Category: Daily Financial Times

Initiative follows Sports Minister’s request; Official MoU signed at Sports Ministry

Responding to a special request made by the Sports and Youth Affairs Minister Sunil Kumara Gamage, Access Solar Ltd., and Access Real Estate/Residencies have officially agreed to completely sponsor Sri Lanka’s premier javelin thrower, Rumesh Tharanga, and his coach Tony Prasanna, in their journey leading up to the 2028 Olympic Games.

Under this corporate partnership, Rumesh Tharanga is scheduled to serve as the official Brand Ambassador for the respective companies. The official Memorandum of Understanding (MoU) validated this long-term commitment today at the Ministry of Youth Affairs and Sports premises.

Through this landmark agreement, Access Group will continuously provide the financial support, nutrition, and international-level training requirements necessary for both the athlete and his coach to achieve their targets for the 2028 Olympics.

The special occasion was graced by the Sports and Youth Affairs Minister Sunil Kumara Gamage, National Sports Council President Priyantha Ekanayake, and National Olympic Committee (NOC) President Asanga Chandana Seneviratne, alongside athlete Rumesh Tharanga and Coach Tony Prasanna. Representing the Access Group were Access Solar Ltd., and Access Real Estate Ltd., Managing Director Theo Fernando, Access Solar Director Iranga Cooray and Access Real Estate Chief Operating Officer Mangala Perera

Day 5 of second Test against Sri Lanka

West Indies reached 62 without loss after lunch on the fifth and final day of the second Test against Sri Lanka, requiring a further 240 runs from the remaining 40 overs.

Openers John Campbell and Brandon King frustrated the Sri Lankan attack with an unbroken opening stand, reaching 31 and 30 respectively as the visitors searched in vain for an early breakthrough.

Earlier, Sri Lanka declared their second innings on 251 for 9, setting the hosts a target of 302. Dinesh Chandimal top-scored with a composed 71 from 107 deliveries, while Alzarri Joseph was the most successful West Indies bowler with figures of 2 for 44.

West Indies had earlier replied with 499 in their first innings after Sri Lanka posted 549 for 9 declared.

West Indies won the first of two Test matches heading into this game.

E-WIS Sri Lanka Professional Golf Championship 2026

By Shamseer Jaleel

Nadaraja Thangaraja stormed into the lead with a sparkling seven-under-par 65 on the opening day of the E-WIS Sri Lanka Professional Golf Championship 2026 at the Victoria Golf Resort yesterday.

His flawless display gave him a six-shot cushion over the rest of the field and put him firmly in control heading into the second round.

Experienced professional Chalitha Pushpika emerged as Thangaraja’s closest challenger after carding a steady one-under-par 71 to occupy second place. Pushpika combined accuracy off the tee with a composed putting performance to stay within reach of the leader.

Anura Rohana shared third place after returning an opening-round 73 alongside Priya Hemantha and Chanaka Perera.

With three players tied for third, the race for the title is expected to intensify over the final two rounds. Several other leading professionals, including Mithun Perera, N. Amarapathma, Lalith Kumara and Haroon Aslam, remain well placed to challenge if they can produce low scores over the next two days.

Initiative opens new pathways for floriculture industry in Sri Lanka

Sri Lanka’s floriculture industry is poised for a new era of growth following the exclusive partnership between Lassana Agri Innovations Ltd., and Rise N Shine Biotech Ltd., India, creating unprecedented opportunities for entrepreneurs, commercial growers and investors looking to establish successful floriculture businesses.

Under the agreement, Lassana Agri Innovations becomes the exclusive sales, marketing and distribution partner for selected floriculture and ornamental plant varieties from Rise N Shine Biotech throughout Sri Lanka.

The collaboration combines Rise N Shine’s internationally recognised biotechnology expertise with Lassana Agri’s extensive knowledge of the local market, creating a powerful platform to elevate the country’s floriculture sector through innovation, quality and sustainable agricultural development.

More importantly, this partnership introduces a comprehensive ecosystem for commercial flower cultivation-supporting entrepreneurs, growers and investors with everything required to establish and grow successful floriculture businesses. From access to internationally developed planting material and modern cultivation technologies to technical guidance, training programs and structured market support, the initiative also aims to establish buy-back arrangements for selected flower varieties, providing growers with greater market security while creating a reliable domestic supply chain for Sri Lanka’s expanding floriculture industry.

Lassana Group of Companies Founder and Group Chairman Dr. Lasantha Malavige said: ‘This partnership marks a significant step forward for Sri Lanka’s floriculture industry. Through this collaboration, Sri Lankan growers will gain access to a much broader range of premium planting material, supported by world-class technical expertise and agronomic guidance. By making high-quality planting material and technical support more readily available, we aim to enhance productivity, improve quality standards, and strengthen the global competitiveness of Sri Lanka’s floriculture sector while creating new opportunities for growers across the country.’

Rise N Shine Biotech Ltd., Chairperson and Managing Director Dr. Bhagyashree P. Patil said: ‘We are delighted to formalise our partnership with Lassana Agri Innovations. This collaboration has been a milestone, built through productive meetings and a shared vision for the future of floriculture in Sri Lanka. We are confident that together we can contribute significantly to developing the country’s floriculture sector by introducing superior floriculture and ornamental plant varieties, encouraging innovation, and creating sustainable opportunities for growers.’

Lassana Group Group Director/Chief Strategy and Growth Officer Isira Perera said: ‘The strategic partnership between Rise N Shine and Lassana Agri will help to leverage the transformation of the fresh flower industry in the Sri Lankan market. The sustainable growth potential is immense with high-quality cutting-edge products while uplifting the outgrower farmer communities.’

Lassana Group Senior Agronomist – Head of Flower Division Piet de Jong said: ‘With the new agreement we are bringing the latest young plants for growing cut flowers in the country. Rise N Shine has an extensive assortment of young plants from international breeders. These plants will be available for all local growers through Lassana Agri Innovations. Now everyone can grow their own flowers, be it Gerbera, Limonium, Babies Breath and a wide range of pot-plants.’

Effective from 1 July 2026, the exclusive partnership establishes a long-term framework for collaboration between the two companies and reflects a shared commitment to innovation, sustainability and industry development. By combining world-class biotechnology with local expertise, Lassana Agri Innovations is reinforcing its leadership in Sri Lanka’s floriculture sector while creating a compelling investment opportunity for individuals and businesses looking to build successful floriculture enterprises.

Helabhoomi Products Ltd’s Business Manager and seasoned professional in organic food import, strategic marketing and finance Saliya Kulasekara (right) recently met with Industry and Entrepreneurship Development Deputy Minister Chathuranga Abeysinghe during a business forum at the Port City Colombo. Helabhoomi specialises in the export of 100% organic products from Sri Lanka to consumers to Western Europe

The Sri Lanka Brand Forum (SLBF) has announced the launch of the Sri Lanka Brand Conclave, introducing what it describes as the country’s first integrated branding ecosystem dedicated to advancing branding, marketing and innovation.

The initiative, which was designed as a long-term national platform rather than a stand-alone conference, brings together academia, industry leaders, global experts, and emerging talent to boost Sri Lanka’s long-term economic competitiveness and develop the country’s brand-building capabilities.

Beyond the annual Conclave, the ecosystem offers year-round learning, collaboration, and professional development opportunities for Sri Lanka’s marketing and business community through initiatives like the Brand Academy, Quarterly Marketers Meet, LinkedIn Community, and Digital Knowledge Book, and Student Brand Challenge.

The Sri Lanka Brand Conclave aims to offer useful insights from internationally renowned experts along with successful local case studies as businesses navigate accelerating digital transformation, artificial intelligence and changing customer expectations. The platform’s goal is to provide business leaders, marketers, and entrepreneurs with the knowledge and strategies needed to build stronger, more competitive brands. It will also explore how artificial intelligence, purpose-driven branding, creativity and digital communities are reshaping how organisations build trust, engage consumers and compete in global markets.

The inaugural Conclave on 28 July at the Cinnamon Grand will bring together leading practitioners and experts from around the world to discuss branding and marketing’s future, giving Sri Lankan businesses practical strategies for competing in a market that is becoming increasingly dynamic.

Featured speakers include Dr. Prem Shamdasani of the National University of Singapore (NUS) Business School, Thomas Barta of the Marketing Leadership Institute, Tay Guan Hin of The One Club for Creativity, together with experts from TikTok South Asia, Kantar, Cannes Lions and leading Sri Lankan organisations.

Brand Academy and the Quarterly Marketers Meet will provide professionals with continuous learning opportunities throughout the year, while the Student Brand Challenge will connect university students with real-world branding challenges, recognising that future competitiveness also depends on developing the next generation of marketers. The LinkedIn Community and Digital Knowledge Book will further extend access to industry knowledge and encourage ongoing collaboration between business leaders, academics and practitioners. Collectively, these initiatives are designed to establish an ongoing stream of knowledge, collaboration, and talent development, ensuring that Sri Lanka’s capability for brand-building is strengthened much beyond a single annual event.

Sri Lanka Brand Forum Co-Founder Rohan Somawansa said: ‘Countries that compete successfully on the global stage are supported by strong brands, innovative businesses and talented marketers. Sri Lanka has all three ingredients, but we need stronger platforms that continuously combine industry, academia and international expertise. The Sri Lanka Brand Conclave has been created to build that foundation, not for a single event, but as a year-round ecosystem that equips businesses, marketers and future leaders to build brands that contribute to sustainable national growth.’

The launch represents the Sri Lanka Brand Forum’s wider commitment to developing platforms that advance branding excellence, encourage knowledge sharing, and support innovation throughout Sri Lanka’s business landscape. It also builds on the success of the Forum’s inaugural industry event.

As Sri Lanka seeks new pathways for sustainable economic growth, the Sri Lanka Brand Forum believes stronger brands will be an essential competitive advantage, not only for individual businesses, but for the country as a whole.

By Shanika Sriyananda

Parents and relatives were still crying, cursing and blaming angrily searching for their loved ones, either their bodies or their names in the lists after they have been transferred to other prisons from the ill-fated Negombo Prison, where over 27 were killed and 100 were sustained serious injuries during two-days of clashes inside its premises.

‘I have only one son and he has been imprisoned for over one and half years now. I do not have any clue about him after the riots,’ cries a mother who says she makes a living by selling jackfruit seeds.

Another mother cries and curses the authorities over her son’s death. ‘My son’s body was badly damaged. His eyes were cut with sharp metal pieces and body was brutally attacked with poles and bricks,’

The harrowing footage on live news coverages and later on social media take a breath away from many when seeing lifeless bodies of prison guards and inmates bleeding from heads which were brutally attacked with iron poles and bricks were lifted to military vehicles and ambulances.

Most of them had their last breath or are lying on hospital beds with serious injuries now. Meanwhile, the Prisons Department issuing a statement has paid tribute to seven officers who lost their lives in the line of duty during the unrest at the Negombo Prison on Monday.

The department named them as ‘heroes’ who sacrificed their lives in duty. The officers remembered are: Jailer S.H.G. Chandrawansha, Sergeant R.P.R. Sanjeewa, Sergeant B.N.N. Tharanga, Sergeant T.N.R. Thilakasiri, Sergeant D.W. Pushpakumara, Sergeant S.D.S. Aebywardena and Sergeant A.D. Tharanga.

Their stories are harrowing and deadly. Each of the dead and injured were brutally attacked during the country’s one of the scariest prison riots in recent history.

On social media, some accuse a prison officer for opening fire from the main gate of the prison during the height of violence but acting Commissioner General of Prisons Prasad Hemantha Kumara defended the prison officer saying he acted to prevent a mass escape and protect trapped prison officers.

The Prisons Department chief told media yesterday that social media footage showed only part of the incident, while inmates had already breached the first security gate and were moving towards a second gate.

‘The officers had to take decisive action, despite putting their own lives at risk, to prevent the situation from escalating further,’ he said.

Kumara said that officers inside the prison were attacked while trying to control the violence, and the shooting was a necessary measure to prevent the situation from escalating further.

However, he confirmed that authorities had received no prior intelligence warning of a possible violent incident at the Negombo Prison.

While the responsible authorities and the Government are taking steps to find a root cause for this bloodshed incident, the Committee for Protecting the Rights of Prisoners (CPRP) yesterday alleged that inmates transferred from the Negombo Prison after deadly violence at the Negombo Prison are being assaulted and tortured by prison officials. This strong accusation has raised fresh concerns over the treatment of prisoners and the state of Sri Lanka’s prison system.

The CPRP stated that the tragedy was not an isolated incident. Instead, it exposed long-standing problems that have been building up for decades. They point to severe overcrowding, a shortage of prison officers, poor rehabilitation programs, delays in the justice system and outdated prison laws.

In a statement, CPRP Chairman and Attorney-at-Law Senaka Perera said the organisation had received information that prisoners transferred from Negombo to other prisons were being assaulted.

‘The CPRP has been receiving reports that inmates who were transferred from the Negombo Prison to other prisons following the recent unrest are being assaulted and subjected to torture by prison officials,’ he said.

He said information already received indicated that inmates transferred to the Welikada Prison had been subjected to severe assaults and harassment.

‘If such assaults are indeed being inflicted upon inmates, the Committee expresses its strongest displeasure and condemnation. We urgently call upon all responsible authorities to halt such violence immediately,’ Perera said.

Meanwhile, the CPRP has also requested the Human Rights Commission of Sri Lanka to immediately investigate the allegations and ensure the protection of the transferred inmates.

The Negombo prison carnage unfolded only weeks after the CPRP submitted a comprehensive prison reform proposal to the Ministry of Justice titled ‘Improving Sri Lanka’s Prison System: Reducing Overcrowding and Helping Inmates Rebuild Their Lives.’

The report argues that the country’s prison system has reached a critical point where overcrowding, administrative delays and the absence of rehabilitation have become major threats to both prisoners and prison officers.

Justice Minister Harshana Nanayakkara, told Parliament yesterday, that he accepted responsibility for the incident as the minister in-charge of prisons. He also had an urgent meeting of senior prison officials.

Stating that the Government had not underestimated the seriousness of the incident at any stage, the Minister revealed that a group involved in the unrest had intended to disrupt the measures taken by the prison authorities to prevent narcotics and other illegal items from entering the prison.

‘The violence began after inmates allegedly attempted to disrupt the prison’s anti-narcotics security mechanism, attacked two unarmed prison officers and later broke through an iron gate before emerging from inside the prison compound,’ he explained.

According to Minister Nanayakkara, the prison officers who lost their lives tragically were brutally assaulted with bricks and iron poles by the inmates during the violence.

Explaining how violence at the Negombo prison erupted initially, he said whether it was the life of an inmate or a prison officer, all lives matter and it was a great loss to the country.

Minister Nanayakkara, agreeing that there was lack of facilities for inmates, said the organised group of inmates had destroyed the CCTV system and the body scanner worth million rupees.

‘This shows that their intention of creating violence was to disrupt the anti-narcotic system in the prison,’ he said adding that the Government pay highest respect for the prison officers who were committed to control the unrest while facing severe threats from the rioters and preventing a disaster not allowing the violent inmates breaking the main gate and entering onto streets with iron poles causing a threat to public safety.

Meanwhile, Opposition MP Ajith P. Perera criticised the Government’s handling of the Negombo Prison violence, accusing Justice Minister Nanayakkara of failing to act decisively after the initial clashes erupted on Sunday.

Speaking in Parliament, yesterday, he questioned why authorities did not separate rival inmate groups, strengthen security or deploy additional forces before the situation escalated.

Perera also raised concerns over the absence of a permanent Commissioner General of Prisons and criticising the Minister for relying on social media for casualty information, called on the Government to provide a full account of its response, saying the public deserves answers on how one of the country’s deadliest prison incidents occurred.

Speaking to the Daily FT, the CPRP Chairman Perera said the Government needed to seriously consider the pathetic situation in the entire prison system in the country and they hoped the authorities would follow the recommendations given by the CPRP to address issues effectively.

‘The authorities at least now accept that overcrowding in prisons triggers unrest and causes severe threat to the system. The maximum capacity in the Negombo prison is less than 600 but there were nearly 2,600 inmates including convicted male and female prisoners and remand prisoners,’ he said.

According to Perera, all the prisons have exceeded their maximum accommodation capacity by four fold.

‘The entire prison network can only accommodate only 10,800 inmates but there are over 41,000 prisoners sheltered in all prisons in the country. Until this serious issue of overcrowding is solved, the prison security is threatened,’ he said, accusing the Government of hiding the truth without identifying the real cause.

Perera said while continuing to appear for the rights of the prison inmates, the CPRP would lobby to implement their recommendations in the report and would also provide their suggestions to the newly appointed three-member expert committee to probe into the Negombo Prison unrest.

The CPRP’s comprehensive prison reform report has clearly stated that the country’s prison system has reached a critical point where overcrowding, administrative delays and the absence of rehabilitation have become major threats to both prisoners and prison officers.

Quoting official prison statistics, the report notes that Sri Lanka’s prison overcrowding rate stood at 111% in 2022, while previous international assessments found some remand prisons operating 200% to 300% above their intended capacity.

The report states that overcrowding has resulted in increased death rates, riots and significant health problems, warning that many remand prisoners are forced to remain standing throughout the night due to the absence of sleeping space, while others sleep inside toilet areas.

However, the CPRP cautions that security measures alone will not resolve the underlying crisis.

‘The prison system cannot continue to function merely by responding to emergencies after lives have been lost,’ Perera said, adding that maintaining that overcrowding, delays in justice, inadequate rehabilitation and poor institutional governance remain the root causes that require urgent attention.

Sun Siyam Pasikudah, part of the Privé Collection under Maldivian-owned Sun Siyam Resorts, the Privé Collection property of The House of Siyam, recently played host to the finalists and crew of Poland’s national beauty pageant, Miss Polski 2026, as part of an islandwide tour organised in partnership with the Sri Lanka Tourism Promotion Bureau (SLTPB).

The 24 finalists, accompanied by reigning titleholders Oliwia Mikulska (Miss Polski 2025) and Kasandra Zawal (Miss Polski 2024), along with a 45-member production and competition crew, arrived in Sri Lanka on 7 June for a 10-day tour ahead of the grand final in Nowy Sacz on 2 August, which will be broadcast live on Polsat.

The itinerary, which began in Sigiriya before moving on to the East Coast, was designed to showcase the island’s cultural heritage, natural beauty, and wildlife to an international audience, with the group’s experiences and photography shared widely across Polish media throughout the tour.

As part of this journey, the group spent two nights at Sun Siyam Pasikudah, where the resort’s pristine beachfront and laid-back East Coast setting provided the backdrop for an exclusive promotional photography session featuring the finalists.

SLTPB Deputy Director Masitha De Thabrew said the collaboration was aimed at putting Sri Lanka’s lesser-explored destinations in front of a global audience through platforms like Miss Polski, while giving the finalists an authentic taste of the island’s hospitality and scenic diversity.

Sun Siyam Pasikudah General Manager Arshed Refai said the team was delighted to welcome the Miss Polski finalists and crew to the property, adding that moments like these are a reminder of just how much the East Coast has to offer international visitors and productions alike, from its calm turquoise waters to the warmth of the welcome they receive on arrival.

For Sun Siyam Pasikudah, the visit offered an opportunity to showcase the East Coast’s appeal as an emerging destination for both leisure travellers and international productions, reinforcing the resort’s position as a boutique escape that pairs natural beauty with refined hospitality.

Set along one of Pasikudah’s most idyllic stretches of coastline, the resort is known for its shallow, calm lagoon waters, powder soft sands, and uninterrupted views of the bay, framed by swaying palms and the kind of quiet that makes the East Coast feel worlds away. Its understated villas and suites, many opening directly onto the beach, are designed to blend into this natural setting rather than compete with it, offering guests a sense of seclusion paired with the personalised service The House of Siyam is known for.

Tucked along one of Sri Lanka’s most unspoiled coastlines, Sun Siyam Pasikudah’s 34 contemporary pavilions sit lightly on the landscape, part of a wider commitment to sustainability that runs through solar power, water conservation, and a waste approach built on reduction, recycling, and composting. As the boutique tier of The House of Siyam, the Privé Collection property is built for travellers drawn to a sense of place rather than just a view, something reflected in experiences like its floating platform dining, set against the bay and the Indian Ocean beyond.

The St. Peter’s College Rugby Foundation elected a new leadership team at its 18th Annual General Meeting, held at the Old Boys’ Union Secretariat of St. Peter’s College, Bambalapitiya, recently.

Former committee member Jerome Brohier was elected President, succeeding Samson Roy, who completed a successful three-year tenure at the helm of the Foundation. General Secretary Amry Jiffry was reappointed for a third consecutive term. Amil Zimal was elected Treasurer, while Themiya De Mel and Ziyan Badurdeen were appointed Vice Presidents.

The Annual General Meeting was attended by St. Peter’s College Rector Fr. Rohitha Rodrigo, Sports Coordinator Fr. Praveen Wijesekara, and Old Boys’ Union President Dr. Nirmal de Silva. (SJ)

Sri Lanka has spent six decades proving it can build institutions: Universities, Banks, and Entrepreneurs. The harder question is whether it can finally make them work together, province by province. A look through the lens of decentralisation, and a proposal: the ‘PraLe’ Triangulation Model.

Kamil is a young man living in Matara who teaches mathematics at a nearby government school during the day. At night, he works on a software tool designed to help farmers in Southern Province monitor soil moisture and market prices using a second-hand laptop. He has a brilliant idea. He has the discipline. He even has a university in his own city that runs an agriculture faculty and a computer science department. However, he faces challenges, such as a lack of resources for the university to support his project, banks unwilling to overlook his lack of collateral or credit history, and provincial authorities who do not recognise his potential. As he waits for opportunities, Kamil searches LinkedIn for job openings in Colombo, hoping to find a supportive environment for his idea.

This situation is common across Sri Lanka, highlighting a broader issue: the country excels at generating talent, capital, and ideas throughout its provinces but struggles to connect them effectively, with most opportunities concentrated in the Western Province. Home to Colombo, the Western Province accounts for over 42% of the nation’s entire output, while the other eight provinces share the rest.

This significant imbalance is not just a result of administrative choices; it highlights a fundamental flaw in the system that drains regional resources, talent, and innovation, funnelling them into Colombo’s real estate and import sectors. To address this issue, it is essential to move beyond traditional fiscal transfers and explore how aligning provincial economies can transform administrative borders into sources of sustainable growth.

How the island learned to bend toward Colombo

The numbers that frame Sri Lanka’s narrative are striking. In 1970, when the island was still referred to as Ceylon, the per capita income stood at about $ 187 (World Bank Open Data, 2026). Today, Sri Lanka has regained ‘upper-middle-income’ status in the World Bank’s 2026-27 classification cycle, with the per capita GDP dramatically increasing to $ 5003 (CBSL Annual Economic Review, 2025), despite facing a brutal civil war and an economic crisis, including a recent sovereign default. This transformation reflects an extraordinary resilience in the face of adversity. However, resilience does not equate to success, and the path to progress was filled with difficulties.

Beginning in the early 1960s, Sri Lanka faced a persistent shortage of foreign currency, leading to a self-imposed isolation. These problems intensified in the mid-1960s and again in the early 1970s under the ‘closed economy’ policies. Around 1974, only about 40% of its industrial capacity was utilised, as factories built under protective tariffs struggled with a shortage of raw materials and high production costs. A significant turning point occurred in 1977 when Sri Lanka opened its economy. This led to the establishment of garment factories, especially in Katunayake area, and by the mid-1990s, Garment exports accounted for more than half of Sri Lanka’s export earnings (Weerakoon and Thennakoon, 2006)

The liberalisation programme continued through the 1980s, making Sri Lanka the most liberalised economy in South Asia. Alongside industry, two quieter revolutions were taking shape. Banking expanded rapidly, increasing from about 2,000 licensed commercial bank branches in 2008 to over 2,900 by 2015, reaching areas that had long been cut off from formal finance, especially in the North and East after the war ended in 2009.vThe ‘PraLe’ model does not call for the creation of complex state structures or excessive fiscal spending. Instead, it establishes a systematic approach to connect three essential components present in every province: the University, the Banks, and the Entrepreneur, collectively known as the UBE Triangle.

n The University (U) acts as the crucial incubator, focusing on creating local mentoring systems, safeguarding early-stage design risks, and preparing students and regional talent to become capable founders. It serves as a supportive environment that encourages talent development, minimises the fear of failure, and transforms academic research into practical business opportunities before engaging with financial institutions.

n The Bank (B) plays a vital role within this triangle, ensuring that financial resources are integrated into the innovation process, especially in a credit-restricted setting. By collaborating with the university ecosystem, which has already assessed and validated entrepreneurs and their prototypes, banks can confidently offer financing options that do not rely on traditional credit histories, thus supporting promising entrepreneurs.

n The Entrepreneur (E) is the primary development agent. She/He emerges from the university’s nurturing environment, equipped with tested prototypes ready to leverage local commercial credit and turn innovations into successful businesses.

At the core of the “PraLe” model is the “Pradeshiya Lekham,” which acts as a local facilitator and overseer. It provides essential support, streamlines administrative processes, offers risk-sharing guarantees, aligns local infrastructure and regulations, and connects public services to minimise obstacles. Essentially, the Pradeshiya Lekham plays a crucial role in fostering the UBE triangle by aligning the interests of various stakeholders and ensuring that validated concepts quickly evolve into job-creating economic activities rooted in local communities. The Pradeshiya Lekham’s competitive advantage lies in its local credibility, swift administrative processes, and ability to absorb risks cost-effectively, which together facilitate rapid and impactful economic development. What sets this model apart is not just the triangle itself, but its unique nine-fold symmetry. The model does not have to be built. It just needs to be ‘switched on’. Once the UBE triangle is switched on, the entrepreneur’s journey does not stop at just validation; it scales through the LNG progression of Local, National, and Global markets. Early traction within the home province builds the credibility and cash flow needed to “Go to Market” nationally, where the venture is tested against broader competition and demand. Achieving success at this level paves the way for entry into global markets, allowing Sri Lankan innovation to compete at an international level. Each stage compounds the gains of the last, transforming a fragile prototype into a mature, progressing startup that no longer relies on university support or the bank’s credit line, instead becoming a self-sustaining engine of economic value.

As the entrepreneur grows from Local to National to Global, the value created flows back into the system that built it: the University gains real-world case studies, research partnerships, and reputational capital, while the Bank gains a proven client with a track record, repeat business, and a stronger loan book. The UBE triangle thus creates a virtuous cycle, where success at one node of the triangle strengthens the other two for the next entrepreneur in line.

Choosing whom to back – A business model canvas for entrepreneurs

The success of this triangle hinges on the entrepreneur at its third corner. If banks are to lend and universities to mentor, both need a common, honest way to ask the oldest question in enterprise: is this founder, and this idea, worth backing? The ‘PraLe’ Model introduces a straightforward diagnostic tool, the Business Model Canvas (Bamunusinghe, 2021), aimed at identifying promising entrepreneurs rather than creating merely a business plan. An interactive version of the BMC can be accessed at https://slsme.org/

This tool is very simple, featuring eight dimensions surrounding a central question – the ‘SME Business Prospect’, which measures the founder’s capability to recognise and leverage opportunities. The dimensions are organised along four axes: Revenue Potential, Company Practices, Capital Building, and Business Landscape. Each is scored on a ten-point scale, from unsatisfactory to satisfactory. The aggregate score gives an honest read on the entrepreneur’s overall business potential.

The strength of the tool is evident in its comprehensive approach to enhancing the triangle’s functionality. It provides banks with a clear and consistent framework for making credit decisions that extend beyond mere collateral considerations. For universities, it offers a structured curriculum and a mentoring checklist, while entrepreneurs receive a detailed assessment of their ventures, highlighting both strengths and areas for improvement. For entrepreneurs, it gives an honest mirror, cell by cell, of where a venture is strong and where it must improve. A founder who scores low on Cost Scheme but excels in Value Proposition knows exactly where the next conversation with a mentor or a lender must begin. The BMC is currently being developed as a mobile application that would enable aspiring entrepreneurs across various provinces to self-evaluate and connect, based on merit, with the corresponding university and bank at the other vertices of the triangle.

Nine autonomous engines, each to its strength

When provinces are liberated from the singular goal of enhancing Colombo’s service economy, they can tailor their UBE triangle to leverage their distinct competitive advantages. Say…..

n The Western Province can establish itself as a hub for finance and technology, exporting its banking and university expertise to support the other provinces.

n The Central Province can focus on tea value addition, Agri-tech, and tourism, utilising Peradeniya for research and development alongside plantation finance.

n The Southern Province can capitalise on logistics and light manufacturing driven by the Hambantota port, supported by local talent and trade finance.

n The North-Western Province can enhance agribusiness and food processing, with Wayamba University serving as the core of agri-innovation.

n Sabaragamuwa can specialise in gems and hydropower, leveraging its university’s design and geology programs.

n The Eastern Province can develop its deep-water port, fisheries, and tourism sectors, with support from local universities and post-war investment finance.

n Uva can focus on highland tea, eco-tourism, and renewable energy, with Uva Wellassa University fostering entrepreneurship.

n The North-Central Province can enhance irrigated agriculture and heritage tourism, with Rajarata University as the Agri-water cluster.

n Finally, the Northern Province can drive growth through reconstruction in fisheries, agriculture, and trade across the Palk Strait with assistance from Jaffna University, supported by targeted development banking initiatives.

Keyu Jin’s “Mayor Economy”: A real-world validation of The PraLe Model’s decentralisation approach

The ‘PraLe’ Model’s core argument that decentralised, locally driven ecosystems can produce better economic outcomes has powerful real-world validation in the experience of other economies, the most compelling one coming from China, as documented by London School of Economics economist Keyu Jin in The New China Playbook (2023). The common Western assumption, Jin argues, is wrong. China is not run top-down by a handful of people in Beijing. Politically, it is highly centralised; economically, it is fiercely decentralised. The decisions that built modern China were made on the ground, by local officials.

(Authors Yash Naik, MBA Merit, PIM, University of Sri Jayewardenepura; Imandee Gunaratne, Undergraduate, Department of Decision Sciences, University of Moratuwa; Dr. Ravi Bamunusinghe , Senior Lecturer. PIM, University of Sri Jayewardenepura and Dr. Indra Mahakalanda, Senior Lecturer Department of Decision Sciences, University of Moratuwa)