Category: Daily Financial Times

Foreign Affairs Minister Vijitha Herath reaffirmed Sri Lanka’s commitment to neutrality and adherence to international law during discussions with United States Assistant Secretary of State for South and Central Asian Affairs S. Paul Kapur, who is on a three-day visit to the country.

The meeting, held at the Ministry of Foreign Affairs, focused on bilateral relations and areas of cooperation between Sri Lanka and the United States.

Minister Herath expressed appreciation for continued US support to Sri Lanka, including assistance in securing fuel supplies amid ongoing tensions in the Middle East. He also thanked the US Government for maritime vessels and aircraft provided to the Sri Lanka Navy and Air Force.

Highlighting Sri Lanka’s improving investment climate, Herath said the country had established a secure and investor-friendly environment and invited American businesses to explore investment opportunities. He assured potential investors of the Government’s commitment to providing the necessary support and facilitation.

Kapur reaffirmed the importance the United States places on its relationship with Sri Lanka and expressed interest in further strengthening bilateral ties.

The discussions also covered the recently initiated US-Iran agreement, with Herath conveying his best wishes for its success. He additionally extended congratulations to the United States and its citizens ahead of the country’s 250th Independence Day celebrations on 4 July.

Kapur arrived in Colombo on 21 June for a visit scheduled to conclude on 24 June. During his stay, he is expected to meet senior Government leaders, private sector executives and representatives of US companies to discuss expanding bilateral trade and investment, strengthening security cooperation and advancing shared regional priorities.

According to the US State Department, the visit reflects President Donald Trump’s commitment to strengthening partnerships that advance American prosperity and security, while deepening cooperation with Sri Lanka as a key partner in the Indian Ocean region.

Sri Lanka Women’s Captain Chamari Athapaththu feels she has ‘failed as a Captain,’ expressing deep regret after potentially missing out on yet another semi-final spot following Sri Lanka’s defeat to West Indies in the Women’s T20 World Cup.

A distraught Athapaththu felt ‘sadness beyond words’ after their five-wicket defeat left them with two points in three games, and a very slim chance of making it through. But it wasn’t just about this tournament: Athapaththu’s regret was a culmination of 18 years of personal accomplishments that haven’t been able to translate to national glory.

After their latest defeat, Athapaththu took the blame upon herself.

‘It’s sadness beyond words,’ she said in the post-match press conference. ‘I think I played around 18 years for the national team, I could never get a chance to take my team into a semi-final of a World Cup. Even though I have achieved many things personally, I think I’m a failure as a Captain. I think that’s a big pain for a player. Actually, now I have to deal with that pain.’

Athapaththu was one of three batters to fall inside the first three overs, as Sri Lanka were reduced to 9-3, eventually managing 98 all out. West Indies lost five wickets but never looked in much trouble in the small chase. With three wins in three, they are level with England in Group B, favourites to go through to the semis.

Having defeated defending champions New Zealand, Sri Lanka’s next two matches are against Scotland and Ireland, and two big wins could still keep them in the mix. For now, they find themselves placed fifth in the group.

‘I think I tried my best, I think I should have played more responsibly than this,’ Athapaththu conceded. ‘If I played more responsibly than this today, we could have won this match. So, I regret that, especially because I don’t like to blame anyone. I think I have more responsibility as a player, as the Captain of the team and as a player with more experience. So, I’m very sad, I feel like I lost my last chance.’

Sri Lanka have failed to progress beyond the first round in each edition since 2009, with Athapaththu being part of every single one. As their highest run-getter in the format, and the Captain in the last six editions, she has always been at the forefront of the side, but the latest loss could have potentially ended her final attempt at fixing the track record.

In 114 matches under her leadership, Sri Lanka have won 49 and lost 62. No player other than Harmanpreet Kaur (145) has led their side in more Women’s T20Is.

The next T20 World Cup will be played in Pakistan in 2028: Athapaththu remained coy about her future plans beyond the current event.

‘For now, I can’t give any explanation about that, because with my age, now I’m 36 years old,’ she said. ‘So, with fitness and all, that’s being decided. So, I try my best to keep my physical fitness at a good level, and to keep my skills at a high level. If the team wants, I will play in the future, but with my performance level and fitness level, it will be decided if I play or not.’

Sri Lanka’s last two Group 2 fixtures are against Ireland in Bristol today (23) and against Scotland in Manchester on 26 June.

Government-led reforms have helped attract more than $ 600 million in new investment into Colombo Port City during the first half of 2026 through the approval of 71 Businesses of Strategic Importance (BSIs), according to the Finance, Planning and Economic Development Ministry.

In a statement, the Ministry said the approvals represent one of the most significant investment milestones since the establishment of the Colombo Port City Special Economic Zone (SEZ), reflecting growing investor confidence in Sri Lanka’s economic recovery and long-term growth prospects.

The investment momentum follows the enactment of the Colombo Port City Economic Commission (Amendment) Act, No. 1 of 2026, which introduced reforms aimed at strengthening governance, simplifying regulatory processes, and improving the ease of doing business within the SEZ.

Among the approved businesses are three major development projects by Marina Hotel Holdings Ltd., Prime Melwa Port City Ltd., and Home Lands Port City Ltd., which are expected to add a luxury marina-front hotel, residential developments, and a mixed-use project adjacent to Central Park.

‘These flagship developments, including a luxury marina front hotel, residential developments, and a landmark mixed-use project adjacent to Central Park, reflect a significant commitment by investors, who have secured land within Colombo Port City through lease agreements valued at approximately Rs. 40.2 billion. The projects are expected to attract an additional forex revenue during its construction and development over the next five years,’ the Ministry said.

The Ministry also highlighted the economic contribution expected from the broader group of approved businesses.

‘In addition, the approved service-oriented and export focused businesses are expected to generate additional forex revenue, while creating more than 10,000 direct employment opportunities and many other indirect employment opportunities,’ it said.

Businesses are granted BSI status based on their potential contribution to investment, employment generation, foreign exchange earnings, export growth, and international market connectivity. The approved entities operate across sectors including maritime and logistics services, information technology and digital services, regional headquarters operations, tourism and leisure, and real estate and urban development.

The Ministry noted that eligible businesses receive a package of fiscal and non-fiscal incentives designed to support investment and internationally traded services.

It also pointed to measures introduced by the Colombo Port City Economic Commission to streamline investor facilitation and accelerate project implementation.

‘To make investing easier, the Colombo Port City Economic Commission operates a Single Window Investment Facilitation Mechanism, enabling investors to obtain approvals through a single point of contact rather than navigating multiple government agencies,’ the Ministry said.

The Commission has also introduced an accelerated investment facilitation program under which investor registration as an Authorised Person can be completed within seven days, agreements can be executed digitally and visas for foreign employees can be approved within five working days, subject to due diligence requirements.

The Ministry said these measures are intended to enable investors to establish operations quickly and efficiently.

It also highlighted the role of master developer CHEC Port City Colombo Ltd., which has invested approximately $ 1.4 billion in land reclamation and infrastructure.

‘The master developer, CHEC Port City Colombo Ltd., has already invested approximately $ 1.4 billion in land reclamation and infrastructure, creating a fully development-ready environment for investors. As a result, investors can immediately access serviced land parcels and benefit from a streamlined approval process for construction permits, planning approvals, and other regulatory clearances,’ the Ministry said.

Looking ahead, the Ministry reiterated the project’s longer-term investment ambitions.

‘Colombo Port City is expected to attract investments valued at approximately $ 15 billion across leasing land parcels and completing the development as per the Master Plan, making it one of the largest foreign direct investment initiatives in South Asia,’ it said.

The Ministry added that the project is expected to generate substantial economic benefits through increased foreign investment, employment opportunities, export earnings, technology transfer and enhanced access to regional and global markets.

The Computer Society of Sri Lanka (CSSL) reaffirmed its leadership role in shaping the country’s digital future by successfully hosting the CSSL National CIO Forum 2026 and the CIO List 2025 Recognition Ceremony at Shangri-La Colombo, bringing together Sri Lanka’s most influential technology leaders, CEOs, board members, and senior policymakers in a single high-impact national platform.

The event, held under the theme ‘Connect. Protect. Intelligence.’, marked a significant milestone in the ongoing transformation of Sri Lanka’s digital economy, positioning CIOs and technology leaders at the centre of enterprise performance, governance, and innovation.

The gathering brought together more than 150 senior participants representing leading banks, telecommunications companies, diversified conglomerates, healthcare institutions, and digital-first enterprises. The strong participation reflected the growing recognition that digital leadership is now central to national competitiveness and economic resilience. CSSL, as the country’s premier professional body for ICT practitioners, used this platform to reinforce its mandate of driving national dialogue on technology leadership and enterprise transformation.

CSSL President Heshan Karunaratne emphasised that the CIO Forum has evolved beyond a professional gathering into a national-level agenda-setting platform. He stated, ‘Technology is no longer a support function within organisations. It is the foundation of how enterprises grow, compete, and serve society. Through the CIO Forum, CSSL is proud to lead the national conversation on how digital leadership can accelerate Sri Lanka’s economic transformation and global competitiveness.’ His remarks set the tone for an evening focused on strategic leadership, innovation, and the expanding role of CIOs in shaping business outcomes.

Reinforcing this vision, CIO Forum 2026 Project Chair Ruvendra Gunasena, highlighted the importance of positioning CIOs as strategic business enablers rather than operational technology managers.

‘The CIO Forum represents a structured effort by CSSL to elevate technology leaders into the role of business value architects. Today’s CIO is expected not only to deliver systems but to directly contribute to revenue growth, operational efficiency, risk management, and customer experience transformation.’ His statement underscored CSSL’s broader ambition of redefining the leadership narrative around ICT in Sri Lanka.

A key focus of the forum was the evolving role of the CIO in the age of artificial intelligence and digital disruption. The opening panel discussion explored the theme ‘CIO as Business Value Architect: Converting AI and Digital Innovation into Enterprise Performance,’ bringing together leading corporate executives and technology thinkers. Discussions centred around how organisations can move beyond experimentation to tangible value creation through AI, cloud integration, and data-driven decision-making.

Panelists emphasised that CIOs today are expected to bridge the gap between technology investment and measurable business outcomes. One of the corporate leaders remarked, ‘Technology is now directly tied to business growth. The organisations that succeed are those where CIOs are embedded in strategic decision-making rather than operating in isolation from the core business.’ Another speaker highlighted the importance of customer-centric digital transformation, noting that ‘digital platforms have fundamentally changed how businesses engage with customers, and CIOs are now key drivers of innovation and market expansion.’

The forum also witnessed the formal unveiling of the CSSL National CIO List 2025, a prestigious recognition platform designed to honour outstanding technology leaders in Sri Lanka. The CIO List is independently evaluated based on leadership excellence, innovation impact, and measurable contribution to digital transformation over the period from 1 January 2025 to 31 December 2025. Unlike traditional recognition mechanisms, the CIO List focuses on outcomes, influence, and transformation leadership rather than tenure or title alone.

CIO List Project Chair Chethana Kahandugoda explained the significance of the initiative, stating, ‘The CIO List is not just a recognition program; it is a benchmark for excellence in digital leadership. It identifies individuals who have successfully translated technology into strategic advantage for their organisations and contributed meaningfully to Sri Lanka’s digital evolution.’ The recognition of the 2025 inductees was met with strong applause from peers and industry leaders, reflecting the credibility and growing prestige of the platform.

The second panel discussion of the evening focused on one of the most critical emerging challenges in enterprise technology: AI governance. Titled ‘AI Governance in Action: The CIO’s Role in Balancing Innovation, Risk and Enterprise Accountability,’ the session brought together newly recognised CIOs to discuss the challenges of managing rapid AI adoption while ensuring ethical, secure, and compliant implementation.

Participants emphasised that while AI offers unprecedented opportunities for efficiency and innovation, it also introduces complex risks related to data privacy, regulatory compliance, and ethical decision-making. One panelist observed, ‘The challenge today is not whether we adopt AI, but how responsibly we govern it. CIOs must ensure that innovation is balanced with trust, accountability, and strong governance frameworks.’ The discussion reflected a growing consensus that CIOs must play a central role in shaping enterprise-wide AI policies and risk management structures.

Adding a unique dimension to the evening, the fireside chat titled ‘Leadership Under Pressure: Lessons from the Cricket Field to the Boardroom’ featured former Sri Lanka cricket captain Mahela Jayawardena in conversation with Snowflake’s enterprise leader Yeshas Prasad. The session drew parallels between high-performance sport and corporate leadership, offering insights into decision-making under pressure, teamwork, and resilience.

Jayawardena shared his perspective on leadership, stating, ‘Whether in sport or business, success depends on clarity, discipline, and trust in your team. Pressure is constant, but performance comes from preparation and calm execution.’ His reflections resonated strongly with the audience, drawing connections between sporting excellence and corporate leadership principles in a rapidly changing business environment.

The event also included a formal recognition of the independent judging panel responsible for evaluating the CIO List nominations, reinforcing CSSL’s commitment to transparency, fairness, and professional integrity. The judges were acknowledged for their voluntary contribution in ensuring a rigorous and credible evaluation process, further strengthening the reputation of the CIO List as a trusted national benchmark for technology leadership.

Senior government representation at the event added further significance, highlighting the importance of collaboration between industry and policymakers in accelerating Sri Lanka’s digital economy agenda. Discussions throughout the evening emphasised the need for stronger alignment between public sector digital initiatives and private sector innovation to ensure sustainable national transformation.

The evening concluded with strong calls for continued collaboration among CIOs, enterprises, and government stakeholders to accelerate digital transformation across Sri Lanka. The forum reaffirmed that the role of technology leadership is no longer confined to enterprise boundaries but is now a critical driver of national economic progress.

The CSSL National CIO Forum 2026 and CIO List 2025 Recognition Ceremony stands as a defining moment in Sri Lanka’s ICT landscape, not only celebrating individual excellence but also reinforcing the collective vision of a digitally empowered nation. By curating and leading this national platform, CSSL has firmly established itself at the centre of Sri Lanka’s digital transformation journey, shaping the narrative of how technology leadership will drive the country’s future competitiveness, resilience, and innovation capacity.

Citizens Development Business Finance PLC (CDB), in partnership with the Mercantile Cricket Association (MCA), launched the CDB MCA T10 Cricket Tournament 2026 on 17 June, marking the commencement of the third edition of the tournament.

Supporting the tournament as title sponsor for a second consecutive year, CDB continues to champion corporate sport as a platform for fostering teamwork, discipline, and performance excellence. The much-anticipated 2026 edition brings together 26 teams across two divisions. Tier A comprises six teams competing in 10 matches, while Tier B features 20 teams contesting 44 matches, delivering a total of 54 matches of T10 cricket.

The semi-finals are scheduled to be played on 26 June, followed by the final on 28 June at the CCC Grounds under lights.

CDB Executive Director – Sales and Business Development Sasindra Munasinghe said: ‘The CDB MCA T10 Tournament reflects values that are central to how we operate – discipline, teamwork, and performance under pressure. Our partnership with MCA enables us to contribute to a platform that brings the corporate community together through sport while encouraging excellence on and off the field.’

MCA President Sirosha Gunatilake expressed his appreciation for the continued partnership between CDB and the MCA.

‘We highly value our partnership with CDB, which has continued to strengthen mercantile cricket and support the development of cricket in Sri Lanka. Through partnerships such as the CDB MCA T10 Tournament, corporate organisations play a vital role in nurturing sporting talent and creating opportunities for cricketers to excel and represent the country. I firmly believe that this strong partnership between CDB and the MCA will continue for many years to come, contributing significantly to the growth of mercantile cricket and Sri Lanka’s cricketing landscape,’ he said.

Through the CDB MCA T10 Tournament, CDB continues to support initiatives that strengthen corporate engagement and contribute to broader community development, using sport as a unifying force that extends beyond the workplace. The third edition is expected to further elevate the standard of corporate cricket in Sri Lanka, reinforcing its position as a key fixture on the corporate sporting calendar.

SLT-Mobitel mCash has announced the integration of the Government Digital Payment Platform GovPay, designed to streamline and modernise public service delivery.

The integration of GovPay into mCash is a national initiative combining GovPay’s ability to process real-time payments to Government institutions, from traffic fines to Local Government taxes for over 4,000 public services, with mCash’s extensive reach, accelerating Sri Lanka’s digital economy agenda, strengthening financial inclusion, and modernising public service delivery. The initiative bridges citizens, Government, and technology, turning regular payments into a driver of national productivity, inclusion, and trust.

Mobitel customers can simply dial #111# to register for mCash, download the mCash App via Android, iOS, or Huawei AppGallery, and instantly begin making secure digital Government payments through GovPay. In addition, any customer can visit a nearby Mobitel reload outlet to make GovPay payments conveniently over the counter.

GovPay, a collaborative initiative of the Digital Economy Ministry, Information Communication Technology Agency of Sri Lanka (renamed GovTech), and LankaPay, facilitates payments to over 280 Government organisations for over 4,090 citizen services. Citizens can now settle utility bills, educational fees, healthcare charges, and even a wide range of Government dues seamlessly via mCash. Notably, the platform also enables on-the-spot traffic fine payments via GovPay, anytime, anywhere, directly through the mCash app.

Citizens gain convenience and accessibility with round-the-clock payment access. Moreover, Government revenue collection becomes faster, more transparent, and effective. Businesses and especially small and medium enterprises (SMEs) benefit from smoother compliance and reduced transaction costs.

For corporates and industry stakeholders, the integration signals a maturing payments ecosystem and one which reduces friction in Government-linked transactions, supporting greater efficiency and compliance across sectors.

Gulf Air, the national carrier of the Kingdom of Bahrain, has welcomed a new addition to its fleet with the arrival of its latest Airbus A321neo aircraft at Bahrain International Airport.

With the introduction of this aircraft, Gulf Air’s fleet will expand to 46 aircraft, reflecting the national carrier’s ongoing commitment to enhancing its operational capabilities and supporting its future growth plans, in line with its long-term fleet modernisation strategy.

The Airbus A321neo combines operational efficiency with enhanced passenger comfort, featuring one of the most spacious cabin designs in the single isle aircraft category. The aircraft is configured with 16 Falcon Gold seats and 150 Economy Class seats, offering elevated travel experience for passengers.

In addition, the aircraft incorporates advanced technologies designed to optimise performance, improving fuel efficiency and reducing both fuel consumption and carbon emissions by up to 20% compared with previous generations aircraft of the same type.

Gulf Air is expected to receive additional Airbus A321neo aircraft throughout the year, further supporting the airline’s plans to expand its network and strengthen its future operations.

Sri Lanka’s apparel exporters face increased compliance demands from US buyers following new guidance issued by the United States Customs and Border Protection (CBP), which sets out stricter documentation and traceability requirements for goods entering the US market.

The guidance, issued under the US’s Uyghur Forced Labour Prevention Act (UFLPA), requires importers to maintain records tracing products back to the raw material stage and to demonstrate that goods do not contain prohibited inputs linked to forced labour.

While the UFLPA primarily targets products connected to China’s Xinjiang Uyghur Autonomous Region (XUAR), the latest guidance places greater emphasis on documentary evidence and supply chain traceability across the production process.

CBP states that importers should be able to provide records covering raw material sourcing, yarn production, fabric manufacturing, garment assembly, transportation and customs clearance.

The agency also notes that affidavits and supplier declarations alone are insufficient to establish compliance. Importers may instead be required to furnish purchase orders, invoices, production records, bills of lading, payment records and other commercial documentation generated during the normal course of business.

The guidance is expected to increase information requests from US brands and retailers to overseas suppliers, including apparel manufacturers in Sri Lanka.

Industry sources said buyers are likely to seek more detailed information on cotton origin, yarn suppliers, fabric mills, subcontractors and production records as part of supplier compliance programmes.

CBP also encourages the use of origin-verification techniques, including isotopic testing, where questions arise regarding the provenance of raw materials.

The apparel sector remains one of the industries most exposed to enhanced scrutiny due to the complexity of global textile supply chains and the extensive use of multi-country sourcing arrangements.

The latest guidance comes at a time when Sri Lanka is also facing increased scrutiny from US trade authorities.

Earlier this month, the Office of the United States Trade Representative (USTR) proposed placing Sri Lanka in the higher 12.5% tier of a new duty regime targeting economies deemed to have failed to impose or effectively enforce prohibitions on imports produced using forced labour.

The proposal followed a Section 301 investigation, with the USTR concluding that Sri Lanka’s policies and practices relating to forced labour imports burdened or restricted US commerce.

The US remains Sri Lanka’s largest single export market, accounting for around 22% of merchandise exports. Exports to the market declined 3.15% year-on-year to $ 196.37 million in April, while cumulative exports during the first four months of 2026 fell 2.09% to $ 945.76 million.

Apparel remains Sri Lanka’s largest export industry, accounting for close to 40% of merchandise export earnings and generating more than $ 4 billion annually.

The latest CBP guidance indicates that access to the US market will increasingly depend on the ability of exporters and their suppliers to provide detailed evidence on sourcing and production practices throughout the supply chain.

Mahindra Ideal Finance PLC (MIFL) inaugurated its 38th branch in Kohuwela at a ceremony attended by India’s High Commissioner Santosh Jha, Mahindra Ideal Finance Chairman Thilan Wijesinghe, and Managing Director/CEO Mufaddal Choonia.

The Kohuwela branch has been established as a flagship outlet, offering the full range of MIFL’s core financial services including leasing, vehicle loans, draft loans, revolving loans, business loans and fixed deposits. Its location in a commercially active area of Colombo positions it to serve a broad base of vehicle dealers, importers, individuals and business customers.

MIFL now operates a network of 38 branches across Sri Lanka, with a presence built to bring regulated financial services within reach of customers nationwide.

Addressing the gathering at the inauguration, High Commissioner Jha emphasized that MIFL’s expansion reflects the strength and continued growth of the investment relationship between India and Sri Lanka.

‘The growth of institutions like Mahindra Ideal Finance is a concrete expression of the India-Sri Lanka partnership. It is financial access being built into communities across Sri Lanka, and that is something both countries can take pride in.’

Managing Director/CEO Choonia said: ‘The opening of our Kohuwela branch is part of a deliberate direction MIFL is taking as a business. We want to be present where our customers are, and we want to offer them the full range of services they need, whether that is leasing, vehicle financing, draft facilities, business loans, fixed deposits or our revolving loan facilities. Accessibility and reliability are at the core of what we do, and Kohuwela brings us closer to the communities and businesses we are here to serve.’

With its 38th branch now operational, MIFL continues to build toward greater scale and deeper customer reach across Sri Lanka. The company holds a Fitch rating of AA-(lka) with a Stable Outlook and is debt listed on the Colombo Stock Exchange.

Sumathi Information Technologies Ltd. (SIT), the technology arm and a subsidiary of Sumathi Holdings, has been named Sri Lanka’s only Gold Partner for networking by Hewlett Packard Enterprise (HPE) for 2026, as enterprises face increasing pressure to modernise networks while maintaining uptime, security, and cost discipline. The recognition reinforces SIT’s position as a leading enterprise IT system integrator in Sri Lanka, supporting organisations navigating complex infrastructure decisions in a constrained operating environment.

This comes as reliable and secure network infrastructure is increasingly critical to business continuity across key sectors, including banking, telecommunications, and government. HPE’s Gold Partner status is awarded based on stringent criteria, including certified engineering capability, delivery standards, and commercial performance, offering enterprises greater assurance in vendor selection and execution.

For organisations where downtime, security exposure, and integration complexity carry direct financial implications, the presence of a locally established Gold-tier partner provides practical advantages. These include stronger access to global expertise, more structured implementation, and closer alignment between technology deployment and business outcomes.

The partnership is further strengthened by the breadth of HPE’s networking portfolio, spanning Aruba, HP Networking, and Juniper Networks. This enables SIT to support enterprises in designing integrated network architectures across campus, data centre, and high-performance environments, addressing the growing need for scalable and future-ready infrastructure.

Commenting on the milestone, Sumathi IT Chief Technology Officer S. Sivasankar said, ‘This recognition reflects the depth of capability we have built over time and our continued focus on delivering consistent outcomes for our customers. As organisations place greater emphasis on reliability and long-term value, our role is to support them with solutions that are both robust and adaptable.’

With over two decades of experience and a client base spanning more than 500 organisations across banking, government, and telecommunications, SIT continues to support Sri Lanka’s enterprise sector in strengthening its digital backbone, combining global partnerships with local expertise.