Category: Daily Financial Times

As Sri Lanka navigates the fragile transition from economic stabilisation to sustainable growth, a critical question emerges: what will drive the nation’s relevance in a competitive global economy over the next half-century? Beyond immediate recovery lies the longer, harder task of building a modern, resilient, and high-value economic model. It is in this context that Port City Colombo must be understood, not as a mere real estate venture or a short-term stimulus, but as a foundational platform for national economic transformation.

A Generational Platform, Not a Cyclical Project

Port City Colombo’s scale-269 hectares of strategically reclaimed land and over US$1.4 billion in initial infrastructure-is often cited. Yet its true significance lies in its intended function: a services-led Special Economic Zone (SEZ) designed to export financial, IT, professional, and trade services. In a world where services dominate global GDP and trade, Sri Lanka’s historical over-reliance on low-value-added exports and remittances is a structural vulnerability. Port City Colombo is conceived as a deliberate intervention to pivot the economy towards high-growth, high-skill sectors. With long-term projections of 143,000 direct jobs and US$15 billion in cumulative FDI, it represents a once-in-a-generation opportunity to embed Sri Lanka into global value chains where it can compete on intellect and connectivity, not just cost. This moment matters because the window for establishing such a platform is narrow; global capital and talent flow to jurisdictions that demonstrate clarity, commitment, and credibility.

The Institutional Advantage: Governance as a Strategic Enabler

Perhaps the most revolutionary aspect of Port City Colombo is its institutional architecture. The establishment of the Colombo Port City Economic Commission (CPCEC) as a single-window regulatory authority, empowered by Parliament, is a direct response to the bureaucratic fragmentation and procedural delays that have long hampered investment in Sri Lanka. For long-horizon investors, especially in complex sectors like finance and technology, predictability and efficiency are as critical as fiscal incentives. The CPCEC model signals a seriousness of intent to insulate high-stakes development from routine political and administrative volatility. It is a bold experiment in creating a focused, accountable enclave of governance, where the speed and transparency of decision-making can become a competitive advantage in itself.

Recent remarks by Sri Lanka’s Presidential Special Envoy for Foreign Investment and Western Province Governor, Hanif Yusoof, speaking on Channel News Asia from Singapore, have reinforced this positioning, framing Port City Colombo as a regional, services-led platform with strong policy backing and institutional continuity. For long-horizon investors, such alignment between stated ambition and governance commitment is often as important as incentives themselves.

From Intent to Implementation: The Credibility of Rules

The recent Businesses of Strategic Importance (BSI) Regulations represent the crucial bridge from legislative intent to operational reality. By defining eligibility criteria, categorising strategic businesses, and linking incentives to measurable economic contribution, the BSI framework aims to replace ad-hoc negotiation with rules-based predictability. This is a vital credibility signal to the global investment community. To maximise its impact, the regulations must be administered with unwavering consistency and transparency. The CPCEC’s reputation will be built case by case, on the rigour and fairness of its adjudications. Over time, this framework should evolve, incorporating feedback and adapting to global shifts, but its core principle-that rules trump discretion-must remain inviolate.

Learning from Global Benchmarks, Forging a Unique Path

References to Singapore or Dubai are inevitable, but the most constructive lessons are in the principles, not the copy-pasting of models. Singapore’s success was built on impeccable governance, strategic connectivity, and a relentless focus on human capital. For Port City Colombo, this underscores that world-class infrastructure alone is insufficient. The parallel development of institutional integrity, a supportive legal ecosystem, and a pipeline of skilled professionals is non-negotiable. Sri Lanka’s unique context its democratic traditions, regional dynamics, and post-crisis realities means Port City Colombo must forge its own identity, perhaps as a sustainable, liveable gateway for South Asian and Indian Ocean services trade.

Measuring Meaningful Value: Beyond Square Footage

Success cannot be measured in hectares developed or towers erected. Tangible value to Sri Lanka will be evidenced by:

· Quality of Investment: Attracting globally recognised firms in target sectors, not just speculative capital.

· Employment Structure: The creation of high-skill, high-wage jobs for Sri Lankans, with clear pathways for talent development and knowledge transfer.

· Export Earnings: A measurable, growing contribution to the country’s services exports and foreign exchange reserves.

· Institutional Capability: The CPCEC becoming a benchmark for efficient, apolitical governance that inspires broader public-sector reform.

· National Integration: Ensuring Port City Colombo’s economic activity creates backward linkages, stimulating demand for local suppliers and professionals.

Building Relevance Requires Continuity and Rigour

Port City Colombo is relevance-building infrastructure. Its promise lies in its potential to alter Sri Lanka’s economic trajectory over the next 20-30 years. Realising this promise will demand policy continuity across political cycles, relentless execution focus, and an unwavering commitment to institutional rigour. The recent momentum, from the US$300 million Phase II infrastructure commitment to the groundbreaking of flagship developments like Bay One Residences Colombo is encouraging. Yet, the nation must view these as early steps in a marathon.

As Sri Lanka looks beyond recovery, Port City Colombo stands as a test of its ambition and its ability to execute a long-term vision. If nurtured with strategic clarity and governed with integrity, it can become the engine of a modern, services-driven economy-transforming Sri Lanka from a nation recovering from crisis to a relevant and competitive player in the global arena. The platform is being built. The next 50 years will be written by the quality of the institutions, policies, and people that inhabit it.

John Keells Properties yesterday said that The Offices at Cinnamon Life, located within the landmark City of Dreams Sri Lanka, has reached full occupancy, along with some floors sold to a diverse portfolio of leading local and international corporates, marking a key milestone for the development.

This demand reflects the appeal of City of Dreams as a fully integrated urban destination, offering a seamless blend of work, lifestyle, and city living. Centrally located in Colombo, the development offers seamless access to the Cinnamon Life and Nuwa hotels, and The Shoppes at Cinnamon Life, a curated high-end retail destination with a wide array of premium brands, complemented by luxury residences that enable a truly integrated live-work-social environment within a single destination.

John Keells Group Executive Vice President and Property Sector Head Inoke Perera said: ‘The full occupancy of The Offices at Cinnamon Life reflects a clear shift in how people and businesses are choosing to engage with the city. It offers an environment that combines convenience, connectivity, and lifestyle, enabling a more integrated way of working in Colombo.’

Direct access to key transport infrastructure, including the railway station, major bus terminals, and arterial road networks, ensures seamless movement across the Central Business District, Port City, and expressway access points. This level of connectivity has been a critical driver of sustained occupier demand.

The achievement of full occupancy at the office tower, supported by long-term, high-quality tenants and attractive rental yields, reinforces the development’s positioning as one of Colombo’s most compelling Grade-A office addresses. Beyond location, the broader integrated environment enhances tenant retention by offering immediate access to hospitality, leisure, and amenity infrastructure within the same precinct.

The presence of The Residences at Cinnamon Life, located just steps from the office towers, further strengthens the office proposition, particularly for multinational firms and expatriate executives, by enabling a highly efficient live-work dynamic. This integration reduces commute friction, enhances productivity, and supports longer-term tenant commitment, reinforcing the offices’ value proposition within Colombo’s evolving commercial landscape.

Investment opportunities within City of Dreams Sri Lanka, The Offices, and The Residences at Cinnamon Life, are now increasingly limited. With the office tower having achieved full occupancy and supported by long-term tenants generating attractive rental yields, opportunities to participate in a Grade-A commercial asset of this quality, scale, and location are rare.

In this context, both The Offices and The Residences at Cinnamon Life represent a finite and non-replicable investment opportunity, benefitting from proven demand, embedded infrastructure, and long-term value protection driven by scale, integration, and irreplaceable location, the company said.

Nugegoda SWC, despite their loss by nine wickets to Badureliya SC last weekend, continue to head the Major Plate standings, having carried forward the most number of points from the group stage, which is working to their advantage.

They take on second-placed Kurunegala YCC at the Galle Cricket Stadium, commencing today, in what could be an interesting clash for the top berth. Kurunegala YCC lost their opening Plate match to Panadura SC but, like Nugegoda SWC, have carried forward quite a number of points and are better placed than the teams below them.

Panadura SC, with their win against Kurunegala YCC, have moved to third in the table, with only 0.465 points separating them from Kurunegala YCC. They meet Tamil Union at the Surrey Village Grounds, Maggona. Tamil Union, lying second from the bottom, will need to bring their A game into play if they are to avoid finishing at the bottom and being relegated to Tier B. Last weekend, Tamil Union suffered a major setback when they lost a high-scoring match against Chilaw Marians CC on the first innings.

Badureliya SC and Chilaw Marians CC, who began the Major Plate with victories, confront each other at the Welagedara Stadium, Kurunegala. They are the two teams that carried forward the least number of points from the group stage and have a lot to do in the Plate matches to keep their heads above the surface. – [ST]

From premium exports to everyday FMCG, Design83 (www.design83.studio) has built a strong track record in packaging and brand design. The agency combines consumer psychology, global design expertise and technical execution to deliver work that performs on shelf and in the market, backed by a rigorous creative process and real-world production experience.

Led by a Packaging Native with Global Expertise

Founder Dulesh Fernando brings deep Sri Lankan packaging roots and international experience, having worked across 17+ countries and led projects for some of the world’s biggest consumer brands. His background spans creative direction and technical production, giving him a rare dual perspective on what makes packaging succeed in competitive markets.

With over 15 years of experience, Dulesh developed his craft as Global Design Lead at an award-winning Singapore-based agency before founding Design83. His expertise covers printing technologies, materials, production methods and consumer psychology, ensuring designs are both strategically sound and technically executable.

This practical foundation means Design83 doesn’t just design for screens. Every project is developed with production realities in mind, from substrate selection and printing techniques to shelf performance and supply chain considerations.

The Go To Packaging and Branding Design Agency

While packaging is the cornerstone of Design83’s work, the agency has evolved to offer complete brand design solutions. From brand naming and identity development to comprehensive packaging systems and retail execution, Design83 ensures every brand element is designed to work-not just together, but in the real-world environment where products compete for attention.

The agency follows a methodical creative process: starting with market and consumer insight, moving through strategic creative development informed by behavioral research, and finalizing with technical precision for print and production. This disciplined approach ensures brands are compelling in presentation and consistent in execution across all consumer touchpoints.

Proven Impact Across Industries

Design83 serves clients across fast-moving consumer goods, premium exports, and specialized commercial packaging. Core categories include food and beverage, confectionery, personal care and cosmetics, household products, tea and agro industries, and both consumer and industrial gift packaging. This breadth of experience, from local Sri Lankan brands to international exports, has given the agency deep category knowledge and the ability to adapt creative strategies to different market dynamics and consumer segments.

The agency has collaborated with some of the biggest brands in the region, delivering packaging solutions that have driven measurable commercial success. From award-winning premium packaging to high-volume FMCG redesigns, each project is measured by its market performance, not just its aesthetic merit.

“Every Design83 project to date has delivered real commercial success, proving that creativity backed by strategy always wins in the market.”

This track record stems from Design83’s dual commitment: creative excellence paired with technical application and commercial understanding. The agency doesn’t work in isolation from business realities, it designs with them front and center.

Looking Ahead: Expanding Capabilities, Deepening Impact

Design83 continues to elevate its design capabilities. Through a strategic partnership with PAC (Packaging Advisory Consultants), we now benefit from deeper technical insights into materials, production, and regulations. This allows us to design packaging that not only looks great but also performs effectively in real-world manufacturing and market conditions.

To deepen its research capabilities, Design83 has also partnered with MindScan, a packaging-specialized research agency. This partnership augments Design83’s own consumer insight work with advanced behavioral analysis, shelf testing, and shopper neuroscience-allowing the agency to ground every creative decision in even richer, research-driven intelligence.

International expansion is also underway, with plans to establish a Singapore presence in the near future. This will position Design83 to better serve regional and global clients while maintaining the hands-on, craft-focused approach that has defined its work.

Together, these developments reinforce Design83’s mission: to deliver packaging and brand design that doesn’t just look exceptional but performs where it matters most.

For brands that demand both creative excellence and market results, Design83 continues to prove that it truly never misses the mark.

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.