Category: Daily Financial Times

Fabric and Apparel Accessory Manufacturers Association (FAAMA) held its Annual General Meeting recently, with Husni Salieh of Noyon Lanka appointed as the new Chairman. He will be supported by Vice Chairmen Niroshan Samarasinhe of Stretchline Ltd., and Shahid Sangani of Dynawash Ltd.

The Chief Guest at the event was Board of Investment (BOI) Chairman Arjuna Herath, while Export Development Board (EDB) Chairman and CEO Mangala Wijesinghe graced the occasion as Guest of Honour.

FAAMA represents a diverse membership of key suppliers to the apparel export industry, including manufacturers of fabric, lace, zippers, elastics, bra cups, and packaging materials, etc. In support of Sri Lanka’s ambition to build a robust backward supply chain, the sector has made significant investments in local manufacturing capabilities. Today, FAAMA members contribute close to $ 1 billion in direct and indirect exports and play an essential role in value addition, which currently exceeds 55% in the apparel industry.

In his address, outgoing Chairman Samal Dissanaike raised the growing concerns of his members regarding the impact of the new VAT Act and the scheduled withdrawal of the Simplified VAT (SVAT) system on 1 October. He also stressed on the point that both the BOI and EDB should make every effort to look after the interests of the exporters and the supply chain in the country if the Government’s ambitious export growth targets are to be met in the future.

Dissanaike highlighted two major implications for FAAMA members. Firstly, significant amounts of cash would now be tied up in VAT payments to the IRD as payment for any particular month would now be due on or before the 20th day of the following month. He pointed out that given most companies have their prior agreed customer settlement credit periods of 60, 75, 90 days, etc., the system change would further strain working capital issues and increase financing costs.

Secondly, local suppliers risk becoming less attractive compared to direct imports sourced by apparel manufacturers as this method would prevent their cash being blocked with IRD for a minimum 45-day period. If this trend catches on the locally sourced portion of approx. $ 1 billion could drastically reduce and could also hamper employment in the country in the future.

FAAMA has been in continuous dialogue with both the EDB and BOI on this matter, seeking an equitable resolution.

Export Development Board (EDB) Chairman and CEO Mangala Wijesinghe, while acknowledging the concerns raised by Dissanaike emphasised that FAAMA should focus on Free Trade Agreements (FTAs) already available and try to boost exports. He also mentioned of ongoing efforts for a new FTA with Japan.

Also addressing the gathering, BOI Chairman Arjuna Herath indicated that the Inland Revenue Department (IRD) is giving positive consideration to the inclusion of indirect exporters in the ‘eligible exporter’ category. He emphasised that such a move would be critical to sustaining operations and ensuring the continued viability of businesses within the sector.

With the removal of the SVAT scheme just days away, exporters remain anxious about the IRD’s readiness to process refunds efficiently – a delay that could pose significant challenges to industry cash flow.

However, Herath’s remarks offered FAAMA members a glimmer of hope.

President Anura Kumara Disanayake, during his official visit to Japan at the invitation of the Japanese Government, held discussions yesterday with Japan International Cooperation Agency (JICA) President Dr. Tanaka Akihiko at the Imperial Hotel in Tokyo, marking a fresh chapter in bilateral cooperation.

President Dissanayake expressed gratitude for Japan’s steadfast support, particularly through the resumption of concessional yen loans via JICA, which he noted was playing a vital role in Sri Lanka’s national development drive.

JICA President Dr. Akihiko reaffirmed Japan’s long-term commitment to Sri Lanka and announced that the long-delayed Bandaranaike International Airport (BIA) expansion project in Katunayake will soon resume, alongside continuous monitoring of Sri Lanka’s macroeconomic reforms.

He also stressed the importance of strengthening the private sector, industry and agriculture as engines of sustainable economic growth.

The two sides also reviewed progress on the Waste Management Plan in the Western Province, while Sri Lankan representatives sought Japanese assistance in advancing the country’s digital economy, particularly in research on artificial intelligence and the establishment of an AI Neutral Centre.

The meeting was capped by the signing of a Grant Agreement for the Project for the Enhancement of Productivity in the Dairy Sector, underscoring Japan’s continued investment in Sri Lanka’s long-term development.

Foreign Affairs, Foreign Employment and Tourism Minister Vijitha Herath and a group of other officials participated in this event.

Dialog Axiata Group Chief Analytics and AI Officer Dr. Romesh Ranawana on Monday said Sri Lanka’s artificial intelligence (AI) adoption remains far behind global peers, largely due to the lack of localisation in language and cultural context.

Sharing insights during a panel at the two-day conference spearheaded by the Digital Economy Ministry in collaboration with SLT-Mobitel, he highlighted the stark localisation gap with other countries. Dr. Ranawana noted that while 50-60% of people in countries such as the US, Canada and Singapore use generative AI tools like ChatGPT at least two or three times a week, Sri Lanka’s usage is low at just 5%. ‘The contrast with India is striking. Adoption there is already at 50-60%, driven by strong localisation efforts,’ he observed.

According to Dr. Ranawana, localisation in AI is twofold. The first is linguistic localisation, which involves building systems that can understand and process Sinhala and Tamil through voice recognition (ASR), text-to-speech (TTS) and optical character recognition (OCR).

‘The Digital Economy Ministry has already begun work on creating Sinhala datasets and models, with an emphasis on making them publicly available to researchers,’ he revealed.

The second is contextual localisation. ‘Most AI systems are trained on Western data. They don’t always reflect our cultural context, values or communication styles. Without that, responses can often feel irrelevant or inaccurate,’ he explained.

However, Dr. Ranawana cautioned against delaying adoption till localisation is complete. Current tools, he argued, are already good enough for practical applications in areas such as education. ‘For example, tools like Google Translate are sufficient to build simple classroom systems today. We should deploy them immediately,’ he said, urging policymakers and industry players to leverage what is already available.

He said deeper localisation must be pursued as a multi-year national program. ‘The goal should be to build comprehensive national datasets that capture our dialects, accents, and cultural contexts, while ensuring data quality and noise reduction. This will not be a one-off project-it requires sustained investment over at least five to six years,’ he said.

Done right, localisation could transform Sri Lanka’s digital economy. It would strengthen government services, empower startups to build locally relevant AI applications, and position the country as a competitive player in the global AI ecosystem.

‘We must view localisation not just as a technical task, but as a nation-building effort,’ Dr. Ranawana emphasised, calling for collaboration between Government, academia, and industry.

The 17th Annual General Meeting of the Indo Lanka Chamber of Commerce and Industry (ILCCI), affiliated to The Ceylon Chamber of Commerce was held on 26 September, at the Taj Samudra, Colombo.

The proceedings were followed by a fireside chat moderated by ILCCI Immediate Past President Romesh David. The distinguished panel included Indian High Commissioner Santosh Jha, and Brandix Apparel Ltd. Managing Director Hasitha Premaratne.

During the discussion, the High Commissioner emphasised the importance of India and Sri Lanka investing in each other’s economies-not as competitors but as partners in regional growth and expansion. He also discussed Sri Lanka’s role as a transshipment hub and underscored the need to broaden cooperation in the energy sector through joint investments and initiatives.

M. Raghuraman was re-elected as President of the Indo Lanka Chamber of Commerce and Industry (ILCCI). Addressing the membership, he stated that, ‘Over the past year, the relationship between India and Sri Lanka has reached unprecedented heights. The historic visits of President Disanayake to India and Prime Minister Modi to Sri Lanka have reaffirmed our deep bonds and ushered in a new era of cooperation in energy, defence, digital infrastructure, and trade.’

At the AGM, Carson Management Services Director Krishna Selvanathan, and Lanka IOC PLC Managing Director Dipak Das were elected as Vice Presidents, while South Asia Gateway Terminals CEO Romesh David continues as Immediate Past President.

The current Committee of ILCCI comprises Hemas Holdings PLC, Indian Bank, John Keells Holdings PLC, Lanka Ashok Leyland PLC, MAC Holdings Ltd., PGP Glass Ceylon PLC, Sunshine Holdings PLC, TAL Lanka Hotels PLC, together with ILCCI Founder President Mano Selvanathan, the Counsellor – Commercial a

Amuna Ayurveda and Wellness Retreat has been honoured with the title of ‘Sri Lanka’s Best Wellness Retreat 2025’ at the World Spa Awards.

This distinguished accolade places Amuna among the most revered wellness sanctuaries in the world, underscoring its unwavering commitment to authentic Ayurveda, transformational guest experiences, and exceptional standards in holistic healing.

Nestled in the heart of Sri Lanka’s Cultural Triangle, near the tranquil Kandalama Lake in Sigiriya, Amuna is an oasis of serenity where nature, culture, and ancient healing traditions converge. Designed with sustainability and mindfulness at its core, the retreat offers a deeply immersive experience with traditional Ayurveda treatment rooms, Shirodhara therapy spaces, herbal baths, and steam rooms-all guided by experienced Ayurvedic doctors and therapists. Each guest receives a personalised program with treatments for detoxification, rejuvenation, stress and insomnia management, immune support, yoga, meditation, and nutrition – prepared using locally sourced ingredients.

Guests from across the globe consistently praise Amuna’s authenticity, genuine care, and peaceful ambiance, describing it as more than just a wellness retreat-a soulful journey of renewal and self-discovery. This international recognition from the World Spa Awards validates Amuna’s position as a trailblazer in Sri Lanka’s wellness tourism sector, and as a destination that seamlessly fuses ancient wisdom with modern comfort.

Hayleys Leisure Managing Director Rohan Karr said, ‘This award is not just a win for Amuna, but for Sri Lanka as a whole. It reflects our belief in Ayurveda’s power to heal, to transform, and to connect people to something deeper-and it motivates us to continue nurturing sustainable, purpose-driven travel.’

The Government has announced its intention to explore nuclear power as a reliable, low-carbon energy source to diversify its energy mix and strengthen energy security, at the 69th General Conference of the International Atomic Energy Agency (IAEA) held in Vienna from 15 to 19 September.

Permanent Representative of Sri Lanka to the IAEA Ambassador M.R.K. Lenagala informed the IAEA that Sri Lanka has included nuclear power as an energy source within the base case of CEB Least Cost Long-Term Generation and Expansion Plan 2025-2044.

Delivering the national statement of Sri Lanka at this key event of the IAEA calendar, he underscored that the move reflects Sri Lanka’s efforts to meet the dual challenges of climate change and energy security.

Ambassador Lenagala reaffirmed Sri Lanka’s unwavering support for the IAEA’s mission to accelerate and enlarge the contribution of atomic energy to peace, health and prosperity across the globe.

A briefing on the progress Sri Lanka has made in the use of nuclear applications for peaceful uses was provided, including the establishment of a Cyclotron based radio pharmaceutical proton facility to support PET scanning for cancer diagnosis on an initiative by the Sri Lanka Atomic Energy Board (SLAEB) with the regulatory approvals from the SLAEB, National Medicines Regulatory Authority and Central Environmental Authority.

While appreciating the IAEA’s continued support and technical guidance towards the progress of Sri Lanka’s peaceful applications of nuclear science and technology including through the Technical Collaboration Projects, the Ambassador outlined several key initiatives that Sri Lanka has undertaken to strengthen the country’s nuclear infrastructure.

Reference was made to the participation of a high delegation led by the Speaker of the Sri Lanka Parliament earlier this year, in a consultative meeting with the IAEA on adherence to global nuclear security framework focused on the Physical Protection of Nuclear Material and its Amendment (CPPNM), as well as to the SLAEB’s hosting of four IAEA follow-up review missions to Sri Lanka, reflecting the country’s continuous engagement with the IAEA.

Global fintech platform, Pine Labs Ltd., has announced its partnership with Bank of Ceylon in Sri Lanka. This banking-fintech partnership will enable the bank to issue and manage prepaid multi-currency travel cards to its customers.

Powered by Pine Labs Ltd.’s Credit+ platform, the card issuance technology for the bank built on modular architecture will offer an integrated issuing stack for the bank for issuance of these cards at scale and adhere to the security requirements. This card is a physical card which is issued under the Mastercard scheme and allows Bank of Ceylon to cater to an overseas traveller’s foreign exchange requirements.

The Credit+ platform offers an API-first software solution for issuers to offer debit cards, credit cards, forex cards, prepaid cards, and manage the life cycle of their customers. The platform takes care of end-to-end issuer processing services including consumer onboarding, card issuance, transaction processing, fraud prevention, and collections.

Pine Labs Ltd., CEO B Amrish Rausaid said: ‘From seamlessly managing chargeback processing to tokenisation safeguards, comprehensive authorisation rules, and more, our card issuance Credit+ technology platform for banks and financial institutions is built to comply with the stringent regulatory requirements across various jurisdictions. We are delighted to partner Bank of Ceylon, Sri Lanka’s largest state-owned commercial bank, and power a robust tech-first card issuance experience, for issuance of prepaid multi-currency travel cards to their customers.’

Bank of Ceylon Assistant General Manager (International) Upul Wijayathunga said: ‘Being a Bank who objectively adds values to its customers’ life, Bank of Ceylon introduced the BOC Multi-Currency Travel Card that offers the convenience and safety of carrying multiple currencies in one digital card, allowing the customer to travel overseas freely and transact with confidence at a lower expense than having to bear currency exchange loss. As at date we have successfully issued more than 20,000 cards and we are truly grateful for the services provided by Pine Labs as the Card Management System vendor to manage and control the card operations. Their unwavering commitment to quality and professionalism has significantly contributed to our success. We look forward to continuing this fruitful relationship to enhance the Travel Card issuance globally.’

Credit+ is an API-first, issuing, acquiring and processing technology infrastructure by Pine Labs Ltd., that serves as an open-loop solution for both issuers and acquirers. Its modern technical architecture allows Pine Labs Ltd., to provide a one-stop solution for issuers and acquirers to manage the complete consumer lifecycle, including effortless onboarding, smooth processing, ongoing operations management and engagement. As of 31December 2024, 28 Issuers in 16 countries (including India, Malaysia, Australia, the Philippines, Saudi Arabia, Egypt) have used this platform to issue 71 million accounts for Credit, Debit and Prepaid.

Acting as a unified issuing platform, Credit+ platform offers processing for credit, debit, prepaid, forex and loyalty, enabling a 360-degree view of the end consumer which supports different use cases, including domestic and international cards, travel cards, corporate cards, open loop gift cards, general purpose cards, co-branded cards, and EMI plans. Credit+ enables Issuers and their partners to integrate financial services within their digital platforms to create a single smooth end-user experience to enable numerous Fintech infrastructure workflows for diverse use cases, such as expense management, credit program management, gig economy, digital wallet, rewards, fuel and fleet management, teen and campus cards, travel cards. These APIs can support the entire journey including instant digital onboarding, underwriting, KYCs, physical and virtual card issuance, transactions, card controls, risk management, rewards and customer support workflow.

CEAT Kelani Holdings has been recognised as Sri Lanka’s Employer Brand of the Year 2025, while its Vice President – Human Resources Thushara Hettithantrige was honoured as a ‘Topmost HR Leader of Sri Lanka’ at the 2025 World HRD Congress Sri Lanka awards presentation held in Colombo recently.

The evaluation process for the Sri Lanka awards was based on criteria that encompassed brand strategy, employee value proposition, recruitment and retention, diversity and inclusion, employer reputation, innovation, creativity and outcomes.

The World HRD Congress is a global platform for human resource professionals founded by Dr. R.L. Bhatia, with a dynamic presence across Asia, Africa and the GCC. It is governed and run by professionals and HR leaders across multiple countries with the objective of bringing them together on a single platform.

These latest accolades affirm CEAT Kelani’s commitment to aligning its business and HR strategies to nurture a truly happy workforce and sustain a culture built on shared values. With a strength of more than 1,000 employees – including over 150 who have dedicated two decades of service – the Company has consistently set benchmarks in employee engagement, retention and overall workplace wellbeing.

Transparent performance management systems, talent development initiatives, succession planning, career management programmes, and a healthy partnership with its Trade Union are integral to CEAT’s employee value proposition, the company said.

CEAT Kelani Chief Executive Officer and Managing Director Ravi Dadlani, ‘We also prioritise work-life balance and employee welfare through activities that extend to families, and implement HR policies that emphasise internal recruitment, job enrichment, job rotation, and career planning and provide special loan schemes for professional qualifications. Additionally, our robust recognition and rewards policy celebrates employees who deliver exceptional value through innovation.’

These elements have helped CEAT Kelani distinguish itself as an employer of choice in Sri Lanka and have earned the company a reputation for building a resilient and motivated workforce dedicated to driving innovation and growth.

The Ceylon Petroleum Corporation (CEYPETCO) yesterday announced a select fuel price revision effective from midnight today (30).

Accordingly, the price of Auto Diesel will be reduced by Rs. 6 to Rs. 277 per litre and Petrol 95 Octane will be reduced by Rs. 6 to Rs. 335 per litre. Kerosene will be reduced by Rs. 5 to Rs. 180 per litre.

However, there will be no change in the prices of Petrol 92 Octane and Super Diesel.

We live in a world built for those who can see. From reading street signs to checking our phones, vision shapes almost everything we take for granted. It’s easy to forget how much of life relies on it, until it’s gone. Those who navigate the world without sight do so with a combination of skill, patience, and resilience that most of us rarely recognise.

Tuan Rushdi is not a celebrity. He is not a public figure many would know. He is a representative of a community whose strength often goes unnoticed, someone whose life story offers a window into both the challenges and the possibilities of living and working without sight.

A week into his first job, Tuan lost his eyesight. For most people, such a moment would feel like the end of a dream. For Tuan, it became the start of a mission. Rather than retreating, he leaned into the world, learning to navigate it in new ways, refusing to let his vision define his potential. Today, he works as a consultant for engagement and inclusion at BConnected Pvt Ltd., combining his personal experience, academic training as an Australia Awards scholar, and international exposure to create pathways for blind and low vision professionals in Sri Lanka. This blend of academic knowledge, international exposure, grounded work through the BEmpowered initiative, and lived experience navigating the corporate world positioned him uniquely to speak at a global stage.

In September 2025, Tuan stood at the World Blindness Summit in São Paulo, Brazil. It was the first global meeting on visual impairment held in Latin America, bringing together thousands of participants from 190 countries to discuss advances in inclusion, public policies, accessibility, and new assistive technologies. He presented a model for disability employment built on four pillars: sourcing, training, connecting, and supporting. Drawing on his work with the BEmpowered initiative, which creates real pathways to employment for persons with disabilities, he shared insights into how blind and low vision professionals can be prepared for meaningful corporate careers.

‘Technology is powerful, but it is not enough,’ Tuan said. ‘You can have the best AI tools and screen readers in the world, but if people are not trained to use them in real workplaces, opportunities remain out of reach. Our goal is to make professionals confident, skilled, and ready to work alongside anyone else.’

He also addressed a challenge beyond tools or skills. While many countries have formal strategies and toolkits for inclusion, in Sri Lanka, the bigger hurdle remains societal attitudes. People often underestimate what blind and low vision individuals can do. ‘It is not about disability, it is about ability. When given support and opportunity, blind professionals can lead, innovate, and inspire,’ Tuan said.

Tuan’s own journey reflects this principle. He recalls moments early in his career when colleagues doubted what he could accomplish, and moments when small adjustments and training transformed what seemed impossible into everyday achievement. Each experience became part of his mission to make workplaces more inclusive, practical, and fair.

Standing in São Paulo, addressing a global audience, Tuan was not just sharing a model or an initiative. He was giving a voice to those who rarely get heard, showing that inclusion is not theoretical. It is tangible. It requires training, preparation, and belief in the talent that exists beyond what is visible.

Tuan’s story is a reminder that limitations do not define potential. For workplaces, it is a call to recognise untapped skills and create opportunities for everyone. For society, it is a challenge to rethink assumptions about ability. And for individuals, it is proof that resilience, determination, and the right support can turn a life-altering challenge into a mission that inspires change far beyond oneself.