Category: Daily Financial Times

Reinforcing its commitment to delivering premium lifestyle value and rewarding experiences to its customers, the Commercial Bank of Ceylon has unveiled a significant enhancement to its Max Loyalty Rewards platform, enabling its cardholders to convert reward points into airline miles through a strategic integration with the national carrier’s ‘FlySmiLes’ program and the frequent flyer programs of other airlines.

Effective immediately, holders of Commercial Bank Premium and Platinum credit cards and Elite debit cards can seamlessly convert their accumulated Max Loyalty Rewards Points into FlySmiLes miles, unlocking faster access to flights and travel privileges with SriLankan Airlines.

The upgrade also encompasses other international frequent flyer programs, broadening the global travel options available to eligible cardholders by extending the reach of the platform across multiple international travel networks, the Bank said.

The move represents a decisive step in elevating the everyday utility of credit and debit card spend, allowing routine transactions to translate directly into meaningful travel rewards. With SriLankan Airlines expected to be the preferred choice for the majority of customers, the partnership with the national carrier anchors the proposition, offering both familiarity and tangible value in the conversion of points to miles.

To mark the launch, Commercial Bank is offering a highly competitive promotional conversion rate of six Max Loyalty Rewards Points to one FlySmiLes mile, valid through 31st December 2026. The Bank said this market-leading rate significantly accelerates the journey from daily spend to international travel, enhancing the appeal of the Bank’s card portfolio.

Commenting on this latest development, Commercial Bank Chief Operating Officer Hasrath Munasinghe said the enhancement reflects the Bank’s continued focus on delivering differentiated value to its customers. ‘Max Loyalty Rewards points are among the most valuable benefits offered to our cardholders, turning everyday spending into rewarding experiences,’ he said. ‘Commercial Bank is also the first and only Bank to offer Max Loyalty Rewards points to both credit and debit cardholders, extending these benefits beyond credit cards. By partnering with SriLankan Airlines and other global carriers, we have significantly strengthened the Max Loyalty Rewards platform. Our cardholders can now think beyond conventional rewards and convert their everyday spending into memorable travel experiences. This is about enabling them to go further, more often, with greater ease.’

The airline miles conversion feature is available at no additional cost to eligible cardholders, with no enrolment or processing fees. Access is fully integrated into the existing Max Loyalty Rewards platform, allowing users to log in with their current credentials, view balances, and convert points instantly alongside standard merchant redemptions.

This latest enhancement further strengthens Commercial Bank’s position as a leader in customer-centric banking and cardholder value creation, combining everyday financial activity with enhanced lifestyle and travel benefits. By expanding the utility of Max Loyalty Rewards through digital access, debit and credit card inclusivity, and a strategic partnership with the national carrier, the Bank continues to demonstrate its commitment to delivering meaningful, convenient and future-ready solutions to its customers.

Commercial Bank credit and debit cards support a wide range of year-round promotions across Sri Lanka, providing cardholders with regular opportunities to enjoy exclusive savings and privileges across retail, dining, lifestyle and travel sectors. The Bank continues to strengthen its merchant partnerships and expand the scope of its promotional programs, ensuring that customers receive tangible value and rewarding experiences throughout the year.

In 2024, endurance swimmers Bharat Sachdeva and Shaaswat Sharma completed a historic 32-kilometre open-water swim across the Palk Strait, crossing from Talaimannar in Sri Lanka to Dhanushkodi in India. Completed in 10 hours and 30 minutes, the expedition was far more than an extraordinary athletic feat. It symbolised resilience, friendship, and the enduring cultural ties that connect two neighbouring nations.

During their recent visit to Sri Lanka as part of the ‘Bridging Oceans, Building Bonds’ initiative, the duo spoke to Daily FT about the inspiration behind their journey, the challenges they overcame and the lessons they hope will inspire future generations to dream bigger, persevere through adversity and build connections beyond borders.

Q: What inspired you to undertake the Ram Setu/Palk Strait swim expedition?

Bharat Sachdeva: One of the biggest inspirations was our desire to contribute positively to society. We strongly believe in the idea that the world is one family and that humanity should not be divided by borders, differences, or conflicts. We wanted to do something meaningful that reflected those values.

Shaaswat Sharma: For us, this swim was much more than a sporting challenge. It was an opportunity to promote friendship, peace and connection between people. We wanted to use our abilities as athletes to communicate a larger message of unity.

Q: Why did you specifically choose the Ram Setu route?

Bharat Sachdeva: The establishment of the Ram Mandir in 2024 was a significant moment and it inspired us to think about how we could make our own contribution in a positive way. The Ram Setu route carries deep cultural and historical significance.

Shaaswat Sharma: Many iconic swimming challenges around the world have been attempted numerous times. The Palk Strait remained a unique and relatively unexplored endurance challenge. We felt it was an opportunity to take on something meaningful while highlighting a route that connects Sri Lanka and India.

Q: How long did you prepare for the expedition?

Shaaswat Sharma: Specifically for this challenge, our preparation lasted close to a year. However, our foundation comes from many years of open-water swimming and endurance sports.

Bharat Sachdeva: The final swim was really just the result day. People see the achievement, but they do not see the months of preparation behind it. Like preparing for an examination, the real work happens long before the final day arrives.

Q: What did your training program involve?

Bharat Sachdeva: Every part of the body has to be prepared for a challenge like this. We focused on strengthening our shoulders, back, core and overall endurance through a very systematic training program.

Shaaswat Sharma: We trained for four to five hours every day. The program included swimming sessions, treadmill workouts, yoga, breathing exercises, strength training, visualisation and mental conditioning. Endurance swimming is as much a mental challenge as a physical one.

Q: Were there moments when you doubted whether the swim could be completed?

Shaaswat Sharma: Absolutely. Just two to three weeks before the expedition, I suffered a serious foot injury. The MRI showed a significant tear and doctors advised me not to put weight on it. Naturally, I was worried because we had invested so much time and effort into preparing for the swim.

Bharat Sachdeva: It was a stressful period, but we reminded ourselves that setbacks are part of any major challenge. We focused on staying calm, following medical advice and dealing with the situation one day at a time.

Q: What was the toughest moment during the actual expedition?

Shaaswat Sharma: Ironically, one of the toughest moments came before we even entered the water. The night before the swim, rough weather created heavy turbulence at sea. Our support vessel was rocking throughout the night.

Bharat Sachdeva: None of us could sleep. We had planned our nutrition carefully, but everyone was suffering from motion sickness. We were vomiting, unable to eat and unable to rest.

Shaaswat Sharma: The next morning we had to begin the swim despite being exhausted. At that point our mindset became very simple: one stroke at a time, one step at a time.

Q: How different is swimming in the ocean compared to training in a pool?

Bharat Sachdeva: The difference is enormous. In a swimming pool, conditions are controlled and predictable. In the ocean, you are dealing with currents, waves, heat, salt water and uncertainty.

Shaaswat Sharma: There were stretches where we swam for seven to eight hours under difficult conditions. You cannot fully prepare for that in a pool. The ocean constantly challenges you physically and mentally.

Q: Was there a particular moment during the swim that will stay with you forever?

Shaaswat Sharma: Yes. At one point our support team suddenly signaled for us to stop. We thought something was wrong. Instead, they told us to look towards a Sri Lankan Navy vessel nearby.

When we turned around, all the sailors were standing on deck applauding us and cheering us on. It was an incredibly emotional moment and gave us a huge boost.

Q: What was it like reaching the finish line?

Bharat Sachdeva: As we approached the shore, we could see our friends, families and supporters waiting for us with flags. After spending so many hours in the water, seeing them was a powerful feeling.

Shaaswat Sharma: Many local residents had gathered as well. They were curious about who we were and where we had come from. When we stepped onto the shore, we were welcomed warmly and honoured with garlands. It was a proud moment because we felt the journey had a larger purpose beyond sport.

Q: How do you define resilience?

Shaaswat Sharma: Resilience is the ability to keep going even when your body and mind are telling you to stop. It is recognising doubts and fears but choosing not to be controlled by them.

Bharat Sachdeva: There will always be uncertainty. There will always be challenges. The key is continuing despite them. That is what resilience means to us.

Q: Where do you find motivation?

Shaaswat Sharma: We read a lot. We are inspired by people who have achieved excellence in different fields, whether it is sport, art, business or science.

Bharat Sachdeva: One of my favourite stories is about Pablo Picasso. A woman once asked him to draw her portrait. He spent just a few minutes sketching it and then charged a large amount of money. When she questioned him, Picasso replied that he was not charging for the few minutes he spent drawing, but for the years it took him to learn how to do it in a few minutes.

That story reminds us that people often see the result but rarely see the years of effort behind it.

Q: What does ‘Bridging Oceans, Building Bonds’ mean to you?

Shaaswat Sharma: It is both literal and symbolic. We physically bridged an ocean, but we also wanted to bridge the perceived separation between people.

An ocean is often viewed as something that divides countries. We wanted to show that it can also be something that connects them.

Bharat Sachdeva: At the end of the day, we all seek the same things-peace, happiness, purpose and human connection. We breathe the same air, drink the same water and share the same planet. There is far more that unites us than divides us.

Q: How can sport help strengthen the relationship between India and Sri Lanka?

Bharat Sachdeva: Sport has a unique ability to bring people together. It creates friendships, conversations and understanding that go beyond borders.

Shaaswat Sharma: Look at cricket. Whenever India and Sri Lanka compete, there is enormous excitement and interaction between people from both countries. Sport creates bonds that politics and geography sometimes cannot.

We hope our expedition contributes, in a small way, to strengthening those people-to-people connections.

Q: What message would you like young people to take away from your journey?

Shaaswat Sharma: Never underestimate what can be achieved through consistency. Small efforts repeated every day can lead to extraordinary outcomes.

Bharat Sachdeva: Dream big, but be willing to work hard. As Dr. A.P.J. Abdul Kalam said, ‘Whatever your mind can conceive and believe, it can achieve.’ If our story inspires even one young person to challenge themselves and believe in their potential, then the journey has been worthwhile.

Q: Finally, what would you like people to remember about this expedition?

Bharat Sachdeva: That we have far more in common than what separates us.

Shaaswat Sharma: The ocean may separate our shores, but it does not separate our humanity. If we can build understanding, friendship and respect across that distance, then we are already building stronger bonds for future generations.

As their ‘Bridging Oceans, Building Bonds’ initiative continues, Sachdeva and Sharma hope their story will encourage more young people to embrace challenges, pursue excellence and recognise the power of sport as a force for unity. Their journey across the Palk Strait may have concluded on the shores of Dhanushkodi but the message behind it continues to resonate on both sides of the ocean: that perseverance, friendship and shared humanity can bridge even the widest of distances.

The assertion in Parliament by the Prime Minister, Dr. Harini Amarasuriya, that ‘There is little point in merely holding elections if the necessary criteria for democracy are absent within the electoral system” is sinister and can be recycled in the foreseeable future by the JVP-NPP’s steamroller Parliamentary majority to attempt deferment of the Presidential and Parliamentary elections too, reloading the excuse that “The PR system, which has contributed to corruption within the country’s political culture, must be changed.’

The quote is from the PM’s authoritative reply to a question raised by Ravi Karunanayake, MP, on the holding of the long-delayed Provincial Council election. His query came in the wake of the Attorney-General presenting a menu of possible options to hold the election, among them a one-time-only election under the pre-existing system of undiluted Proportional Representation, which would be the most expeditious, kick-starting the PC system back into life, while permitting the parallel formulation and passage of a new electoral law by Parliament.

Brusquely rejecting this option, Prime Minister Amarasuriya kicked the can down the road as far as it could possibly go and further than we can glimpse. She specified the need for a new election law which would dilute the existing system of Proportional Representation (PR), introducing ‘constituency-based representation’-which inevitably entails delimitation-and inserting quotas for youth and women. English-language dailies reported it pithily: ‘PM declares PC polls only under New Electoral System’.

‘Prime Minister Dr. Harini Amarasuriya on Wednesday (10) said Provincial Council elections will be held only after a Parliamentary Select Committee (PSC) on electoral reforms submits its recommendations, arguing that conducting polls under the existing electoral system would perpetuate structural flaws and administrative challenges.

Responding to questions raised by New Democratic Front MP Ravi Karunanayake during Parliament’s Question Hour, the Prime Minister said the Government was committed to holding elections but wanted to ensure they were conducted under a reformed and more representative electoral framework.

‘We cannot adapt democracy according to our needs. Elections will be held once the Parliamentary Select Committee on electoral matters submits its recommendations and draft report,’ she said.

Amarasuriya noted that the electoral system under which Provincial Council elections should be conducted remains a contentious issue and warned that proceeding under the old framework could create governance and administrative difficulties.

She said the existing system fails to ensure adequate representation for women and youth, does not allow for the election of constituency-based representatives, and retains the preferential voting mechanism, which she described as a contributor to corruption within the political system.

‘If Provincial Council elections are conducted under the old electoral system, we will be unable to address longstanding concerns regarding representation and electoral integrity,’ she said.

…Amarasuriya called for cross-party support for electoral reforms, saying Sri Lanka needed a modern electoral system that reflects current democratic requirements and strengthens public confidence in the political process.’ (https://dailyexpress.lk/comments/35160/)

The PM’s declaration means that the right of the exercise of universal franchise to choose representatives to an important third tier of the island’s four-tier political system, is further suspended open-endedly, in effect indefinitely.

The most important structural reform of the Sri Lankan State, decentralising to some degree the over-concentration of power in an executive Presidential system-which, though superior to the previous Westminster model, lacks the separation and balance of power afforded by the US Constitution-stands suspended or reversed. The Sri Lankan political system is back to the hyper-centralisation of power that existed before provincial-level devolution in 1988.

Worse still is the impact on the island’s oldest political problem which goes back before Independence to the early decades of the 20th century. That is the issue of nation-building, also known as the ‘ethnic issue’. The system of Provincial Councils is the application of the principle of devolution of power from the centre to the periphery, thereby affording a measure of self- administration as a solution to or melioration of the Tamil ethnonational question. The open-ended delay in holding elections to the Provincial Councils continues to keep in suspended animation the popularly elected provincial legislatures and therefore reduces the devolution of power to the provinces and their people, to zero.

The answer of devolution/autonomy to the Tamil National Question, given through the All-Parties Conference (APC) of 1984, the Political Parties Conference (PPC) of mid-1986 and the Indo-Sri Lanka Accord plus the 13th Amendment of 1987, has been silenced, de-activated. Devolution survived a Thirty Years War and a second Southern Civil War as a structural-reformist solution which also widened and deepened democracy. Unless and until Provincial elections are held, the actual existence of devolved Provincial Councils with elected representatives dating back to 1988, ceases. The entire discussion regarding devolution within the Sri Lankan State and with the Sri Lankan State by India and the international community which dates back to late-1983/1984, has ceased.

The non-existence of the elected Provincial Councils creates a political vacuum which is particularly dangerous given the sentiments expressed on Sri Lanka and its Tamil citizens by a mercurial Chief Minister across a strip of water in Tamil Nadu.

Given the prolonged absence of elected Provincial Councils with democratic Tamil representation, it is little wonder that we are witnessing many more street demonstrations on grievances, and manifestations of pro-Prabhakaran, pro-Tamil Eelam sentiments that have been marginal in the post-war years until Anura’s Presidency.

At a time when the Tamil Diaspora in Western democracies is making significant political advances of a pro-secessionist, anti-Sri Lankan character, the AKD administration has deprived the State of the ‘shield’ of counter-argument that Sri Lanka already has significant Provincial-level devolution to elected legislative bodies.

Open-ended deferment takes us back decades to a more constricted political and State system: the combination of an unchecked, unbalanced Presidency (unlike the USA) and a unitary State minus devolution. How then to address and alleviate long-standing identity-based collective Tamil sentiments?

In terms of democracy/authoritarianism, it also returns us to the 1970s when the United Front Government, possessing a two-thirds Parliamentary majority (as does the JVP-NPP administration), decided not to hold elections to Municipal and other local authorities, appointing a Special Commissioner instead for years. Currently the de facto suspension is not of the elected Municipal bodies but elected Provincial bodies (which didn’t exist in the 1970s). The principle is the same, and so will be the political, electoral and civic-legal consequences down the road. No Government in Sri Lanka or anywhere in the world is known to have benefited by shutting down or keeping shut the system’s electoral safety-valves. The longer the shut-down, the greater the blowback.

Secessionist-federalism

Writing in these pages, independent researcher Praharshini Dias has convincingly argued that my critique of SJV Chelvanayakam’s declaration of federalism as a premature, ill-considered overreaction to the earliest post-Independence manifestation of Sinhala hegemonism, is overly charitable and that Chelvanayakam overtly advocated secession-a separate, independent State for the Tamils-even before Independence in 1948.

Praharshini Dias writes:

‘…On 26 November 1947, during one of the earliest sessions of the State Council under the Soulbury constitution, the newly elected member for Kankesanthurai, S. J. V. Chelvanayakam, raised the idea of secession in his remarks. He stated that the Tamils of Jaffna had the right to secede from Ceylon and suggested that, if they wished, such a move could even take place with India’s support.

Addressing the council on 26 November 1947, C. Suntheralingam revealed that Chelvanayakam had previously spoken at public rallies in Jaffna about seceding from Ceylon and even forming a federation with Tamil-speaking regions of India (Hansard 1947: 131).

Chelvanayakam initially denied these claims, but when evidence was presented – specifically his speeches published in the Times of Ceylon on 17 November 1947 – he did not continue the denial.

…Chelvanayakam…went on to question why, if Ceylon sought the right to secede from the British Empire, the Tamil people should not also have the right to secede from the rest of the country if they so desired.

‘…If Ceylon is fighting for the right to secede from the British Empire, why should not the Tamil people, if they feel like it, secede from the rest of the country?’

…It was also disclosed by other members in the [State] Council that Chelvanayakam had expressed willingness to even give the Trincomalee harbour to Nehru.

Gate Mudaliyar Kariapper, a member of the Eastern Province, joining the debate said (Hansard 1947: 316), ‘…Sir, the hon. Member for Kankesanturai, speaking at a meeting in celebration of the birthday of Pandit Jawaharlal Nehru almost gave the Harbour of Trincomalee as a birthday present to the Pandit…’

…As the Times of Ceylon news item dated to 17 Nov, 1947 said, instead of the British made Ceylonese constitution, Chelvanayakam wanted a federal form of Government with the right to secede…’

(https://www.ft.lk/opinion/A-comment-on-Dayan-Jayatilleka-s-The-Federalist-fantasy-Tamil-political-tragedy-Lankan-political-history/14-792528)

Shockingly, there is a Chelvanayakam-AKD-Ranil-Harsha continuum:

I. What SJV Chelvanayakam treacherously suggested without the power to enact, namely giving Trincomalee harbour as a gift to India’s Prime Minister Nehru, President Anura Dissanayake seems to have pretty much suggested regarding Trincomalee-Mannar to India’s Prime Minister Modi.

II.Chelvanayakam’s idea of Northern Tamil secession from Ceylon and federation with India’s Tamil provinces will be facilitated not only by AKD’s undisclosed agreements with India including the Trincomalee-Mannar footprint, but also the Ranil Wickremesinghe-Milinda Moragoda-Harsha de Silva plan of economic integration and physical connectivity of Sri Lanka’s North with Tamil Nadu.

Praharshini Dias’ research confirms my long-standing opposition to federalism, de jure or de facto, whether it is attempted by the ITAK and other Tamil parties; sought though a ‘surge’ by Vardarajahperumal’s North East Provincial Council (from which I resigned in six months); contained in President Chandrika Bandaranaike Kumaratunga’s 1995 and 1997 ‘political packages’; or implicit in Ranil Wickremesinghe and the ITAK’s draft of a new non-unitary Constitution during the Yahapalanaya Government.

This is also why Sri Lanka must resist slippery attempts to drop the explicitly unitary character of the State, substituting the term ‘united’ instead-which the ITAK got CBK’s SLFP and Ranil’s UNP to agree to, and Mangala Samaraweera and Eran Wickremaratne smuggled into Sajith’s Presidential manifesto in Nov 2019. (Mahinda Rajapaksa brandished the first printing before Sajith and Champika spotted and withdrew it, issuing a revised version).

Strategically sustainable State

The 13th Amendment was instantly criticised by TULF leader Appapillai Amirthalingam in a letter to Prime Minister Rajiv Gandhi in late-1987 and never accepted even postwar (2011) as the framework or baseline of a solution by his successor R Sampanthan, proving that the powers granted to the Provincial Councils by the 13th amendment were by no means tantamount to federalism nor convertible into federalism, let alone a separate state.

The 13th amendment was a very different animal from federalism. It belonged to the well-known category from China and Vietnam to the Philippines and Spain, of ethnic autonomy/devolution within a unitary State.

SWRD Bandaranaike was correct when he observed in 1926 that no country with the diverse composition and configuration of Ceylon could be sustainably managed under a centralised unitary State. His 1957 pact with SJV Chelvanayakam prefigured the pattern of the 13th Amendment two decades later: semi-autonomous ‘regional councils’ within a non-federal (unitary) State.

The problem is strategic and conceptual. What are the boundaries that we, the majority of citizens, seek for the State we live in? Which boundaries would serve Sri Lanka’s interest best? Clearly, it should be a sState with borders identical with our natural geographic boundaries, i.e., the totality of this island and its waters.

We could sustain a State with natural borders only if we realise that it is NOT a State organised on or corresponding to the principle of linguistic, ethnolinguistic or ethnoreligious borders. The composition of Ceylon/Sri Lanka is not one in which the ethno-lingual or ethnoreligious majority community in the country is a majority across, i.e., in every Province, of the island. Therefore, the entirety of the island cannot be run under a tightly centralised homogenised form of State with an embedded constitutional privilege for the ethnolinguistic and ethnoreligious majority. It is the hegemonistic project of doing so from 1956 and more specifically 1972 that triggered the Thirty Years War of secession.

An island with Sri Lanka’s geographic location cannot afford a system which will give the North and East the powers of a federal State. Separated only a narrow strip of water from Tamil Nadu, and with Tamil Nadu closer to Jaffna than is Colombo, federalism will facilitate separation with the island’s North joining South India, which in turn will tilt the geopolitical and economic balance on the island as a whole.

If the other provinces too enjoyed federal powers, the island would be ungovernable and fragment politically.

The directly, nationally elected Executive Presidency remains vital as an overarching power representing the whole country, which can contain and control the Chief Ministers and Provincial Councils within a unitary framework. Parliament, an assembly of representatives with local bases, and vulnerable to coalitions with extremist components, cannot do it.

Just as geopolitics must forestall Sri Lanka’s conversion to federalism because of the proximity of Tamil Nadu, the island’s demography prevents a centralised unitary State sustainably covering its natural borders, because the North and East do not have a majority which speaks the same language as the island’s majority community.

The only way of keeping the borders of the Sri Lankan State defensibly co-extensive with its natural borders is to resist federalism while having a devolved, decentralised unitary State form. That is the defensive superstructure of ‘trenches’ (Gramsci) the 13th Amendment and Provincial Councils provides/provided.

Conformist left intelligentsia

In contradistinction to Prof. Kumari Jayawardena, doyenne of the left intelligentsia who took an independent, tough-minded, critical stance from the early-1970s onwards towards the United Front Government’s rightist and authoritarian turn, today’s NPP-sympathising academics are compliant, although:

1. The Government is adhering to the formula of conservative-neoliberal Ranil Wickremesinghe whose 2017 legislation gridlocked PC elections.

2. The JVP-NPP is deep-freezing the only structural-reformist solution Sri Lanka implemented for the National/Nationalities Question.

3. A basic tenet of the political thought of Marx and Lenin is that the first strategic aim is that of political democracy, against political absolutism. The political struggle for democracy opens the road to battles for socioeconomic emancipation. This Government has shrunk the zone of basic political democracy-the exercise of universal franchise.

With such a conformist contemporary left intelligentsia, no wonder the growing social backlash is ideologically rightwards-be it the neoliberal centre-right or neo-nationalist-populist right.

The inauguration of the Boat Launching Ramp in Beruwala on 11 June 2026 marks a significant milestone in the development of Sri Lanka’s boat-building industry.

Established by the Ministry of Industry and Entrepreneurship Development, the facility addresses a long-standing industry requirement that was consistently advocated by the Chamber of Marine Industries of Sri Lanka (CMISL). Its completion demonstrates the value of effective public-private collaboration in supporting industrial development and responding to industry needs.

Beruwala has long been recognised as one of Sri Lanka’s leading boat-building hubs. The area is home to a large concentration of boat manufacturers, repair yards, service providers, and skilled craftsmen who have played a vital role in the growth of the country’s boat-building sector. However, the absence of a dedicated boat launching facility created operational challenges, resulting in higher costs, logistical constraints, and delays for manufacturers.

Recognising this need, CMISL actively advocated for the establishment of a dedicated launching ramp in Beruwala. Through continuous engagement with government authorities, policymakers, and industry stakeholders, the Chamber highlighted the importance of this infrastructure in supporting local manufacturers, strengthening exports, improving industry services, and creating employment opportunities. Over several years, CMISL ensured that this requirement remained a priority on the national development agenda.

Responding positively to these industry requirements, the Ministry of Industry and Entrepreneurship Development played a key role in transforming this vision into reality. The successful completion of the Beruwala Boat Launching Ramp reflects the Ministry’s commitment to supporting Sri Lanka’s manufacturing and export-oriented sectors while fostering the continued growth of the boat-building industry.

The inauguration ceremony was attended by Industry and Entrepreneurship Development Minister Sunil Handunnetti, Fisheries, Aquatic and Ocean Resources Deputy Minister Rathna Gamage, senior officials of the Ministry; representatives of the Ceylon Fisheries Corporation (CFC) and the Ceylon Fishery Harbours Corporation (CFHC); Members of Parliament representing Beruwala and Galle; the Mayor; representatives of CMISL; industry leaders; boat manufacturers; and other stakeholders. Their presence reflected a shared commitment to advancing Sri Lanka’s boat-building industry and supporting initiatives that contribute to national economic development.

The new facility is expected to provide substantial benefits to the industry by offering a safe, efficient, and reliable mechanism for launching vessels. It will support the launching of fishing vessels, passenger boats, leisure craft, catamarans, and other specialised vessels, enabling manufacturers to better serve both domestic and international markets while reducing operational costs and improving productivity.

In addition, the launching ramp is expected to strengthen Sri Lanka’s export potential and support the growth of ship and boat repair services. Improved infrastructure will enhance the competitiveness of local manufacturers, create employment opportunities, and further establish Beruwala as a key boat-building industry cluster.

As the apex body representing Sri Lanka’s marine industry, CMISL continues to play a leading role in promoting the sustainable growth of the sector. Sri Lanka currently has approximately 68 boat manufacturers, yet only around 10 companies are actively engaged in exports. Recognising the significant untapped potential within the industry, CMISL is focused on encouraging and supporting more manufacturers to enter international markets by improving industry capabilities, enhancing quality standards, and creating greater awareness of export opportunities.

A key component of this effort has been the Chamber’s collaboration with the Sri Lanka Standards Institution (SLSI) to establish standards for the boating industry. CMISL extends its appreciation to SLSI Director General Dr. Siddika Senarathna, for her leadership and commitment in successfully completing these standards, which will contribute significantly to improving quality, safety, and international competitiveness across the sector.

CMISL is also actively promoting the ‘Grow Boat Manufacturing’ initiative, aimed at identifying and expanding opportunities for local boat manufacturers within the domestic market while preparing the industry for increased export participation in the future. The Chamber successfully organised Sri Lanka’s 9th edition of The Boat and Marine Show Sri Lanka in January 2026, which showcased the capabilities of local manufacturers and highlighted the sector’s growth potential.

Looking ahead, CMISL, together with the Export Development Board (EDB) and the Ministry of Industry and Entrepreneurship Development, plans to organise a symposium for boat manufacturers to raise awareness of industry standards, certification requirements, international market expectations, and strategies for becoming globally competitive export-oriented boat builders.

CMISL also expressed its sincere gratitude to Minister Handunnetti, Deputy Minister Chathuranga Abeysinghe, Secretary J.M. Thilaka Jayasundara; Additional Secretary Jayamni; former Additional Secretary Chamnida Pathiraja; and the dedicated officials of the Ministry for their commitment and support in making the Beruwala Boat Launching Ramp a reality.

There is a version of Prajeeth Balasubramaniam’s life where he never comes home. He spent two decades abroad, holds a second passport, and has children already settled overseas. He could walk away tomorrow and lose nothing. Instead, he came back to Sri Lanka and spent the next two decades building something the country had never really had: a startup ecosystem.

When I ask him why, he doesn’t reach for anything grand. ‘Why not do it at home?’ he says. ‘I am looking to create an impact.’ It’s the whole thesis in two sentences, and everything he’s built since has been an attempt to make

it true.

What he built

Prajeeth didn’t arrive with a fund and a thesis. He arrived with a family company to run, which he ultimately decided to restructure, spinning off companies in multiple sectors. Seeing that the pain points he faced as an entrepreneur were not unique drove him towards supporting founders, investing in their startups and helping them scale. He was already behaving like an angel investor before he had the word for it.

The word came from his business partner, Rajan Anandan, who had been angel investing for years and recognised the behaviour immediately. ‘You are doing angel investing,’ he told Prajeeth. In Colombo at the time, it was unheard of. There was also a war on, and the decision was to wait. When the war ended, they moved.

In 2009 they co-founded BOV Capital, and the early days punctured any illusion that the money was the hard part. He and his partner pooled what they had and went looking for founders to back, only to find the founders suspicious of them. ‘It was almost like we were going around with a begging bowl,’ Prajeeth says. ‘Even though we had the cash, they were asking, ‘Why do you want to fund us?” What was missing wasn’t capital. It was trust, and trust takes longer to raise than a fund.

The first move was to create the meeting place itself. With the help of the Indian Angel Network, Prajeeth and Rajan launched Venture Engine, a structured platform to bring founders and investors into the same room. ‘It changed gears, took it at a different speed,’ he says. It solved, at its core, the exact problem that was previously exposed: not a shortage of cash or a shortage of ideas, but the absence of a place where the two could meet and start building a relationship, trust. ‘There won’t be startups without investments,’ he says, ‘and there won’t be investors without startups.’ Venture Engine became the room where both could finally show up and meet, today it is the largest platform of its kind in the country.

Once that room existed, the local appetite followed. In 2012, with a few co-founders, Prajeeth started the Lankan Angel Network. ‘Everything was ideated and executed around the dining table,’ he says, and over time the table became a network and the network became start-up investment infrastructure.

Through BOV Capital he set up Sri Lanka’s first dedicated venture vehicle out of Singapore, a six-and-a-half-million-dollar fund. Then soon after a second fund with Axiata Dialog, for the first time from within Sri Lanka. The strongest answer to whether Sri Lankan venture capital works is found in the exits. From the nCinga sale to Zillingo, to the public listing of InsureMe, shows clear-cut Sri Lankan success stories, of both local and foreign investor appetite. ‘That was our first showcase,’ he says. Others will follow, including what he expects will become the largest digital health company in the country. When I ask what fifteen years actually taught him about who makes it, he doesn’t hesitate. ‘Team, team, and team.’ The returns came from founders who could bend without breaking, who pivoted fast, who kept companies alive that had no businessIf the first fifteen years proved the ecosystem could exist, the next phase will decide whether the country lets it grow, and here Prajeeth’s optimism hardens into a blueprint.

He has one big ask: a tax pass-through structure for investors. Today, a venture investment can effectively be taxed at three different points: at the company level, at the fund level, and again when returns reach investors. In most mature venture ecosystems, funds operate as pass-through vehicles. Here it’s treated as something to penalise. He has been lobbying to fix it for the better part of a decade, through one Government after another. ‘The amount of lobbying we had done is just unbelievable,’ he says. ‘Unfortunately, nothing happened.’

But he feels something has shifted now. For the first time the work has moved out of the lobby and into actual collaboration with the Government; regulations are set to be passed and a fund of funds is genuinely on the table.

So suppose the structure arrives, the tax pass-through clears, the fund of funds gets capitalised. What then? Prajeeth is adamant that the plumbing is necessary but not sufficient, and that the next move belongs to the people the structure is meant to serve.

For founders, his advice cuts against the instinct of a market that has survived on services revenue. Building someone else’s software for a fee keeps the lights on, but it doesn’t compound. ‘You’re not building your own house, you’re building someone else’s,’ he says of the services trap. The companies he wants to back are the ones building intellectual property they can put a mark on, a product that can be scaled and compound. His test is unsentimental: are you on a path to a fifty- or hundred-million-dollar company in the next five to ten years? And the thing that decides it, in his experience, is rarely the technology. It’s the team, and the trust inside it. Founders mature enough to disagree hard and not take it personally. ‘A lot of founders take things personally,’ he says. ‘That’s where opportunity gets lost.’

For the ecosystem partners, the networks, the incubators, the accelerators, his ask is to stop duplicating and start combining. In a market the size of Colombo, he points out, everyone is everywhere and everyone does a bit of everything, which leaves founders unable to tell who’s actually good at what.

And then the appeal underneath all of it: Sri Lanka needs more capital, and more people willing to deploy it from here. He says he’s lost count of the founders he’s intercepted on their way out, including some he first met when they’d flown to Singapore for funding, only to be sent back home to him. The smartest, most fundable founders are the ones most able to leave, and they will keep leaving until there’s enough money on the ground to make staying the rational choice. ‘We need ten more VC funds based from here in Sri Lanka.’ One fund cannot build an ecosystem. The tax pass-through and the fund of funds will open that door; whether anyone walks through it depends on how many new funds actually set up shop and start writing cheques in Sri Lankan rupees.

That’s the blueprint, and the part he keeps returning to is that it isn’t really about him. He’s done the unglamorous work, from building the awareness and the networks to the decades of lobbying. The structure is finally coming. What it produces now is up to the founders who decide to build something they can own, and the investors who decide that home is worth backing. Prajeeth has spent fifteen years laying the foundation. The house is for everyone else to build.

I am appalled by the quality of a recently gazetted ‘The Chartered Institute of Media Professional of Sri Lanka’ (CIMPSL) Bill. Its interpretation section is thin and wrong. It creates an organisation with a Director General and staff and no access to the consolidated fund. It does not even create a startup fund that can be used to support raising money from other sources. The design is based on members (those with charters) electing the governing body and disciplinary committees, but silent (or devious) on who the members will be and fees from members and from those wishing to become members through examinations being the principal source of revenue.

But the Bill has been gazetted. Now the only question that can be looked at is whether it is consistent with the Constitution. Had it been published as a framework or a concept paper or a white paper, it could have been improved with input from knowledgeable people. The many obvious flaws could have been pointed out (though not necessarily remedied). Now all that is likely to happen is the creation of an ineffective and redundant body like the Sri Lanka Press Council that performs no useful function but occupies space and eats up LKR 53 million of taxpayer money a year.

Where’s the money?

The Bill has many flaws but for simplicity let’s focus on money.

How do the drafters think the CIMPSL will fund the activities listed in the Bill?

’16. (2) There shall be paid into the Fund of the Institute –

(a) all such sums of money that may be received by the Institute in the exercise, performance and discharge of its powers, duties and functions of the Institute under this Act; and

(b) all such sums of money received by the Institute by way of gifts, grants, donations and bequests from any source within or outside Sri Lanka subject to the provisions of the proviso to paragraph (n) of section 4.’

It appears they thought this will be like the Institute of Chartered Accountants of Sri Lanka (created by Act No. 23 of 1959) that is swimming in money raised through the conduct of examinations and the award of certificates. One cannot perform the functions of accountants without these credentials. That rule creates the market, or one could say the monopoly, that raises revenue for ICASL. While those at the bottom do not make much, it is known that accountancy is a lucrative profession. Young people and their parents pay for the credential.

Does this logic apply to media professional at this time, when newspapers are shutting down and TV stations are run for vanity and political influence, not return on capital? Unless a monopoly is created by barring persons without credentials issued by CIMPSL from practicing as content creators, it will not be possible to incentivise young people (and their parents) to pony up the money to support the CIMPSL. In this day and age when YouTubers have audiences and revenues larger than newspapers, this will be a steep hill to climb. Thankfully, the Bill does not seek to create a choke point or monopoly (though that may be attempted through an amendment). Therefore, that revenue source is likely to yield a trickle at most.

The CIMPSL Bill does not contain provisions for obtaining money from the Consolidated Fund (happily for those concerned about fiscal discipline). But there is precedent for giving money from the Consolidated Fund to entities even when the enabling legislation does not permit it. Section 17 of the Sri Lanka Disaster Management Act, No. 13 of 2005:

’17. (1) The Council shall have its own Fund. There shall be credited to the Fund of the Council-

(a) money received from the Consolidated Fund, as initial capital of the Council;

(b) all such sums of money as may be received by the Council in the discharge of its functions; and

(c) all such sums of money as may be received by the Council by way of loans, donations, gifts or grants from any lawful source whatsoever, whether in or outside Sri Lanka.’

Note there are no provisions for annual appropriations other than ‘money received from the Consolidated Fund, as initial capital of the Council’ as specified in section 17(1)(a). Yet, in 2026 the Disaster Management Centre was allocated Rs. 393 million in total, of which Rs. 285 million was for salaries. Parliament enacts flawed laws; the executive acts outside the law to sustain the entities so created. Even this provision is missing from the CIMPSL bill.

So CIMPSL is left with 16(2)(b): ‘all such sums of money received by the Institute by way of gifts, grants, donations and bequests from any source within or outside Sri Lanka.’ That was the hope with the Disaster Management Centre too. Because of the wave of sympathy generated by the 2004 Indian Ocean Tsunami money did flow to the DMC for projects but not for paying salaries and recurrent expenditures. Domestic donations are unlikely given the parlous economics of the media industry. One can only hope for charity from foreigners.

Reform the law-making process

Taxpayer funds are expended on drafting unworkable legislation. Trees are destroyed for the paper to print this rubbish. Our time is wasted taking apart bad bills. Something has to change.

I will not propose overhaul of the Legal Draftsman’s Department or the redesign of legal education to enhance the skills of drafters. Good, if these things can be done. But at least change in the procedure by which laws are drafted. Make it mandatory to publish an early draft as a white paper and actively solicit input from stakeholders and the public. Based on the inputs so received, workable legislation may be produced. The current procedure that prohibits intermediate product being shared has failed and must be replaced.

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.