Category: Daily Financial Times

The American Chamber of Commerce in Sri Lanka (AmCham SL) successfully held its 33rd Annual General Meeting at the ITC Ratnadeepa yesterday, in the presence of its members, special invitees, and media representatives.

The AGM marked a significant milestone as the Chamber reflected on a year of meaningful impact, strategic partnerships, and advocacy in strengthening US-Sri Lanka trade, investment, and bilateral collaboration. Members elected a new Board of Directors to guide AmCham into its next chapter, reaffirming the Chamber’s commitment to fostering economic prosperity and innovation.

Mastercard Sri Lanka and Maldives Country Manager Sandun Hapugoda was elected the new President of AmCham Sri Lanka, while Chevron Lubricants Lanka PLC Managing Director/CEO Bertram Paul was elected the new Vice President.

MAS Holdings Ltd. Director Shirendra Lawrence was appointed the President Emeritus of AmCham SL.

IAS Holdings Ltd. Group Managing Director Tania Polonnowita Wettimuny was elected as the new Secretary and Digiratina Technology Solutions Ltd. Managing Director Riza Wadood will remain as the Treasurer.

Dentsu Grant Ltd. Chairperson/Managing Director Neela Marikkar, Standard Chartered Bank Corporate Coverage Executive Director/ Head Tamani Dias, Hayleys Advantis Group Management Committee, Advantis Express Licencee of Federal Express Corporation Director, IML Delivery Systems representing CityPak Director Chamila Bandara, and HSBC Global Network Banking Head Dilshan Perera were re-elected as AmCham Directors and continue on the Board.

Citibank, N.A Country Markets Head/Treasurer and Director Saneth Gamage, North Manufacturing Ltd. Managing Director Hatem Rajabdeen, Microsoft Sri Lanka Solutions Sales Lead Senior Partner – Sri Lanka and Maldives Chinthaka Dunuwille, and JAT Holdings PLC Director Anika Williamson were appointed as board members strengthening the board’s composition covering various industry sectors.

Addressing the audience, the Chief Guest, US Ambassador to Sri Lanka Julie J. Chung, in her keynote address, underscored the mutual interests of U.S. and Sri Lankan businesses:

‘We must work together in Sri Lanka to create a conducive environment by lowering non-tariff barriers, streamlining processes, and ensuring transparency. These actions are not just in the interest of US companies – they are in the interest of Sri Lanka’s long term economic resilience. And when our partners are secure, America is more secure.’

Reflecting on his tenure, outgoing President Shirendra Lawrence stated: ‘Serving as President of AmCham Sri Lanka over the past two years has been a privilege. During this period, we remained steadfast in our commitment to advocacy and fostering meaningful networking opportunities. I am proud to have supported our dedicated and talented Secretariat team in elevating our capacity to influence policy and promote bilateral trade. I leave confident that the Chamber is well-positioned for even greater success under new leadership. I extend my heartfelt gratitude to the Board, our Secretariat team, and our members for their unwavering support and collaboration throughout this incredible journey.’

Elected unanimously by the membership, incoming President Sandun Hapugoda, shared his vision for the Chamber: ‘I am grateful for the opportunity to serve as President of AmCham Sri Lanka at a time when US – Sri Lanka trade relations are gaining fresh momentum. As we move forward, AmCham Sri Lanka will continue to strengthen its focus on policy advocacy to deepen trade and investment ties. We remain committed to creating meaningful value for our members through collaboration, knowledge sharing, and innovation. I also invite our members to actively engage with the Chamber’s upcoming initiatives. Together, we can drive lasting impact for our business community and both nations.’

The AGM concluded with networking among members, dignitaries, and guests, celebrating another successful year of AmCham Sri Lanka’s contributions to advancing trade and investment ties between the United States and Sri Lanka.

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.

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.’

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

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 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.

Police yesterday disclosed that an underworld figure killed in Middeniya earlier this year had been inside a vehicle that pursued rugby player Wasim Thajudeen shortly before his death in 2012.

Acting Police Media Spokesperson Nihal Thalduwa said the man, identified as Anura Vidanagamage, known as ‘Middeniya Kajja’, was recognised by his widow in relation to the case.

Investigators believe Vidanagamage was among those who followed Thajudeen’s car on the night of his death. Thajudeen, a former national rugby player, was found dead in his vehicle in May 2012. Although initially reported as a car accident, the case was later reclassified as a homicide.

Vidanagamage, alleged to have ties to organised crime, was shot dead in Middeniya earlier this year. Police said his role in the Thajudeen case has now resurfaced during ongoing probes into underworld activity and unresolved high-profile killings.

Further investigations are underway.

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.