Category: Daily Financial Times

EY Global Delivery Services (EY GDS) Sri Lanka, a part of the global EY network, recently hosted the EY Global Delivery Services (EY GDS) Milestones event at The Lumina Hall, Cinnamon Life, in Colombo.

Prime Minister Dr. Harini Amarasuriya graced the occasion. The event brought together the EY global leadership, including senior leaders and members of the EY Global Delivery Services (GDS) leadership team. The gathering honoured directors, executive directors, senior managers, associate directors, and managers stepping into new leadership roles within EY GDS.

The milestone event highlighted Sri Lanka’s rising stature as a hub for global leadership dialogue and talent development, with the country proudly hosting nearly 3,500 EY professionals over two weeks, the largest EY event ever staged in Sri Lanka.

In her keynote address, the Prime Minister emphasised Sri Lanka’s evolution into a knowledge and innovation-led economy, powered by digital technology and talent development. She highlighted the National Digital Economy Strategy, with goals to embed AI-first operations, grow ICT exports, and strengthen the country’s role as a regional innovation hub.

The Prime Minister commended EY GDS for its contributions to Sri Lanka’s economic development and for helping establish the country as a centre for innovation, technology, and talent. She highlighted the need to nurture homegrown talent and build leadership, driving long-term, sustainable growth.

The Prime Minister’s participation signalled the government’s commitment to strengthening private sector partnerships and cultivating a climate that supports innovation, enterprise, and talent growth.

‘This Milestone celebration is a testament to the dedication, resilience, and excellence of EY GDS professionals. Their achievements not only elevate the organisation but also contribute significantly to Sri Lanka’s emergence as a centre of global business and innovation,’ the Prime Minister stated.

EY Global Managing Partner Harsha Basanayake, who began his career in Sri Lanka added: ‘Hosting this Milestone event in Sri Lanka is a proud moment for all of us. It reflects the remarkable talent and potential within the country and the strong partnership between EY and Sri Lanka in building a future-ready workforce.’

EY GDS Global Vice Chair Ajay Anand expressed his gratitude for the Prime Minister’s support and highlighted the importance of this Milestone: ‘Celebrating the growth and achievements of our people is at the heart of EY GDS. Sri Lanka’s vibrant and skilled workforce is fundamental to our global success, and this event underscores our commitment to empowering talent and shaping the future of work.’

The EY GDS Milestones event honoured individual achievements and reaffirmed EY’s strategic vision for growth and innovation, positioning Sri Lanka as an emerging hub in the global delivery services arena.

ABANS Finance PLC has successfully expanded its island-wide presence by opening new branches in Ambalangoda, Moratuwa, Horana, and Kiribathgoda.

The strategic expansion marks another milestone in the company’s growth journey, bringing its total branch network to 22. Through this wider reach, Abans Finance continues to strengthen its ability to serve customers with a comprehensive portfolio of financial solutions, including leasing, fixed deposits, savings products, gold loans, and SME financing.

As a member of the Abans Group, Abans Finance customers benefit from the strength, reliability, and convenience of the wider Abans ecosystem, including the ability to make loan instalment payments conveniently through more than 400 Abans outlets islandwide.

The expansion comes on the back of a remarkable financial year for Abans Finance PLC, as the company celebrated its 20th anniversary with outstanding business performance. For the financial year ended 31 March 2026, the company recorded a significant 101% growth in profit after tax, reaching Rs. 857 million, while total assets grew by 54% to Rs. 20.81 billion. Customer deposits also reached Rs. 11.04 billion, reflecting the continued confidence and trust customers place in Abans Finance as a reliable financial partner.

Commenting on this achievement, Abans Finance said it continues to focus on expanding its accessibility, strengthening customer relationships, and embracing innovation through digital transformation and sustainable growth initiatives. With a customer-centric approach at the heart of its operations, the company remains committed to delivering convenient, efficient, and future-ready financial solutions that empower individuals, businesses, and communities across Sri Lanka.

Sri Lanka risks losing one of its historic competitive advantages unless it rebuilds resilience, strengthens governance and earns greater global trust as strategic assets in an increasingly fragmented world economy, Brandix Lanka Ltd. Group Managing Director Hasitha Premaratne said yesterday, warning that regional manufacturing rivals have overtaken the country in their ability to absorb geopolitical and economic shocks.

Delivering the keynote address at the CMA National Management Accounting Conference 2026 during the technical session on ‘Navigating the New World Order: Geopolitical Turbulence and Sri Lanka’s Strategic Economic Positioning,’ Premaratne said businesses and policymakers alike must recognise that geopolitical volatility is no longer an intermittent disruption but a permanent feature of the operating environment, requiring a shift in strategy from pursuing efficiency alone to building resilience.

Reflecting on Sri Lanka’s competitive position, Premaratne said resilience had historically been one of the country’s defining strengths, forged through decades of political and economic disruption. However, he cautioned that competing manufacturing economies had strengthened their own ability to withstand external shocks, eroding what was once a distinctive Sri Lankan advantage.

‘Bangladesh, Vietnam and Indonesia are seeing more resilient brands than Sri Lanka now. Whereas maybe 5-10-15 years ago, Sri Lanka was seen as the place of resilience when it came to competitive advantage. We need to bounce back. We need to find that back and embed that into our brains so that resilience becomes a strategic tool in this global environment.’

Premaratne argued that resilience should be viewed not as a defensive response to crises but as a source of competitive advantage that would increasingly influence where global customers place their business.

‘If you demonstrate the resilience, your customers will come behind you because volatility means you need suppliers who are resilient. The resilience itself can become your next wave of competitive advantage.’

He said governance and transparency should similarly be regarded as strategic economic assets rather than compliance requirements, particularly as investors place greater emphasis on institutional credibility and policy certainty.

‘How do we move that as a strategic effort, and we look at that as a case for investments to be looked at?’ he said.

Premaratne said Sri Lanka should also capitalise on its strategic location by positioning itself as a reliable logistics and export hub, while shifting from competing primarily on low-cost manufacturing towards higher-value products and innovation.

‘How do we turn these geopolitical challenges and location advantages into logistics, reliability and customer service, so that we can change our challenge into more of a competitive advantage?’

He said value creation rather than production volume would determine future competitiveness.

‘Value creation is what is important, rather than just giving volume.’

Premaratne said geopolitical developments had fundamentally changed corporate decision-making, with conflicts, trade fragmentation, sanctions, shipping disruptions and tariff disputes becoming structural factors that directly influence business costs.

‘I think geopolitics has not just become a risk, but it has become a variable in the cost structure. If it’s going to be a cost driver, what’s the impact and how are we going to minimise that impact?’

He said finance professionals should therefore move beyond analysing historical financial performance and instead become architects of strategic foresight by incorporating geopolitical assumptions, scenario planning and trigger points into business planning.

‘What we’re trying to say here is that the new normal is not about one crisis, but it’s more about how it is becoming a continuous volatility and crisis becomes part of the daily.’

Drawing on Brandix’s own experience during the recent Middle East conflict, Premaratne said the company’s initial concern over fuel supplies soon gave way to disruptions in shipping schedules, delaying deliveries of fabrics and other essential raw materials after vessels were rerouted.

To reduce the risk of production interruptions, Brandix increased its inventory lead times from 30 days to 40 days despite the additional working capital requirement, judging that the cost of idle production capacity would be significantly higher.

‘Our cost of open capacity or cost of idle lines is much, much more than what we are talking about in the context of freight. Resilience essentially should not be seen as an inefficiency, but it has to be seen as a cost of staying in the game.’

Premaratne said businesses needed to optimise total economic costs rather than individual expense lines, even if that meant carrying additional inventory, strengthening logistics flexibility or investing more heavily in supply chain resilience.

‘You might have to move from just-in-time to thinking about just in case.’

He also stressed the importance of stronger balance sheets and liquidity, arguing that financial resilience would increasingly determine how effectively companies navigate external shocks.

‘The more the strength of the balance sheet, more the strength of cash, that’s where you will find things better.’

Premaratne identified India, Africa and other emerging markets as long-term opportunities for Sri Lankan exporters while encouraging businesses to diversify customers, suppliers and export markets to reduce concentration risks.

He also described artificial intelligence as the next major source of productivity gains, provided organisations adopt it with appropriate governance and organisational change.

Concluding his address, Premaratne said the objective should not be to predict every geopolitical event but to build organisations capable of absorbing repeated shocks while continuing to grow.

‘The future gives you only one option. Don’t ever think tomorrow will be easier and better. The pressure will only get worse,’ he advised. ‘It’s about building your organisation to absorb some of those shocks and still move forward.’

Artificial intelligence is no longer a future trend; it is already transforming the hospitality industry and reshaping how people plan, book and experience travel. A 2026 McKinsey survey found that 84% of travellers who use AI say it enhances their travel experience, while around 80% report saving between one and three hours on every trip using AI-powered tools, according to the Hospitality Financial and Technology Professionals (HFTP).

These are just two future-focused insights that took centre stage at the ‘EME Level Up: AI Hospitality Connect Sri Lanka 2026’, organised by eMarketingEye Ltd., recently at the Shangri-La, Colombo. The conference featured 7 curated sessions, over 10 speakers, and nearly 200 delegates from Sri Lanka and the Maldives, where industry leaders, hotel executives and digital marketing experts explored how emerging technologies and evolving traveller behaviour can help the Sri Lankan hospitality industry remain competitive in today’s rapidly evolving digital landscape.

The shift from search to conversation

Travellers will always find reasons to travel, regardless of the prevailing socio-economic climate. While global uncertainties may influence their choices, demand often shifts from international to regional or domestic destinations rather than disappearing altogether. According to eMarketingEye, Vice President – Account Management, Charithya Kandage, nearly 50% of all travellers currently use Generative AI tools for trip planning, with 28% to 30% of AI-based searches being on the informational module, 26% on ‘how to’, and 20% on recommendations.

‘AI has changed what people search for, how they search and what they search as well,’ said Kandage, elaborating how people use Large Language Models (LLMs), such as ChatGPT or Gemini, to have complex, query-based conversations, to plan their travel, as they do in other aspects of life.

‘It’s a complex customer journey. AI conversations are clouding or influencing every touchpoint of the customer that we know,’ Kandage pointed out.

This complex journey has, in effect, replaced the conventional marketing funnel with an ‘infinity loop’, where the key stages of a customer journey take place in a non-linear and often repetitive fashion, according to the insights presented by eMarketingEye, Director – Digital Marketing/Head of Paid Media, Sohan Wijegunawardana, and eMarketingEye – Associate Director/Head of Social Media, Salmah Rasheed. Through their session, ‘Your AI-Powered Paid Media Playbook’, the duo shared insights from practical case studies on how AI-led paid media frameworks sharpen signals, elevate creative relevance, and deliver proven direct booking performance. The learnings demonstrated how the technology can enable hospitality industry personnel to transform explicit intent into implicit audiences.

Aven Hospitality, Director of Sales (India and Southeast Asia), Anshul Kumar, representing a platform comprising 35,000 properties, questioned this shift in his session, ‘Redefining Hotel Bookings in the AI Era’. ‘Why are guests moving to this? The shift is happening because the traditional search has become exhaustive. It became very cumbersome for a traveller to go to a different site for flights, a different site for hotels, and maybe use a different app to book a cab. They want to do everything in one place,’ explained Kumar.

Generative AI presents today’s traveller with just that by compressing everything to a single conversation on their platforms. Interestingly, queries on an AI interface are typically three times longer than traditional searches, engaging guests or potential guests in a more in-depth and personalised manner, using structured data and user history. This experience is in sharp contrast to the in-person guest experiences at hotel properties, where queries are often handwritten, leaving a significantly higher margin of error.

‘The future of AI looks all agentive. The only missing piece is the bookability part of it,’ said Kumar, referencing the McKinsey and Skift research ‘Remapping Travel with Agentic AI’, noting how 70% of the survey respondents were happy to manage everything related to their travel within an AI-Agentic ecosystem. While noting the importance of hotels owning the conversation, Kumar highlighted the need to build a good relationship with emerging technology platforms.

‘As with any relationship that you bring into your life, trust is very important. This trust will eventually become the new demand currency for your hotel. The winner in this race would not be the most visible hotels. They would be the most trusted hotels,’ Kumar said further.

AI visibility: Sri Lanka at a glance

The availability of the ‘AI Visibility Report for Sri Lanka Hotels, June 2026’ was a key highlight at the forum. The report findings stated that 1,207 brands were discovered in Sri Lanka, across 32 segments, including family, beach, wildlife, Ayurveda, Top/Best, luxury, bungalows, wellness, honeymoon, and Colombo. AEYEPULSE, an AI brand visibility monitoring platform developed by eMarketingEye, generated the research scanning authored prompts across 04 AI platforms: ChatGPT, Gemini, Perplexity, and Claude. Additionally, eMarketingEye had replicated the search in the Maldives as well, discovering over 266 brands across 24 different segments.

TrustYou, Key Account Management Director – APAC, Jonathan Abel, also provided a report on Colombo, titled, ‘Turning Guest Data Into Revenue with AI: Benchmarking Colombo’s Guest Sentiment Against APAC’s Key Destinations’. Using a dataset of more than 2.4 million TrustYou guest reviews collected between June 2025 and May 2026, Abel compared Colombo with Bangkok, Singapore and Kuala Lumpur. The analysis showed Colombo performing strongly in positive sentiment for location, beach, service, pool facilities and food. Interestingly, the city also ranked highest-or second-highest-for negative sentiment relating to cleanliness, amenities, comfort and rooms, while Wi-Fi connectivity remained a key area for improvement.

The report focused on 394 properties in Colombo with a Reputation Performance Score (RPS) of 87.45%. However, in terms of the Score-to-Revenue calculation, which illustrates the value of 1 RPS point, Singapore stood at a staggering $ 641,000, followed by Bangkok at $ 283,000, and Colombo at $ 222,000, respectively.

Representing an organisation whose core business is guest intelligence, Abel stressed the importance of responding to and promptly acting on reviews to achieve a better reputation score, above industry standards.

‘What if hotels actually knew what guests were saying, and they could actually do something about it? That’s why, in 2018, we decided to build a platform that would scrape the entire web for all of those reviews. We added surveys on top and brought it to a single platform, which transformed all the guesswork being done around reputation into insights that hoteliers could actually use. Today, we know how our guests feel. Today, we work with over 100,000 hotels in 100-plus countries,’ said Abel, providing a comprehensive background to his work.

Abel observed that success will increasingly depend not only on exceptional hospitality, but also on how effectively hotels embrace digital transformation, data-driven decision-making and customer engagement. In reality, Abel explained, hotels have multiple operational systems that don’t communicate with each other, which creates a gap in guest experience and major inconsistencies.

‘These inconsistencies have three consequences. The first is revenue leakage to Online Travel Agencies (OTAs), where hotels not only lose commission but also lose guest data, relationships and, ultimately, guest loyalty. Secondly, disconnected systems increase operational costs, with staff spending valuable time on manual reporting instead of higher-value work. Finally, valuable guest intelligence collected through reviews and surveys often remains underutilised, preventing it from informing critical decisions on CAPEX investment, marketing and pricing,’ Abel added.

From SEO to GEO: Winning visibility in the AI era

As AI becomes an increasingly important gateway for hotel discovery, hospitality brands can no longer rely solely on traditional Search Engine Optimisation (SEO). Instead, speakers outlined the growing importance of Generative Engine Optimisation (GEO), an emerging approach that helps businesses improve their visibility across AI-powered search and recommendation platforms.

According to eMarketingEye, Vice President – Digital Marketing, Chandima Welagedera, unlike conventional SEO, GEO focuses on ensuring that intelligent systems can easily access, interpret and recommend a hotel’s digital content. This requires a combination of technical readiness, structured data, regularly updated content and clear, answer-focused information that AI technology can readily process.

‘Visibility needs to be measured and monitored – not assumed,’ said eMarketingEye, Vice President – Digital Marketing, Dasun Premasinghe. As travellers increasingly turn to emerging technology platforms to research and compare accommodation, hotel brands must actively measure and strengthen their AI visibility rather than assume they will be found. Premasinghe also pointed out that strong online authority and credible third-party mentions are becoming increasingly important, as AI platforms favour trusted, well-established sources when generating recommendations. Those who invest in GEO today, Premasinghe noted, will be better positioned to capture future demand as AI-driven travel planning becomes mainstream.

‘GEO gets your hotel into ChatGPT. The reality is, it improves your discoverability, but it doesn’t guarantee recommendations. How do you define your recommendations? Then it ranks hotels like Google. AI generates answers based on user intent, and that is key. That’s why you rank differently in different prompts. Optimising your website isn’t enough. Consider your entire digital footprint,’ said Lighthouse Market Manager – India, Sri Lanka and Maldives, Javed Bongso.

Drawing on real-world applications, Bongso demonstrated how hospitality businesses can harness emerging technologies to drive measurable commercial outcomes. He explored the complementary roles of Generative AI and Predictive AI, highlighting how a strategic approach to adopting the technology can improve decision-making, forecast demand and strengthen long-term competitiveness.

Beyond technology itself, the conference emphasised that AI should be viewed as a strategic enabler rather than a replacement for the human touch that defines outstanding hospitality, with AI serving to enhance rather than diminish meaningful guest interactions.

‘AI will not replace teams. It is only helping your teams, adding more capabilities to your team from a language perspective or from a time perspective, whenever your teams are not aware. It is going to ensure that the time for your teams is freed up, where they can hold conversations that are much richer or more complex, and I’m sure they will appreciate that,’ said Aven Hospitality, Director of Sales (India and Southeast Asia), Anshul Kumar.

Navigating a new reality for destination marketing

Tourism leaders from Sri Lanka and the Maldives took on the ambitious topic of reimagining destination marketing as the final segment of the conference, which was moderated by Hospitality Sales and Marketing Association International (HSMAI) Managing Director for Asia, Glen A. Grosic. The panel discussion explored how destinations can balance traditional tourism marketing with the rapidly evolving AI landscape, while ensuring that technology complements rather than replaces long-term destination branding.

Reflecting on Sri Lanka’s evolving tourism strategy, Sri Lanka Tourism Development Authority and Sri Lanka Tourism Promotion Bureau Chairman, Buddhika Hewawasam, stressed the importance of maintaining a balanced approach that caters to diverse traveller segments while embracing emerging technologies. ‘We should not forget the traveller segments and the demographics of people visiting Sri Lanka,’ he said, noting that while conventional marketing channels continue to play an important role, the country must also strengthen its presence across AI-powered platforms.

Describing Sri Lanka as being in a ‘transformative stage’, Hewawasam underscored the urgent need to build a rich repository of authentic, structured digital content, particularly for destinations that remain largely undiscovered online. ‘Without having genuine, reliable and structured content, we will have no future in tourism,’ he cautioned, adding that showcasing the country’s lesser-known destinations would require a collective effort from destination management organisations, the hospitality sector and content creators alike.

Sharing the Maldivian perspective, Visit Maldives Corporation (National Tourism Board) Chairperson, Abdulla Ghiyas, explained how AI has enabled the island nation to evolve beyond its long-held image as a honeymoon destination. By leveraging AI-driven insights and audience segmentation, destination marketing has become increasingly personalised. ‘We are not promoting one Maldives to everybody. We are promoting the right Maldives to each segment,’ he said, noting that this approach has helped highlight the country’s diverse experiences beyond its traditional ‘sun, sea and sand’ appeal.

Presently working with both entities, eMarketingEye Chief Executive Officer, Rajitha Dahanayake, observed that AI is creating value across the entire hospitality ecosystem, particularly in customer engagement and campaign optimisation. He noted that brands failing to establish visibility during the traveller’s initial research phase risk losing trust long before a booking decision is made. AI-powered marketing tools, he added, are enabling businesses to optimise campaigns more effectively, respond quickly to changing market conditions and deliver increasingly precise audience targeting.

Closing the discussion, Ghiyas reflected on the close relationship between Sri Lanka and the Maldives, noting that despite their different tourism strategies and market positioning, the two island nations continue to complement one another. Describing it as ‘a journey of friendship’, he said there remains a significant opportunity for both destinations to learn from each other’s experiences as they navigate the future of tourism together.

RateGain Travel Technologies Ltd., a global leader in AI-powered SaaS solutions for travel and hospitality, has announced a strategic partnership with Citrus Leisure PLC, one of Sri Lanka’s leading publicly listed hospitality groups, to strengthen direct bookings across its hotel portfolio through UNO Direct Stack.

Through UNO Direct Stack, Citrus Leisure will bring together guest acquisition, digital marketing, website, booking conversion, distribution, and pricing intelligence into a single growth platform – covering every stage of the guest direct booking journey.

The integrated approach is designed to help Citrus Leisure grow direct revenue, improve conversion, and reduce dependency on third-party channels. The initiative represents one of the most comprehensive direct revenue technology consolidations undertaken by a Sri Lankan hospitality group.

The partnership further reinforces RateGain’s role as a strategic growth partner, helping hotels drive direct revenue growth. By consolidating multiple revenue-generating capabilities with a single technology partner, Citrus will be able to create a more connected digital journey for travelers while reducing the operational complexity associated with fragmented systems and multiple vendors.

Citrus Leisure operates a diverse portfolio comprising Citrus Hikkaduwa, Citrus Waskaduwa, and The Steuart by Citrus in Colombo. Serving both leisure and business travelers across multiple markets, the group will use UNO Direct Stack to gain unified visibility across demand generation, conversion, pricing, and distribution performance. The group’s portfolio comprises Citrus Hikkaduwa, a 90-room beach resort located in Hikkaduwa; Citrus Waskaduwa, a 150-room five-star resort on Sri Lanka’s west coast; and The Steuart by Citrus, a 50-room boutique business hotel situated in the historic heart of Colombo.

Citrus Leisure PLC Executive Director and CEO Chandana Talwatte said: ‘This partnership reflects our commitment to building a stronger digital foundation for future growth. As traveler expectations continue to evolve, strengthening our direct booking capabilities has become a strategic priority for the group. We recognised the growing need for a more connected, data-driven approach to engaging with the modern traveler, and saw strong alignment in RateGain’s ability to support that vision. We were looking for a partner that could help us better understand guest behavior, optimise our direct growth strategy, and deliver more seamless and personalised experiences across the guest journey. RateGain’s hospitality expertise, integrated technology ecosystem, and commitment to innovation made them a natural choice as we continue to strengthen our direct growth ambitions.’

RateGain Executive Vice President – APAC and MEA Anurag Jain said: ‘Hotels today need a more connected, data-driven understanding of their guests to grow direct revenue in a meaningful way. We are delighted to partner with Citrus Leisure as they strengthen their direct booking strategy across the portfolio. By bringing together key capabilities across marketing, conversion, distribution, and pricing intelligence, we look forward to helping the group better understand guest behavior and deliver more personalised experiences for travelers.’

The partnership strengthens RateGain’s presence in Sri Lanka as hotel groups across the region invest in direct booking strategies to build stronger guest relationships and reduce reliance on fragmented technology stacks.

RateGain Travel Technologies works with over 13,000 customers and over 700 partners across over 160 countries. It is one of the world’s largest processors of electronic transactions, price points, and travel intent data, enabling revenue management, distribution, and marketing teams across hotels, airlines, destination marketing organisations, online travel agents, metasearch companies, package providers, car rentals, travel management companies, cruises, and ferries to drive better business outcomes.

Founded in 2004 and headquartered in India, RateGain works with 33 of the Top 40 Hotel Chains, 4 of the Top 5 Airlines, 7 of the Top 10 Car Rental companies, and leading DMOs, OTAs, and metasearch platforms, including 25 Global Fortune 500 companies, unlocking new revenue every day.

Hayleys Aventura Ltd., a subsidiary of Hayleys PLC and one of Sri Lanka’s leading industrial solutions providers, has commissioned the country’s first outdoor automated rotary parking system, introducing a new generation of smart parking technology to the local market.

The latest installation builds on Hayleys Aventura’s growing expertise in advanced parking technologies, following the successful implementation of a 40-car automated pit-puzzle parking system in Bandarawela, 45 two-post stack parking units in Colombo 03 and several other successful installations. Together, these projects demonstrate the company’s capability to deliver practical, space-efficient parking solutions for modern urban developments.

Hayleys Aventura Ltd. Managing Director and Hayleys PLC Group Management Committee Member Dr. Wasaba Jayasekera said, ‘The commissioning of Sri Lanka’s first outdoor automated rotary parking system represents an important step forward in the country’s urban infrastructure journey. As our cities continue to grow and available land becomes increasingly limited, innovative engineering solutions such as automated rotary parking systems will become essential in helping developers and businesses maximise space while improving convenience, safety and sustainability. At Hayleys Aventura, we remain committed to introducing world-class technologies through trusted global partnerships and local engineering expertise to help shape smarter, more resilient cities for the future.’

The automated rotary parking system operates through a simple yet highly efficient mechanism. Drivers position their vehicle on a designated platform, after which the system automatically rotates to bring the next available parking space to ground level to accommodate the vehicle. Once parked, vehicles remain securely stored within the system and can only be retrieved by authorised users through restricted access control, enhancing vehicle security and protecting against unauthorised access. When required, the selected platform is returned to ground level within a maximum of two and a half minutes, providing users with a seamless parking experience while eliminating the need for ramps, extensive driveways and large circulation areas associated with conventional parking structures.

Beyond rotary parking systems, Hayleys Aventura offers a comprehensive portfolio of parking solutions including Stack Parking Systems, Puzzle Parking Systems, Fully Automatic Parking Systems, Car Elevators and Turntable Solutions. Backed by strong local engineering expertise and comprehensive after-sales support, these solutions help residential, commercial and mixed-use developments maximise land utilisation while delivering safe, efficient and user-friendly parking experiences, reinforcing Hayleys Aventura’s position as a trusted partner in shaping Sri Lanka’s smart urban infrastructure.

ent.

‘Very often the potential foreign investors point out that our administrative costs, our business environment is very unprofitable.’

He added that commercial disputes frequently take so long to resolve that they undermine investor confidence.

‘We have these lengthy legal processes which make disputes so long that basically it takes a generation to resolve a legal dispute.’

Dr. Aturupane also said Sri Lanka’s innovation ecosystem remains underdeveloped, pointing to weaknesses in intellectual property protection, limited access to global research databases and inadequate institutional support for researchers seeking to commercialise new ideas.

He further identified rent-seeking behaviour among sections of the public sector as a recurring concern raised by prospective investors.

Concluding his address, Dr. Aturupane said Sri Lanka’s ability to benefit from technological change and the digital economy will ultimately depend on broader economic reforms rather than innovation policy alone.

The 11th edition of the Bradby Golf tournament will tee off on 24 July at the picturesque Victoria Golf Resort, Rajawella, on the eve of the second leg of the 80th Bradby Shield rugby encounter in Kandy. The annual contest between the old boys of Trinity College and Royal College will be powered by VISA for the first time.

More than 60 golfers from the two schools are expected to compete for the prestigious G.C. Wickremasinghe Trophy, while the Victoria Bowl, now an established board event at VGR, will also be played under the Stableford format, with the best five scores from each team counting towards the team title.

Trinity is led by Asiri Ariyaratne, while Royal is led by Saliya Jayaweera.

After last year’s contest ended in a tie, both teams will be eager to regain bragging rights in one of Sri Lanka’s most anticipated inter-school golfing events. The tournament is partnered by Softlogic Life, Yeti, and VGR. (SJ)

I have long believed that the strength of a nation’s economy is measured not by the size of its largest corporations, but by the opportunities available to its smallest enterprises. Countries that create pathways for entrepreneurs to compete internationally build resilience that no subsidy can provide. It is from this conviction, not from a preference for one economic model over another, that I write today.

For decades, Sri Lanka has described small and medium-sized enterprises (SMEs) as the backbone of our economy. Every government has reaffirmed their importance. Every national development strategy has recognised their contribution to employment, regional development, and inclusive growth. Yet our policies have too often treated SMEs as beneficiaries of assistance rather than builders of national prosperity. We have become remarkably good at helping businesses survive. We have been far less successful at helping them grow.

The Government’s SME Nexus National Strategic Framework deserves recognition. Its emphasis on business registration, finance, digital adoption, and export readiness, together with initiatives by the Asian Development Bank, the Export Development Board, CA Sri Lanka, SLIM, and the Ceylon Chamber of Commerce, demonstrates a genuine commitment to supporting entrepreneurs.

These initiatives matter. But they do not address the deeper structural challenge. A business may receive training and finance yet remain confined to a domestic market too small for long-term growth.

We have helped businesses survive. We have not helped them scale

Sri Lanka’s SME policy has historically been shaped by welfare objectives. Subsidised finance and livelihood programs have improved countless lives, but they have also encouraged us to measure success by the number of businesses supported rather than the number transformed. Too many enterprises remain trapped in low-productivity sectors, disconnected from global supply chains and constrained by fragmented regulation and limited access to long-term growth capital. We have built an ecosystem that preserves small businesses more effectively than it creates globally competitive ones.

Sri Lanka’s problem is a lack of continuity

Sri Lanka has not lacked success stories. What we have lacked is the institutional determination to build upon them.

Several years ago, Sri Lanka successfully initiated exports of poultry products to Oman, opening an entirely new market for domestic producers. Around the same period, initiatives were launched to expand exports of fruits and vegetables under the leadership of the then Minister of Agriculture. These were not symbolic achievements. They demonstrated that Sri Lankan producers could satisfy international demand when Government agencies, exporters, and producers worked together toward a common objective.

Yet, the important question is whether those early successes evolved into sustainable export industries or whether they stalled because the institutional support ended after the first breakthrough.

These are not questions of historical curiosity. They are questions of public policy.

Too often, Sri Lanka celebrates the first shipment and forgets the hundred that must follow. We launch programs with enthusiasm, announce new markets with understandable pride, and then move on to the next initiative before ensuring that the previous one has matured into lasting commercial success.

Commercial diplomacy cannot be measured by inaugural ceremonies. It must be measured by whether Sri Lankan businesses are still exporting successfully five or ten years later.

We must build Sri Lankan exporters, not simply facilitate foreign buyers

International supermarket chains have increasingly established procurement operations in Sri Lanka to purchase fruits and vegetables directly from local farmers. While this creates valuable market opportunities, it does not necessarily strengthen Sri Lankan exporters. Farmers receive payment in rupees while branding, logistics, distribution, and international commercial relationships remain abroad. Sri Lanka should welcome foreign buyers, but it should also build local companies capable of exporting directly and earning foreign exchange through their own commercial networks.

Protection has preserved businesses. Competition builds great businesses

The same pattern can be seen in our approach to trade. For many years, Sri Lanka relied heavily on import protection through para-tariffs and other barriers designed to shelter domestic industries. These policies often emerged from understandable concerns about employment and local production. Yet protection, when prolonged, carries consequences of its own. Businesses accustomed to protected markets face fewer incentives to innovate, improve productivity, or compete internationally.

A protected enterprise may survive. A competitive enterprise can endure.

This is not an argument against carefully managing economic transitions or supporting vulnerable sectors. It is an argument for recognising that lasting prosperity cannot be built behind permanent walls. Competition, though demanding, has consistently proven to be the stronger foundation for innovation, productivity, and export growth.

Other countries chose to build competitiveness

Other nations confronted many of the same challenges. Their responses differed, but they shared one important characteristic: they treated SMEs as strategic economic assets rather than permanent recipients of assistance.

China deliberately identified highly specialised firms with the potential to dominate niche global industries. Through its “Little Giants” program, public resources were concentrated on companies capable of leading advanced manufacturing, robotics, precision engineering, and emerging technologies. At the same time, China organised industries into specialised regional clusters where manufacturers, suppliers, logistics providers, research institutions, and testing facilities strengthened one another. Digital infrastructure became shared national infrastructure rather than an advantage available only to large corporations.

India pursued a different path. Instead of beginning with industrial clusters, it removed structural barriers preventing SMEs from growing. The Trade Receivables Discounting System improved liquidity by allowing businesses to receive early payment on outstanding invoices. Udyam simplified the formal registration of millions of enterprises. The Open Network for Digital Commerce expanded market access through open digital infrastructure, while specialised financing mechanisms reduced excessive dependence on conventional bank lending.

Estonia demonstrated how a digitally integrated state could dramatically reduce administrative burdens through online public services, digital identity, and seamless business registration. Singapore approached the challenge with equal pragmatism, positioning Government not merely as a regulator but as a productivity partner by providing sector-specific digital roadmaps, technology adoption support, and coordinated transformation strategies.

These countries differ greatly in geography, politics, and economic history. What unites them is clarity of purpose. None believed domestic demand alone would sustain long-term prosperity. None treated SMEs as businesses whose highest aspiration should be survival.

Sri Lanka’s foreign policy must become an economic strategy

It is here that Sri Lanka’s foreign policy must evolve.

Our embassies should not function primarily as protocol offices. They should become active facilitators of trade, technology partnerships, investment, and market access. Every major diplomatic mission should know which Sri Lankan businesses are export-ready and actively connect them with international manufacturers, distributors, retailers, investors, certification bodies, and technology partners.

Our international engagement should also focus on attracting technology alongside capital. Cooperation with countries such as India, Japan, Singapore, South Korea, China, and our European partners should increasingly include artificial intelligence for SMEs, digital manufacturing, industrial automation, quality certification, export logistics, and digital trade systems. Technology transfer strengthens competitiveness long after individual investments have been completed.

Trade agreements should reflect the same philosophy. Their success should not be measured solely by tariff schedules negotiated between governments. They should include practical mechanisms that make it easier for smaller exporters to participate through simplified procedures, standards recognition, digital customs cooperation, technical assistance, and business matchmaking.

Economic diplomacy cannot replace domestic reform. A Foreign Minister cannot independently redesign taxation, customs administration, industrial policy, or financial regulation. Those responsibilities properly belong to the relevant ministries and require collective Cabinet decisions. But diplomacy can reinforce those reforms by ensuring that Sri Lankan businesses are connected to global markets, international technology, and commercial partnerships.

Embassies should increasingly be evaluated by the export partnerships, technology transfers, and investment opportunities they help create.

Sri Lanka cannot afford to celebrate beginnings

Sri Lanka has capable entrepreneurs, strategic geography, competitive industries, and access to global markets. What we lack is continuity. Lasting prosperity is not built by first shipments or isolated programs, but by institutions that help businesses grow year after year.

Our SMEs do not need another generation of sympathy. They do not need to remain permanent recipients of programs designed merely to sustain them. They need larger markets, stronger technology partnerships, deeper integration into global value chains, and a foreign policy that recognises them not as beneficiaries of development, but as creators of national prosperity.

That is the economic diplomacy Sri Lanka should aspire to build.

AIA Insurance Lanka has joined hands with SLASSCOM (Sri Lanka Association for Software and Services Companies) as the exclusive Insurance Partner, marking a strategic collaboration that will uplift the holistic wellbeing within Sri Lanka’s knowledge and technology community. The partnership reinforces AIA Sri Lanka’s commitment to enabling healthier, longer, and better lives while strengthening its presence within the country’s dynamic wellness ecosystem.

The agreement was formalised with a signing of a Memorandum of Understanding (MoU), attended by SLASSCOM Chairperson Shehani Seneviratne, AIA Sri Lanka Chief Marketing Officer Sasith Bambaradeniya, and representatives from both the organisations.

As organisations navigate increasingly demanding and fast-paced work environments, employee wellbeing has become a critical component of sustainable performance. Through its partnership with SLASSCOM, AIA Sri Lanka aims to support initiatives that encourage healthier lifestyles, greater wellbeing awareness and positive behavioural change among professionals across Sri Lanka.

This partnership reflects a shared commitment to promoting wellbeing and resilience across communities, while fostering stronger collaboration within Sri Lanka’s professional landscape. As part of the agreement, AIA Sri Lanka has been designated the exclusive Insurance Partner across SLASSCOM’s sponsored events as a trusted partner in corporate wellness and employee benefits. Through flagship initiatives such as FIT HIT 2026, Megamind Quiz and Ctrl+Alt+Rock, AIA Sri Lanka will engage members of the SLASSCOM community through experiences that promote physical wellness, mental wellbeing, social connection and healthier lifestyles.

Through this partnership, AIA Sri Lanka is extending its commitment to helping people live Healthier, Longer, Better Lives beyond traditional insurance solutions, solidifying its position as a leading advocate for holistic wellbeing.