Category: Daily Financial Times

India’s assistance to Sri Lanka has exceeded $ 7.5 billion, including more than $ 850 million in grants, Indian High Commissioner Santosh Jha said yesterday, reaffirming New Delhi’s position as the island’s largest trade, investment and development partner.

Addressing the symposium on ‘Strengthening Pali Language Studies in Sri Lanka’, Jha said India’s assistance has supported projects across all 25 districts covering infrastructure, housing, health, livelihoods, rehabilitation, education, agriculture, renewable energy, railways and industrial development.

He said Sri Lanka remains an integral part of India’s ‘Neighbourhood First’ policy and Vision MAHASAGAR, adding that New Delhi has consistently acted as the country’s first responder during major crises.

Jha cited India’s support during the recent Cyclone Ditwah recovery efforts, the economic crisis and the COVID-19 pandemic, describing the assistance as timely, swift and unconditional.

He said India’s role reflected its commitment as a responsible and dependable partner to Sri Lanka.

Describing India as Sri Lanka’s closest neighbour, Jha said the two countries’ relationship had expanded beyond historical and cultural ties to encompass trade, investment and development cooperation.

‘From Dhamma to Development, India remains committed to sharing with Sri Lanka its best practices for fostering partnerships for our shared future,’ he said.

Ceylinco Life has rewarded another group of its valued policyholders with an unforgettable overseas experience, hosting 10 families on an all-expenses-paid tour of Malaysia under the 19th edition of the company’s flagship ‘Family Savari’ mega promotion.

A total of 40 participants comprising members of the winning families were treated to a carefully curated itinerary that combined iconic sights, leisure, and entertainment, creating a memorable shared experience for both parents and children.

The tour featured a comprehensive exploration of Kuala Lumpur, offering the winners a vibrant introduction to Malaysia’s capital city. Among the highlights were visits to the world-famous Petronas Twin Towers and the Aquaria KLCC, as well as an evening at the KLCC Lake Symphony, where the group enjoyed the spectacular choreographed water fountain display.

Adding an element of excitement and adventure, the families travelled to the renowned Genting Highlands, experiencing the scenic ascent via cable car before enjoying a full day at the Genting SkyWorlds Theme Park, one of the region’s premier entertainment destinations.

The experience was further enriched by the presence of Ceylinco Life’s Family Savari brand ambassadors Roshan, Kushlani and Minneth Ranawana, who accompanied the group throughout the tour, engaging warmly with the families and adding to the celebratory spirit of the trip.

All expenses of the tour were borne by Ceylinco Life, reflecting the company’s continued commitment to rewarding customer loyalty through meaningful and memorable experiences that extend beyond conventional benefits.

The Malaysia tour is one of several experiential rewards offered under the ‘Family Savari’ promotion, which has become one of the most anticipated customer engagement initiatives in Sri Lanka’s life insurance sector, consistently delivering unique opportunities for policyholders and their families to create lasting memories together.

President Anura Kumara Dissanayake has instructed officials to prepare a programme to allocate underutilised State land, along with project support services, to Sri Lankan migrant workers returning after overseas employment to encourage productive reintegration and rural development.

Digital Economy Deputy Minister Eng. Eranga Weeraratne yesterday stressed that the tone for data protection within organisations must be set from the top, calling on business leaders to elevate data privacy and cybersecurity from an IT function to a priority.

Addressing a packed 2nd Data Privacy and Protection Summit 2026 organised by the Daily FT and CICRA, he said privacy and data protection must be designed into digital systems from the outset rather than being treated as an afterthought.

“Privacy is about safeguarding personal and sensitive information, while protection is about ensuring the security of that data against misuse, unauthorised access, and cyber threats. Public trust, therefore, will ultimately determine the success of digital transformation,” he said.

Noting that governments and businesses have always collected data, he said the risks have fundamentally changed, as information has moved from paper-based records to interconnected digital systems.

“Today, Sri Lanka is rapidly embracing digitalisation across the public sector, private sector, and industry. This transformation brings enormous opportunities, but it also introduces significant responsibilities,” he said.

Eng. Weeraratne pointed to the growing volume of sensitive information held by organisations, ranging from healthcare records and financial data to online behavioural information, warning that unauthorised access could have serious consequences for both individuals and institutions.

The Deputy Minister stressed that safeguarding data is no longer solely the responsibility of IT departments.

“This is not simply an issue for IT departments. Boards of Directors, Chairpersons, and Chief Executive Officers must treat data protection and privacy as strategic priorities,” he said.

He noted that failure to adequately protect information could undermine public confidence in both organisations and digital services.

Acknowledging the importance of legislation and regulatory enforcement, Eng. Weeraratne opined that legal frameworks alone cannot guarantee effective data protection.

He called for investment in developing skilled professionals capable of managing digital systems securely, whilst promoting organisational cultures where privacy and security are embedded in everyday operations.

He also insisted on the role of educational institutions, professional bodies, and industry events in strengthening awareness and technical capabilities.

The Deputy Minister said responsibility for data protection extends beyond organisations to individual citizens.

He observed that many cybersecurity incidents occur because users unknowingly disclose personal information, respond to fraudulent communications, or overshare sensitive details through social media and other online platforms. “Building public awareness is therefore essential to creating a secure digital society,” he said.

Eng. Weeraratne said public confidence would be critical as the Government expands digital public services, particularly those involving sensitive personal information such as biometric data.

He acknowledged that citizens naturally have concerns whenever biometric information is collected and warned that misinformation could erode trust if robust safeguards are not clearly communicated.

“Our objective is to ensure that personal data remains secure and that, even in the highly unlikely event of unauthorised access, the information cannot be meaningfully exploited. There can be no room for complacency when dealing with sensitive personal data,” he stressed.

Eng. Weeraratne assured the Government is investing in secure digital infrastructure to support its wider digital economy agenda.

He urged organisations and individuals alike to strengthen awareness of data privacy and protection as Sri Lanka accelerates its digital transformation, stressing that a secure and trusted digital ecosystem is essential for the country’s long-term economic development.

Title Partner of 2nd Data Protection and Privacy Summit was Mastercard, Strategic Partner was Concentric, Exclusive Banking Partner People’s Bank, Silver Partners LankaPay and io, Hospitality Partner Cinnamon Grand Colombo, and Brand Communications Partner MullenLowe. (CdeS)

President Anura Kumara Dissanayake has appointed Eng. Dr. Asiri Karunawardena as the new Transport, Highways and Urban Development Ministry Secretary, the President’s Media Division said.

The letter of appointment was presented to him yesterday at the Presidential Secretariat by the Secretary to the President Dr. Nandika Sanath Kumanayake.

Prior to this appointment, Dr. Karunawardena served as the Director General of the National Building Research Organisation (NBRO).

The Democratic Socialist Republic of Sri Lanka and the Kingdom of Eswatini offer complementary lessons on moving from gender-responsive climate commitments to measurable impact. While climate policies worldwide are becoming more ambitious, these countries show that ambition alone is not enough. If climate action fails to reflect the different realities of women, men, young people and vulnerable communities, it risks leaving many behind as they prepare for the impacts of climate change.

Earlier this year, these two countries were the focus of a virtual dialogue convened by the Commonwealth Secretariat under the theme Rights. Justice. Action. For ALL Women and Girls. Since then, the Commonwealth Climate Finance Advisers to Sri Lanka and Eswatini explored how more countries across the Commonwealth can make climate action more inclusive, effective and fair.

Gender-responsive approaches in Eswatini and Sri Lanka

In Sri Lanka, gender equality and social inclusion are being integrated into national climate planning processes helping to embed gender considerations even at sub-national level. This includes Nationally Determined Contributions (NDC 3.0), the reviewed National Adaptation Plan, the National Policy on Gender Equality and Women’s Empowerment (2023) and a Gender and Social Action Plan under the National Adaptation Plan which all supported the process.

In Eswatini, gender-responsive approaches are being embedded directly within NDC 3.0 commitments, with a strong focus on women’s participation in decision-making, gender-responsive budgeting, and improving access to climate finance, particularly for women farmers and entrepreneurs. Initiatives such as the Gender Inclusive Finance Roadmap illustrate how climate policy can be linked with financial systems to expand economic opportunity and strengthen resilience.

Together, these perspectives underscore a common message that gender-responsive climate action is not just about representation. It is about results and ensuring that climate policy, finance and implementation systems are inclusive, accountable and responsive to the needs of those most affected by climate change.

Despite their different geographical contexts, Sri Lanka facing coastal vulnerabilities, and Eswatini grappling with agricultural and water-related challenges, both countries offer practical lessons on embedding gender in climate action. Their experiences show how Commonwealth member countries can learn from one another while adapting solutions to national realities.

Commonwealth efforts to mainstream gender-responsive climate action

Across the Commonwealth, efforts are already underway to support this transition. Through initiatives such as the Best Practice Guide for Gender Integration in NDCs, the Commonwealth Climate Finance Access Hub (CCFAH), and the Collaborative Network on Gender-Responsive Climate Action (CCN-GRA), member countries are strengthening institutional capacity, advancing inclusive climate policies, and improving access to climate finance. As countries raise climate ambition, one principle remains central: climate action will only be truly effective if it is inclusive by design.

Small and vulnerable Commonwealth countries, continue to face significant challenges in accessing international climate finance despite being among the most affected by climate change. Established in 2016, following the mandate from the 2015 Commonwealth Heads of Government Meeting in Malta, the Commonwealth Climate Finance Access Hub has become a key mechanism for helping countries overcome these barriers through long-term technical assistance, including capacity building and project development.

Japanese automotive giant Niterra Co. Ltd., the proprietor of the NGK brand (with Douglas and Sons Ltd being its sole authorised agent for NGK spark plugs in Sri Lanka), recently pursued criminal action directly against several wholesale entities including Sajana Motors, involved in selling and possessing counterfeit NGK-branded spark plugs in Sri Lanka. As a result, the Colombo Crime Division (CCD) conducted criminal raid operations against the said spark plug dealer located in Horana, following complaints filed by Niterra Co. through their local legal representatives, Sudath Perera Associates.

Based on applications submitted by the Colombo Crime Division (CCD), the Horana Magistrate issued a search warrant against the entities, causing the seizure of counterfeit NGK products displaying registered logos and trademarks.

Subsequently, the raid executed at the said infringing entity was carried out, and the CCD was able to seize and take into custody a large volume of counterfeit NGK branded spark plugs which were in the possession of the aforementioned accused entity, which were manufactured and/or sourced through illegal channels and suspected to be utilised to package and sell counterfeit products under the disguise of genuine NGK spark plugs.

The sale of and dealing in counterfeit products is a strict violation and a criminal offense under the Intellectual Property Act No. 36 of 2006.

Counterfeit products pose a major threat not only to the legitimate brand owners but also to the unsuspecting consumers as well. While this unlawful and/or illegal conduct causes substantial damage, reputation, and economic loss to the brand owners, it also poses severe safety issues to the unsuspecting consumers.

As these counterfeit products are related to vehicle engines, there is a grave concern of consumer safety and road safety when unsuspecting consumers use these counterfeit products, as there is no assurance that these products are manufactured adhering to the quality and safety standards pertaining to the safe functioning of motor vehicles, especially considering the growing number of motor vehicle accidents recorded in Sri Lanka presently.

Furthermore, such counterfeit products also present negative results to all other stakeholders from lost taxes to the Government, royalties and other revenues, loss of goodwill and reputation and reduced incentive to innovate and invest, hence it is therefore fundamental that steps are taken to enforce the laws to protect intellectual property rights to safeguard brand owners as well as the consumers.

The suspect pleaded guilty and was fined Rs. 250,000 by the Magistrate of Horana. A court order was also issued for the destruction of the counterfeit products seized during the raid.

LOLC Finance PLC yesterday said it plans to repurchase up to 2.3 billion ordinary voting shares for a maximum consideration of Rs. 16.09 billion under a share buyback approved by its Board of Directors.

The company said the Board had resolved on 22 July to repurchase up to 2,299,122,556 ordinary voting shares at Rs. 7 per share. The share ended unchanged at Rs. 4.90 yesterday.

The company reported a 3.69% public float of over 5.7 million shares held by 18,475 shareholders as of end-March 2026. LOLC Ceylon Holdings was the top shareholder with a 96.29% stake, followed by Phantom Investments Ltd., with 0.37%.

The proposed buyback represents seven shares for every 90 shares held by shareholders as of the relevant record date, which is yet to be announced.

The company said the purchase price was considered a fair value based on the opinion of its auditors.

LOLC Finance has 29,560,147,161 ordinary voting shares in issue.

The company said the repurchase is being undertaken in accordance with Article 20 of its Articles of Association, read together with Section 64 of the Companies Act, No. 7 of 2007 and Colombo Stock Exchange Listing Rule 7.10.1.

The opening and closing dates of the repurchase will be announced in due course.

LOLC Finance also said approval from the Central Bank of Sri Lanka is not required for the transaction, although the buyback remains subject to compliance with all other applicable regulatory requirements.

Lanka India Business Association (LIBA) is hosting its first ever event in Colombo on 6 August 2026. It’s called “India calling”.

A friend asked me with a smile “ who is India calling”? And why ? It made me think of the entire logic of the name. And how relevant it is for the proposed event, which I as president am spearheading fully supported by the LiBA Governing Council.

I realised that in reality India was not calling anybody. Everybody has been calling India recently. Be it Singapore, UK, NZ, EU or even the UAE- all these countries have called, engaged, negotiated and signed or are in the process of signing significant trade and business agreements with India.

From 2012 to 2021 not a single FTA was signed by India. And in the past 24 months India has signed 5 agreements and are looking at bilateral agreements with countries in South America, Africa and the South East Asian bloc.

Why this sudden flurry of trade agreements? And why such a demand for the Indian market?

The numbers

Some often expressed numbers speak for itself – India is now the most populous country in the world. Over the past decade or so India’s economy has grown relentlessly at a pace far higher than any other economy in the world. Significant numbers of Indians who previously experienced abject poverty are now in the safe zone- there is unprecedented access to basic health, sanitation, housing and food for large numbers of previously deprived Indians. The Digital Public Infrastructure or DPI – the stack system that uses a unique digital identity plus a bank account and a mobile number to activate purchases creates unprecedented convenience but above all it gives millions access to direct payments from the state. The numbers are staggering – from a 147 million accounts in India, in 2015, it has grown to 577 million accounts in March 2026, the capital mobilised in these accounts have gone from $ 2 billion in 2015 to $32 billion in 2026.

India’s middle class of 200-300 million people today hold close to $ 4 trillion of wealth and is projected to be 700 million people in 2035, with a total wealth base of $14-18 trillion.

Beyond the numbers

India is the world’s largest democracy with over a billion people eligible to vote. Its stable system ensures reasonable continuity of policy and the irreversible nature of its market friendly policies makes investors confident of their investments

India is one of the countries at the vanguard of conversion from fossil fuels to green energy- 70% of all its energy is likely to be green by 2037. These make India a responsible and ethical country in terms of its contribution to reducing the carbon footprint

With the relentless movement of wealth from the west to the east many ‘ rich’ countries have envisioned the future and hedged their bets on the India growth story. A stable democracy, a responsible progressive country empowering its people and youth with a commitment to opening its markets, India shares many common values with the developed west. Thus there is an energetic interest in these developed economies in doing trade agreements with India. These countries want access to the large market and want to benefit from the growing middle class with significant purchasing power. And a country that shares common values with it.

And for India which earlier was very inward-focussed creating value through domestic consumption, the realisation that it needs to be able to get access to bigger markets to sustain protracted growth has resulted in the move to aggressively pursue these agreements

Now in the context of India and Sri Lanka. The two country’s share a very close relationship – perhaps its best ever. India has been there for Sri Lanka at its time of greatest need – in the past 6 years, be it during the pandemic, or during the economic crisis or during cyclone Ditwah, India has stepped up-first, fast and in scale. India accounts for the highest number of tourists into Sri Lanka and by some accounts remains the single largest investor into the country.

Immense potential

Yet, given that Sri Lanka is just 30 kms away from India and that major capitals in South India (the fastest growing markets in India) are closer to Colombo than they are to Delhi, the relationship holds immense potential for both countries. Especially from the Sri Lankan context – an opportunity to be a hub for products and services that fulfills the needs of the South Indian market, a net exporter of electricity to South India (with its ever increasing energy needs).

Thirty million Indians are travelling around the world yet despite being the highest numbers only 450,000 Indians are travelling to Sri Lanka. Indians invested over $30 billion globally, yet only $1 billion or so finds its way into Sri Lanka.

From an Indian perspective Sri Lanka is not big enough as a market to provide fuel to its growth engine. But Sri Lanka with its wonderful location as a potential new pathway of trade between the west and India to the east, India should look at this economic relationship not through the hard lens of size and scale but through the soft sense of proximity and its promise as a hub

If a win-win trade agreement is reached – one that does not attempt to override Sri Lankan red lines, then both countries can benefit from this shared prosperity

Sri Lanka can potentially experience a significant economic transformation as a result. And India would gain unprecedented goodwill in the Emerald Isle.

So yeah, India is calling – with its relentless growth and predicted bright economic future, a call to Sri Lanka to utilise its proximity to this growing giant – to transform the economic fortunes of its own people.

So the India Calling forum on 6 August 2006 at the Taj Samudra Colombo will discuss at length and in depth, the opportunity that is India and one can hear different perspectives from a cross section of folks in Sri Lanka- the young, the experienced, the leaders, the investors and find out how they think this opportunity should be exploited and how they want to further enhance the India Sri Lanka economic relationship.

Let’s start having this conversation in earnest. Before the calling fades and is forgotten. That could be an epic loss for both countries.

eMarketingEye (EME), the region’s leading digital marketing agency for the hospitality industry, successfully hosted EME Level Up: AI Hospitality Connect Sri Lanka 2026 on 14 July at Shangri-La Colombo.

The half-day conference, themed “Think. Innovate. Elevate,” drew over 200 delegates and representatives from over 80 hospitality brands across Sri Lanka, Maldives, Malaysia and Thailand. The event was well received by attendees, marking one of the region’s largest gatherings dedicated to AI and digital innovation in hospitality. The audience included senior industry leaders such as CEOs, General Managers, Marketing Directors and eCommerce Professionals, reflecting the strong interest in how AI is reshaping the hospitality landscape.

The conference highlighted the growing role of artificial intelligence, digital marketing, and data-driven strategies in helping hospitality brands strengthen visibility, connect with travellers, and drive business growth in an increasingly AI-first travel landscape.

eMarketingEye CEO Rajitha Dahanayake said: “It was great to see more than 200 industry leaders come together for this timely conference, reflecting the hospitality sector’s strong appetite to embrace AI, unlock new opportunities, and remain competitive in the rapidly evolving future of travel.”

Delegates heard from a distinguished line-up of speakers from eMarketingEye, alongside global and regional technology partners including Aven Hospitality, TrustYou, and Lighthouse.

The conference placed strong emphasis on some of the most significant developments shaping the future of hospitality marketing; these included advanced AI visibility tracking tools, Generative Engine Optimisation (GEO), AI-powered paid campaigns, AI-generated creatives, reshaping the hotel booking journey through AI, and using AI to unlock new revenue opportunities from guest data.

The key highlight of the event was the high-profile fireside chat, “Reimagining Destination Marketing: How AI is Rewriting the Path to Discovery,” which brought together two leading national tourism board chairpersons and one of the region’s foremost digital marketing experts on a single stage.

The discussion featured Sri Lanka Tourism Development Authority and Sri Lanka Tourism Promotion Bureau Chairman Buddhika Hewawasam, Visit Maldives Corporation Chairperson Abdulla Ghiyas and eMarketingEye CEO Rajitha Dahanayake, moderated by HSMAI Managing Director – Asia Glen A. Grosic. The conversation highlighted how artificial intelligence is reshaping destination discovery, traveller behaviour, tourism marketing, and future competitiveness.

Alongside this, eMarketingEye used the platform to launch the June 2026 edition of its AI Visibility Reports for Sri Lanka and the Maldives. Produced using EME’s proprietary AI visibility monitoring platform, AEYEPULSE, these reports track how hotel and resort brands across both markets are discovered, ranked, and recommended in AI-generated responses on platforms such as ChatGPT, Gemini, Perplexity, and Claude; this gives hospitality brands a fresh, month-on-month view of their standing in this fast-evolving area of digital discovery.

The event was proudly hosted by eMarketingEye in collaboration with supporting partners Aven Hospitality, TrustYou, and Lighthouse. The event was further strengthened by the support of Daily FT as the Official Print Media Partner, Derana and Ada Derana as the Official Television Partners, Travel Talk Asia as the Official Trade Media Partner and The Kingsbury as the Official Hospitality Partner.

The conference concluded with a networking cocktail session, giving delegates the opportunity to connect with speakers, partners, and peers from across the hospitality industry.