Category: Daily Financial Times

INDIGENOUS tree focused reforestation expert Prof. Friedhelm Goeltenboth on Thursday evening delivered a detailed lecture on restoring landscapes and biodiversity.

Prof. Goeltenboth serves at the University of Hohenheim, Germany and is Scientific Advisor to NatureLife-International, a German-based organisation working on environmental protection and sustainable development.

He was hosted by Dilmah Conservation for the well-attended talk given at Genesis, the Dilmah Centre for Sustainable Future in Maligawatte, as part of the Genesis Thought Leadership series.

A regular visitor to Sri Lanka over the decades, he is familiar with the lament of deforestation in the country and has been working with many likeminded Sri Lankans to rectify the situation with rainforest farming.

Prof. Friedhelm Goeltenboth is an expert in indigenous tree-based reforestation, specialising in tropical ecology and agroforestry with around three decades of experience in ‘closest to nature’ landscape restoration following the Rainforestation Farming model.

Sharing examples from diverse countries including Indonesia, China and Sri Lanka, Prof. Goeltenboth explained the priceless investment humans can make in their lives to keep planet earth alive and busted the myth of monoculture industrialised farming being seen as the answer to deforestation.

Explaining that nature is never the enemy of humans, unless driven by shortsighted greed and humans create such a scenario, Prof. Goeltenboth spoke at length on how the clearing of natural rainforests in diverse parts of the world to farm mass scale crops such as palm trees or cassava is having a disastrous impact on our home – planet earth. He explained that in places such as Indonesia and Vietnam where for example industrialisation of mono crops of palm trees are grown, the earth resembles a cometary with no insects buzzing around due to biological components of the palm tree and high intense agricultural measures. So what is the solution? Returning to the science of the earth – farming through the creation of natural forests beginning with collecting seeds from indigenous plant species, transporting them in nature based means such as wrapped in banana leaves or cane baskets (plastic bags are not recommended due to mould gathering owing to humidity) and thereafter creating sustainable food production units that emulate forests. This means they have a canopy like what nature intended and ancient indigenous community sustainable food growing systems like the Kandyan home gardens in Sri Lanka.

Enhancing forest cover

It is now weeks since Sri Lanka suffered from one of the worst natural disasters in recent history where over 600 humans were buried instantly under collapsing mountains and those listening to Prof. Goeltenboth understood that what we are facing may be just the tip of the iceberg as calamities such as these are building up where any day could be a doomsday. However, what was also made very clear is that each human on this earth could make a difference by choosing authentic and honest to earth means of returning to the planet its due – rainforests. In doing so it was emphasised that humans can carve a niche for human sustenance by creating the forests in a manner that integrate nature driven food production.

Given that this illness infested world has lost most of its plant species of indigenous medicinal nutrients, Rainforest Farming could be the saving grace for the health of humans and that of the soil which are in any case entwined like veins in one body.

The lecture of Prof. Goeltenboth was ‘scientific’ using the yardstick of modern science, however it was clear that he considered the earth as his superior, not a student who should learn from man. One striking photograph that he featured in his presentation was of humans in China contracted to be ‘pollinators’ – perched atop trees, because industrialised chemical agriculture had killed off the bees and bats who do this duty free of charge.

‘This is the pathetic state that we have got to in our world. May we end this so that our future generations never see this kind of scenario,’ Prof. Goeltenboth stated, stressing that this planet we are occupying for the fraction of time that it takes for a lifetime to be spent is borrowed from the future – from the future of future lives.

He also reminded us of things we may have forgotten – such as how the tea plant which we generally known as a dwarf shrub is actually a tall tree. What we see around us is the version doctored by man to fetch out a particular brew.

Although he did not feature in detail the lists of individual indigenous plant varieties that can be drunk or eaten by humans – it is upto us thinking beings to research into the deep earth intelligence and be introduced to the extent of food and drink that the earth has gifted us. We could then understand the vastness of the bounty we have missed in our race towards the deadly mirage that we have daydreamed ourselves into, myopic of the shortly arriving nightmare.

In his blunt assessment of the worldwide ‘conferences’ that are held in the name of finding solutions to climate change and related natural disasters Prof. Goeltenboth quipped that there are three levels of discussions – talk, small talk and gossip. Much of the international events purportedly championing earth protection realistically fall in the above three categories, he noted.

Carbon sequestration standards

Speaking on carbon sequestration standards his presentation showed that five standards presently cover the essential issues for credible carbon accounting methodologies. What was explained was;

‘That Clean Development Mechanism (CDM)’ is only applicable for the carbon offset market afforestation and reforestation and that Voluntary Carbon Standard (VCS) provides guidance on carbon accounting with climate, community and biodiversity standard (CCB) including social and environmental impacts.

Drawing examples from countries such as Indonesia the link between community poverty practices that keep the earth poor as well was pointed out. One example which was narrated was how a relatively small amount borrowed by a South East Asian rural family from a landowner who sold his land for monoculture farming kept the indebted family entrapped for over three generations. The sum had risen to 3,000 Euros which although not a big sum by international standards was a massive amount in a rural village and the male family member was a slave of the landowner.

‘We provided 3,000 Euro to this man. We saw the transformation. He changed from being a bonded conspirator who damaged the earth through high intense industrialised farming (due to a family debt) into being an earth restoration focused farmer joining the global Rainforestation Farming endeavor.’ The ‘incentives’ that can be obtained through the result of such a metamorphosis was shown. For example, speaking on the intersection between tourism and nature he emphasised that a ‘monoculture’ is of no interest for tourists and that a foreign visitor to a particular geographical location would want to see highly diverse ecosystems. Prof. Goeltenboth pointed out that these indigenous eco systems do not exist in an isolated manner but are immersed with cultural places of interest and traditional rural life.

Economic quantification

One of the most important points of his lecture was the economic quantification of a standing tree (generally we consider a dead tree to be of financial value). Referring to a living indigenous tree of great height growing in the Asian region it was pointed out that in an anticipated total lifespan of about 80 years the oxygen production worth in USD would be $31,250, pollution control $62,000, anti erosion $31,250 and water retention and filtering on a similar financial scale.

The planting of rainforest farming begins with collecting the seeds from forest based indigenous mother trees and then carefully nurturing the trees after planting them in the shade to be transported again very carefully to the designated rainforest farming location. From his experience in Sri Lanka the Winged Seed of Indigenous Rainforest Tree (Dipterocarpus Ceylonica) was cited as one of the seeds that can be collected to save the earth best and be incorporated into rainforest farming. Asked by a member of the audience if seed dropping from planes/sky can be used to aid the reforestation process in locations that humans cannot access, he replied in the affirmative.

We will at this point end this piece of writing but this theme will be continued. We will also publish a discourse with Prof. Friedhelm Goeltenboth who uses his academic training in tropical ecology, agro ecology and environmental sciences to promote sustainable agriculture in the tropics, tropical forestry and landscape rehabilitation.

Confined to home due to a twisted ankle, I nevertheless found myself intermittently attending many events. An unavoidable family wedding and homecoming, the ceremonial induction of the new President of CA Sri Lanka, and even ventured out of Colombo for an enjoyable two-day visit to my ancestral home with my son, daughter-in-law, and granddaughter.

Self-inflicted prolonged recovery and thoughts to publish

Inevitably, these movements prolonged my recovery-a quiet reminder that I had taken for granted the mobility so effortlessly enabled by my anatomy. Yet, on the bright side, those enforced days at home led me, almost unconsciously, to develop several articles. After three weeks of “self regulated care”, I then took the advice of a dear friend who introduced be to a physiotherapist/chiropractor, who guided me well through a series of exercises. I think I am now on the road, to recovery.

Beyond economics, politics or governance

From among the many drafts that emerged during this period of enforced stillness, the one I chose to prioritise for publication in this Thought Leadership Forum column, is not about country-level economic policy or strategy, development or trade economics, or corporate restructuring. Nor does it address state-owned enterprise restructuring, privatisation, open markets and regulation, banking and risk management, or the quality and oversight of professional services-areas that typically dominate my writing and public engagement. Instead, it is one which focuses on ageing, (which inter- alia prolongs recovery) -not as a function of time alone, but of what we allow to accumulate when repair and renewal are neglected

Intellectual capital assets

Thus today, I turn to a subject that underpins all of the areas referred to above, but is rarely discussed with the seriousness, the time and space, it deserves. It concerns how we sustain the physical, mental, emotional, and spiritual capacity of those who constitute a nation’s intellectual capital, even within an increasingly artificially intelligent ecosystem. If properly understood and consciously nurtured, these intangible capital assets can remain productive and relevant far longer than is often assumed, extending their contribution well beyond the generally accepted ‘expiry or best-before’ dates.

The trigger

I must say of course, that the thoughts that follow are based on research I did, triggered or inspired by a recent post on Linkedin, by a Dr Gotabhaya Ranasinghe, about ageing, accumulation, and autophagy. I took barely five minutes to absorb the refreshing, scientific insight I gained, which in turn prompted a desire to learn more, more so, since my mind also went to an article I wrote for the Daily News around 2007, titled ‘Intellectual Capital Flight,’ at a time when many skilled professionals and technicians, of many ages, were leaving our shores amidst the daily military conflict. Then, the concern was outward loss. Today, the risk is equally about inward erosion-what happens when accumulated damage quietly shortens the effective life of our most valuable human assets.

Dr Gotabhaya Ranasinghe

I Google searched Dr Gotabhaya Ranasinghe and learned that he is a Sri Lankan medical professional and academic whose work focuses on preventive health, metabolic well-being, and the biological foundations of ageing. What distinguishes his public engagement is his ability to translate complex medical science into accessible insight, encouraging informed reflection rather than prescription.

From observation to biological insight

Dr Ranasinghe’s brief video on LinkedIn, commences with a conversation he has with a naturalist, that touched on eating patterns- three meals a day, and the idea of accumulation. His observation-that we do not age merely with time, but with accumulation-prompted me to extend my research.

My exploration of his science was not as a clinician but in keeping with the guiding philosophy of my Thought Leadership Forum, of sharing knowledge and enhancing awareness, even beyond one’s professional domain. Particularly the concept of autophagy-proved sufficiently compelling to merit sharing.

Youthfulness, ageing and cellular housekeeping

Modern biology increasingly suggests that ageing is less about the steady passage of time and more about the gradual accumulation of cellular damage. Each day, the body is exposed to metabolic stress, oxidative damage, low-grade inflammation, and microscopic wear and tear.

In youth, these cellular stresses-the everyday wear and tear that accumulates as damage-are efficiently managed and cleared. With advancing age, the challenge is not that damage suddenly appears, but that repair mechanisms gradually lose efficiency. As clearance slows, damaged cells, dysfunctional proteins, and metabolic waste begin to accumulate. Ageing, in this sense, is not a sudden decline-it is a quiet failure of housekeeping.

Autophagy: The body’s natural renewal process

At the centre of this cellular housekeeping is a process called autophagy-literally ‘self-eating.’ In simple terms, it is the body’s natural recycling and renewal mechanism. Autophagy identifies damaged or dysfunctional cellular components and breaks them down so their basic materials can be reused. It is not destructive; it is restorative. By clearing out cellular clutter, autophagy keeps cells efficient, resilient, and functional. When this process slows or falters, damaged components accumulate, contributing to inflammation, organ dysfunction, and the onset of chronic disease.

Healthy autophagy is essential across the body, but it is especially critical for organs and tissues that have limited regenerative capacity. For example, heart muscle cells work continuously and rarely divide, so their internal ‘quality control’ depends heavily on autophagy. When this system functions well, heart cells remain robust. When it falters, damage accumulates, increasing the risk of cardiovascular decline over time. Similarly, in blood vessels, autophagy preserves the lining, reduces oxidative stress, and maintains elasticity. In short, cleaner cells support healthier circulation; cluttered cells accelerate ageing at the tissue level.

Repair requires signals, not automatic

One of Dr Ranasinghe’s most important insights is that autophagy does not run on autopilot. It requires specific biological signals to activate. Modern lifestyles-constant eating, frequent snacking, sugar-rich diets, and prolonged inactivity-send the body a continuous signal of abundance. In this state, the body prioritises growth and storage over repair. Autophagy remains largely suppressed, and cellular clutter quietly accumulates.

From storage and growth to maintenance

Repair and renewal are activated when the body experiences intermittent, manageable stress-signals that resources are scarce or that effort is required. These signals prompt cells to switch from storage and growth into maintenance mode, clearing damaged components and refreshing function. In essence, the body’s cleanup crew works best not under perpetual abundance, but under controlled, intentional challenge.

Healthful practices and maintenance modes

Certain everyday practices naturally signal the body to enter repair and maintenance mode, activating autophagy. Research increasingly highlights a few key approaches:

Fasting or time-restricted eating: Periods without food prompt the body to shift from growth and storage to cellular cleanup, reducing accumulated damage.

High-intensity or challenging exercise: Effortful activity sends a signal of physiological stress, encouraging repair processes at the cellular level.

Sustained movement and long walks: Regular physical activity maintains circulation, oxygen delivery, and metabolic balance, supporting overall cellular renewal.

Balance, not extremes

The goal is not extreme deprivation or exertion, but to provide moderate, consistent signals that awaken the body’s internal housekeeping system. Overdoing it can be counterproductive, while too little allows cellular clutter to build. Balanced, intentional practices give the body the opportunity to refresh itself without tipping into harm.

Autophagy-and cellular repair more broadly-is governed by balance. Moderate fasting, consistent movement, and purposeful physical challenge provide the body the signals it needs to maintain and renew itself, without tipping into stress or injury.

Rethinking ageing through awareness

Autophagy reframes how we understand ageing. While we cannot stop the passage of time, we can influence how much cellular damage we allow to accumulate. Health is shaped not only by what we consume or add, but also by what we allow the body to clear away.

For a non-medical professional like myself, this insight is both humbling and empowering. I am hopeful that I have researched, read, understood and interpreted my learning “technically” appropriately, to the limited extent my layman mind can. I apologise if I have not conveyed this valuable finding correctly and hope this urges medical practitioners to write in. I would like to invite Dr Ranasinghe, in particular, who I have yet to meet and talk with, to provide any correction, or further clarification. Understanding how the body maintains itself allows us to make more thoughtful choices, enhancing longevity, vitality, and our continued contribution to society.

I am grateful to Dr Gotabhaya Ranasinghe for sharing his knowledge and provoking my curiosity, inspiring further research and this writing. On a personal note, two days ago, I switched to two meals a day, and despite mild discomfort introduced into my morning routine, exercises that my physiotherapist recommended. I of course look forward eagerly to restoring my morning walk, which always inspires me.

For those interested, here is the link to Dr Ranasinghe’s LinkedIn post, which sparked all of the above.

https://www.linkedin.com/posts/gotabhaya-ranasinghe-1b600a23_we-do-not-age-simply-because-time-passes-activity-7419997206230806528-ktaC?utm_source=share and utm_medium=member_android and rcm=ACoAAAe29xUBmxrRDh62MyaORN9aZSDcN0xIMWY

This article will be incomplete if I do not refer to those who discovered this concept of autophagy and those who took it further.

Pioneers and Nobel Prize winners

Christian de Duve, the Belgian biochemist who coined the term autophagy and discovered lysosomes, laid the conceptual foundations for understanding the cell’s internal recycling system-a breakthrough that earned him the 1974 Nobel Prize in Physiology or Medicine. Decades later, Yoshinori Ohsumi, the Japanese cell biologist, built on this foundation by uncovering the molecular machinery and genes that drive autophagy, work that transformed it from an observed phenomenon into a fully mapped biological process and earned him the 2016 Nobel Prize in Physiology or Medicine. Together, de Duve and Ohsumi’s Nobel-winning contributions established autophagy as a central mechanism of cellular renewal, health, and longevity, with profound implications for ageing and disease.

Attorney General (AG) Parinda Ranasinghe has been facing intense attacks, criticism, as well as slander, particularly through social media. It is quite evident this campaign of defaming the AG is led by forces and sympathisers allied to the NPP Government. The Bar Association of Sri Lanka (BASL) as well as the Opposition have condemned the acts of insult against Ranasinghe and have accused the ruling party of carrying out a concerted campaign to undermine the authority and credibility of the coveted post.

The cause for the wrath of the NPP sympathisers towards the AG and his department is due to the reported reservations expressed by certain officials of the AG’s department over indicting former President Ranil Wickremesinghe on his alleged misuse of Rs. 16.6 million of State funds during his stopover in the UK in 2023 while returning to Sri Lanka from the official visit to the UN General Assembly. Two weeks ago, our sister newspaper The Sunday Times reported that Deputy Solicitor General (DSG) Wasantha Perera, who had been supervising the probe against the former President and his former secretary Saman Ekanayake, had withdrawn from the controversial inquiry. The DSG had opined that investigations have not unearthed sufficient evidence to charge either Wickremesinghe or any other individual.

On the contrary, the probe’s chief supervising officer had pointed out that criminal charges can be filed against Wickremesinghe based on the available evidence. The Government has already been accused of weaponising the law to harass and intimidate Wickremesinghe. The investigations against Wickremesinghe are led by Director of the CID Shani Abeysekara, who was appointed to his current post last June. Abeysekara actively extended his support to the NPP at the Presidential election a year ago and it is well known the controversial top detective has a personal resentment towards Wickremesinghe. It is alleged that the CID team had undertaken their much-publicised visit to the UK without obtaining Mutual Legal Assistance (MLA) from the UK authorities under the provisions of the Mutual Assistance in Criminal Matters Act to determine whether the invitation reportedly sent to Wickremesinghe by Wolverhampton University to attend his wife’s graduation ceremony was genuine.

Detractors of Wickremesinghe allege that Ranasinghe is biased towards the former as he was appointed during his tenure as President. The leading social media personalities backing the Government have openly called for the removal of Ranasinghe from the position of AG owing to his alleged partiality towards the UNP Leader.Meanwhile, the BASL in its statement over the public criticism of the AG quite rightly mentioned that the AG performs a quasi-judicial role in criminal matters and is required to decide whether to indict suspects based solely on the evidence presented by investigative authorities and the likelihood of securing a conviction under the law. The AG should be given the freedom of discharging his duties based on his own technical and subject expertise without being intimidated by political parties.

One of the key pledges given by the NPP was to depoliticise the investigating agencies of law but the intimidating tactics of the ruling party sympathisers against the AG run counter to the idealistic rhetoric conveyed before coming into power. Instead of depoliticising, the administration is trying to extend political influence across all vital Government departments as evident by the attempts to appoint a loyalist of the Government to the other AG post – Auditor General – bypassing the most senior ranking officer of the National Audit Office.

Lawyers represent a powerful section of society and attempts to threaten and intimidate the incumbent AG would only tarnish the reputation of the administration, which vowed to break from the past, among civil society as well as professionals. Civic-conscious citizens need to raise their voices against the Government’s moves to undermine independence and authority of the vital State institutions.

The Colombo Chief Magistrate’s Court yesterday issued a reminder to the Attorney General (AG) to expedite legal advice relating to a money laundering investigation involving Sri Lanka Podujana Peramuna (SLPP) MP Namal Rajapaksa and four others.

The Criminal Investigation Department (CID) informed Court that it has not yet received the AG’s advice on the future legal action to be taken against the suspects.

Colombo Chief Magistrate Asanga S. Bodaragama fixed further magisterial inquiry into the case for 30 July.

The suspects named by the CID are Namal Rajapaksa, Sudarshana Bandara Ganewatta, Nithya Senani, Sujani Bogollagama, and Indika Prabhath Karunajeewa.

The Financial Crimes Investigation Division, which initially handled the investigation, had previously informed Court that investigations revealed alleged money laundering amounting to Rs. 15 million at NR Consultation Ltd., and a further Rs. 30 million at Gowers Corporation Ltd., in 2012.

Ceylon Land and Equity PLC has appointed Kishan Vairavanathan to its Board as an Independent Non-Executive Director

Vairavanathan is currently a Non-Executive Independent Director of Galle Face Capital Partners PLC and a Non-Executive Independent Director of Premier Wealth Management Ltd. and a Consultant at Nestor Stockbrokers Ltd.

He held directorships in Dynamic Global Ventures Ltd., Inventive Automobiles Ltd. and Dyno Innovations Ltd. up to November 2022.

He was the CEO of Asia Wealth Management Ltd. between February 2023 and May 2024. Prior to holding this post, he was the Managing Director of Assetline Capital Ltd. and Assetline Securities Ltd. between November 2016 and February 2022. He also held directorship positions in four other companies in the David Pieris Group, namely DPMC Assetline Holdings Ltd., Assetline Leasing Company Ltd., David Pieris Investment Properties Ltd. and David Pieris International Ventures Ltd.

Before joining the DPMC Group Vairavanathan held CEO/Director posts in the Capital Alliance Group for eight years. He was a Director of Janashakthi Ltd. and was also General Manager Investments at Janashakthi Insurance and the head of NDB Stockbrokers. He holds a Master in Business Administration (Finance and Investments) from the United States and a Bachelor of Science in Mathematics from the University of Sussex, United Kingdom.

Sri Lanka’s premier business chamber, The Ceylon Chamber of Commerce Chairman Krishan Balendra said the economic impact of the recent cyclone has been moderate, with most key sectors recovering faster than initially feared.

Speaking at the Asia Securities Investor Conference this week, Balendra said assessments conducted around two weeks after the cyclone showed that total damage to cultivated agricultural land was lower than expected, with about 10% fully damaged and a further 5% partially affected. He said agriculture has since returned almost fully to normal operations, with no sustained shortages or sharp price increases.

‘There was an initial spike of about 1% in prices, which was visible in supermarkets, but there is no scarcity of vegetables or fruits,’ he said, adding that fears of prolonged food inflation had not materialised.

Balendra said banks had estimated that roughly 1% of their overall loan portfolios were impacted by the cyclone, while exporters had raised concerns about temporary factory shutdowns and order cancellations. However, he said by the end of December 2025, the impact on exports had not proved material.

Tourism infrastructure damage was estimated at about Rs. 500 billion, based on data collected from member companies by industry bodies. Despite this, Balendra said the sector had recovered quickly, with arrivals showing resilience.

He said tourist arrivals in the first 25 days of January were about 10% higher than the same period last year, which itself had been a record year. While arrivals immediately after the cyclone were estimated to be 5-10% lower, he said overall momentum remained strong.

Balendra said consumption indicators also suggested limited economic fallout, with supermarket volumes returning to earlier levels. ‘Consumption is quite robust, which indicates there cannot be too much of an impact on the economy,’ he said.

Looking ahead, The Ceylon Chamber Chief identified tourism, construction, ICT, and consumption as the main growth drivers for 2026. He said construction activity was expected to pick up with post-cyclone reconstruction spending, the resumption of major infrastructure projects, and renewed apartment development, including projects in Port City and suburban areas.

He said ICT and business process services had grown into a material export sector, with estimated earnings of about $ 1.65 billion in 2025, and that growth momentum was expected to continue.

On tourism, Balendra said India would remain Sri Lanka’s largest and most important source market, with significant long-term growth potential. However, he stressed that higher tourist spending would require refurbishment of existing hotel stock and the entry of more international hotel brands.

He also noted improving city hotel occupancy, which rose to 69% in November 2025 and about 62% in December 2025, with January occupancy expected to exceed 70%, creating scope for upward price adjustments.

A World Bank rapid assessment of the economic impact estimates the damage at $ 4.1 billion, or 4% of GDP.

The 13th session of the Sri Lanka-Pakistan Joint Economic Commission (JEC) was successfully held yesterday in Colombo, reaffirming the strong and longstanding bilateral relations between Sri Lanka and Pakistan.

The Sri Lankan delegation was led by Trade Minister Wasantha Samarasinghe, while the Pakistani delegation was headed by Pakistani Prime Minister’s Special Assistant for Industries and Production Haroon Akhtar Khan.

At the conclusion of the JEC, the agreed minutes were signed by both Co-Chairs, formalising cooperation across multiple sectors.

In the IT and digital economy, both sides agreed in principle to establish a Joint Working Group on IT and telecommunications, cooperate in emerging technologies, and support each other in international digital and telecommunications fora.

In the area of industrial cooperation, the two sides discussed expanding trade in chemicals, polymers, engineering goods, glassware, surgical instruments, and pharmaceuticals.

Sri Lanka invited Pakistani pharmaceutical companies to explore investment opportunities in designated pharmaceutical manufacturing zones. Both countries agreed to enhance collaboration in Export Processing Zones and strengthen cooperation in the Small and Medium Enterprise (SME) sector through their respective development agencies.

The Commission made substantial progress in agriculture and livestock cooperation, agreeing to collaborate on meat exports, livestock farming, seed certification, sanitary and phytosanitary harmonisation, pest risk analysis, and capacity building.

Notable progress was made towards finalising procedures for the export of Sri Lankan pineapples and avocados to Pakistan. Both sides also discussed electronic phytosanitary certification (ePhyto), blockchain-based seed traceability systems, and expanded trade in agro-commodities such as rice, sesame, and onions.

In the field of education, both sides agreed to promote academic and research cooperation between higher education institutions, facilitate faculty and student exchanges, share best practices in accreditation and quality assurance, and encourage Pakistan as a higher education destination for Sri Lankan students. The establishment of a Joint Working Group on Education and Science was proposed, alongside the finalisation and renewal of several Memoranda of Understanding (MoUs) between key institutions.

Cooperation in science, technology, and innovation was reinforced through the effective implementation of the existing bilateral MoU. Both countries agreed to pursue joint research initiatives in advanced materials, biotechnology, climate change mitigation, and emerging technologies, including collaborative research projects, student exchanges, and co-authored publications.

In the health sector, both sides agreed to enhance collaboration through joint research, academic exchanges, regulatory cooperation on therapeutic goods, and capacity building. A proposal was made to establish technical working mechanisms for regulatory harmonisation, fast-track registration of essential medicines, joint ventures, public-private partnerships, epidemiological surveillance, and coordinated responses to disease outbreaks.

In the areas of maritime cooperation, Pakistan offered technical expertise, training, and industrial collaboration through its shipbuilding institutions. Both sides explored opportunities for enhanced maritime connectivity, including transshipment cooperation, port collaboration at Karachi and Gwadar, direct shipping routes, logistics integration, and maritime training programs.

During the JEC, commerce secretary-level talks also reviewed the progress of the Pakistan-Sri Lanka Free Trade Agreement (PSFTA). The discussions were led by Pakistan Commerce Ministry Secretary Jawad Paul and Sri Lanka Trade and Commerce Secretary K.A. Vimalenthirarajah.

Both sides, along with their respective delegations, assessed the current implementation of the PSFTA and identified practical measures to further enhance bilateral trade and economic cooperation between the two countries.

On the sidelines of the JEC, Khan held several bilateral discussions with key members of the Sri Lankan Cabinet, including Industry and Entrepreneurship Development Minister Sunil Handunneththi, Labour Minister and Finance Deputy Minister Dr. Anil Jayantha Fernando, and Deputy Health Minister Dr. Hansaka Wijemuni, underlining cooperation across the industry, labour and employment, and health sectors.

Both delegations expressed satisfaction with the outcomes of the 13th session and reaffirmed their commitment to regular engagement and effective implementation of agreed initiatives.

It was mutually agreed that the 14th session of the JEC would be held in Islamabad on dates to be decided through diplomatic channels.

Speaking at the Pathfinder Foundation’s first Ambassador’s Roundtable for the year on 21 January, Republic of Trkiye Ambassador Dr. Semih Ltf Turgut outlined Ankara’s foreign policy priorities amid a period of heightened global turbulence, stressing diplomacy, dialogue, and cooperation as essential tools for navigating an increasingly unstable international environment.

The Ambassador observed that the turbulence and uncertainty of recent years have carried forward into 2026, with unresolved conflicts, shifting power balances, and declining respect for a rules-based international order. He stressed that while geography may separate Trkiye and Sri Lanka, both countries share a common aspiration for peace, stability, and sustainable development at regional and global levels and emphasised the importance of strengthening bilateral, regional, and multilateral cooperation at a time when collaboration is of utmost importance.

Highlighting the changing nature of global politics, the Ambassador noted that international relations are increasingly shaped by differing perspectives and interpretations of geography, history, and power. He stressed that conflicts in seemingly distant regions can have significant ripple effects worldwide, reinforcing the need for informed and flexible foreign policy approaches.

Turning to current global conflicts, the Dr. Turgut referred to the ongoing wars in Ukraine and Gaza as defining crises of the present era. He stated that these conflicts demonstrate both the limits of military power and the deep humanitarian costs of war, while also exposing a certain duplicity in the international system. Emphasising the fragile nature of ceasefire efforts, particularly in Gaza, he called for sustained international engagement to prevent further escalation and human suffering.

The Ambassador also drew attention to continued instability in the Middle East, including developments in Yemen, Iran, and the Horn of Africa, as well as rising tensions in Europe and East Asia. He cautioned that increasing militarisation, proxy rivalries, and geopolitical competition risk further erosion of global stability, while economic pressures and austerity measures could fuel political extremism in many regions.

Outlining Trkiye’s foreign policy priorities, he stated that Ankara’s approach is anchored in regional peace, stability, and independence. He noted Trkiye’s continued efforts to mediate between Russia and Ukraine, emphasising the importance of securing the Black Sea for global food security. He also reaffirmed that full membership in the EU remains a strategic priority for Trkiye and highlighted its engagement in Central Asia through the Organisation of Turkic States and its focus on economic cooperation in energy and transport corridors.

Concluding his address, the Ambassador stressed that diplomacy remains the most effective and least costly instrument of foreign policy, particularly at a time of resource constraints and global uncertainty. He called on the international community to prioritise dialogue over confrontation and to uphold the principles of sovereignty, non-interference, and cooperation in pursuit of lasting peace.

Following the presentation, the session continued with an interactive Q and A discussion covering global security developments, regional dynamics, economic challenges, and prospects for enhanced Trkiye-Sri Lanka cooperation.

The Pathfinder Foundation is a leading Sri Lankan think tank dedicated to promoting informed dialogue on foreign policy, economic development, and strategic affairs through initiatives such as the Ambassador’s Roundtable, which brings together diplomats, academics, business leaders, and media representatives for high-level discussions.

The Securities and Exchange Commission of Sri Lanka (SEC) and the Colombo Stock Exchange (CSE) successfully concluded the ‘Invest Sri Lanka’ Investor Forum in Dubai on 22nd January 2026 at the Sheraton Grand Hotel, as part of a series of roadshows across the Middle East.

The forum, targeting the international investment community and Sri Lankan diaspora, served as major events in Dubai and Abu Dhabi to spotlight Sri Lanka’s emergence as a rising frontier market with zero capital gains tax amid a sustained rally that has delivered rapid growth over the past few years.

The forum brought together high-level Government officials, regulators, leading stock brokering firms, international investors, fund managers, banks and the Sri Lankan diaspora to foster connections and promote long-term capital flows into Sri Lanka and featured a panel discussion and presentations from key speakers. Alongside the forums, the SEC and CSE facilitated strategic meetings with several prominent regional institutions, including UAE state-owned global investment firm Mubadala Investment Company, Abu Dhabi Securities Exchange and Chamber of Commerce. Additionally, meetings were held between the Central Bank of Sri Lanka and leading UAE-based banks to discuss the resumption of foreign credit lines to Sri Lanka.

The Dubai forum was marked by the presence of several senior level policy officials, market leaders and market regulators and facilitators, including; Central Bank of Sri Lanka Governor Dr. P. Nandalal Weerasinghe, Industry and Entrepreneurship Development Deputy Minister Chathuranga Abeysinghe, Sri Lanka Ambassador to United Arab Emirates Prof. Arusha Cooray, Consul General of Sri Lanka to Dubai and the Northern Emirates Alexi Gunasekera, SEC Chairman Senior Prof D.B.P.H. Dissabandara, CSE Director Ray Abeywardena and Lynear Wealth Management Ltd., Co-Founder and Managing Director Dr. Naveen Gunawardane

In her welcome address, Ambassador Cooray said: ‘The bi-lateral relationship between SL and the UAE has grown significantly in the recent past, entering a new phase of friendship and cooperation. Last year posed significant challenges for Sri Lanka following Cyclone Ditwah, the impacts of which continue to be felt across the country. I would like to take this opportunity to express Sri Lanka’s sincere gratitude to the UAE Government and its people, for the support rendered during the cyclone.’

Highlighting the strength of bilateral trade ties, the Ambassador noted that the UAE is Sri Lanka’s largest trading partner in the Middle East, and was Sri Lanka’s 7th largest export destination with exports valued at $335 Mn in 2025. She further added that the UAE was Sri Lanka’s 3rd largest import origin, with imports valued at $1.3 billion also last year.

Speaking on investment opportunities, she emphasised that the UAE is additionally the sixth largest investor in Sri Lanka and as identified, there is large potential in several areas including logistics, energy, ports, IT, agriculture, hospitality, tourism, and real estate.

She noted, ‘Our focus has primarily been on FDI, but the presence of this delegation signals growing potential for portfolio investment as well.’

Turning to labor cooperation, she pointed out that labour is another key area of cooperation, given the 350,000 Sri Lankans residing in the UAE.

On remittances, she stated that the UAE was also the highest or second-highest source of remittances to Sri Lanka during the first three quarters of 2025.

Reflecting on diplomatic progress, the Ambassador remarked that on the diplomatic front, the past year alone has seen a number of high level visits.

She elaborated, ‘The Investment Promotion and Protection Act between Sri Lanka and the UAE was signed during the visit of the President Anura Kumara Dissanayake to the UAE last year, and the National Chamber of Commerce of Sri Lanka and the Federation of the UAE Chambers of Commerce and Industry signed an MoU in April 2025, during the visit of the Deputy Prime Minister and Foreign Minister of the UAE to Sri Lanka, Abdullah bin Zayed Al Nahyan.’

Highlighting market performance, CSE Director Ray Abeywardena said: ‘The All-Share-Price-Index (ASPI) has experienced exponential growth and today, as we gather here, it sits over 23,800 points, representing a staggering 120% growth since October 2024, post the Presidential Election.’

Emphasising the investment opportunity, he noted, ‘To put that in perspective: An investment made in our equity market just over a year ago would have more than doubled in value. He added, ‘And as you are aware capital gains acquired in our market is free of tax.’

On regional performance, he remarked, ‘The performance speaks for itself. I am pleased to highlight that in 2025, the Colombo Stock Exchange was the 3rd best performing market in the entire region. He elaborated, ‘We have demonstrated resilience, robust volume, and a full year growth of 42% on the ASPI and over 26% on the S and P SL20 in 2025.’

Speaking on capital raising activity, he stated, ‘I am pleased to state that in 2024, $568 million was raised in the Capital Markets on the CSE and a further $408 million in 2025 bringing total capital raised to a sizable $976 million. He affirmed, ‘I can state confidently that the momentum is certainly encouraging.’

On valuation and investment appeal, he highlighted, ‘Despite the surge, the Colombo Stock Exchange remains highly undervalued compared to our regional peers. He emphasised, ‘From a valuation perspective, we present one of the most compelling propositions in Asia.’

Concluding on market metrics, he noted, ‘We ended 2025 with a market Price-to-Earnings (P/E) ratio of 10.7 times which still makes us the second cheapest market in terms of Price-to-Earnings in the region.’

In his opening remarks, SEC Chairman Senior Prof. Dissabandara, highlighted the rationale behind the forum’s location, stating, ‘We chose to host the Invest Sri Lanka Forum in Dubai to engage directly with this vibrant community and highlight the compelling opportunities available within Sri Lanka’s capital market, including avenues for long-term investment through the Colombo Stock Exchange.’

Speaking on the SEC’s commitment, he emphasised, ‘As the Securities and Exchange Commission of Sri Lanka, we remain firmly committed to fostering a transparent, efficient, and inclusive capital market ecosystem. He added, ‘Today’s forum is not merely about investment opportunities; it further reflects our collective commitment to building a resilient financial infrastructure that attracts global capital while serving the aspirations of our people.’

Outlining the SEC’s mandate, he stated, ‘The SEC is entrusted with three core mandates: protecting investor interests, create, maintain and regulate a fair, orderly, efficient and transparent securities market and ensure the maintenance of high professional standards in the provision of services in relation to the securities market . He noted, ‘Over the years, Sri Lanka’s securities market has played a pivotal role in channeling domestic savings into productive investment, supporting capital formation and economic growth.’

On building investor confidence, he remarked, ‘In today’s competitive global environment, investor confidence ultimately depends on trust, trust built through robust regulatory oversight, transparent governance structures, and the demonstrated ability to act swiftly and decisively when market integrity is at risk.’

In a video address to the gathering, Labour Minister and Finance and Planning Deputy Minister Dr. Anil Jayantha Fernando, said: ‘In the year 2025, we navigated it with stabilisation and high performance in many areas. He elaborated, ‘In the field of political stabilisation, we have demonstrated good governance, clean politics, openness, professional conduct and maintenance of diplomatic relations to showcase how best we should address and maintain uphold the public interest’.

Addressing economic achievements, he remarked, ‘When it comes to economic stabilisation, which was the biggest challenge for us because we wanted to take the country out of the economic abyss’. He emphasised, ‘If you look at the year 2025, all the macroeconomic variables, microeconomic indicators confirm we’ve not only achieved the stabilisation we targeted but exceeded expectations with consistent high performance throughout the year’. He underscored the Governments Fiscal discipline: ‘We have maintained rigorous public financial management, which enabled us to build a robust cash reserve. This has allowed us to regulate financial markets effectively and keep interest rates stable, avoiding fluctuations and unnecessary volatility.’

Adding a Government perspective, Deputy Minister Chathuranga Abeysinghesaid: ‘Sri Lanka is entering a phase of rapid economic growth following a strong and disciplined recovery from recent economic uncertainty. Today, the economy is increasingly predictable, with key macroeconomic indicators moving firmly in the right direction’.

Elaborating on Government initiatives, he emphasised, ‘The new Government is actively improving the ease of doing business through comprehensive legal and technology-driven reforms, creating a stable, transparent, and investor-friendly environment’. He further highlighted that Sri Lanka is strategically positioning itself as a regional economic hub, anchored by the development of Port City Colombo and the expansion of its maritime and logistics capabilities across the Indian Ocean trade routes.

On sectoral growth, he noted that value-added manufacturing and high-growth service sectors are gaining momentum, supported by preferential access to major global markets. He added, ‘At the same time, the Government is accelerating efforts to secure additional market access agreements, further strengthening export competitiveness’.

Speaking on investment returns, he stated that the expansion of industry and the rapid growth of small and medium enterprises are already translating into above-average returns in the capital markets, presenting compelling opportunities for both strategic and portfolio investors.

Concluding his address with an invitation to investors, he said, ‘We invite global investors to explore the emerging opportunities in the Pearl of the Indian Ocean – a nation defined not only by its strategic location and economic potential, but also by its talented people and extraordinary natural beauty.’

Providing the macroeconomic context, CBSL Governor Dr. Weerasinghe, briefed the forum in a segment dedicated to the economic outlook of Sri Lanka in 2026 and beyond. He stated, ‘We all know Quarter 4 in 2025 there was kind of a shock in terms of Cyclone Ditwah, still the 2025 growth was closer to 5%. Looking ahead, he noted, ‘But going forward in 2026 we’ll get back to the same trend in growth because clearly the potential is there. He emphasised, ‘With all the reforms that was basically mentioned by two ministers will enhance the potential from 4% to 5%, medium term maybe 6% to 7%.’

Turning to foreign reserves, he highlighted, ‘We have been able to build reserves. Those are stable reserves, not necessarily based on someone else’s borrowing. He announced, ‘By end of this year we will hit $8 billion Reserves. Not through borrowings or commercial borrowings, through foreign exchange earnings of the country. Reflecting on this achievement, he remarked, ‘We never had in the history this kind of continuous three years of reserves. He assured, ‘That will be the situation going forward. That is the stability and predictability of currency.’

On avoiding past mistakes, he explained, ‘Before 2022 a mistake that we saw is that the central bank tried to fix the currency at some level. And we ran down all the borrowed reserved and ended in a crisis’. ‘He reassured investors, ‘So that I think we can assure you that won’t be the situation in the future. There will be no crisis. There is no balance of payment crisis’. He added, ‘We will have a stable flexible external regime that will take care of the demand for external side both imports and exports’.

On regulatory reforms and capital market implications, he noted, ‘We brought in the regulation where the single borrower limit exposure should be brought down’. He explained its significance to the capital market, so the large corporates that are SOEs should be able to raise their capital through capital markets.’

Providing a market perspective, Lynear Wealth Management’s Dr. Naveen Gunawardane presented on ‘Sri Lanka Equities: Navigating the Next Phase of Growth’ and remarked, ‘Under the IMF program, Sri Lanka has implemented a set of long-overdue reforms that has led the country to a new paradigm in macroeconomic management. He emphasised that Sri Lanka is already experiencing a period of macro stability, and we believe that with these reforms in place, the country can experience an extended period of macro stability, even beyond the tenure of the current IMF program. He explained, ‘In such an environment, one would expect to see stable and market driven interest rates and a stable and market driven currency.’

Reflecting on the country’s economic trajectory, he stated, ‘Sri Lanka has been a country where macro instability has been the norm rather than the exception. He added, ‘We believe that this new paradigm will lead domestic investors, both institutional and retail, to increase, or in most cases to add, allocations to domestic equities and real estate. On valuation and investment opportunities, he noted, ‘Despite the recent rally, Sri Lanka’s equity market remains structurally undervalued and is under-invested by foreign investors. He concluded, ‘Based on LYNEAR’s coverage universe of 45 listed stocks, we believe the market is currently trading at 1-year forward PER of 9.4x, with the banking sector trading at 0.9x estimated December 2026 book value.’

The principal component of the forum was a high-level panel discussion themed ‘Sri Lanka Equity Market Outlook,’ moderated by CSE CEO Rajeeva Bandaranaike. Panelists shared insights on the market’s resilience and potential, showcasing recent policy reforms, improved investment infrastructure, and a strengthened ecosystem that supports sustainable investment as Sri Lanka progresses through 2026.’ Participants also got the opportunity to network with Sri Lanka’s leading stock brokering firms, and directly pose queries to the CSE and SEC, in the networking event that followed the forum.

In his vote of thanks, Consul General Alexi Gunasekera, mentioned that all the presenters had imparted a shared future for Sri Lanka and the UAE.

He emphasised, ‘Coupled with the recently signed Agreement on Promotion and Protection of Investments between Sri Lanka and the UAE when our president visited UAE last year, we are ready to partner with you all for growth, economic development and for a winning situation. He concluded, ‘So just don’t take this event as a conclusion of conversation. Take this event as a beginning of a long-standing partnership that UAE and Sri Lanka will have.’

The forum came in the same week that the Sri Lankan capital market broke three milestones, closing trading for the week with the record highest All-Share-Price-Index (ASPI), S and P SL20, and market capitalisation. Sri Lanka’s capital market has delivered strong performance over recent years, with notable growth in index returns, market turnover, and capital raising activities. The All-Share-Price-Index (ASPI) rose by 269% from 6,129.21 points in 2020 to 22,624.31 points in 2025., The ASPI and S and P SL20 posted returns of 41.89% and 26.64% respectively in 2025, with the year’s momentum marked with increased market turnover of Rs. 1.23 trillion, and ending with a market cap of Rs. 8.068 trillion. Furthermore, Sri Lanka’s equity market stands above regional competitors with a market Price-to-Earnings (P/E) ratio of 10.73x as of the end of 2025, offering strong upside potential for investors seeking frontier market exposure. Last year saw the Sri Lankan capital market prosper amidst significant reforms and positive economic developments, making it an attractive platform for investment and providing opportunities for institutional investors and fund managers globally.

Theses forums form part of a broader initiative to engage the international investor market in the healthy growth currently underway in the capital market, and to empower such investors to exercise allocation that support both growth and portfolio diversification in the rising frontier market of Sri Lanka. Both the SEC and CSE are committed to sustaining this effort through continuous engagement and the convening of similar strategic forums, which are expected to continue for the remainder of 2026.

Top-class player Abdul Sallay will lead the Thurstan rugby outfit for the 2026 season, which will kick off in March.

Amindu Rajapaksha and Ruchira Hishan are the two Deputies of the outfit, both of who add balance and depth to the leadership group.

Under the guidance of Head Coach Shamli Navas, supported by Assistant Coaches Ranuka Medagedara and Nalin Kumara, the side has enjoyed a steady and promising 2025 League campaign. Recording three wins and one draw, the team has shown growing consistency in their last few games. (SJ)