Category: Daily Financial Times

HNB Life PLC recently hosted the Partnership Awards 2026, recognising and celebrating the outstanding contributions of its Bancassurance and Alternate Channel officers who played a pivotal role in driving the company’s remarkable performance during 2025, marked by strong growth across new business, renewals, fee income, investments and group life.

The Partnership Channel recorded Rs. 10.4 billion in Gross Written Premium (GWP), reflecting a 58% growth, while New Business Premium (NBP) reached Rs. 2.3 billion, also recording 58% growth. Renewal business grew by an impressive 47% to Rs. 4.2 billion, demonstrating the strength and depth of customer relationships built through the channel. Further strengthening channel performance, the Alternate Channel contributed Rs. 2.2 billion in GWP, accounting for 21% of the Partnership Channel’s overall business volume.

These achievements reflect the growing importance of the Partnership Channel to HNB Life’s overall growth journey, while reflecting the strength of the relationships forged with its extensive network of banking and broker partners.

Executive Director/CEO Lasitha Wimalaratne said: ‘2025 was truly a defining year for our Partnership Channel, and I am extremely proud and delighted to see the tremendous progress it has made. It is encouraging to see the channel evolve from strength to strength, playing an increasingly important role in driving our growth and reaching more customers. To me, personally, these numbers are more than just indicators of growth, they represent the trust our partners have placed in us and the collective determination to create greater value for our customers.’

Executive Vice President / Chief Business Officer Sanesh Fernando said: ‘The success of our Partnership Channel is built on collaboration. The exceptional growth we achieved across new business, renewals, MRP, investments and Group Life is a reflection of what is possible when our teams and partners work towards a shared ambition. The Partnership Awards are our way of recognising the people behind these achievements. I must also acknowledge and sincerely thank HNB, our partner banks and broker network for their continued confidence. We will certainly work towards building our partnership to even greater heights.’

Andrew’s Travels attended the 20th International Travel Expo Ho Chi Minh City – ITE HCMC 2026 last week in Vietnam to promote Sri Lanka and Maldives as a tourist destination. Here representatives of Vietjet Air and Maldives DMC at the event. Vietjet recently began thrice a week direct flights between Ho Chi Minh City and Colombo. ITE HCMC 2026 is a premier annual event, fostering tourism and trade connections between Vietnam and the world. ITE HCMC 2026 drew over 500 exhibiting companies and 260 high-level buyers from over 40 countries and territories, together with over 30,000 visitors, all gathering in one place, over the three days.

DFCC Bank Senior Vice President – Offshore Banking, Remittances and Business Development Anton Arumugam (left) receiving an ICC Emerging Asia Banking Awards from Central Bank of Sri Lanka Deputy Governor K.G.P. Sirikumara

DFCC Bank has won two country awards at the 4th ICC Emerging Asia Banking Conclave and Awards 2026, receiving Best Performance on Growth – Sri Lanka and Best Performance on Profitability – Sri Lanka.

Organised by the Indian Chamber of Commerce (ICC), the regional awards recognise the performance of financial institutions across emerging Asian markets.

The awards were presented to DFCC Bank Senior Vice President – Offshore Banking, Remittances and Business Development Anton Arumugam by Central Bank of Sri Lanka Deputy Governor K.G.P. Sirikumara at a ceremony held in New Delhi, India.

The two awards recognise DFCC Bank’s ability to expand its business while improving financial returns. This reflects a disciplined approach to growth, with the bank strengthening customer relationships, managing its balance sheet carefully and investing in the capabilities needed to support future performance.

Director/CEO Thimal Perera said: ‘Growth matters when it strengthens the business and creates the capacity to serve customers better. Profitability matters because it allows us to continue investing in our people, technology and customer experience. Being recognised in both areas is therefore significant. It reflects the discipline with which our teams have pursued growth, managed risk and converted opportunity into stronger performance. Our responsibility now is to build on that progress with the same focus.’

The recognition follows a period in which DFCC Bank continued to expand its business while maintaining a clear focus on financial discipline, operational resilience and sustainable returns.

The Court of Appeal has quashed an Inland Revenue Department (IRD) decision that retrospectively classified Sri Lanka’s contracted national cricketers as employees of Sri Lanka Cricket for tax purposes, ruling in favour of more than 50 male and female players who challenged the application of Advance Personal Income Tax (APIT) on that basis.

A bench comprising the President of the Court of Appeal, Justice Rohantha Abeysuriya, and Justice Priyantha Fernando, after an extensive hearing, delivered judgment quashing the decision made by the Inland Revenue Department (IRD) classifying national cricketers as employees of Sri Lanka Cricket for tax purposes with retrospective effect.

The Court of Appeal pronounced judgment in open court, where most of the national cricketers were present.

The entire group of contracted cricketers, male and female, through their Captains, challenged the IRD decision, effective since October 2024, which had retrospective application, classifying national cricketers as employees and, on that basis, effecting the applicability of Advance Personal Income Tax (APIT) to the cricketers.

The cricketers argued in court through their petitions that they are not employees and that, for many years, they were recognised as independent service providers and tax collection should be effected in the manner applicable to independent service providers.

Counsel appearing for the male cricketers, Nishan Sydney Premathiratne, for and on behalf of the cricketers, said: ‘First and foremost, the cricketers and myself and our legal team are immensely thankful to the Lordships of the Court of Appeal for an extensive hearing on the matter. At the time this action was instituted, there was a misapprehension in the public domain that this case was instituted by the national cricketers to avoid taxes, which was incorrect, and such misapprehensions were unfair to them. However, that position was in fact wrong and cricketers were challenging a wrongful classification where they were, by an overnight decision, classified as employees of Sri Lanka Cricket for the purposes of the applicability and collection of Advanced Personal Income Tax.

The cricketers were withheld professional contractual payments for several months owing to the retrospective nature of this decision. The cricketers were not beneficiaries at any given time of any EPF, ETF, gratuity, or any other employment benefits or annual leave or maternity leave which general employees are afforded, whilst cricketers had extreme uncertainties in relation to their contracts with Sri Lanka Cricket. More than 50 national contracted cricketers, both male and female, placed their grievances before Court through affidavits.’

Premathiratne appeared with Attorneys Shenali Dias and Sidath Gajanayaka, on the instructions of Gamindu Karunasena, for the petitioners representing the male cricketers.

President’s Counsel Dr. Harsha Cabral, with Attorneys Vikum Jayasinghe and Manith Dasanayake, on the instructions of Gamindu Karunasena, appeared for the petitioners representing the female cricketers.

Deputy Solicitor General Manohara Jayasinghe appeared for the Attorney General, representing the Inland Revenue Department.

President’s Counsel Kuvera de Soyza, with Attorney Sajana de Soyza, on the instructions of Sanjay Fonseka, represented the former members of Sri Lanka Cricket.

The Daily FT article of August 2026, «Sri Lanka economy ‘a racket’: Economists,» laid out a stark picture. Advocata Institute Chairman Murtaza Jafferjee described an economy shaped for roughly one thousand people. Moreover, Verite Research Executive Director Dr. Nishan de Mel goes on to note how a few individuals benefit enormously while the majority see little return. This echoed my own writing in December 2025 to Daily FT called, «Big business must reform now’, where I cited practices harmful to the economy, people, and the environment. These include but are not limited to: short-termism, low wages, precarious work, price gouging, bribery, lobbying, illicit financial flows, import-export fraud, tax and VAT evasion, pyramid schemes, pollution, and safety violations.

The recent arrest of four managers from four separate commercial banks over an alleged $ 1 billion transfer-orchestrated by a Colombo Fort-based money changer without any corresponding goods being imported-is a typical example of national wealth being siphoned off for private gain. This is a stark illustration of an unlawful transaction that needs to be tackled head on.

The 17th IMF program undertaken by Sri Lanka was necessary for immediate financial stability. However, IMF conditionalities and their need to prioritise financial creditors failed to guarantee the social, political and environmental sustainability that Sri Lanka needs. The NPP Government elected on a progressive manifesto now faces the challenge of transforming existing state institutions to strategically navigate the market to promote social and environmental justice by facilitating regulatory frameworks that strengthen the potential of a redistributive market economy.

Market engagement in Sri Lanka cannot mean a blind faith in unbridled capitalism, nor can it ignore the reality of private sector malfeasance-including the routine bribery of public officials to tilt commercial outcomes. The market is a potentially efficient mechanism for resource allocation and innovation. However, this requires a strong, strategic, and progressive State. Even Nobel Laureate Prof Joseph Stiglitz argues that the limitations of markets are a primary reason for Government regulation, a concept he has strongly reiterated, especially following the 2008 financial crisis. His critique focuses on how markets often fail to self-correct and require rules to function properly; in fact, many Western countries and East Asia relied on strong states and institutions to facilitate a redistributive market economy.

Industrial pollution

The NPP Government elected on a progressive manifesto now faces the challenge of transforming existing state institutions to strategically navigate the market to promote social and environmental justice by facilitating regulatory frameworks that strengthen the potential of a redistributive market economy

In Sri Lanka, industrial pollution is real – an example is the contamination of the Kelani River, affecting water quality and public health from two major industrial zones, Biyagama and Seethawaka. The market doesn’t price these costs. A progressive state focused on ecological wellbeing steps in with pollution taxes or regulations to correct this. Similarly, education and healthcare are public goods the market commodifies to the detriment of social and public welfare. Sri Lanka’s past investment in human capital-from public universities to primary healthcare-is a direct investment in a more productive workforce and has long been the foundation of its success stories – the apparel sector and value added production exemplifying this strength.

Unholy alliance of corruption

The value of a strong State where the unholy alliance of corruption between the existing private sector and the state needs attention because strong and clean state institutions are the potential and impartial arbiters that can facilitate equitable development. Take for instance, the issue of natural monopolies. Water distribution, the electricity grid, and major rail and digital infrastructure are sectors where competition is often wasteful. These should be managed through reformed and empowered state-owned enterprises. Owning the infrastructure publicly ensures universal, affordable access to essential services, preventing private monopolies from extracting high rents as has taken place with Thames Water in the UK, where the state is having to step in to clean up the costs of environmental pollution and underinvestment in water and sewage infrastructure.

Another area that state institutions have a productive role to play is in agriculture. The State’s role in paddy purchasing, milling, storage, and distribution is vital for food security, acting as a buffer against price volatility and market failures. The argument that state participation in strategic sectors distorts the market often ignores the reality that the market is rarely a level playing field. State ownership and regulation are tools to steer the economy toward shared prosperity in Sri Lanka.

Beyond monopolies, the Sri Lankan State must manage negative externalities like pollution. This means more than just carbon taxes; it means that the state and its agencies must be resourced to hold polluters accountable. For instance, the Ambuluwawa cable car project, led by a foreign company, was suspended earlier this year after the Central Environmental Authority directed the developer to repair environmental damage caused during construction. The project was halted following complaints from local residents and environmental activists, and the developer is not permitted to proceed with any construction until the restoration work is completed and reviewed.

Forging pathways

In a fractured global system, the

Sri Lankan Government and state institutions need to take an active role in forging pathways to address intersecting and growing crises. Unilateral actions from major powers-tariffs, predatory trade practices, financial sanctions and undermining of a rules based order -demand a strategic response. Sri Lanka must protect its domestic economy with border tariff adjustments, anti-dumping duties, and macro-prudential regulations to curb volatile capital.

Market engagement in Sri Lanka cannot mean a blind faith in unbridled capitalism, nor can it ignore the reality of private sector malfeasance-including the routine bribery of public officials to tilt commercial outcomes. The market is a potentially efficient mechanism for resource allocation and innovation. However, this requires a strong, strategic, and progressive State

A well-regulated nation with strong institutions is better equipped to navigate this turbulence. The lessons of the 2022 economic crisis, partly triggered by external shocks, widespread corruption and odious sovereign debts, underscore this need.

To execute this strategy, Sri Lanka must invest in well-resourced institutions. Underfunded agencies are susceptible to capture by vested interest groups, including from the private sector. The Central Environmental Authority, the Competition Commission, the Consumer Affairs Authority, the Financial Crimes Investigation Division, the Commission to Investigate Allegations of Bribery or Corruption (CIABOC), the Attorney General’s Office, and other institutions need robust budgets, skilled personnel, and political independence to hold powerful public and private sector actors accountable and tackle the corruption within, given alliances with the corporate world.

The Central Bank has imposed penalties on banks and financial institutions for anti-money laundering lapses and acted against unauthorised deposit-takers. The Central Environmental Authority has closed 41 factories for operating without valid licences and is pushing for legislative amendments to make environmental offences arrestable without warrant. Planned reforms include establishing a Digital Economy Authority and amending the Electricity Act to increase state control over generation and distribution. CIABOC is investigating the Airbus bribery scandal, involving an alleged $2 million payment linked to SriLankan Airlines aircraft procurement.

The value of a strong State where the unholy alliance of corruption between the existing private sector and the state needs attention because strong and clean state institutions are the potential and impartial arbiters that can facilitate equitable development

These illustrations highlight evidence that points in the direction that matters to all Sri Lankans. Empowered state institutions are indispensable for correcting market failures and ensuring that economic outcomes align with the broader public interest.

A strong regulatory and enforcement environment anchors markets within social and ecological limits. It transforms the economy from a machine enriching a thousand people at the expense of the twenty-two million into a shared inheritance.

Transactions processed through GovPay, Sri Lanka’s digital Government payment platform, have surpassed Rs. 5 billion, with more than 300 institutions now using the system, the Digital Economy Ministry said.

The Ministry announced the milestone in a post highlighting the expanding adoption of GovPay as part of efforts to digitise payments to Government institutions.

GovPay enables the public to make payments to participating Government institutions digitally, providing an alternative to physical payment processes.

Trinity College once again underlined the strength of their junior rugby when they captured the All Island Elite Under-14 Ten-a-Side Rugby Championship, edging out a strong Isipathana College outfit 19-17 in a thrilling final at the Trinity Rugby Stadium in Pallekelle recently.

It was a one-sided opening half when the Greens ran riot with three unanswered tries, but in the second half, the caged Lions were set free when they replied with three tries which could not be answered by the Greens.

Trinity enjoyed an outstanding tournament, defeating St. Aloysius 31-0, St. Sylvester’s 59-0 and Kingswood 40-0 in the group stages.

In the Cup quarter-final, the young Lions overcame a determined Ananda College side 14-7 before producing a disciplined 19-0 victory over Science College in the semi-final.

Across six matches, Trinity scored an impressive 182 points while conceding only 24. The achievement provides further evidence that the school’s strong junior structure continues to produce talented players capable of carrying the Trinity rugby tradition into the future.

The outfit was led by Sharon Jayakody, with Sarath Madugalle as the Head Coach of the outfit.

The external current account remained in deficit for a fourth consecutive month in July, taking the cumulative shortfall to $ 387 million in the first seven months of 2026, as the merchandise trade gap widened amid higher imports linked to developments in the Middle East.

According to the Central Bank of Sri Lanka’s (CBSL) latest External Sector Performance report, the current account recorded a deficit of $ 142 million in July, following the $ 149 million deficit in June.

The cumulative current account deficit of $ 387 million during January-July compared with a surplus in the corresponding period of 2025.

The merchandise trade deficit widened year-on-year (YoY) in July, driven by higher import expenditure and lower export earnings. The cumulative trade deficit expanded to $ 6.5 billion during the first seven months of 2026 from $ 3.9 billion in the corresponding period of 2025, an increase of about 67%.

Merchandise imports increased 19.6% YoY to $ 2.25 billion in July 2026, with the seven-month cumulative import bill up 26% YoY to $ 14.6 billion.

Fuel imports remained a source of pressure on the trade account. Monthly expenditure declined marginally to $ 453 million in July from $ 465 million in June, but was 68% higher YoY, mainly due to increased expenditure on crude oil imports.

Cumulative fuel import expenditure rose 59.9% YoY to about $ 3.62 billion during January-July.

Motor vehicle import expenditure increased to $ 241 million in July from $ 182 million in June. Cumulative expenditure on personal and commercial vehicle imports reached $ 1.5 billion during the first seven months of the year.

The CBSL said the terms of trade deteriorated YoY in July as import prices increased faster than export prices. The terms of trade also deteriorated during January-July compared with the corresponding period of 2025.

The services account recorded a surplus of $ 244 million in July, down 23% from a year earlier, although it increased 50.7% from June, mainly due to higher tourism earnings. The cumulative services surplus declined 22.4% YoY to $ 1.8 billion during January-July.

Tourist arrivals declined 1.7% YoY in July. Total arrivals during the first seven months amounted to 1,343,418, compared with 1,368,288 in the corresponding period of 2025.

Tourism earnings were estimated at $ 286 million in July, down 10.3% YoY but up 88.9% from June. Cumulative tourism earnings declined 11.5% YoY to $ 1.8 billion during January-July.

Workers’ remittances rose 11.5% YoY to $ 778 million in July, lifting cumulative inflows during the first seven months by 21.4% to $ 5.4 billion. The CBSL noted that the figure may include other remittances, including those received following Cyclone Ditwah.

Foreign investment in the Government securities market recorded a net inflow of $ 159.4 million in July, while foreign investment in the Colombo Stock Exchange, including primary and secondary market transactions, recorded a net outflow of $ 6.3 million.

Gross official reserves, including the swap facility with the People’s Bank of China, increased to $ 6.6 billion by end-July from $ 6.5 billion at end-June, supported by foreign exchange purchases by the CBSL.

By end-August, the rupee had depreciated 5.5% against the US dollar on a year-to-date (YTD) basis. The CBSL said the currency had appreciated somewhat in recent weeks, reflecting the impact of monetary, fiscal, and macroprudential policy measures.

Leading Sri Lankan engineering solutions provider for Agriculture Solutions Deep Tec Engineering Ltd., has entered into a strategic partnership with China Civil Engineering Construction Corporation (CCECC), strengthening efforts to introduce sustainable and renewable-energy-powered solutions for water, sanitation and environmental infrastructure across Sri Lanka.

Under a newly signed Memorandum of Understanding (MoU), Deep Tec Engineering has been appointed as an Authorised Local Engineering and Business Partner of CCECC. The partnership will create new opportunities for the development and implementation of infrastructure solutions that address the country’s growing requirements for reliable water supply, sanitation and environmental management.

The collaboration will bring together CCECC’s international engineering and construction capabilities with Deep Tec’s knowledge of Sri Lanka’s market, engineering requirements and project implementation environment. Areas of potential collaboration include solar-powered sewage treatment systems, solar-powered drinking water systems, solar-powered water purification systems and other clean-water infrastructure solutions.

The partnership is expected to serve a broad range of stakeholders while supporting the adoption of infrastructure solutions that combine environmental sustainability with long-term operational reliability.

For Deep Tec, the agreement represents an expansion of its engineering portfolio beyond solar water pumping into a wider range of sustainable water and environmental infrastructure solutions.

Deep Tec Engineering Founder and Managing Director Thilina Hettiarachchi said, ‘This partnership creates an opportunity to combine CCECC’s international engineering and project capabilities with the practical knowledge and experience we have developed in Sri Lanka. Our objective is to develop solutions that are not only technologically advanced, but also appropriate for Sri Lanka’s conditions and capable of delivering lasting value to the communities and institutions they serve.’

Established in 2014, Deep Tec Engineering entered the solar water pumping sector in 2017 and has since developed a nationwide presence in water infrastructure. The company has completed more than 5,000 water infrastructure projects across 25 districts, with its systems supporting more than 50,000 farmers. The company estimates that its solutions account for approximately 24% of rural water pumping demand in Sri Lanka.

Deep Tec also has more than 13MW of grid-connected solar PV capacity and has undertaken institutional infrastructure projects valued at more than USD 3 million for organisations including the World Bank, the United Nations and World Vision. Its project portfolio also includes the water supply and fire safety infrastructure delivered for Port City Colombo.

The agreement with CCECC builds on Deep Tec’s expanding network of strategic partnerships. The company recently entered into an MoU with the Young Members Section of the Institution of Engineers Sri Lanka (IESL YMS) through its AgriTech Spark initiative, supporting the development of engineering and innovation capabilities in Sri Lanka’s agricultural technology sector.

The latest partnership is expected to further strengthen Deep Tec’s position as an engineering solutions provider while opening avenues for greater collaboration between international engineering expertise and Sri Lankan technical capabilities.

Sri Lanka is preparing to fundamentally reshape its tourism model, shifting the focus from simply increasing visitor numbers towards extracting greater economic value from each tourist, retaining more visitor spending locally and spreading tourism-led growth beyond established destinations.

The shift will underpin a new National Tourism Strategic Plan for 2026-2031, alongside a five-year Global Destination Communication Campaign Road Map being developed with international and local consultants under the World Bank’s Grant Facility for Project Preparation (GFPP).

Addressing the media, Tourism Deputy Minister Prof. Ruwan Ranasinghe said Sri Lanka had moved beyond the pre-COVID challenge of simply increasing tourist volumes, noting that the country’s ecological sensitivity, limited land area and fragile cultural assets placed a natural ceiling on how much tourism it could sustainably accommodate.

‘We need to focus on value. That is the way forward,’ he said at the launch of the two consultancies.

The comments represent a significant reframing of tourism policy at a time when Sri Lanka has already surpassed its pre-pandemic arrival benchmark but has yet to achieve a comparable recovery in tourism earnings.

Sri Lanka recorded 2.36 million tourist arrivals in 2025, exceeding the 2018 level, but generated only around $ 3.2 billion in tourism revenue. The consultants noted that the divergence demonstrates that visitor volumes have recovered faster than the value generated by those visitors.

Tourism Ministry Secretary Aruni Ranaraja said the Government’s ambition was to reach $ 8 billion in tourism revenue and 4 million visitors by 2030, but stressed that the central question should be what value each visitor creates for Sri Lanka.

She said this means longer stays, higher spending, better experiences, greater local participation and investment, and more sustainable use of natural and cultural assets.

The strategy is therefore expected to examine not only demand and international markets but also the supply side of tourism, including investment requirements, regulation, institutional arrangements, infrastructure, product development and destination management.

A major focus will be reducing economic leakage from tourism.

World Bank Lead Private Sector Specialist – South Asia Region, Finance Competitiveness and Innovation Global Practice Natasha Kapil outlined the bank’s support to the tourism sector in Sri Lanka through a grant of $ 300,000.

Aninver Development Partners CEO and Tourism Product Development Specialist Jose de la Maza said a larger share of tourist expenditure needed to remain within Sri Lanka rather than flowing to international airlines, overseas suppliers, international hotel groups and other external operators.

‘Informality could create another form of leakage from the formal economy,’ he said.

The consultants are consequently expected to place SMEs at the centre of the tourism strategy, recognising that tourism creates opportunities for local transport providers, food businesses, accommodation operators, guides, craftspeople, farmers, fishermen and experience providers.

‘Tourism is an inherently entrepreneurial industry,’ de la Maza said, stressing that entrepreneurship needed to be supported by skills, finance, incentives and an enabling business environment.

The strategy will also seek to develop new tourism products and experiences rather than concentrating visitors around a limited number of established attractions.

De la Maza cited Spain’s development of the Camino de Santiago as an example of how a destination can transform an existing asset into a major tourism product, diversify visitor flows geographically and create opportunities around culture, wellness, nature, food and other experiences.

For Sri Lanka, the consultants see similar potential in linking heritage, wildlife, cuisine, wellness, adventure, marine resources, crafts and community-based experiences.

The proposed approach also represents a move away from developing the country’s nine provinces around a single tourism model.

National Tourism Strategic Planning consultant Dr. Malraj Kiriella, joining via video conference, said each province should develop a distinctive tourism identity based on its own natural, cultural and community assets, while creating stronger links between tourism and agriculture, fisheries, handicrafts, arts, technology and local food production.

‘The North and East, for instance, possess substantial cultural, coastal and marine tourism potential, but connectivity and infrastructure constraints remain significant barriers. The objective, should be to create market-ready, high-value experiences rather than simply moving tourists from one location to another,’ he said.

This geographic diversification is also expected to help tourism become a stronger instrument of regional development.

Dr. Kiriella said the national strategy has identified four broad economic outcomes: employment creation, skills development, income generation and regional development.

The consultants also intend to focus on increasing the proportion of tourism expenditure retained within local communities and strengthening the capacity of SMEs to participate in tourism value chains.

The strategy will be developed over around 34 weeks, with data collection and analysis forming the initial phase. Spatial and GIS data will also be used to assess tourism resources and development opportunities.

Two major national tourism workshops are planned, with the first expected around mid-October and a second around January to validate emerging recommendations. The national strategy is expected to be completed around February next year.

Running in parallel is the Global Destination Communication Campaign Road Map, led by Skift Inc. of the US and MTI Consulting of Sri Lanka.

The six-month assignment will establish the strategic foundation for the proposed 2027 global promotional campaign, covering priority international markets, positioning, communication, institutional arrangements, market intelligence, budgeting, stakeholder engagement, execution and monitoring.

MTI Team Leader and Project Management Lead Dr. Vipula Wanigasekera said the objective was not simply to produce another strategy document, but to establish a roadmap that could be implemented, measured and continuously improved.

The Government has similarly stressed that the two consultancies should produce tangible outcomes rather than another set of recommendations that remain on paper.

Prof. Ranasinghe said Sri Lanka has already accumulated hundreds of tourism studies, consultations and reports, and the latest exercise must therefore be about implementation and transformation.

‘The new strategy consequently faces a more demanding test than setting another arrivals target. The key challenge is no longer simply how many tourists Sri Lanka can attract, but how much sustainable economic value it can generate from each one,’ he added.