, Colombo 5 is certainly leading the way in this connection.

The Sri Lanka Institute of Directors (SLID), in collaboration with the Association of Chartered Certified Accountants (ACCA) Sri Lanka, has announced the launch of the SLID – ACCA National Director Awards – a landmark initiative to honour exemplary leadership and governance excellence across Sri Lanka’s corporate sector.

The awards will recognise directors who demonstrate integrity, foresight, and impact, going beyond compliance to set new benchmarks in sustainable value creation and responsible

leadership.

A vision for governance excellence

In an era of rapid economic transformation, robust governance is critical to resilience and long-term growth. The National Director Awards have been established to:

Elevate standards of directorship and accountability.

Showcase role models who champion transparency, innovation, and stewardship.

Strengthen stakeholder trust and position Sri Lanka as a hub of responsible corporate leadership in the region.

National Director Awards Chair Rolf Blaser stated:

‘The National Director Awards have been introduced to recognise and celebrate directors who go beyond compliance to demonstrate how strong governance drives sustainable growth and long-term value. Our goal is to set new benchmarks that inspire responsible leadership and strengthen Sri Lanka’s corporate governance landscape.’

SLID Chairman Dinesh Weerakkody remarked:

‘As we commemorate SLID’s 25th Anniversary, the introduction of the SLID-ACCA National Director Awards constitutes a pivotal moment in our history. Our longstanding mission to advance governance standards in Sri Lanka is now extended through this awards program, which recognizes directors who personify integrity, strategic foresight, and tangible impact. We firmly believe that resilient economies are built on the foundation of strong boards. This initiative is designed to inspire future leaders to champion the principles of innovation, diversity, and accountability.’

ACCA South Asia Cluster Head Nilusha Ranasinghe added:

‘ACCA champions organisations that excel in sustainable business practices, highlighting the importance of transparency, accountability, and ethical conduct. Our collaboration with SLID underscores a shared commitment to nurturing directors who balance financial acumen with ethical stewardship-key pillars of sustainable prosperity.’

SLID Chief Executive Officer Anitra Perera emphasised:

‘The SLID-ACCA National Director Awards provide a platform that recognises and elevates the critical role of directors in shaping sustainable, future-ready organisations. This collaboration allows us to combine our shared commitment to governance and accountability, ensuring that Sri Lanka sets a benchmark for responsible leadership in the region.’

Award categories:

Will be presented across nine categories, including:

Outstanding Independent Non-Executive Director

Courage in the Boardroom

Greatest Impact on Corporate Boards

Innovation in Governance

Sustainability Leadership

Equity and Diversity Champion

Outstanding Young Director (Under 40)

Chair’s Award for Boardroom Excellence

Lifetime Achievement Award

Nominations open on 1 October and close on 31 October.

Eligibility:

Open to directors of Sri Lankan private and public companies, State-owned enterprises, and non-profit organisations. Submissions will be assessed by an independent judging panel comprising eminent leaders from business, academia, and civil society. For nomination details, visit: www.slid.lk

Awards Ceremony:

Winners will be honoured at a gala ceremony on 28 January 2026 at The Oak Room, Cinnamon Grand Colombo.