From global Boardrooms to Sri Lanka: International leaders shaping the future of Boards

Top business leaders-Safesea Group, USA Founder/Chairman Dr. S.V. Anchan and Universal Sportsbiz Ltd. (USPL), India Founder/CEO Anjana Reddy-will address the Sri Lanka Corporate Director Summit 2026, to be held on 22 July 2026 at Cinnamon Grand Colombo.

As one of the Summit’s keynote speakers, Dr. Anchan will deliver an address titled ‘Leading Through Uncertainty: Why Future-Ready Boards Create Value Beyond Compliance.’ Drawing on decades of global leadership in the maritime and logistics sector, he will share insights on how boards can navigate disruption, strengthen governance, enhance resilience and create sustainable value in an increasingly complex global environment.

An Indian-born American entrepreneur, Dr. Anchan is the Founder and Chairman of the New Jersey-headquartered Safesea Group, a leading multinational maritime and logistics enterprise. His exceptional contributions to the global shipping industry have earned him numerous international accolades, including the ACE Global Bridges 2026 Global Maritime Personality Award, the Government of India’s Shipping Pravasi Award, and the Mahatma Gandhi Samman Award, presented at the UK’s House of Lords. Widely respected for his leadership and commitment to resilient global trade, Dr. Anchan brings a wealth of experience in steering organisations through uncertainty, transformation and sustained growth.

Joining the Summit from India is Anjana Reddy, Founder and CEO of Universal Sportsbiz Ltd. (USPL) and Co-founder of WROGN, one of India’s most successful youth fashion brands. She will participate in the Summit’s flagship Fireside Chat, ‘Building Future-Ready Sri Lankan Boards – The Road Ahead,’ alongside an eminent panel of international business leaders.

A visionary entrepreneur and one of India’s leading voices in consumer brands and innovation, Reddy has built purpose-driven businesses that have reshaped the country’s fashion and retail landscape. Recognised in the Forbes 30 Under 30 Asia list for Retail and E-commerce, she is renowned for her expertise in brand building, consumer trust, entrepreneurship and the strategic application of artificial intelligence in business. Her insights into innovation-led growth and digital transformation will provide valuable perspectives on how boards can foster agility, embrace change and position their organisations for long-term success.

The Sri Lanka Corporate Director Summit 2026 will convene an outstanding gathering of global thought leaders, board directors, CEOs, policymakers and governance professionals to examine the evolving role of boards in driving innovation, resilience, competitiveness and sustainable value creation.

Lankan-founded startup Logical accepted into Y Combinator, raises over Rs. 150 m

Logical, an AI startup founded by two Sri Lankan engineers, has been accepted into Y Combinator, the prestigious Silicon Valley startup accelerator known for backing companies such as Airbnb, Dropbox, Stripe and Reddit.

Logical is believed to be the first fully Sri Lankan founding team to be accepted into Y Combinator. The company has also raised over Rs. 150 million in initial funding, giving the team a platform to build a globally competitive AI product from Silicon Valley.

Logical is building a proactive desktop AI copilot for modern knowledge workers that understands a user’s work context across apps and helps them take action with less prompting. Unlike traditional chatbots that wait for users to ask questions, this copilot is designed to understand work context and help users take action across their daily tools. It transfers context across apps, and allows taking action on many apps with just a few clicks. It can also assist with drafting emails, writing docs, noting meetings and even automatically detect action items.

Logical co-founders Samurdhi Karunaratne (also known as Sam Karu) and Anushka Idamekorala grew up in Sri Lanka, studied at Sri Lankan state universities, and later moved to the United States to pursue advanced technical work. Sam and Anushka first met at the age of six when they entered Dharmaraja College in Kandy. Both later excelled in the mathematics stream at the G.C.E. Advanced Level examination, ranking first and second in the Kandy District, before entering two of Sri Lanka’s leading state engineering faculties – the University of Peradeniya and the University of Moratuwa.

Logical’s Chief Executive Officer Sam graduated from the University of Peradeniya, later received a PhD scholarship from UCLA, and worked at NVIDIA before founding Logical with Anushka. Anushka, Logical’s Chief Technology Officer, graduated from the University of Moratuwa and built his career as a software engineer, including experience in Singapore, before receiving a PhD scholarship from the University of Virginia in the United States. He also placed first in Sri Lanka in IEEEXtreme, one of the world’s leading competitive programming competitions.

Samurdhi Karunaratne said: ‘Anushka and I have known each other since we were six years old, so there is something surreal about now building a company together in Silicon Valley. Being accepted into Y Combinator is a significant milestone for us, but more than anything, it has reinforced our belief that Sri Lankan founders should not be afraid to dream much bigger about the companies they can build.’

Anushka Idamekorala said: ‘We want to prove that world-class AI products can be built by Sri Lankan engineers competing at the highest level globally. Logical is a deeply technical product, and our goal is to build technology that can stand alongside the best companies coming out of Silicon Valley.’

Y Combinator, commonly known as YC, is one of the world’s most influential startup accelerators. Based in San Francisco, it runs a highly selective three-month programme that helps early-stage companies refine their products, grow their user base and prepare for fundraising. Its alumni include some of the most successful technology companies in the world, making acceptance into YC a significant milestone for any startup aiming to build on a global scale.

Leading in the tension: The quiet strength of purposeful leaders

In the earlier reflections on purposeful self, people, and organisational leadership, a clear thread emerged: purpose provides direction. Yet, as leaders step into real-world complexity, they confront an uncomfortable truth: purpose does not eliminate tension; it sharpens it.

We do not lead in neat, predictable environments. We lead in a world of overlapping demands, competing priorities, and evolving expectations, where every decision seems to require the sacrifice of something valuable. It is here, in these spaces of tension, that the true character of purposeful leadership is revealed.

Purposeful leaders are not those who avoid contradictions. They are those who learn to hold them with clarity, courage, and composure.

Stability vs. agility: Anchored yet adaptive

One of the most persistent paradoxes leaders face today is the need to create stability while remaining agile.

At an organisational level, leaders are expected to build reliable systems, deliver consistent results, and maintain operational discipline. Yet, the same leaders are challenged to pivot quickly in response to technological disruption, market volatility, and shifting customer expectations. A manufacturing firm, for instance, must maintain stringent quality processes while simultaneously experimenting with digital transformation initiatives that redefine how value is delivered.

From a people perspective, employees seek psychological safety, clarity of roles, and continuity. At the same time, they are asked to embrace change, reskill rapidly, and operate in fluid team structures. A team member may feel reassured by well-defined processes on Monday and be expected to adopt an entirely new digital workflow by Friday.

At a strategic level, organisations are expected to commit to long-term visions while staying flexible enough to revise course. Consider how global companies are investing in long-term sustainability goals while having to make short-term adjustments due to economic fluctuations or geopolitical disruptions.

At the national level, governments face a similar tension: ensuring economic stability and social order while navigating rapid shifts in global trade, climate priorities, and technological advancements. Globally, institutions must provide continuity while adapting to emerging crises, from pandemics to wars to environmental threats.

Purposeful leaders understand that stability and agility are not opposing choices. Stability comes from a greater purpose, collective mission and core values. Agility comes from how those ideals are expressed in changing contexts.

Performance vs. wellbeing: Delivering without depleting

Another critical paradox lies in balancing high performance with human well-being.

Within organisations, there is relentless pressure to achieve targets: quarterly results, market share, innovation outputs. Yet, beneath these numbers lie human beings with finite emotional, cognitive, and physical energy. A high-performing sales team may exceed targets for several quarters, only to experience burnout, attrition, or disengagement if well-being is neglected.

At the people level, individuals strive for achievement and recognition, while also seeking balance, meaning, and personal fulfilment. Leaders often encounter team members who are ambitious yet exhausted, driven yet disconnected.

Strategically, organisations are beginning to recognise that sustainable performance requires investment in wellbeing: mental health support, flexible work arrangements, and cultures of trust. However, translating this into measurable business outcomes often creates tension. Is a reduced workload a cost, or an investment?

At a national scale, policymakers must balance economic growth with citizen well-being. Rapid industrialisation may boost GDP but can strain public health, urban infrastructure, and social cohesion. The global conversation around «beyond GDP» indicators reflects this ongoing tension.

Globally, organisations grapple with supply chains that maximise efficiency but may compromise human conditions or environmental sustainability. The question becomes: can performance be redefined to include the well-being of all stakeholders?

Purposeful leadership reframes the equation, not as performance versus well-being, but performance through well-being.

Growth vs sustainability: Expanding without eroding

The pursuit of growth has long been a dominant narrative in business. Yet today it is increasingly challenged by the imperative of sustainability.

At an organisational level, companies are expected to expand revenues, enter new markets, and innovate continuously. Simultaneously, they are held accountable for their environmental footprint, resource utilisation, and social impact. A consumer goods company, for example, may experience tension between scaling production and reducing plastic usage or carbon emissions.

From a people standpoint, employees increasingly seek to work for organisations that align with their personal values. They may question growth strategies that appear to compromise environmental or ethical standards, creating internal tensions between career progression and personal conviction.

Strategically, leaders must make choices about long-term investments: renewable energy, ethical sourcing, circular economy models, etc., that may not yield immediate financial returns but are critical for future viability.

At the national level, developing economies often face the dilemma of accelerating industrial growth while preserving natural ecosystems. Developed nations confront the consequences of past growth and must now lead in corrective action.

Globally, climate change, biodiversity loss, and resource scarcity highlight the consequences of prioritising growth without sustainability. Leaders at all levels are being called to redefine success.

Purposeful leaders do not reject growth; they reimagine it, seeing growth not merely as expansion, but as evolution with responsibility.

Achieving business numbers vs living company values: Integrity under pressure

Perhaps one of the most subtle yet powerful paradoxes is the tension between delivering business results and staying true to declared values. Within organisations, leaders often articulate values such as integrity, respect, customer focus, and collaboration. Yet, under pressure to meet financial targets, there can be a drift: cutting corners, overlooking behaviours, or making decisions that contradict those very values. For example, a company that prides itself on customer centricity may push aggressive sales tactics that compromise customer trust to meet quarterly targets.

At a people level, employees observe these inconsistencies closely. When leaders emphasise values but reward only results, a silent message is sent. This creates cognitive dissonance:

Should one do what is right or what is rewarded?

Strategically, organisations face defining moments: whether to walk away from profitable opportunities that conflict with their values, or to justify them as necessary compromises. These are not theoretical dilemmas; they are lived realities in boardrooms and leadership teams.

At a national level, governments often declare commitments to transparency, equity, and justice, yet may face pressures that test these commitments. Economic or political expediency can sometimes overshadow stated principles.

Globally, corporations operating across geographies must navigate differing regulatory standards and ethical expectations. The question of whether to uphold consistent values across contexts becomes critical.

Purposeful leadership is most visible not in times of comfort, but in moments of pressure. It is when numbers are at risk that values are truly tested.

Holding the tension without losing direction

The common thread across these paradoxes is not the presence of tension, but the temptation to resolve it by choosing one side at the cost of the other.

Purposeful leadership invites a different response.

It asks leaders to pause, to reflect, and to anchor themselves in purpose. Purpose does not provide easy answers. Instead, it offers a consistent compass: guiding decisions even when trade-offs are unavoidable.

The quiet strength of a purposeful leader lies in the ability to: stay grounded while everything shifts, care for people while delivering results, grow responsibly while preserving what matters, and achieve outcomes without compromising integrity. In a world that often demands speed, certainty, and decisive action, there is profound strength in holding the tension thoughtfully.

As we move forward, the question is not whether paradoxes will exist. They will intensify. The question is whether we, as leaders, can develop the inner clarity and outer courage to navigate them, without losing direction.

Because ultimately, purposeful leadership is not about eliminating tension. It is about leading through it: with wisdom, balance, and humanity.

Return to upper-middle-income status and the way forward

The reclassification of Sri Lanka as an upper-middle-income country is a symbolic milestone, but it masks many underlying fragilities of the economy. According to the World Bank, the upgrade is a marker of resilience, though the country only narrowly crossed the threshold. The progression is a result of the South Asian state’s Gross National Income (GNI) per person in 2025 reaching $ 4,670, just fractionally above the $ 4,636 threshold required for the upper-middle-income category.

On 1 July of each year, the Development Data Group – the World Bank Group’s development data hub – updates the classifications of economies worldwide according to the GNI per capita estimates from the previous calendar year. Afterwards, the economies assessed are placed into four income groups: low, lower-middle, upper-middle, and high. The GNI per capita is measured in US dollars by using the Atlas methodology, which smooth’s exchange rate fluctuations by using a three-year moving average – the price-adjusted conversion factor. The thresholds that define each income group are adjusted annually to account for inflation.

It is worth noting that Sri Lanka reached the same milestone in 2019, only to be downgraded as a lower-middle-income country again in 2020. As we are closer to the lower bound of the relevant income category, the chances of falling back to the earlier income group are high.

The exchange rate stabilisation from 2023 to 2025 would have undoubtedly aided readmission to the upper-middle-income group of economies. However, any unprecedented depreciation of the local currency could risk the country being downgraded back to the previous category. Also, the stagnant/declining population mechanically aids in achieving a higher per capita GNI, and over the last few years, the island’s population growth has been extremely low due to falling births, rising deaths, and increased outward migration/brain drain subsequent to the 2022 economic crisis. It is reported that annual births plummeted from 301,706 in 2020 to 220,761 in 2024, while annual deaths increased from roughly 132,000 to 171,194 during the same period.

An aspect which has been overlooked is that although the total size of the economy has rebounded from the post-2022 crisis lows, it is still on par with the pre-crisis peak production level recorded in 2018 in real terms. The value of the real GDP in 2025 was measured at Rs. 13.129 trillion ($ 97.4 billion), but it is still slightly below the corresponding pre-crisis peak in 2018 – Rs. 13.235 trillion ($ 98.2 billion).

Despite regaining the upper-middle-income status, a considerable number of families in Sri Lanka remain in poverty. According to the World Bank Estimates, poverty levels in Sri Lanka more than doubled from 2019 to 2022 from 11.3% to 25%. Furthermore, many low-income families remain vulnerable, and any unexpected economic shock or natural calamity could push them into poverty. As the Department of Census and Statistics has not conducted the Household Income and Expenditure Survey (HIES) – which measures poverty among households in the country – after 2019, it is difficult to identify the extent of the impact the post-2019 misfortunes like COVID-19 and the economic crisis had on the standard of living of the population.

True achievement lies in maintaining the upper-middle-income status for years to come and advancing to become a high-income economy. Unfortunately, the country has historically failed to maintain economic stability and commendable economic growth for a long period of time. Now that we have achieved a creditable state of economic stability, policymakers must act decisively to accelerate economic growth by formulating and implementing policies that attract FDIs, reform inefficient and loss-making SOEs, increase productivity and foster a favourable business environment to ensure we do not fall back to the lower-middle-income category again. Otherwise, this upgrade risks remaining a temporary statistical achievement rather than a lasting economic transformation.

Cabinet approves pound 924,063 German grant for energy-efficient buildings program

The Cabinet of Ministers at their meeting on Monday approved the implementation of a German-funded program to promote energy-efficient and climate-resilient buildings in Sri Lanka under a financial grant of pound 924,063 (around Rs. 314 million).

The program will be implemented under the existing framework agreement on technical cooperation between the Governments of Sri Lanka and Germany. Announcing the decision at the weekly post-Cabinet meeting media briefing yesterday, Cabinet Spokesman and Minister Dr. Nalinda Jayatissa said the initiative will be carried out by the German development agency Deutsche Gesellschaft fr Internationale Zusammenarbeit (GIZ) in collaboration with Sri Lanka’s Energy Ministry and the Sustainable Energy Authority.

‘The initiative aims to support Sri Lanka in developing policies, institutional frameworks and technical capacity to improve the design, construction and maintenance of energy-efficient and climate-resilient buildings,’ he explained.

The proposal to this effect was submitted by Energy Minister Anura Karunathilake.

Secondary Bond market activity picks up

The secondary Bond market yesterday saw activity pick up from the previous session, which was at a virtual standstill due to the Treasury Bond auctions.

Secondary market yields were seen adjusting to the Treasury Bond auction outcome from the previous day. Yields were seen compressing from the morning’s opening quotes on the back of steady institutional buying interest as renewed demand kicked in at the elevated levels.

The 01.08.30 and 15.10.30 maturities traded at the rates of 11.50% and down the range of 11.60%-11.57% respectively. The 01.11.33, 15.06.34 and 15.10.34 auction maturities traded at the rate and down the range of 11.90%, 12.00% and 12.05%-12.00% respectively. The longer tenor 01.07.37 maturity traded down the range of 12.62%-12.58%.

The Treasury Bill auction scheduled for today, will have a total amount of Rs. 120 billion on offer. This will comprise of Rs. 55 billion offered on the 91-day maturity, Rs. 35 billion on the 182-day maturity and Rs. 30 billion on the 364-day maturity. This is below the maturity corresponding to the scheduled auction, which is estimated to be approximately Rs. 147.72 billion.

To recap: At the weekly Treasury Bill auction last week, the weighted average yields held broadly steady, breaking a two-week streak of across-the-board increases prior. Accordingly, the rate on the 91-day tenor reduced by 2 basis points to 10.21%, the 182-day tenor remained unchanged at 10.30% and the 364-day tenor edged up marginally by 1 basis point to 10.21%.

The auction successfully raised the full Rs. 100 billion offered at the first phase of competitive bidding. However, the bulk of the quantity raised was from the 91-day tenor, which raised more than its offered amount, while the other two tenors raised the same or less than their respective offered amounts. Total bids received amounted to 2.30 times of the offered amount up from 1.66 times the week before.

In the money market, the net liquidity surplus stood at Rs. 151.99 billion yesterday. Of this, Rs. 101.99 billion was absorbed via the Central Bank’s Standing Deposit Facility (SDF) at 8.25%, while a further Rs. 50 billion was mopped up through an overnight Repo auction conducted by the Domestic Operations Department (DOD) at a weighted average rate of 8.69%. Notably, bids received amounted to Rs. 71 billion against the Rs. 50 billion offered.

The weighted average rates on overnight call money and Repos were recorded at 8.96% and 9.00% respectively.

Forex market

The USD/LKR rate on spot contracts was seen closing at the day at Rs. 336.30/336.40, slipping against its previous day’s close of Rs. 336/336.25.

The total USD/LKR traded volume for 13 July was $ 45 million.

SLASSCOM reflects on a year of creating opportunities, strengthening Sri Lanka’s knowledge and innovation industry

As SLASSCOM prepares to hold its Annual General Meeting today, the association reflects on a year that expanded opportunities for talent, entrepreneurs, businesses and policymakers while continuing to strengthen Sri Lanka’s knowledge and innovation industry.

The past year has been a significant one for the sector. In 2025, Sri Lanka’s knowledge and innovation industry reached an estimated export value of $2 billion, making it the country’s third-largest export sector. Today, the industry comprises more than 680 IT and BPM companies, over 700 active startups and a workforce of approximately 175,000 professionals, contributing 45% of Sri Lanka’s services exports. With around 17,000 graduates entering the workforce annually and the industry continuing to grow at a healthy pace, the focus is increasingly shifting towards ensuring the country has the talent, innovation, partnerships and policy environment needed to sustain that momentum.

Against this backdrop, the Board led by Chairperson Shehani Seneviratne focused on initiatives that would strengthen the industry’s long-term competitiveness while creating greater value for members and the wider ecosystem.

‘Our industry has reached an important milestone, but our ambition remains much bigger,’ said Seneviratne. ‘The past year has been about creating opportunities that strengthen the industry for the long term, whether through talent, entrepreneurship, policy engagement or international partnerships. Those are the building blocks that will determine how successfully we compete in the years ahead.’

Developing industry-ready talent remained one of SLASSCOM’s strongest priorities

Graduate Personas were introduced to help students better understand employer expectations while providing universities with a practical framework to align graduates with evolving industry needs. The launch of the Apprentice Internship Platform created a structured pathway connecting students with project-based internships offered by member companies, helping bridge the gap between academic requirements and meaningful industry exposure.

Alongside preparing new entrants to the workforce, the association also placed considerable emphasis on reskilling and upskilling existing professionals to ensure Sri Lanka’s talent continues to meet the demands of a rapidly evolving technology landscape.

These initiatives formed part of a broader talent agenda that gathered momentum throughout the year. More than 2,600 school students and undergraduates participated in IT/BPM Exploration Days, while over 700 students benefited from the Bridging the Skill Gap program delivered by industry practitioners. Through Tech Kids, more than 500 schoolchildren across 20 schools were introduced to coding and computational thinking. The Academia Immersion Program connected more than 70 university lecturers with leading technology companies, and the newly introduced University Roundtable strengthened collaboration between academia and industry on future workforce priorities.

The SLASSCOM Academy also continued to expand its impact, delivering more than 13,000 learning hours to over 1,900 participants through programs covering artificial intelligence, leadership, analytical capability and professional development. In parallel, the NextGen Leadership Program equipped more than 110 emerging leaders through four completed cohorts.

Entrepreneurship and innovation continued to gather momentum during the year

A landmark initiative enabled 25 Sri Lankan startups to participate in the fully funded IIT Madras Pravartak entrepreneurship program, providing international exposure, mentorship and access to one of South Asia’s leading innovation ecosystems. This complemented the Xcellerate Accelerator, which supported 21 high-potential technology startups, alongside Fast Forward for Women, Hack Like a Girl, the Startup Sri Lanka platform and continued efforts to improve access to funding and mentorship for founders.

Innovation was also celebrated through the SLASSCOM National Ingenuity Awards, which continued to recognise outstanding achievements across schools, startups, corporates and universities, attracting more than 330 submissions.

SLASSCOM also strengthened its role as a trusted voice for the industry

The introduction of the Policy Council created a dedicated platform for engagement between industry leaders and the leadership of SLASSCOM. Constant interaction with policymakers was maintained through the association’s active participation in the industry advisory committee, National AI Strategy, the Digital Transformation of Education Taskforce, the National Export Development Plan, World Bank advisory forums, Central Bank stakeholder committee and several national policy discussions. Recommendations submitted for Budget 2026 reflected the industry’s priorities around talent, taxation, startups, innovation and global competitiveness.

The Association also expanded its international engagement

In addition to strengthening partnerships with NASSCOM, SLASSCOM launched the Industry Ambassador v2 program across Norway and the Philippines while continuing to work closely with its existing network of industry ambassadors. Engagements with foreign missions, investment agencies and technology ecosystems across India, Germany, Australia, Dubai, Sweden, the United Kingdom and the United States continued to position Sri Lanka as a competitive destination for technology, innovation and knowledge services.

Member engagement also reached new levels

The introduction of Member Personas enabled more tailored engagement across SLASSCOM’s growing membership, while CEO Breakfasts, CFO Breakfasts, TGIT networking events, the inaugural Member Townhall and the annual CEO Retreat brought business leaders together to exchange ideas, address common challenges and shape the future of the industry. Today, SLASSCOM represents a membership of 331 companies spanning multinational organisations, large enterprises, SMEs and startups.

Beyond industry growth, the association continued to champion inclusive and sustainable development through Women in Technology initiatives, STEM4Her, leadership development programs, the establishment of an Accessibility Testing and Quality Assurance Lab to create employment opportunities for persons with disabilities, the rebuilding of six schools in partnership with member companies and the introduction of an industry ESG Dashboard.

Reflecting on the year, Seneviratne said the association’s greatest achievement was not any single initiative, but the stronger connections built across the industry and the collective progress made during the year through numerous initiatives.

‘Our industry is on a strong growth trajectory, and during the past year we have made a meaningful contribution to advancing that momentum. Progress happens when businesses, academia, government, entrepreneurs and development partners work towards a shared vision. Our role has been to bring those groups together, create opportunities for collaboration and help strengthen the foundations that will support the industry’s continued growth.’

As members gather for the Annual General Meeting, the year stands as one of stronger partnerships, broader engagement and meaningful progress across multiple fronts. More importantly, it leaves the incoming Board with stronger platforms, deeper industry relationships and new opportunities to build on the momentum that continues to position Sri Lanka’s knowledge and innovation industry among the country’s most important economic sectors.

EDB and Expertise France lay groundwork to promote sustainable trade with EU

The Sri Lanka Export Development Board (EDB) and Expertise France have taken the first step towards strengthening cooperation on sustainable trade, with Expertise France Program Officer Yannick Gaudin meeting EDB Chairman Mangala Wijesinghe and senior officials on 9 July 2026. The discussions focused on advancing the European Union-funded Advancing Sustainable Trade between the EU and Sri Lanka project, designed to enhance Sri Lanka’s sustainable, climate-resilient and circular trade potential under the EU’s Global Gateway Strategy, with Expertise France serving as the project’s coordinating and implementing agency.

Expressing his appreciation towards the assistance extended by the EU to Sri Lanka’s export development for decades, EDB Chairman Wijesinghe pledged the fullest cooperation of the export promotion agency towards the successful implementation of the project and elaborated in detail the numerous programs and activities undertaken by the EDB to develop the competency of the country’s export ecosystem to meet the stringent regulatory and sustainability requirements of the EU market.

Expertise France Program Officer Gaudin gave an overview of the initiative and explained how the EU-funded project intends to promote inclusive and sustainable integration into the EU markets by aligning trade-related regulations, advancing the green transition, and adopting climate-adaptive practices that support equitable growth and resilience.

Meanwhile, the representatives of the EDB’s various divisions explained the initiatives implemented by their respective divisions that promote sustainability, inclusivity, compliance with the EU environmental regulations as well as the empowerment of SMEs, activities that closely resonate with the policies advocated by the EU in partner countries.

The potential areas and industries that could become part of the project’s scope were extensively discussed at the occasion and the Expertise France Representative agreed to work closely with the EDB to generate successful outcomes from the EU-funded project.

Govt. bans forced labour imports to strengthen US trade compliance

The Government has prohibited the import of goods produced using forced labour with effect from 10 July, introducing a new Customs compliance requirement as the Government seeks to strengthen its trade credentials and reduce the risk of higher US tariffs on exports.

The order was issued by President Anura Kumara Dissanayake in his capacity as Finance, Procurement and Economic Development Minister.

Under the new regulations, importers must submit documentary evidence to the Director General of Customs certifying that imported goods have not been produced using forced labour.

The measure follows concerns raised by the Office of the US Trade Representative (USTR), which recently identified Sri Lanka among 60 economies that do not prohibit or effectively enforce restrictions on imports produced with forced labour.

The USTR has proposed an additional 12.5% tariff on Sri Lankan exports to the US, above the 10% rate proposed for competing exporters including Bangladesh and Pakistan.

The US remains Sri Lanka’s largest export destination, accounting for approximately $ 3 billion in annual exports, dominated by apparel.

Responding to the proposed US measures, Finance Deputy Minister Dr. Anil Jayantha Fernando recently told Parliament that Sri Lanka already maintains a robust labour law framework, but would further strengthen Customs screening procedures and align enforcement with international standards to eliminate concerns relating to child and forced labour.

Sri Lanka also ratified the International Labour Organisation’s Convention No. 190 in April, reinforcing its commitment to ensuring a world of work free from violence and harassment.

The import ban is expected to strengthen Sri Lanka’s compliance with international labour standards, reinforce ethical supply chains, and improve the country’s standing as it engages with the US on trade-related market access.

Govt. launches global tender for 250 MW battery storage

The National System Operator Ltd., (NSO), operating under the Energy Ministry, has launched an International Competitive Bidding (ICB) process for the establishment of a 250 MW/1000 MWh Standalone Battery Energy Storage System (BESS), one of the largest grid-connected storage procurements the country has undertaken to date.

Under the tender, reference number TR/REP and PM/ICB/2026/001/C, developers will build 10 MW/40 MWh capacity blocks at 25 grid substations across the island, including Ambalangoda, Ampara, Bolawatta, Chunnakam, Hambantota, Kurunegala, Matara, Galle, and Monaragala, among others.

Projects will be developed on a Build, Own and Operate (BOO) basis, with successful bidders entering into a 15-year Energy Storage Agreement with the NSO. Connection will take place at the 33kV voltage level.

Proposals are due by 10 a.m. on 14 August 2026. The Request for Proposal (RFP) document is available until 13 August 2026 for a non-refundable fee of Rs. 150,000 for local proponents, or $ 500 for overseas proponents.

Developers are required to design, finance, construct, commission, operate, and maintain their projects, cover the full cost of grid interconnection, and secure all environmental and statutory approvals before proposals are considered by the Cabinet Appointed Negotiation Committee.

The tender reflects a broader global shift towards battery storage as core power infrastructure.

According to the International Energy Agency’s (IEA) Global Energy Review 2026, the world added 108 gigawatts of new battery storage capacity in 2025, a 40% increase over the previous year, with installed capacity now around 11 times higher than in 2021.

The IEA’s Electricity 2026 report projects that global storage capacity will need to grow roughly six-fold, to about 1,500 gigawatts, by 2030 to support the international goal of tripling renewable generation.

Industry observers say the ability to offer investors a stable, storage-backed renewable grid has become an increasingly important factor in attracting foreign direct investment (FDI), particularly from export-oriented manufacturers.

Data from the RE100 initiative, which tracks major multinational companies committed to sourcing 100% renewable electricity, shows manufacturing now accounts for around 28% of member companies’ total electricity demand, the second-highest share of any sector. Companies including Apple, Google, Infosys, Tata Motors, and TSMC have built renewable energy procurement into their operations and increasingly expect the same from suppliers and host countries.

The BESS tender is aligned with Sri Lanka’s existing energy and climate policy framework. Under the National Energy Policy (2019), the country has committed to developing indigenous renewable resources, diversifying its generation mix, and reducing dependence on imported fossil fuels to below 50% of primary energy supply by 2030.

The Cabinet of Ministers has approved a target of generating 70% of the country’s electricity from renewable sources by 2030, a commitment reflected in Sri Lanka’s Nationally Determined Contributions under the Paris Agreement.

At the national climate level, the Environment Ministry’s Carbon Net Zero 2050 Roadmap and Strategic Plan sets out a sector-by-sector pathway towards carbon neutrality by 2050, spanning energy, transport, industry, waste, agriculture, and forestry. Sri Lanka reaffirmed this commitment in its third Nationally Determined Contribution, submitted in September 2025, which sets an economy-wide emissions reduction target for the 2026-2035 period. Grid-scale battery storage, officials say, is one of the practical pieces of infrastructure needed to make that renewable-heavy, net-zero-aligned grid a reality rather than a long-term aspiration.