Category: Daily Financial Times

HNB Managing Director and Chief Executive Officer Damith Pallewatte has been appointed to the Governing Board of the Institute of Bankers of Sri Lanka (IBSL), the country’s apex body for banking education and professional development.

Founded in 1964 and incorporated by an Act of Parliament in 1979, IBSL has been at the heart of advancing banking knowledge, certification, and professional standards for over six decades. Its Governing Board includes representatives from the Central Bank of Sri Lanka, state commercial banks, and licensed financial institutions, reflecting its pivotal role in shaping the future of the industry.

HNB Managing Director and CEO Damith Pallewatte said: ‘I am honoured to serve on the Governing Board of the Institute of Bankers of Sri Lanka. For more than six decades, the Institute has been central to building the skills and integrity of our profession. At a time when banking is being reshaped by digitalisation, sustainability, and new customer expectations, the role of professional education has never been more critical. I look forward to working with my colleagues at IBSL. With my experience spanning risk management, corporate and wholesale banking, credit, and operations to expand learning opportunities and ensure that Sri Lankan bankers are equipped to thrive in the years ahead.’

Appointed as HNB’s Managing Director/CEO in November 2024 after serving as Acting CEO earlier that year, he has been instrumental in strengthening HNB’s wholesale banking franchise, having previously served as Deputy General Manager of the Wholesale Banking Group. Before joining HNB in 2015, he was Chief Risk Officer at Nations Trust Bank, where he led the development of robust risk frameworks during a period of global financial turbulence.

An accomplished professional, Pallewatte holds an MBA from the Postgraduate Institute of Management, University of Sri Jayewardenepura, and a BSc. Management (Hons.) from the London School of Economics (University of London). He is a Fellow of the Chartered Institute of Management Accountants (UK), a Chartered Global Management Accountant, and a Certified Financial Risk Manager (FRM) from GARP.

Fresh from the vibrancy of Ganga Addara, Rohan and Ishan De Lanerolle will return to the Lionel Wendt Theatre on 3 October 2025 with Grace Notes, an uplifting and inspiring evening of devotional music.

Marking their first-ever spiritual concert in a theatre, the brothers will blend classical, gospel and contemporary choral traditions, offering a program that is both enriching and beautifully arranged.

They will be joined by some of Sri Lanka’s finest musical talents: Soundarie David Rodrigo on piano, Neranjan De Silva providing orchestral enhancement on keyboards, and the award-winning Soul Sounds Choir, together with the Soul Sounds Academy Choir. The collaboration brings together powerful voices and artistry to create an atmosphere of hope and transcendence.

‘Grace Notes is the first time we’re presenting a spiritual concert in a theatre, and for us that makes it a very special milestone,’ said Ishan De Lanerolle.

‘This is the very first time DLB will collaborate with the award-winning Soul Sounds and the Soul Sounds Academy Choir, along with the incomparable Soundarie David Rodrigo and the amazing Neranjan De Silva. It’s an absolute honour for us to stand on stage with so many gifted people and create music that uplifts hearts and souls’, said Rohan De Lanerolle.

With a repertoire of soul-stirring arrangements, uplifting choral numbers and the brothers’ signature duets, Grace Notes promises to be exceptional and deeply moving.

Tickets, priced from Rs. 1,500 (balcony) to Rs. 10,000 (premium stalls), are already in high demand. For reservations, call, text or WhatsApp 0777 996 991. (MTA)

The World Tourism Day 2025 celebrations and Colombo Travel Mart 2025 were inaugurated at One Galle Face, Colombo on 27 September 2025 with participation of Tourism Deputy Minister Prof. Ruwan Ranasinghe.

World Tourism Day celebrations begin in partnership with the Tourism Ministry, Sri Lanka Tourism Development Authority (SLTDA), Sri Lanka Association of Inbound Tour Operators (SLAITO), and the Alumni Association of Tourism Economics and Hospitality Management (AATEHM). The Colombo Travel Mart 2025 was opened on 27 September at One Galle Face, bringing together the tourism industry and the young professionals to mark The World Tourism Day 2025.

Tourism Deputy Minister Prof. Ruwan Ranasinghe, High Commissioner of New Zealand to Sri Lanka David Pine, SLTDA Chairman Buddhika Hewawasam, SLITHM and SLCB Chairman Dheera Hettiarachi, UN World Tourism Organisation Director of International Development and Cooperation Jaime Mayaki, AATEHM President Nihal Muhandiram, SLAITO Vice President Nishad Wijethunga, THASL President M. Shanthikumar, and industry stakeholders of tourism attended the opening ceremony.

The program began with a welcome address by Alumni Association of Tourism Economics and Hospitality Management President Nihal Muhandiram. He said that the University of Colombo had been central in shaping leaders for the tourism industry and stressed that academic partnerships must continue if the sector is to grow.

SLTDA Chairman Buddhika Hewawasam said that the Travel Mart had matured into an important fixture in the tourism calendar. He called for closer collaboration between the state and private stakeholders and urged the industry to keep pace with innovation and sustainable practices. He added that Sri Lanka’s brand must be strengthened through service quality and unique visitor experiences.

UN Tourism International Development and Cooperation Director Jaime Mayaki, followed with his remarks. He said that Sri Lanka had a clear opportunity to lead South Asia in sustainable tourism and reminded the audience that global partnerships can bring new markets and shared knowledge. He added that Sri Lanka’s natural and cultural assets already give it a strong base to compete internationally.

High Commissioner of New Zealand to Sri Lanka David Pine delivered the keynote speech. He said that tourism is a central part of New Zealand’s engagement with Sri Lanka, alongside education, sports, and culture. He noted that tourism is vital for Sri Lanka’s economic recovery as it generates foreign exchange while other sectors continue to develop. He added that New Zealand visitors arriving in the country would significantly increase in the coming months. He observed that this growth fits with Sri Lanka’s national tourism policy, which promotes sustainability, community involvement, and environmental protection. The High Commissioner also pointed to growing interest from New Zealand investors, ranging from boutique hotels to wellness retreats, as well as strong enthusiasm from the Sri Lankan community in New Zealand. He stressed the importance of building skilled people for the industry, highlighting partnerships with institutions such as the University of Colombo to support training, research, and capacity building. Recalling a recent visit, he said that he was encouraged by the creativity and dedication of young students gaining practical experience in hospitality. He added that New Zealand is committed to working with the Sri Lankan Government, the tourism sector, and educational institutions to help bring more international travellers to experience the country’s culture and natural beauty.

SLAITO Immediate Past President Nishad Wijetunga, said that inbound tourism had shown resilience despite global challenges. He urged operators to maintain service quality and adapt to new travel trends, pointing to opportunities in adventure, eco-tourism, and cultural experiences.

Tourism Deputy Minister Prof. Ruwan Ranasinghe addressed the gathering last. He said that the Government was committed to supporting the industry through policy reforms and investment. He noted that tourism had the potential to create thousands of jobs for the younger generation and stressed that the link between education and employment must be strengthened.

After the ceremony, dignitaries proceeded to officially open the Colombo Travel Mart, which continued throughout the day with business-to-business and business-to-consumer exchanges. The Travel Mart demonstrated how tourism could drive economic opportunity by linking international partnerships with local futures.

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.

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.