Category: Daily Financial Times

Sri Lanka Captain Chamari Athapaththu knows her side’s best is good enough to beat any team at the ICC Women’s T20 World Cup.

The Asian side showed their class when they upset reigning T20 World Cup champions New Zealand by five wickets in Southampton on Tuesday, giving themselves an excellent opportunity to reach the knockout semi-finals for the first time in the tournament’s history.

Sri Lanka are in contention to progress to the final four in a wide open Group B with matches remaining against West Indies, Scotland and Ireland, though Chamari is fully aware every fixture at the tournament is difficult and the experienced captain is taking nothing for granted going forward.

‘Every game is very crucial for us,’ Chamari said during the post-match interview after the win over New Zealand.

‘I know New Zealand are one of the best teams in this comp and they are the world champions and the tournament favourites.

‘So we beat New Zealand, but it doesn’t mean we can’t beat any team in this comp.’

Perhaps the biggest positive to come out of the victory over New Zealand for Sri Lanka was the all-round performances the side got from every one of their players, with Nilakshika Silva (54*) and Kaushini Nuthyangana (24*) guiding the side across the line with an unbeaten partnership.

It came after Chamari herself managed to score 27 in a quickfire knock during the Powerplay and the Sri Lanka captain said there were plenty of areas for her side to improve on.

‘We have to execute our right plan at the right time. That’s the most important thing,’ Chamari added.

‘As a team, we need to improve a couple of areas, especially batting. We lost a couple of wickets in the middle part of the game and we need to improve our batting and a little bit bowling as well.’

Business tycoon turned philanthropist and old boy Nahil Wijesuriya has donated Rs. 3 billion to Trinity College, Kandy.

Trinity College Principal Rev. Fr. Araliya Jayasundara described the donation as an ‘extraordinary gift’ and a ‘powerful affirmation’ of confidence in the College and the mission to shape the future generation of Trinitians.

Trinity College will establish a dedicated fund to ensure prudent stewardship and sustainable deployment of the Rs. 3 billion by Wijesuriya. The Principal said the fund will advance educational quality, foster holistic student development, and strengthen Trinity College’s position as a leading institution in the region.

He also thanked Wijesuriya for his ‘unwavering commitment’ to education excellence and social responsibility.

Nahil has previously donated Rs. 1 billion to the Little Hearts Project of Lady Ridgeway Hospital, Rs. 600 million to S. Thomas’ College, Mount Lavinia for a state-of-the-art Information Technology building, and Rs. 270 million to construct Bishop’s College’s new A-Level and O-Level building.

The General Secretary of the Communist Party and President of Viet Nam concluded a historic State visit to Sri Lanka on 8 May 2026. This visit by Viet Nam’s top official comes at a particularly important moment for Sri Lanka. Beyond its diplomatic significance and implications for bilateral relations, the visit should encourage Sri Lanka to carefully examine one of the most remarkable economic transformations witnessed in Asia over the past 25 years.

Few countries in the developing world have moved as decisively and strategically as Viet Nam in transforming itself from a relatively poor agrarian economy into one of Asia’s largest export manufacturing bases.

For Sri Lanka, the comparison is particularly relevant because, around the year 2000, the two countries were not vastly different economically. Sri Lanka possessed stronger social indicators, higher literacy levels, a more established private sector, a strategic location, and a higher per capita income. By 2025, however, Viet Nam had emerged as a global manufacturing powerhouse with exports exceeding $ 475 billion, while Sri Lanka continued to struggle with a comparatively small export base of $ 13.6 billion.

These figures tell a remarkable story. Sri Lanka’s nominal GDP in 2000 was $ 16.6 billion, while Viet Nam’s GDP was nearly double that amount at $ 31 billion, supported by a significantly larger population. Sri Lanka’s exports were approximately $ 5.4 billion, while Viet Nam exported roughly $ 14.5 billion. Sri Lanka’s GDP per capita at the time was significantly higher than Viet Nam’s. Sri Lanka was also regarded as one of South Asia’s more promising middle-income economies, with relatively strong human development indicators.

By 2025, the divergence between the two economies had become extraordinary. Viet Nam’s economy is now approaching $ 514 billion, while Sri Lanka’s economy stands at slightly above $ 108 billion. Viet Nam’s exports have reached a massive $ 475 billion, while Sri Lanka’s remain at $ 13.6 billion. Viet Nam has become deeply integrated into global supply chains for smartphones, electronics, machinery, industrial manufacturing, furniture, textiles, and technology products. Sri Lanka, despite its strategic location and educated workforce, remains dependent on a relatively narrow export basket led by apparel, tea, rubber, and coconut products, with little significant change from that of 2000.

The key lesson is that Viet Nam’s rise was not accidental. It was the result of a long-term national economic strategy centred on export-oriented industrialisation, manufacturing competitiveness, infrastructure development, policy continuity, and the attraction of foreign direct investment. Viet Nam understood very early that sustainable economic transformation requires integration into global production systems. Unlike Sri Lanka, Viet Nam also recognised that a country cannot achieve economic prosperity simply by consuming more or borrowing more; it becomes stronger by producing, exporting, and moving up industrial value chains.

A key strategic decision Viet Nam made was to position itself as a reliable and cost-competitive manufacturing destination for multinational corporations (MNCs). This approach fundamentally changed the trajectory of the Vietnamese economy. Viet Nam did not attempt to build every industry domestically from the beginning. Instead, it invited the world’s leading MNCs to establish manufacturing bases within the country, thereby creating industrial ecosystems, supplier networks, technical capabilities, employment opportunities, and export growth simultaneously.

Among the earliest and most significant MNCs to establish large-scale operations in Viet Nam was the US technology giant Intel Corporation. Intel’s investment in semiconductor assembly and testing operations in Ho Chi Minh City was a strategic breakthrough because it signalled to global markets that Viet Nam was capable of supporting sophisticated technological manufacturing. This was not merely an investment in a factory; it was a vote of confidence in Viet Nam’s long-term industrial capability. It also provides real-world evidence of the transformative impact that a single investment by a major MNC can have on a country.

The real game changer was the entry of Samsung Electronics into Viet Nam in 2008 with a smartphone manufacturing facility. Samsung transformed Viet Nam into one of the world’s largest smartphone manufacturing hubs. Today, a substantial share of Samsung’s global smartphone production originates from Viet Nam. Samsung’s operations alone contribute a significant share of the country’s exports annually and support a vast ecosystem of suppliers, logistics providers, industrial service companies, packaging manufacturers, warehousing operators, and engineering support firms.

Following Samsung’s success, other major global MNCs accelerated their investments in Viet Nam. LG Electronics, another South Korean technology giant, expanded its large-scale electronics production operations. Foxconn, one of the world’s largest electronics manufacturers and a major supplier to Apple, significantly expanded its operations in Viet Nam as global supply chains diversified beyond China. Large manufacturing ecosystems supporting brands such as Apple, Nike, Adidas, Canon, Panasonic, and numerous Japanese and South Korean industrial companies steadily migrated to Viet Nam.

Viet Nam’s attraction extended beyond low labour costs. Many countries can offer cheap labour. Viet Nam succeeded because it combined cost competitiveness with policy consistency, infrastructure availability, export facilitation, political stability, and industrial discipline. Investors committing large-scale investments in manufacturing facilities require confidence that policies will remain stable for decades, not merely years. Viet Nam provided that assurance.

The transformation also reflected the success of Viet Nam’s industrial zone strategy. The country aggressively developed export processing zones, industrial parks, logistics corridors, ports, highways, and power infrastructure directly linked to manufacturing expansion. These were equipped with reliable electricity, water, roads, customs facilitation, and investor support mechanisms. This allowed multinational corporations to commence operations quickly and scale production efficiently.

In contrast, Sri Lanka’s approach to industrial development has been fragmented and inconsistent. While Sri Lanka successfully developed certain industrial zones and export sectors, particularly apparel in the 1980s, the country never achieved the scale necessary to become deeply embedded in global manufacturing supply chains. Policy inconsistency, periodic

macroeconomic instability, high energy costs, infrastructure bottlenecks, import restrictions, currency volatility, and lengthy approval processes have repeatedly weakened investor confidence.

The 2022 economic crisis further exposed the vulnerabilities of an economy that relied heavily on tourism, remittances, imports, and external borrowing rather than large-scale export manufacturing. The crisis demonstrated that sustainable foreign exchange generation cannot depend primarily on services and debt inflows. Strong export manufacturing remains the foundation upon which most successful Asian economies have built long-term resilience.

Lessons for Lanka

Sri Lanka’s recent economic stabilisation and debt restructuring process have undoubtedly created a valuable window of opportunity. Real GDP growth has returned, inflation has moderated, and foreign exchange reserves have improved relative to the crisis period. Yet stabilisation alone is insufficient. The country now requires a long-term economic transformation strategy comparable in ambition and consistency to that pursued by Viet Nam over the past three decades. (Please refer to my previous article on what Sri Lanka should do after economic stabilisation and the completion of debt restructuring: [https://www.ft.lk/columns/Beyond-debt-restructuring-Sri-Lanka-s-narrow-window-to-execute-a-real-economic-reset/4-791830](https://www.ft.lk/columns/Beyond-debt-restructuring-Sri-Lanka-s-narrow-window-to-execute-a-real-economic-reset/4-791830).)

The first major lesson Sri Lanka must learn from Viet Nam is the importance of creating globally competitive export manufacturing ecosystems at scale. Sri Lanka cannot rely solely on relatively small industrial parks or fragmented investment initiatives. The country requires large, integrated manufacturing and logistics zones directly connected to ports, airports, and transport infrastructure. Areas surrounding the Port of Colombo, Hambantota, Trincomalee, and key transport corridors should be developed into globally competitive industrial platforms capable of hosting large-scale electronics assembly, renewable energy manufacturing, automotive component production, ship-related industries, industrial engineering operations, and export-oriented manufacturing ecosystems.

The second lesson is the strategic attraction of anchor multinational corporations. Viet Nam did not merely market itself as a generic investment destination. It strategically targeted large corporations capable of creating entire supplier ecosystems around them. Sri Lanka should similarly identify and pursue a carefully selected group of multinational corporations in sectors such as electronics, electric vehicles, renewable energy equipment, logistics technology, industrial engineering, and advanced manufacturing. The establishment of even one major multinational manufacturing ecosystem can fundamentally alter a country’s industrial trajectory.

The third lesson concerns energy competitiveness and infrastructure reliability. Manufacturing economies cannot function efficiently with unstable or expensive energy systems. Viet Nam invested heavily in ensuring industrial power availability and infrastructure expansion. Sri Lanka possesses significant renewable energy potential, particularly in wind and solar power, but the rapid expansion of industrial-scale energy infrastructure remains essential. Energy infrastructure and industrial expansion should proceed in parallel. Competitive energy pricing, grid modernisation, energy storage systems, LNG infrastructure, and long-term industrial power planning are critical if Sri Lanka wishes to compete as a manufacturing destination.

The fourth lesson is the integration of logistics and industrial development. Sri Lanka already possesses one of the most strategically positioned ports in the Indian Ocean. However, the country has not fully leveraged this advantage to create integrated manufacturing and export ecosystems. Viet Nam successfully integrated ports, logistics corridors, customs facilitation, industrial zones, and export manufacturing into a coherent economic strategy. Sri Lanka should similarly position itself not merely as a transshipment hub, but as a manufacturing, distribution, and value-addition centre serving South Asia, the Middle East, and emerging Indo-Pacific trade routes.

The fifth and most important lesson is policy continuity. Viet Nam remained committed to export-oriented industrialisation over several decades. Investors trusted that the country’s broader economic direction would remain stable. Sri Lanka, unfortunately, has frequently altered taxes, import policies, tariffs, investment regulations, and incentive structures. Long-term industrial investors require confidence, predictability, and institutional consistency. Without consistent policies across different political administrations, attracting large-scale manufacturing investment becomes extremely difficult, regardless of geographical advantages.

Sri Lanka’s strategic location presents a major opportunity. Positioned along one of the world’s busiest maritime routes and located close to India, the country possesses advantages that many manufacturing economies would highly value. Sri Lanka also retains relatively strong human capital, a capable private sector, sophisticated logistics expertise, and growing renewable energy potential. These strengths remain significant foundations upon which a more ambitious industrial strategy can be built.

The changing global economic environment may also create opportunities favourable to Sri Lanka. Global supply chains are increasingly diversifying beyond China. The ‘China Plus One’ strategy adopted by many multinational corporations is reshaping Asia’s manufacturing geography. South Asia is becoming increasingly important strategically. India’s industrial rise is accelerating and will undoubtedly present exceptional opportunities for Sri Lanka. New logistics corridors are emerging across the Indo-Pacific region. Renewable energy manufacturing and electric mobility industries are expanding rapidly. Countries that position themselves effectively within these shifts could experience significant long-term benefits.

However, this window of opportunity may not remain open indefinitely. Competition among emerging economies for manufacturing investment is intensifying. Countries across Southeast Asia, South Asia, and the Middle East are aggressively pursuing industrialisation and logistics-led growth strategies. Sri Lanka cannot afford complacency, ignorance, or slow policy execution.

Conclusion

The State visit by the President of Viet Nam should therefore be viewed not merely as a diplomatic milestone, but as an opportunity for strategic reflection. Viet Nam’s success demonstrates what can be achieved through disciplined long-term economic planning, export orientation, industrial competitiveness, and policy consistency. It also shows that transformation is possible even for countries emerging from difficult historical and geopolitical circumstances.

Sri Lanka faces a critical economic choice today. The country can listen to popular rhetoric and nationalism, adopt a trade union mindset towards national assets, and continue with a relatively small, consumption-oriented economy (in technical terms, relying on growth generated through public spending and the production of non-tradable goods), or it can pursue a more ambitious path centred on export manufacturing and global competitiveness.

The difference between these two paths will determine not merely the size of Sri Lanka’s economy over the coming decades, but also its resilience, capacity for employment generation, foreign exchange stability, industrial capability, and, most importantly, its long-term geopolitical relevance.

Viet Nam, despite being governed by a Communist Party, broke through the barriers that constrain many developing economies because it recognised that sustained prosperity requires productive capacity, export competitiveness, industrial depth, and strategic integration into the global economy. Sri Lanka still has the opportunity to pursue a similar transformation. However, success will depend not on aspirations alone, but on disciplined execution, long-term policy commitment, and the courage to think beyond short-term economic cycles.

The next chapter of Sri Lanka’s economic history will depend on whether the country is prepared to make that transition with urgency, clarity, and strategic determination.

Sri Lanka Customs will implement a comprehensive fee and operational framework from 1 July under new regulations issued by Finance, Planning and Economic Development Minister Anura Kumara Dissanayake under the Customs Ordinance, replacing regulations issued in 1948, 1951, 1988, 2006, 2007, and 2013.

The regulations establish a framework covering Customs service charges, cargo examination fees, information and communication technology (ICT) fees, vessel and aircraft reporting requirements, transhipment procedures, bonded facilities, and a range of administrative charges applicable across ports, airports, and inland clearance operations.

The Gazette also establishes a Customs Service Charge, Customs Examination Fees, and Customs ICT Fees Fund comprising three separate accounts. Under the framework, 10% of Customs service charges, 50% of Customs examination fees, and 20% of ICT fees will be credited to the Consolidated Fund, with the balance available for approved remuneration schemes and related operational purposes.

Under the new regulations, export cargo examination fees for Full Container Load (FCL) consignments have been fixed at Rs. 600 for the first container and Rs. 100 for each additional container. Less than Container Coad (LCL) consignments valued above Rs. 20,000 will attract a charge of Rs. 400 per Customs Declaration (CusDec), while non-containerised bulk cargo valued above Rs. 20,000 will be charged Rs. 100 per metric ton.

These compare with charges introduced under amendments gazetted in 2013, which fixed export examination fees at Rs. 550 per FCL container, Rs. 300 per CusDec for qualifying LCL consignments, and Rs. 20 per metric ton for qualifying bulk cargo exports.

For processing inward CusDecs and supervising the removal of cargo from Customs premises, Customs will charge Rs. 3,200 for a single container, Rs. 2,000 for LCL consignments of up to 15 metric tons, and Rs. 2,400 for a single motor vehicle declaration.

At seaports, Customs service charges will include Rs. 100 per twenty-foot equivalent unit (TEU) for containerised cargo, Rs. 20 per TEU for transhipment containers and empty containers, Rs. 150 per vehicle for vehicle carriers, and Rs. 6,000 per voyage for passenger vessels.

The regulations also set out an ICT fee structure under which charges will apply to Board of Investment of Sri Lanka (BOI) users, manifest reporting users, remittance reporting users, and Customs House Agents. Under a 2013 amendment, a monthly fee of Rs. 8,000 per user was prescribed for Automated System for Customs Data (ASYCUDA) World-related services. Under the new framework, the corresponding fees are Rs. 16,000 per user for BOI users, Rs. 5,000 per user for manifest reporting and remittance reporting services, and Rs. 2,000 per user for Customs House Agents.

In addition, the Gazette sets out charges applicable to airport cargo handling, courier consignments, container freight stations, bonded warehouse inspections, duty-free shop operations, Inland Clearance Depots, and Customs laboratory services. Annual licence fees for Inland Clearance Depots have been fixed at Rs. 1 million, while new applications will attract a processing fee of Rs. 200,000.

Separately, ship agents seeking to facilitate vessel operations before completion of reporting formalities will be required to maintain a bond of Rs. 1 million and a minimum deposit of Rs. 250,000 with Customs. The regulations also prescribe reporting timelines for vessels and aircraft and provide for penalties of up to Rs. 100,000 for violations.

According to the Gazette, the new regulations will come into effect on 1 July 2026.

As climate disclosure requirements, investor expectations, and sustainability-related regulations continue to evolve globally, organisations are increasingly recognising sustainability as a strategic business imperative rather than a compliance exercise. This was a key theme emerging from Deloitte Sri Lanka’s exclusive client session, ‘From Compliance to Capital: Turning Climate Disclosure into Strategic Advantage’, held recently at the Sheraton Colombo.

The session brought together senior business leaders, sustainability professionals and industry specialists to discuss the changing climate and regulatory landscape and its implications for business resilience, access to capital, governance and long-term value creation across sectors, including telecommunications, financial services, manufacturing and agriculture.

Through insights shared by Deloitte professionals from Sri Lanka and India, the session explored how organisations can move beyond compliance-driven disclosure requirements and integrate sustainability considerations into broader business strategy, resilience, governance, financing, and long-term value creation.

The session, led by Deloitte South Asia Climate Change and Sustainability Leader Shailesh Tyagi; and Deloitte South Asia Climate Change and Sustainability, Strategy, Risk and Transactions Manager Piyush Yadav explored global climate developments and the operationalisation of SLFRS S2 through climate risk and scenario analysis. Discussions covered climate-related financial disclosures, decarbonisation pathways, Scope 1, 2 and 3 emissions, and the growing importance of assurance-ready sustainability data.

Reflecting on the evolution of sustainability from a reporting and compliance exercise to a strategic business priority, Tyagi said, ‘Leading organisations are increasingly viewing sustainability as a driver of business value rather than a reporting obligation. Climate risk management and scenario analysis provide critical insights that help businesses strengthen resilience, improve access to capital, and identify opportunities that support long-term growth and competitiveness.’

The session led by Deloitte Sri Lanka ESG, Government and Public Services Leader Zahra Cader, and Deloitte Sri Lanka Audit and Assurance Partner Chathumin Gunarathne focused on developments within the local market, including SLFRS S1 and S2, key regulatory changes and climate policy considerations.

Cader said, ‘As Sri Lanka’s sustainability landscape continues to evolve, organisations are facing growing expectations from regulators, investors, lenders, and other stakeholders. While challenges remain around data, governance, and implementation, businesses that take a structured and practical approach to sustainability will be better positioned to access finance, strengthen stakeholder trust, and build long-term resilience.’

Gunarathne said, ‘As sustainability expectations continue to evolve, organisations must look beyond reporting requirements and focus on how climate-related risks and opportunities influence business performance. Strong governance, reliable data, and strategic planning are becoming critical enablers of resilience, competitiveness, and sustainable growth.’

The discussion highlighted sustainability assurance requirements, climate-related governance expectations, updates to sustainability-related corporate governance requirements, developments in sustainable finance and green financing mechanisms, sustainable bond frameworks, and the growing influence of sustainability-related disclosures on investment and financing decisions.

The session concluded with an engaging exchange of ideas on the future of sustainability reporting and climate resilience in Sri Lanka. Participants also learned about Deloitte Sri Lanka’s plans to continue these conversations through a broader series of sustainability-focused sessions aimed at supporting organisations on their sustainability journeys.

Deloitte Sri Lanka continues to support organisations in navigating the evolving sustainability landscape by helping businesses strengthen resilience, respond to changing regulatory expectations, improve access to sustainable finance, and translate climate-related disclosures into actionable business strategies that drive long-term sustainable growth and stakeholder confidence.

Dinking Divas 2026, Sri Lanka’s first-ever pickleball tournament exclusively for women, will be held on 20 and 21 June 2026 at the prestigious Colombo Pickle Club, Torrington Avenue, Colombo 07, aiming to inspire more women, particularly those over 40, to embrace one of the country’s fastest-growing sports.

Created to encourage greater female participation in one of the world’s fastest-growing sports, Dinking Divas will bring together women players from across the country for a weekend of competition, camaraderie and fun.

While pickleball continues to experience remarkable growth in Sri Lanka, female participation remains significantly lower than male participation, particularly among women over forty. Recognising this gap, tournament organisers Nayantara ‘Taru’ Fonseka, Anusha Senadhira and Nilka Dabare came together under The Pickle Assembly banner to create an event designed specifically to encourage more women to take up the sport.

‘Pickleball is a sport that welcomes everyone regardless of age, fitness level or sporting background,’ said Anusha Senadhira. ‘We wanted to create a tournament where women could feel encouraged, supported and inspired to compete. We hope that Dinking Divas becomes a catalyst for growing women’s pickleball across Sri Lanka, especially among those who may feel it is too late to start a new sport.’

The tournament will feature doubles competition only, divided into four categories designed to celebrate players at every stage of their pickleball journey:

More than a tournament, Dinking Divas aims to build a vibrant community of women who support, encourage and challenge one another through sport. With a lively atmosphere, exciting matches and a strong emphasis on participation, friendship and healthy competition, the event promises to showcase the growing appeal of pickleball while highlighting the importance of creating more opportunities for women in sport.

The organisers hope Dinking Divas will become a bi-annual fixture on Sri Lanka’s sporting calendar and inspire more women of all ages to pick up a paddle, step onto a court and discover the joy of pickleball. For tournament updates, player highlights and future events, follow @thepickleassembly on Instagram.

The Pickle Assembly is dedicated to growing pickleball across Sri Lanka through tournaments, coaching programs and community initiatives that make the sport accessible, inclusive and enjoyable for players of all ages and abilities. ‘ In Colombo, our venue partners are Colombo Pickle Club, Air Sport, Grand Park Arena, Picklebee by 71 and of course our own three courts in Bentota, mainly built for Pickleball tourism, teaching the local community and our own staff the game of pickeball,” said Nyne Hotels Founder Fonseka.

Bank of Ceylon (BOC) has received international recognition at Environmental Finance’s Sustainable Debt Awards 2026, winning the award for Innovation, Sustainability Bond Structure in Asia and the Pacific (APAC) for its Rs. 20 billion Basel III-compliant Tier II Sustainability Bond.

The award recognises a landmark transaction in Sri Lanka’s sustainable finance market, with BOC’s issuance identified as Sri Lanka’s largest sustainability bond and the first such issuance by a State – owned bank in the country. The transaction also represents a significant step in the development of the domestic green, social, sustainability, and sustainability-linked, or GSS+, bond market at a time when Sri Lanka is seeking to rebuild investor confidence, deepen its capital markets, and direct funding toward long-term economic, social, and environmental priorities.

The bond was issued on 22 December 2025 and was structured to serve two objectives. It strengthened BOC’s regulatory capital position through Basel III-compliant Tier II capital while ensuring that the proceeds were allocated exclusively toward eligible green and social projects. This dual structure, combining regulatory capital requirements with sustainability-linked use of proceeds, formed the basis of the international recognition received by the bank.

BOC Chairman Kavinda De Soysa stated: ‘On 22nd December 2025, sustainability moved from aspiration to execution, culminating in the successful issuance of Sri Lanka’s largest sustainability bond by any institution, with an affirmation of investor confidence in our governance, credibility, and long-term vision.’

‘The Environmental Finance’s recognition for this issuance further affirmed our ability to integrate ESG considerations into capital allocation aligning with rigorous international standards, sending a strong signal to the global capital markets. This achievement reflects not just confidence, but a shared belief in what we can achieve together. It is the dedication, talent, and passion of our BOC team and all the stakeholders who partnered with us in guiding our vision into impact and setting the standard for excellence.’

Environmental Finance, established in 1999, is an international news and analysis service covering sustainable investment, green finance, and environmental markets. Its Sustainable Debt Awards recognise innovation across green, social, sustainability, and sustainability-linked bond and loan markets. The awards cover bond issuers, loan market participants, lead managers, investors, external reviewers, and other market participants that have demonstrated outstanding leadership in sustainable debt financing. The awards are judged by an independent panel of investor experts and are regarded as a global benchmark for innovation in sustainable debt markets.

For Sri Lanka, the recognition comes at an important stage in the development of sustainable debt instruments. Three Sri Lankan institutions were honored at the 2026 awards, reflecting the progress made in positioning the country’s GSS+ bond market internationally.

The Colombo Stock Exchange played a key role in coordinating and encouraging listed issuers to seek international recognition, while the EU-funded Green Recovery Facility, implemented by Expertise France, also supported efforts to place Sri Lanka’s sustainable finance market on the global stage.

The introduction of Sri Lanka’s GSS+ Bonds Regulatory Framework in 2025, aligned with international principles, further strengthened the credibility of the market. BOC’s issuance followed this regulatory development and demonstrated how a domestic financial institution could introduce an instrument that addressed both capital adequacy and sustainable development priorities.

BOC General Manager and Chief Executive Officer Y.A. Jayathilaka stated: ‘For more than eight decades, Bank of Ceylon has operated at the heart of Sri Lanka’s financial ecosystem, by supporting national development while adapting to changing economic and social realities.’

‘This trailblazing Rs. 20 billion Basel III-compliant Tier II Sustainability Bond issuance created history by the Bank of Ceylon. We are truly honoured to receive Environment Finance’s international recognition which is a testament to our team’s innovation and the strong leadership in sustainable finance.’

Acting Senior Deputy General Manager and Head of Global Markets G. A. Jayashantha said the award was significant because it recognised the structural complexity and market relevance of the issuance.

‘This was not only a capital-raising exercise. It was a carefully structured sustainable finance instrument that had to meet the stringent loss-absorption requirements of Basel III Tier II capital while directing proceeds exclusively toward eligible green and social projects. That combination made the issuance complex, but it also made it highly relevant to the needs of Sri Lanka’s financial market,’ Jayashantha said.

BOC’s winning structure was recognised under the Innovation, Sustainability Bond Structure category, rather than as a general green or social bond award. According to the bank, the defining feature of the issuance was its hybrid nature. The bond simultaneously satisfied Basel III Tier II regulatory capital requirements and channeled proceeds toward high-impact green and social projects. This combination had not previously been achieved by a State-owned bank in Sri Lanka through a publicly listed instrument.

The structure required BOC to meet the regulatory conditions that govern how Tier II capital behaves under financial stress, while also embedding sustainability objectives aligned with the International Capital Market Association’s Green Bond Principles, Social Bond Principles, and Sustainability Bond Guidelines. The issuance was also aligned with Sri Lanka’s national Green Finance Taxonomy.

BOC accounted for more than 25% of total listed debt issuances on the Colombo Stock Exchange in 2025. The bank said this reflected not only the scale of the sustainability bond, but also BOC’s continuing contribution to Sri Lanka’s listed debt market and capital market infrastructure.

With assets representing approximately 22% of total banking sector assets and a nationwide customer touchpoint network of more than 2,413, BOC said the issuance carried broader systemic relevance. As a State-owned bank with a large domestic presence, BOC’s move into listed sustainable debt signaled that sustainability-linked capital market instruments can be developed and absorbed within the local market.

The transaction was backed by independent pre-issuance assurance from KPMG and transparent disclosure through BOC’s Sustainable Finance Framework.

‘The oversubscription of the bond and its closure on the opening day showed that investors are prepared to support credible, transparent, and well-governed sustainable finance instruments. For Sri Lanka, this is an important signal, especially at a time when the country is rebuilding confidence and seeking long-term capital for development,’ Jayashantha said.

The proceeds of the bond will be allocated with up to 75% directed toward social projects and the remaining 25% toward green initiatives. The social component is expected to support employment generation through MSME lending in rural areas, food security, public healthcare, education, and essential infrastructure.

The green component will cover areas such as renewable energy, energy efficiency, clean transportation, and sustainable water management. The allocation framework reflects Sri Lanka’s post-crisis priorities, where access to finance, basic services, employment creation, and climate-related investment remain important for recovery and long-term resilience.

The governance structure supporting the issuance was also recognised by the Environmental Finance judging panel. BOC has established a dedicated board-level Sustainability Committee and adopted a clear exclusion list that bars financing for areas such as fossil fuels, deforestation, and weapons. The bank has also integrated environmental and social risk management systems into its credit processes.

The judging panel highlighted the importance of BOC’s governance arrangements and remarked that it was ‘great to have sustainability bonds in Sri Lanka’. BOC said the recognition reflected the importance of transparency, independent assurance, and clear allocation rules in building confidence around sustainable finance instruments.

BOC’s Investment Banking Division offers services beyond traditional banking, including capital market and advisory solutions. The bank obtained the Corporate Finance Advisor License from the Securities and Exchange Commission of Sri Lanka (SEC) in December 2025.

Following this, a specialised Corporate Finance Advisory unit was formed within the Investment Banking Division to provide independent, transaction-oriented advisory services to corporate clients, SMEs, and institutional investors.

The unit provides end-to-end support across capital structuring, mergers and acquisitions, and strategic fundraising initiatives. The Investment Banking Division also provides underwriting services for initial public offerings and supports financing for large infrastructure and development projects.

BOC also operates a dedicated business unit for private wealth management clients under the SEC’s Investment Manager Licence. This unit primarily serves high-net-worth clients by providing professional investment management solutions tailored to individual financial goals.

The bank said BOC Wealth Management is designed to provide clients with trusted guidance, personalised attention, and investment management solutions under one roof.

In addition, BOC is a Professional Clearing Member of the Colombo Stock Exchange. Its Investment Operations unit, operating under the Investment Banking Division, provides trustee and custodian services for unit trust funds and corporate clients, with funds exceeding Rs. 500 billion.

The Environmental Finance recognition places the bank in the APAC sustainable finance spotlight and creates a precedent for other State-owned enterprises and financial institutions in Sri Lanka. The bank added that the issuance has already begun encouraging peers in the sector to explore similar instruments.

The role of the Colombo Stock Exchange in facilitating the listing process and supporting international recognition showed how public-private collaboration can accelerate sustainable finance adoption, even in frontier markets.

The award was not only a recognition of a single transaction, but also an indication of the direction in which Sri Lanka’s financial sector can move. By combining capital strength, governance, sustainability, and domestic market mobilisation, the bank said the issuance had established a new benchmark for sustainable debt in Sri Lanka.

The Colombo stock market reversed a two-day slump yesterday to end marginally on the up.

Despite 95 counters closing in green against 134 that ended in red, the benchmark ASPI ended up a marginal 0.04% or 8.62 points to 22,385.91 and the S and P SL20 fell 0.17% down 10.60 points to 6,210.72.

CTHR, LION, HAYL, SPEN and SDB were the top positive contributors to the ASPI with DIAL, JKH, LOLC, CINS and HNB weighing down the index.

Turnover was over Rs. 2.56 billion on over 107 million shares traded. Foreign investors emerged as net sellers on a net outflow of nearly Rs. 12.2 million.

First Capital Research said the bourse recorded a subdued trading session, reflecting weakened investor confidence. Although the market experienced a brief upward movement at the commencement of trading, the momentum reversed, resulting in largely stagnant market activity for the remainder of the session.

Participation from both HNW and retail investors remained relatively muted, amid a mixed market sentiment. The banking sector led the daily turnover with a share of 29%, followed by the capital goods, and real estate management and development sectors collectively contributing 26%.

The Plantations and Community Infrastructure Ministry has initiated discussions on a new project aimed at streamlining and commercialising king coconut cultivation in the country to strengthen export performance.

The meeting, held last week under the leadership of Minister Samantha Vidyarathna, focused on transforming currently scattered king coconut cultivation into a structured, standardised and export-oriented agribusiness sector.

Officials discussed establishing production standards aligned with international market requirements, strengthening supply chains, and developing direct linkages between growers and exporters.

The proposal also includes a monitoring framework to track progress, with participation from the Export Development Board and Community Shakthi Sabhas.

The project aims to increase king coconut export earnings to $ 11.8 million. Key measures under consideration include registering growers, regionalising cultivation management, promoting value-added king coconut products, and introducing digital systems to improve coordination and efficiency.

The Minister stressed that implementation should follow a defined timeframe and include rehabilitation of existing plantations as well as expansion of new cultivation. He also highlighted the need to attract more farmers, improve access to nutrients, irrigation systems, fertiliser support, and ensure continuous monitoring to improve productivity and reduce rural poverty.

The discussion was attended by senior officials including the Ministry Secretary Gunadasa Samarasinghe, along with representatives from plantation-related institutions and research bodies.

Wire Communication Consultancy Holdings, a leading regional reputation communications group celebrating its 15th anniversary of market operations, has officially announced structural advancements to its senior leadership team. The corporate realignments aim to accelerate the deployment of its comprehensive operational framework, the ‘Wire 15 Roadmap’. The strategic blueprint targets absolute service integration across public relations, advertising, digital growth, media investment, and cross-border reputation architecture.

As the enterprise systematically scales its technical capabilities, the group has expanded the portfolio of Supun Hettiarachchi, appointing him Group Director – Media Wire and Digital Capabilities. Concurrently, Anjuu Bakshani has been appointed Director of PR Wire Sri Lanka. Both executive appointments serve as foundational pillars in Wire Group’s long-term framework to deliver predictive, insight-driven client consulting within increasingly volatile corporate and technological environments.

In his expanded executive capacity, Supun Hettiarachchi assumes direct strategic command of both Media Wire and Digital Wire Global. His mandate focuses on accelerating data-driven transformation pipelines, integrated cross-channel media investments, and deploying automated audience-engagement systems across the group’s multi-industry client portfolio.

Parallel to this infrastructure development, Anjuu Bakshani transitions to deepening enterprise client partnerships and enhancing strategic public relations practices, and reinforcing the company’s long-term market focus in regional crisis and reputation management.

‘As we systematically engineer a communications group ready to navigate the complexities of today’s market realities, these strategic appointments represent a critical milestone,’ said Wire Communication Consultancy Holdings Chairperson Ashan Kumar. ‘With comprehensive industry expertise and proven leadership experience, both Supun Hettiarachchi and Anjuu Bakshani will play major roles in shaping the next stage of innovation and service excellence across the Wire Group. Specialised digital transformation and service excellence will continue to be at the core of our growth strategy as we move to FY26/27 and beyond.’

The leadership consolidation matches growing corporate demand from global and domestic brands requiring agile, technically proficient agency networks capable of mitigating institutional risk while maximising market share. Wire Group has affirmed that its capital allocation strategies will continue prioritising senior industry talent, proprietary analytical tools, and highly synchronised service structures.