Category: Daily Financial Times

DAMBULLA: Galle Gallants seemed to have got the measure of defending champions Jaffna Kings when they beat them for the second time in the ongoing Lanka Premier League winning by a convincing margin of 60 runs at the Rangiri Dambulla Cricket Stadium yesterday.

When these two teams who were the 2024 finalists met in the LPL sixth edition curtain-raiser at the SSC a week ago, Galle Gallants won by 36 runs. But yesterday’s commanding win provided a massive boost to the Galle Giants net run rate as they sit perched nicely on top of the standings with six points and a net run rate of 0.864.

Colombo Kaps, Dambulla Sixers and Jaffna Kings are tied on four points each with only net run rate separating them.

Despite some poor fielding by Galle Gallants, Jaffna Kings never looked comfortable in their chase for 194 and were bowled out for 133 in 17.5 overs. Ambidextrous spinner Tharindu Ratnayake playing his first match for Galle Gallants landed a double blow in the third over removing Kamil Mishara and Shakib Al Hasan off consecutive deliveries. With four wickets down inside the power play, Jaffna Kings’ poor batting only continued as they lost Ibrahim Zadran after the fielding restrictions.

David Wiese and Dunith Wellalage offered a glimmer of hope with a 39-run stand, but once Wiese was caught in the deep off Ratnayake in the 11th over, Wellalage was left to play a lone hand, bringing up a maiden LPL 50 off 37 balls before becoming the last wicket to fall for a valiant 56 off 39 balls (4 fours, 4 sixes). Ratnayake and Eshan Malinga did most of the damage, sharing six wickets between them to seal a dominant win.

Galle Gallants found themselves in early trouble when they lost Sam Harper and Charith Asalanka inside the powerplay, but Chris Lynn helped boost their score to 45-2 by the end of the first six overs with a fiery knock of 46 off 22 balls (3 fours, 4 sixes). Lizaad Williams struck twice in one over to send back Lynn and Chamika Karunaratne and when Dilshan Madushanka removed Dinura Kalupahana things did not look good for Galle Gallants at 110-6 in the 15th over.

It was then that Sahan Arachchige took control to produce a gem of an innings racing to a 30-ball half-century. He had the fortune of being dropped three times within the space of four balls and he made Jaffna Kings pay dearly for it as he went after spinner Traveen Mathew in the 18th over. Arachchige and Mohammad Nawaz hammered 34 runs off that single over and their blistering stand of 68 off 30 balls was just the tonic that the Galle Gallants batting needed in the death overs to post a commanding total. Nawaz departed for 27 off 16 balls and Arachchige was finally run out off the last ball of the innings for a brilliant 63 scored off 36 balls (4 fours, 3 sixes) to take the Player of the Match award.

The tournament takes a break today and will continue on Saturday with two further matches.

Scores:

Galle Gallants 193-8 (20) (Chris Lynn 46, Sahan Arachchige 63, Mohammad Nawaz 27, Dilshan Madushanka 2/35, Lizaad Williams 2/37) vs. Jaffna Kings 133 (17.5) (David Wiese 22, Dunith Wellalage 56, Tharindu Ratnayake 3/19, Eshan Malinga 3/13)

The outgoing boss of Macquarie Group is heading to retirement with at least $ 860 million in company shares after nearly 40 years at the organisation.

Shortly before its annual general meeting on Thursday, the finance giant announced CEO Shemara Wikramanayake would be retiring in November, after nearly four decades.

Wikramanayake’s total salary was just shy of $ 30 million last year, putting her fifth on the list of Australia’s highest paid chief executives.

But she also directly owns 1,474,481 company shares, which recently traded at price of $ 254.93, this direct holding is valued at more than $ 375 million.

In addition to her direct shares, she retains 378,091 restricted share units and 62,106 performance share units.

One shareholder questioned pay packets for executives and suggested one of the meeting agenda items was redundant given Wikramanayake’s retirement.

“I would have thought that given that Shemara is retiring, that we wouldn’t need to put resolution four … normally when CEOs go, you might pull the bonus item (on the agenda),” the shareholder told the AGM.

“I mean Shemara’s got 370 million of shares, never sold one, doesn’t need the cash obviously,”

Macquarie Chairman Glenn Stevens said Wikramanayake had “well and truly earned” her pay packet.

Answering further, Macquarie CFO Frank Kwok said staff being large shareholders in the company was a good thing.

Staff were subject to trading windows, which most recently opened after full-year results were delivered in May.

Macquarie announced the CEO retirement hours before a tense annual general meeting was scheduled to kick off.

Macquarie informed the Australian Stock Exchange on Thursday morning that after eight years in charge Wikramanayake, 64, would retire and be succeeded by the group’s head of banking and financial services, Greg Ward.

“Over her last eight years as CEO, and for almost four decades with the company, Shemara has steered Macquarie through expansion into new markets, the dislocation of the Covid pandemic, and significantly enhanced recognition of our brand and the value we bring to global clients and communities,” Stevens said in the statement to the ASX.

The company used a 2018 shareholder meeting to announce Wikramanayake’s appointment.

Macquarie dodged a second strike on its remuneration report which would have sparked a board spill.

Proxy votes saw the pay packet and director reappointment agenda items carried.

Shareholders also asked dozens of questions about KPMG’s expectant appointment as auditor.

A climate disclosure motion was voted down. A collective of more than 160 shareholders, including large US pension funds, grilled company leadership over fossil fuel investment.

“Investors are highly concerned to see Macquarie pouring hundreds of millions of dollars into one of the biggest proposed gas fracking operations in the world, the Beetaloo Basin, supercharging climate impacts including more severe bushfires, cyclones and floods,” Market Forces policy analyst Morgan Pickett said ahead of the meeting.

“Despite last year’s 35% vote in favour of clearer climate action, Macquarie has failed investors by radically increasing its support for fossil fuel expansion.”

The banking and asset management giant needed to explain its “contradictory position” of funding “massive new fossil fuel projects”, “while claiming to back the Paris Agreement and a safe climate”, he said.

The cohort hot on Macquarie’s fossil investments include the Australian Security Leaders Climate Group.

Group executive member Ian Dunlop was in a past life a senior executive at Shell and chair of the Australian Coal Association.

“I’m sounding the alarm: Macquarie is making a grave error, treating a 3°C world as a business opportunity to justify more fossil fuel finance rather than a catastrophe that must be avoided,” Dunlop said ahead of the meeting.

“Macquarie Group must recognise that financing new fossil fuel projects will have unacceptable impacts for the company, global economy and security of peoples across the world for generations.”

Climate scientist John Church said Macquarie’s actions were inconsistent with climate science and amounted to green-washing.

“Macquarie is ignoring the science with its actions that are in direct contrast to what is required by the Paris Agreement,” he said.

Macquarie was hit with a first strike at last year’s AGM as 25% of shareholders voted against the remuneration report.

The Australian Shareholders’ Association voted against the remuneration report on Thursday, but not enough shareholders joined them to record a second strike and a board spill.

Wikramanayake said “the great privilege” of being the CEO was “empowering Macquarie’s talented team to perpetuate our unique culture of identifying opportunities and taking accountability for delivering on them to drive sustainable, positive outcomes for our stakeholders”.

“Looking forward, I take confidence in the strength of the team, and particularly in Greg’s ability to build on the legacy of our six decades of history,” she said.

“We have worked together for 30 years, and his track record, leadership and integrity make him an excellent candidate to be Macquarie’s next CEO.”

In May, Macquarie posted a full-year $ 4.85 billion profit, up 30%.

The Securities and Exchange Commission of Sri Lanka (SEC), Colombo Stock Exchange (CSE), and the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) have signed a Memorandum of Understanding (MoU) to collaborate on the implementation of eXtensible Business Reporting Language (XBRL) based reporting for companies listed on the CSE.

The agreement marks a significant milestone in Sri Lanka’s efforts to modernise corporate reporting and strengthen the digital infrastructure of the capital market. The initiative aims to streamline the submission of both financial and non-financial information by listed entities, enhancing transparency, accessibility and investor confidence.

The MoU formalises the partnership, following the establishment of a joint SEC-CSE committee tasked with driving the initiative. With the in-principle approval of the SEC, the committee has been working closely with CA Sri Lanka to develop the framework required for the successful rollout.

XBRL is the internationally recognised standard for digital business reporting, developed and maintained by XBRL International, a global non-profit consortium. The standard enables financial and business information to be reported in a structured, machine-readable format, facilitating more efficient analysis, comparison and interpretation of corporate disclosures by regulators, investors, analysts and other stakeholders.

The introduction of XBRL reporting is expected to deliver several key benefits for both listed companies and users of financial information. These include reducing reliance on manual data processing, improving the accuracy and consistency of reported information, supporting more advanced data analysis, and lowering long-term reporting costs. The flexibility of the XBRL framework also allows organisations to tailor taxonomies to meet specific reporting requirements. In addition, XBRL adoption will enhance market transparency and efficiency by enabling quicker access to comparable corporate information. It will also align Sri Lanka’s reporting framework with global standards, making the country’s capital market more accessible and attractive to international investors familiar with XBRL-based financial reporting.

The primary objective of the initiative is to establish a standardised framework for the submission of Interim Financial Statements and Annual Reports by listed companies using the XBRL taxonomy. The move is expected to improve the quality, consistency and timeliness of corporate disclosures, thereby supporting more informed investment decisions and strengthening market integrity.

The CSE has already procured and customised the required XBRL platform and is currently completing the final stages of User Acceptance Testing (UAT). Subject to completion of the implementation process, XBRL reporting is expected to be rolled out to all listed entities during the latter part of 2026. The SEC, CSE and CA Sri Lanka reaffirmed their commitment to working together to successfully implement the initiative and further enhance the technological capabilities of Sri Lanka’s capital market. The adoption of XBRL represents an important step towards improving transparency, efficiency and global competitiveness, while fostering greater confidence among investors and other market participants.

The Colombo Tea Traders’ Association (CTTA), the apex private sector body representing Sri Lanka’s tea trade, reaffirmed its commitment to strengthening the global competitiveness of Ceylon Tea as it concluded its 132nd Annual General Meeting (AGM), unveiling a renewed vision centred on sustainable industry growth.

Held on 17 July at the Lumina Ballroom of Cinnamon Life Hotel, Colombo, the AGM brought together leading representatives of Sri Lanka’s tea industry, government institutions, diplomatic missions, development partners, exporters, plantation companies, brokers, buyers, and the international business community to review the industry’s progress and discuss strategies for safeguarding the future of one of the country’s most valuable export sectors.

The event was graced by International Monetary Fund (IMF) Resident Representative in Sri Lanka Dr. Martha Tesfaye Woldemichael as Chief Guest, Sri Lanka Tea Board Chairman Raaj (R.K.) Obeysekere as Guest of Honour, while Ceylon Chamber of Commerce Secretary General and Chief Executive Officer Shiran Fernando delivered the Guest Address. Former CTTA Chairmen and Honorary Members, senior officials from the Plantation Industries Ministry, the Sri Lanka Tea Board, the Tea Research Institute, the Tea Small Holdings Development Authority, members of the diplomatic community, and representatives of affiliated industry associations were also in attendance.

Proceedings commenced with the traditional lighting of the oil lamp, followed by the National Anthem and the formal commencement of the AGM. Members unanimously approved the minutes of the 131st Annual General Meeting together with the Annual Report and Audited Accounts for the 2025/26 financial year, reaffirming the Association’s continued commitment to good governance, transparency, and accountability.

Delivering the Chairman’s address, CTTA Chairman Lushantha de Silva reflected on the Association’s distinguished 132-year legacy in promoting governance, transparency, and integrity within Sri Lanka’s tea trade. He noted that the CTTA has played a pivotal role in administering the internationally renowned Colombo Tea Auction while representing the interests of buyers, sellers, brokers, exporters, producers, and other stakeholders across the tea value chain.

Highlighting the industry’s future priorities, he stressed that Sri Lanka must increasingly focus on value addition, premium branding, innovation, and product diversification to maximise the value of every kilogram of tea produced. Strengthening branded Ceylon Tea, he said, would generate higher export earnings, improve the livelihoods of producers and smallholders, and further enhance Sri Lanka’s reputation as the global benchmark for premium-quality tea.

Delivering the keynote address, Dr. Martha Tesfaye Woldemichael described Sri Lanka’s tea industry as one of the country’s strongest ambassadors on the global stage and acknowledged its significant contribution to national economic recovery. Reflecting on the country’s progress since the economic crisis of 2022, she noted that inflation has declined substantially, tax revenue has more than doubled, foreign reserves have strengthened, public debt has fallen, and debt restructuring is nearing completion through sustained reforms, fiscal discipline, and accountability.

While acknowledging these achievements, she cautioned that external challenges, including geopolitical tensions in the Middle East and disruptions to international shipping routes, continue to create uncertainty for export-oriented industries. She reaffirmed the IMF’s commitment to supporting Sri Lanka in achieving resilient, durable, and inclusive economic growth while safeguarding the hard-earned gains of recent reforms.

Guest Speaker Shiran Fernando observed that Sri Lanka is steadily regaining international confidence as both an investment destination and a trusted trading partner. He noted that growing interest from international delegations demonstrates renewed confidence in the country’s stability and presents fresh opportunities to attract investment and expand exports. He emphasised that maintaining this momentum will require policy consistency, expansion into new export markets, stronger penetration of existing markets, labour market reforms, formalisation of the informal economy, and improved access to industrial land.

A key highlight of the AGM was the announcement of the CTTA leadership team and Board for the 2026/27 term. Lushantha de Silva was unanimously re-elected as Chairman for a second consecutive term, reaffirming the confidence placed in his leadership by the membership. Mansoor Akbarally was appointed Vice Chairman representing buyers, while Senaka Alawattegama was appointed Vice Chairman representing sellers.

The newly elected Committee comprises Buyers’ Representatives from Akbar Brothers Ltd., Empire Teas Ltd., Euro Scan Exports Ltd., Eswaran Brothers Exports Ltd., and Imperial Teas Ltd., Representing the sellers are Ceciliyan Associates Ltd., Kelani Valley Plantations PLC, Malwatte Valley Plantations PLC, Nilwala Tea Factory, and Pothotuwa Tea Company Ltd., together with the Chairman of the Colombo Brokers’ Association. The Immediate Past Chairman of the Colombo Brokers’ Association will continue to serve as an Ex-Officio member, ensuring continuity and broad industry representation.

The Association also confirmed the appointment of KPMG as Auditors and Corporate Services Ltd., as Company Secretary for the 2026/27 term.

Another highlight of the evening was the conferment of the Colombo Tea Traders’ Association’s Honorary Membership-the Association’s highest distinction, on three eminent personalities in recognition of their outstanding contributions to Sri Lanka’s tea industry. Paani Dias, Lalith Obeyesekere, and Sanjaya Herath were honoured for their decades of dedicated leadership, service, and commitment to advancing the Ceylon Tea trade and strengthening its international reputation.

As the CTTA embarks on its 133rd year, the Association reaffirmed its commitment to working closely with government, regulators, producers, exporters, brokers, buyers, and all industry stakeholders to safeguard the integrity of the Colombo Tea Auction, promote sustainable industry reforms, accelerate value-added exports, and strengthen the global standing of the iconic Ceylon Tea brand.

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.