Category: Daily Financial Times

ICC Chairman Jay Shah who met with the President of Sri Lanka Anura Kumara Dissanayake on a recent visit to Colombo shared his views with his meeting with the President in a social media post X on Friday.

‘It was a privilege to meet His Excellency President @anuradisanayake today and discuss the current status of cricket in Sri Lanka. Our discussions focused on increasing opportunities for emerging players, supporting grassroots and youth development programmes, and leveraging cricket as a vehicle for social impact and economic growth. ‘We also exchanged views on the role Sri Lanka continues to play in hosting major international events and contributing to the global development of our sport. Sri Lanka holds a special place in the history of cricket, and I look forward to working closely with all stakeholders to further strengthen the game and create new opportunities for future generations.

My sincere thanks to His Excellency for his time and unwavering support for cricket,’ Jay Shah posted on X.

The recent easing of tensions involving the United States, Iran, and Israel has brought welcome relief to global energy markets. Earlier fears of disruptions to Middle Eastern oil supplies and critical shipping routes had pushed crude prices higher, raising concerns across import-dependent economies. As those fears recede, oil prices have fallen from recent peaks, offering a timely economic reprieve for countries such as Sri Lanka.

For Sri Lanka, the significance extends beyond cheaper fuel. At a time when the country is still navigating a fragile post-crisis recovery, lower oil prices provide an unexpected external tailwind. The real question is whether this temporary advantage can be transformed into lasting economic resilience.

Sri Lanka›s economic fortunes remain closely tied to global energy markets. Unlike oil-producing nations that benefit from rising crude prices, Sri Lanka imports almost all of its petroleum requirements. Fuel costs influence transportation, logistics, manufacturing, electricity generation, and ultimately the cost of living. Every increase in oil prices raises demand for foreign exchange, places pressure on the balance of payments, and risks fuelling inflation.

The experience of 2022 remains a powerful reminder of this vulnerability. Fuel shortages, long queues, and a severe foreign exchange crisis exposed the extent to which external shocks can destabilise the economy. Although significant progress has been made since then, Sri Lanka›s dependence on imported energy remains largely unchanged.

This is why the recent decline in oil prices matters.

Unlike fiscal stimulus, which often requires additional borrowing, or monetary easing, which can carry inflationary risks, lower oil prices improve economic conditions without requiring policy intervention. A reduced fuel import bill means lower foreign exchange outflows, stronger external balances, and less pressure on the rupee. It also helps contain imported inflation, benefiting households and businesses alike.

The gains extend across the economy. Manufacturers benefit from lower production costs, transport operators face reduced fuel expenses, and sectors such as tourism, aviation, and logistics enjoy improved operating margins. Agriculture, too, benefits from lower distribution and fuel costs. Collectively, these developments strengthen economic activity at a crucial stage of recovery.

Perhaps the most important benefit lies in the area that matters most for Sri Lanka›s long-term stability: external resilience.

The 2022 crisis was fundamentally a balance-of-payments crisis. The country simply ran out of sufficient foreign exchange to finance imports and meet external obligations. While debt restructuring and IMF-supported reforms have improved the outlook, maintaining adequate foreign exchange reserves remains critical.

Lower oil prices directly support this objective by reducing import costs and creating opportunities to rebuild reserves. Stronger reserves improve confidence, enhance the country›s ability to withstand future shocks, and provide policymakers with greater room to manoeuvre during periods of global uncertainty.

Yet many consumers may wonder why falling global oil prices do not always translate immediately into lower living costs.

Structure of domestic energy pricing

The answer lies in the structure of domestic energy pricing. Retail fuel prices are influenced not only by international crude markets but also by exchange rate movements, taxation, distribution costs, and the financial position of state-owned enterprises. Electricity tariffs are even more complex.

As energy experts, including Sri Lanka Energy Managers Association President Dr. Amila Wickramasinghe, have pointed out, fuel prices can be adjusted relatively quickly. Electricity tariffs, however, are shaped by broader operational, fiscal, and political considerations. As a result, the benefits of lower oil prices may take time to filter through to households and businesses.

Sri Lanka’s electricity sector also remains structurally vulnerable to fuel price fluctuations. During periods of low hydropower generation, thermal power assumes a larger role in electricity production. When fuel prices rise, generation costs increase sharply. Lower oil prices provide temporary relief, but they do not resolve the underlying inefficiencies and vulnerabilities within the power sector.

This brings us to the larger policy question: has Sri Lanka become more resilient, or is it simply enjoying a favourable moment?

Energy markets remain among the most geopolitically sensitive sectors of the global economy. Renewed tensions in the Middle East, disruptions to shipping routes, or unexpected supply constraints could quickly reverse recent price declines. Sri Lanka has not been insulated from these risks; rather, it has been granted a temporary breathing space.

The challenge now is to use that breathing space wisely.

Renewable energy development

Accelerating renewable energy development should remain a national priority. Sri Lanka possesses considerable solar and wind potential, yet much of it remains underutilised. Reducing dependence on imported fossil fuels is not merely an environmental objective; it is an economic necessity.

At the same time, continued investment in grid modernisation, power sector efficiency, and energy infrastructure will be essential. Foreign exchange reserves must continue to be rebuilt during periods of favourable external conditions, while fiscal and monetary discipline should not be relaxed simply because short-term pressures have eased. Expanding and diversifying export earnings remains equally important if Sri Lanka is to reduce its exposure to external shocks.

The recent decline in oil prices has undoubtedly improved Sri Lanka›s near-term economic outlook. It eases pressure on reserves, supports price stability, and creates a more favourable environment for business activity and growth.

However, it would be a mistake to view this as a permanent shift. Oil markets remain volatile, geopolitical risks remain present, and many of the structural weaknesses that contributed to Sri Lanka›s crisis have yet to be fully addressed.

Sri Lanka has been handed a temporary geopolitical dividend. Whether it becomes a lasting economic gain will depend not on global oil markets but on the country›s ability to strengthen its economic foundations before the next external shock arrives.

Lower oil prices offer welcome relief. They should also serve as a reminder that true economic security lies not in favourable geopolitics, but in reducing the vulnerabilities that make such developments so consequential in the first place.

Viranga Yeshan, crowned the Most Valuable Player in the Governor’s Trophy 50-over tournament produced an outstanding innings of 119* off 237 balls inclusive of 10 fours to lift Old Dharmapalians SC from a despairing 82-5 to a competitive total of 259-7 against Saracens SC on the first day of the Governor’s Trophy two-day tournament match played at Surrey Village Cricket Ground, Maggona yesterday.

Asked to bat first, Old Dharmapalians SC top order were in tatters as right-arm seamer Kavindu Nimasara reduced them to 31-4 with three wickets in his first spell. Yeshan dug in and kept one end going with Tharindu Lakshan (33 off 40 balls, 3 fours, 1 six) helping him in a recovery stand of 51. It was followed by further resistance from Janidhu Jayawardena (14 off 43) in adding 42 for the seventh wicket and skipper Shanaka Sampath who resisted the Saracens SC bowling with a defiant half-century (54* off 146 balls, 4 fours, 1 six) putting together a valuable unfinished partnership of 108 off 263 balls with Yeshan. In their desperation to break the partnership Saracens SC used as many as nine bowlers. The match continues on its second day today.

The final result of the match is crucial for both teams as they seek promotion to Tier B for next season along with Lankan CC. Lankan CC are currently on top with 2 points from 2 matches having completed their matches – both of which were drawn. Saracens SC are in second place with Old Dharmapalians SC third. Both teams have a point each having drawn one game. If all three teams finish on equal number of points the champion team will be decided on the net run rate. The champions will be promoted to Tier B. – [ST]

Scores:

Old Dharmapalians SC 259-7 at close (Viranga Yeshan 119*, Tharidu Lakshan 33, Shanaka Sampath 54*, Kavindu Nimsara 4/65, Dilshan Mendis 2/56) v Saracens SC

Sri Lanka must move beyond the 25-year-old India-Sri Lanka Free Trade Agreement (ISFTA) and conclude the long-discussed Economic and Technology Cooperation Agreement (ETCA) with India if it is to integrate into regional value chains, attract investment and accelerate economic growth, Samagi Jana Balawegaya (SJB) MP Harsha de Silva said.

Addressing the forum titled ’25 Years of ISFTA – Powering the Next Wave of Trade, Investment and Growth,’ organised by the High Commission of India in Colombo in collaboration with the Indo Lanka Chamber of Commerce and Industry, de Silva argued that Sri Lanka risks missing a historic opportunity if it fails to align itself with India’s rapid economic expansion.

‘We have to move from the old first-generation trade agreement to a second-generation agreement, where we integrate with manufacturing value chains and production networks,’ he said.

Dr. de Silva, the original ISFTA helped liberalise trade, but future growth would depend on Sri Lankan firms becoming part of Indian and regional supply chains through improved access to raw materials, intermediate goods and investment opportunities.

He said the rationale for ETCA was straightforward: it would enable Sri Lanka to integrate more deeply with India’s vast internal market and production ecosystem.

The SJB MP noted that while discussions on a Comprehensive Economic Partnership Agreement (CEPA) and later ETCA have continued for nearly 15 years, progress has remained stalled despite India’s emergence as one of the world’s fastest-growing major economies.

‘India has gone ahead and signed trade agreements with many countries while we are still stuck in the same place and unable to move beyond the FTA,’ he said.

Dr. de Silva argued that Sri Lanka should negotiate future trade arrangements based on value-chain rules rather than traditional tariff concessions alone, allowing domestic industries to supply inputs into India’s expanding manufacturing base.

While supporting ETCA, he acknowledged concerns over liberalisation of the services sector, which accounts for around 60% of Sri Lanka’s GDP.

He said the debate should move beyond simplistic arguments for or against opening services and instead focus on designing appropriate safeguards.

‘What services do we open? How do we open them? What regulations and accreditation systems do we put in place?’ he asked, stressing that professional standards and workforce protections must be incorporated into any agreement.

He also highlighted foreign direct investment (FDI) as a key benefit of a modern economic partnership with India, arguing that stronger legal and regulatory certainty could encourage greater investment inflows.

Dr. de Silva questioned why ETCA had received little political attention despite repeated high-level exchanges between Sri Lanka and India particularly under the current Government, noting that references to the agreement had been largely absent from recent joint statements issued during official visits.

The MP suggested that political leadership would be required to finally move negotiations forward.

At the same time, he stressed that deeper integration would require India to address longstanding concerns raised by Sri Lankan exporters regarding non-tariff barriers.

Dr. de Silva pointed to difficulties relating to product certification, testing requirements and logistics constraints, arguing that these practical obstacles often undermine the benefits of formal trade agreements.

‘If India is not willing to accept certification from Sri Lankan authorities, how can exports move smoothly?’ he asked.

He also highlighted transportation and port-related inefficiencies, saying that such barriers must be resolved if trade ties are to expand meaningfully.

Dr. de Silva criticised what he described as persistent anti-CEPA and anti-ETCA lobbying that has delayed economic integration efforts for years.

He argued that Sri Lanka’s long-term growth prospects depended on looking beyond its domestic market and capitalising on opportunities presented by India’s economic rise.

‘India is growing rapidly. Tamil Nadu, Karnataka, Andhra Pradesh and Telangana are all expanding at a remarkable pace. We are just a short distance away, yet we have not been able to connect ourselves to that growth story,’ he said.

The MP warned that Sri Lanka could be left behind if it continues to delay reforms and integration measures, stressing that the country’s future growth would depend on expanding beyond the limits of its domestic market.

‘The only way we can grow much faster is if our marketplace extends beyond the shores of this island,’ he said.

Dr. de Silva also pledged bipartisan support for any future agreement that is beneficial to both countries, stating that the Opposition would back efforts to advance economic cooperation with India if the final outcome serves Sri Lanka’s national interest.

In every community, there are people who dream of a better income, a better lifestyle, and a better future. These dreams are natural. But because of these hopes, many individuals unknowingly fall into dangerous traps, especially those set by people who promise quick wealth through illegal pyramid schemes. These schemes have grown into sophisticated ones over time, hiding behind attractive advertisements, job offers, training programs, online apps, and even cryptocurrency claims. Yet at their core, they remain simple frauds designed to take money from ordinary people and leave them with nothing.

To understand why so many fall victim, it is important to see how these schemes operate, how they disguise themselves as legitimate opportunities, and how easily someone can be deceived without realising it.

A job interview that wasn’t a job

As seen throughout history, the concept of a pyramid scheme too can be easily understood by following a simple storyline. The story begins with a young woman who attended what she believed was a normal job interview. She explained that she was hoping for a modest salary because she is just starting her career. Instead of offering her a job, the interviewers laughed and told her she could earn more than a hundred thousand rupees a month without even going to an office. Being very curious, she asked what the work involved. That was when they revealed the catch, she needed to pay a large registration fee first. After paying, she was told she only needed to bring in two or three more people who could pay the same amount. Once she did that, they promised the monthly income would begin.

What she thought was a job interview was actually a recruitment attempt for a pyramid scheme. The situation may sound unbelievable, yet thousands of people have encountered exactly the same tactic. The promise of easy money and effortless income can be tempting, especially when the invitation comes from someone friendly, confident, or persuasive. But the truth behind these schemes is far more troubling.

How Pyramid schemes really operate

A pyramid scheme works by convincing people to pay money upfront and then persuading them to recruit others who will also pay. Early members receive money using the payments made by new members. Nothing real is sold. No actual service is provided. The entire structure is supported only by a continuous flow of new people joining at the bottom. By the time the flow of new recruits dries up, which is inevitable, the scheme collapses. Those who joined earlier may earn something, but the vast majority lose their savings. In many cases, the operators themselves vanish long before the collapse, leaving behind financial ruin, broken trust, and sometimes even legal consequences for the innocent participants.

Why Pyramid schemes are illegal

Sri Lankan law is very clear on this issue. Under Section 83C of the Banking Act, starting, promoting, joining, or even unknowingly participating in a pyramid scheme is illegal. A person found guilty can be fined up to ten million rupees or imprisoned for up to three years. If someone knowingly promotes such a scheme with the intention of deceiving others, the penalties are much more serious. These laws exist because pyramid schemes cause enormous harm, not just to individuals, but to society and the economy as a whole.

The many disguises

of a Pyramid scheme

Even with strict laws, pyramid schemes continue to spread because fraudsters constantly create new ways to disguise their operations. One of the most common tricks is to present the scheme as a multi-level marketing business (MLM). MLM itself is not illegal if it involves selling real products at genuine market prices. However, pyramid schemes use MLM as a cover. They may display vitamins, gadgets, cosmetics, or electronic items, but these products are usually overpriced, low quality, or merely symbolic. The real focus of the scheme is not selling products but adding more members. That is the clear signal that something is wrong with what they promote.

Another trick is misusing company registration documents. Fraudsters proudly show certificates issued by the Registrar of Companies to convince people that the business is legal. But a registered company can still engage in illegal activities. Registration alone does not make the business model lawful. Many people trust these documents without understanding the difference between a registered business and a legal business activity.

Some operators use glamorous lifestyles to mislead people, such as photos with luxury cars, foreign tours, expensive hotel stays, and dramatic claims of rapid wealth. These are staged to create trust and excitement. In reality, many of these so called ‘success stories’ are either exaggerated or completely fabricated. The promoters themselves are often paid by the scheme to attract new members.

With the rise of the internet, pyramid schemes have also been moved online. They appear as mobile applications and social media promotions, asking users to invest in foreign currencies or cryptocurrencies. Participants are often asked to click advertisements or complete simple tasks while the app displays fake earnings. These numbers are artificially generated to create the illusion of profit. In Sri Lanka, cryptocurrencies are not legally recognised as a form of currency, making such schemes even more dangerous. People not only lose their money, but also risk losing their personal information to unknown operators.

Another modern disguise is the ‘training program.’ Some organisations conduct one day or weekend workshops, charging high registration fees and promising certificates and job opportunities afterward. In reality, these programs have no professional value. Their entire income depends on constantly enrolling new participants, making them nothing more than pyramid schemes wrapped in professional language.

The damage caused

by Pyramid schemes

The consequences of falling into a pyramid scheme are severe. Financial loss is the most obvious result. People often borrow money, mortgage property, or use their savings to join, hoping to earn it back quickly. When the scheme collapses or when the operators run away, the debt remains. Relationships, too, suffer deeply. Many recruit family members and friends, believing they are offering a good opportunity. When those people lose their money, blame, anger, and mistrust follow. In some cases, victims face legal trouble for participating in or promoting an illegal scheme, even if they did not intend to cheat anyone.

Preventing the trap

Given these dangers, the best protection is awareness. Learning about legal financial practices and understanding how genuine investments work is essential. The Central Bank of Sri Lanka offers guidance through its website, hotlines, and awareness programs. By educating yourself, not only is your own money protected, but the spread of such schemes to others is also prevented. If you come across any suspicious activity, reporting it to the nearest police station or to the Central Bank’s Financial Consumer Relations Department can help stop the scheme before more people get trapped.

A final reminder

Pyramid schemes survive only when people fall for false promises. By staying alert, asking questions, and making informed decisions, you can protect yourself, your loved ones, and your community from these harmful traps. Quick riches may sound tempting, but real financial stability always comes from honest work, patience, and wise choices, not from illegal shortcuts disguised as opportunities.

Parliament was briefly adjourned yesterday after tensions flared between the Government and the Opposition over a request for an urgent debate on judicial vacancies and proposed changes to the retirement age of judges.

Speaker Jagath Wickramaratne suspended proceedings for 10 minutes after a heated exchange erupted in the Chamber following the Government’s decision not to accommodate the Opposition’s request for a debate during the day’s sitting.

Earlier, Opposition MP Ajith P. Perera informed Parliament that 20 Opposition MPs had submitted a letter to the Speaker seeking a debate on vacancies in the judiciary and the proposed increase in the retirement age of judges.

Responding on behalf of the Government, Leader of the House and Minister Bimal Rathnayake said the request could not be accommodated as the ongoing debate could not be interrupted due to a vote scheduled at the conclusion of the day’s proceedings.

Rathnayake stated that while Parliament could vote on the matter, there was insufficient time to conduct the debate sought by the Opposition during the current sitting.

The Government’s position drew strong objections from Opposition members, with Opposition Leader Sajith Premadasa, as well as MPs Harsha de Silva and Dayasiri Jayasekera, voicing their dissatisfaction.

As tensions persisted, Speaker Wickramaratne adjourned the sitting for 10 minutes before proceedings resumed.

Earlier, Opposition MPs have called for an urgent parliamentary debate on what they describe as mounting structural challenges within Sri Lanka’s judicial system, warning that prolonged vacancies and administrative shortcomings are undermining the efficient delivery of justice.

In a letter handed over to Speaker of Parliament on Monday, Opposition legislators requested an adjournment debate under Standing Order 19(1), arguing that the issue had become a matter of urgent public importance.

The MPs contended that vacancies across institutions involved in the administration of justice had created significant operational difficulties, affecting their ability to function efficiently, independently and effectively.

According to the letter, the resulting strain has contributed to growing case backlogs and delays in court proceedings, raising concerns about the timely dispensation of justice and access to legal remedies for the public.

The Opposition further warned that prolonged delays risk eroding public confidence in the justice system and could develop into a broader societal concern if left unaddressed.

Against this backdrop, the MPs urged Parliament to prioritise a discussion on vacancies within judicial institutions, delays in the hearing and disposal of cases, and the structural and administrative issues that have contributed to the current situation.

They also called for the formulation and implementation of swift and effective measures to address the challenges facing the judiciary.

Lee Hedges PLC has appointed Archie Warman as Chairman and Afzal Ahamed Marikar and Noel Joseph as Independent, Non-Executive Directors.

The new appointments follows Lanka Realty Investments PLC acquiring 51% stake and Eighth Wonder 20.48% stake from Lee Hedges and Company Ltd., of Vamadhevan family and related parties at Rs. 216 per share in January this year.

Warman is a seasoned real estate and investment professional with over two decades of experience in corporate finance, property investment, development and asset management in both the UK and Sri Lanka.

He is a Co-founding Partner of Steradian Capital Investments Ltd., and an Executive Director of Lanka Realty Investments PLC, with a strong track record in structuring capital market transactions, mergers and acquisitions and large-scale real estate developments.

He has led and executed significant transactions on the Colombo Stock Exchange, including rights issues, private placements and mandatory offers and has been instrumental in the development of landmark projects such as HQ Colombo, Mulberry Residences and the W15 hospitality brand.

Warman is a Member of the Royal Institution of Chartered Surveyors (MRICS) and holds a Master’s degree in Property Valuation and Law from Cass Business School, City University of London.

Marikar is a distinguished Sri Lankan businessman, entrepreneur and diplomat with extensive experience spanning construction, manufacturing, renewable energy, hospitality, dairy farming and real estate.

He has served as the Honorary Consul General for Pakistan since 1988 and has also contributed to national reconciliation efforts as a former member of the Board of the Organisation for National Unity and Reconciliation (ONUR).

He is the Chairman/Managing Director of several enterprises, including Conmix Ltd., a long-established civil engineering and construction company; Colourcon Ltd., an award-winning manufacturer of roofing and building products; Ross Hydro Power Ltd, which operates a renewable energy hydro power plant; Icon Hotels Ltd., which manages the award-winning Radh Hotel in Kandy and Ross Dairies Ltd., a modern dairy farming and milk production business.

Marikar has also held several prominent directorships, including Director of On’ally Holdings PLC, Director of Tokyo Cement Colombo Terminal Ltd., and Director of the Sri Lanka Ports Authority. In addition, he is a Founding Director of the National Construction Association of Sri Lanka (NCASL), reflecting his longstanding contribution to the development of Sri Lanka’s construction and business sectors.

Joseph is a Member of the Institution of Electrical and Electronic Engineers (MIEEE) – USA, The Institution of Lighting Engineers (MILE) – UK, The New York Academy of Science (MNYAS) – USA, the Illumination Engineering Society (MIES) – USA, Incorporated Engineer – UK (IEng), Institution of Engineering Technology (MIET) – UK, American Society of Heating, Refrigerating and Air-Conditioning Engineers (MASHRAE) – USA, The Institute of Incorporated Engineers (SL), and Incorporated Engineer – SL (IEng).

He holds over 35 years of multi-faceted experience in engineering and engineering consultancy in Sri Lanka and internationally. He has held senior positions in organisations such as State Engineering Corporation, Heavy Fab Ltd., Development Consultants Lanka Ltd., Safari Company Limited Saudi Arabia and Baharudden P M S Associates, Brunei.

He currently serves as a Non-Executive Director on the Board of On’ally Holdings PLC and as an Independent, Non-Executive Director on the Board of Prime Lands Residencies PLC. He is also the Managing Partner of Cadteam and the Managing Director of N J Consultants Ltd.

Sri Lanka yesterday signalled a major reset in its economic engagement with India saying a review of the existing Free Trade Agreements (FTA) by the Government is nearing completion, while policymakers and business leaders called for a shift from traditional trade towards deeper integration in investment, technology, logistics and digital commerce.

The announcement was made at a forum marking 25 years of the India Sri Lanka FTA (ISLFTA), where the launch of a dedicated India Trade Desk was positioned as a catalyst to help Sri Lankan businesses tap opportunities in what is now one of the world’s fastest-growing major economies.

Trade and Commerce Minister Wasantha Samarasinghe disclosed that a Cabinet-appointed high-level committee reviewing Sri Lanka’s FTAs is expected to submit its recommendations next month.

‘We agree that as our economies evolve, so must the framework that supports our bilateral engagement. In this context, a comprehensive review of Sri Lanka’s existing Free Trade Agreements by a Cabinet Appointed High-Level Committee is currently underway. The findings and recommendations are expected to be submitted to the Cabinet ministers in the month of July for policy consideration,’ he said.

The announcement comes as bilateral trade has reached nearly $ 5.8 billion, with Sri Lankan exports to India surpassing the $ 1 billion mark in 2025 for the first time. However, imports from India climbed to $ 4.3 billion, underscoring a trade imbalance that has long fuelled debate over the benefits and limitations of the 25-year-old agreement.

‘We agree that as our economies evolve, so must the framework that supports our bilateral engagement,’ Samarasinghe said, signalling support for expanding cooperation beyond goods trade into services, logistics, technology and digital commerce.

Industry and Entrepreneurship Development Minister Sunil Handunneththi described India as one of Sri Lanka’s most important economic partners, noting that cumulative Indian investments have exceeded $ 2.5 billion across sectors ranging from energy and manufacturing to telecommunications, banking, tourism and infrastructure.

He said the newly launched India Trade Desk would strengthen business linkages, facilitate investment and trade, and create greater opportunities for SMEs to access international markets and technical partnerships.

The strongest message from the forum, however, was that Sri Lankan businesses are failing to fully capitalise on opportunities emerging across India’s rapidly transforming economy.

Speaking on behalf of the High Commission of India, Economic and Commercial Counsellor Devika Lal said India had evolved far beyond being a large neighbouring market and should instead be viewed as a platform for innovation, manufacturing, technology and investment.

She highlighted India’s sweeping digital transformation, infrastructure modernisation and expanding middle class as factors creating significant opportunities for Sri Lankan firms across sectors including manufacturing, tourism, pharmaceuticals, engineering, electronics and services.

Global Investment and Trade Advisers (GITA) Managing Partner Priya Rawat in her detailed presentation pointed out that many Sri Lankan businesses continue to misunderstand the scale and complexity of the Indian market.

‘India is not a single market,’ she said, noting that each state possesses distinct industrial strengths, policy frameworks and consumer characteristics. She pointed to growing opportunities in apparel, ICT, food processing, tourism, logistics, pharmaceuticals and value-added agriculture.

Rawat said the launch of the India Trade Desk was intended to address one of the biggest barriers facing Sri Lankan companies, navigating India’s vast and fragmented business landscape.

The new desk, established by the Indo Lanka Chamber of Commerce and Industry in collaboration with the High Commission of India and operated by GITA, will provide market intelligence, partner identification, investment guidance and business facilitation services for companies seeking to enter India.

ILCCI President M. Raguraman said that while ISFTA had transformed bilateral trade and investment flows over the past quarter century, economic engagement between the two countries remained well below its potential.

Sri Lanka’s small and medium enterprise (SME) sector took a significant step forward with the launch of the ‘National SME Strategy Framework – SME NEXUS’ in Colombo recently.

Bringing together Government officials, development partners and industry stakeholders, the initiative aims to provide a unified roadmap to strengthen the SME sector, improve competitiveness and create new opportunities for sustainable economic growth across the country.

Chrysalis was recognised by the Industry and Entrepreneurship Development Ministry at the launch event for its longstanding contribution to SME development and efforts to strengthen Sri Lanka’s entrepreneurial ecosystem. The award was accepted by Chrysalis CEO Ashika Gunasena on behalf of the organisation.

Chrysalis is a Sri Lankan non-profit organisation and social enterprise that focuses on empowering women and youth, driving inclusive growth, and transforming communities. Formerly known as CARE Sri Lanka, it became an independent affiliate of CARE International in 2016.

During the event, Chrysalis was specifically acknowledged for its technical and collaborative contributions to national SME development efforts, including supporting the simplification of the Business Name Registration process and assisting the Ministry in strengthening the National Industry Database, among other initiatives aimed at improving efficiency and access within the SME ecosystem.

The recognition highlights Chrysalis’ continued work in supporting women-owned and women- and youth-led enterprises, livelihoods, entrepreneurship, and inclusive economic growth across Sri Lanka.

The SME NEXUS initiative introduces a strengthened national approach to SME development through a 5-pronged strategic outlook, 3 implementation approaches, and an 11-pillar strategy framework. Developed by the Ministry of Industry and Entrepreneurship Development with input from the SME Advisory Committee and key ecosystem stakeholders, the framework serves as a national platform for engagement.

It is designed to encourage broader stakeholder participation, strengthen partnerships, and align efforts across the SME ecosystem to improve coordination and effective implementation.

This recognition comes as Chrysalis marks its 10th anniversary on 10 May, celebrating a decade of community-driven development and social impact.

‘The organisation’ works across gender equality, youth leadership, social inclusion, climate resilience, peace building, and economic empowerment.

Commenting on the recognition, Ashika Gunasena said: ‘This recognition reflects the collective efforts of the communities, entrepreneurs, partners, and stakeholders we have worked with over the past decade. We believe inclusive entrepreneurship and sustainable livelihoods are key to building resilient communities and a stronger economy’.

Chrysalis welcomed the launch of ‘SME NEXUS’ as an important step toward supporting innovation, digital transformation, and sustainable growth opportunities for SMEs across Sri Lanka.

The organisation reaffirmed its commitment to advancing inclusive entrepreneurship and supporting resilient enterprises that contribute to Sri Lanka’s long-term economic transformation.

The Turkish Airlines Golf Tournament concluded in style with an exciting finish, as Samitha Perera emerged as the Overall Winner after producing an outstanding Stableford score of 45 points. His consistent and composed performance throughout the competition earned him the tournament’s top prize.

The competition attracted a strong field of golfers. In the Best Gross Score category, Kumar Dhanushan demonstrated remarkable consistency and shot-making ability to return an impressive gross score of 35, earning top honours in the gross division.

Special awards were also presented for accuracy. Dilini Hennayake won the Ladies Nearest Pin competition with a superb shot, while Priyath Bandu Wickrama captured the Men’s Nearest Pin title.

The successful tournament once again showcased the growing popularity of golf in Sri Lanka, with Turkish Airlines providing golfers with a unique opportunity to compete for an international golfing experience while celebrating excellence on the fairways.