Category: Daily Financial Times

Sri Lanka stands at an important constitutional juncture. The Cabinet’s decision to approve a Constitutional Amendment Bill extending the retirement age of judges-spanning the Supreme Court, the Court of Appeal, and the lower courts-has sparked an intense discussion. While framed by the administration as an intervention to address severe case backlogs, the proposed amendment has drawn widespread attention and criticism from the legal fraternity, civil society, and religious leaders. Legal experts suggest that modifying the architecture of judicial tenure across all tiers of the court system warrants a careful evaluation of its long-term impact on the independence of the judiciary. The bill, which is the 22nd Amendment to the Constitution, has since been Gazetted and will be submitted to Parliament in the coming days for legislative scrutiny and a debate on its constitutionality.

Status quo: Local and international stakeholders

This concern is deeply shared beyond our borders, where regional and international bodies-including LAWASIA, the Commonwealth Lawyers Association (CLA), and the International Association of Judges (IAJ)-have noted that ad hoc changes to judicial terms can undermine the perception of judicial autonomy. The CLA, specifically, has urged Sri Lankan authorities to abandon these proposed amendments regarding the extension of judges’ retirement ages, citing direct threats to the rule of law. When amendments immediately impact sitting judges, both international observers and local bodies, like the Bar Association of Sri Lanka (BASL) and the Judicial Service Association of Sri Lanka (JSASL),emphasise that the process must remain fully transparent to maintain public confidence in institutional good faith. To truly safeguard an impartial judiciary and avoid scrutiny regarding political motivation, these organisations insist that any adjustments to judicial tenures must strictly align with established international benchmarks, such as the Latimer House Principles.

Reviewing the proposed legislation

The proposed 22nd Amendment seeks to alter Article 107(5) of the Constitution, shifting the mandatory retirement age from 65 to 67 for Supreme Court judges, and from 63 to 65 for the Court of Appeal, alongside parallel statutory adjustments for the lower courts. In many jurisdictions, adjusting retirement parameters to reflect changing demographics and life expectancies is standard practice. However, legal scholars note that structural changes affecting the judiciary are most effective when handled with broad institutional consensus.

The legal fraternity: Internal divisions and stakeholder consensus

The proposed legislation has exposed deep divisions within the polity, legal fraternity, and civil society alike. A cross-section of legal professionals has come forward in support of the bill, arguing that extending the judicial retirement age does not impinge on institutional independence or compromise sitting judges. From their perspective, the amendment is a pragmatic solution to an inherent systemic crisis, offering a direct mechanism to clear a massive backlog of court cases that currently stands at over 1.1 million. Concurrently, proponents have criticised opponents of the extension, citing the mounting resistance as obstructive and politically motivated rather than legally sound.

Be that as it may, counter-arguments indicating a different consensus have emerged from the broader legal profession itself. The Bar Association of Sri Lanka (BASL) convened a special general meeting where thousands of legal practitioners voted to oppose the draft legislation. This high level of alignment within the nation’s largest legal fraternity suggests that the bill is viewed with deep caution by those who interact directly with the legal framework. A key point of the BASL’s reservations is the lack of meaningful consultation and evidence-based justification during the drafting of the bill.

Furthermore, the legal fraternity opined that the administration bypassed formal consultative processes with critical institutional stakeholders, such as the Bar Association of Sri Lanka (BASL) and preeminent legal authorities, prior to the draft’s publication in the Government Gazette. They contend that in a democratic paradigm, pre-legislative engagement with the legal fraternity is essential to guarantee that policy initiatives remain constitutional, pragmatic, and grounded in broad consensus. Consequently, critics posit that the immediate application of this tenure extension to incumbent apex court justices may precipitate significant procedural complications. The experts argue that, should this bill encounter constitutional scrutiny, the justices of the Supreme Court would face a precarious conflict of interest, tasked with adjudicating legislation that directly modifies their own terms of service-a structural overlap that must be avoided to uphold the perceived impartiality and integrity of the judiciary.

A house divided: Partisan friction in Parliament

Meanwhile, this friction is mirrored inside Parliament, where lawmakers remain sharply divided along partisan lines. The NPP, including the Minister of Constitutional Affairs and Prison Reforms, defends the bill as a good-faith measure. Lawyers affiliated with the NPP have justified the bill on the premise that extending the retirement age of experienced judges bodes well for clearing inherent court backlogs. They maintain that retaining experienced senior judges is crucial for the continuous, effective delivery of judgments, and forms a core pillar of the NPP Government’s broader judicial reform agenda.

Conversely, Opposition parliamentarians reject this rationale, viewing the backlog argument as a mere facade. They argue that the bill is an attempt by the executive branch to exert undue influence over the judiciary for narrow political ends, at the expense of judicial autonomy and public trust. Joining the fray, constitutional experts argue that institutional efficiency requires a multifaceted approach and systemic structural reforms, rather than relying solely on extending the terms of sitting judges.

Public and civil society feedback

Beyond the legal sphere, the proposed amendment has drawn sharp responses from diverse sectors of Sri Lankan society. The BASL leadership has noted that the Mahanayakes (Chief Prelates) of the Buddhist chapters, namely, the Malwatte, Asgiriya, Ramanna, and Amarapura Nikayas – have expressed reservations regarding the bill in a joint communication to the executive. In contrast, Government spokespersons maintain that the chief Buddhist prelates have not formally opposed the constitutional amendment but rather accepted clarifications regarding its intent. Similarly, civil society organisations and other religious establishments, including the Church of Ceylon, have urged the Government to prioritise standard, consultative reform processes to safeguard democratic checks and balances. When broad civic and professional groups share a common viewpoint, it highlights the need to treat judicial tenure as a matter of fundamental governance ethics.

Structural and operational realities: Options for addressing backlogs

Critics challenge the administration’s rationale by highlighting that out of the 1.1 million pending cases, more than 90% are bogged down specifically in the lower courts. They argue that this overwhelming bottleneck warrants urgent structural reforms aimed at reinforcing and widening the functional capacity of the broader judicial system. According to this perspective, a practical resolution requires addressing critical administrative bottlenecks, including the expansion of physical courthouses, judicial staff, and operational resources. Furthermore, legal experts emphasise that institutional backlogs cannot be solved without reinforcing crucial supporting bodies, such as the Attorney General’s Department and the Government Analyst’s Department, rather than merely extending the retirement age of judges at the apex and appellate tiers.

Meanwhile, senior legal practitioners have observed that a significant number of existing vacancies within the apex courts remain entirely unfilled. If the primary objective is truly the reduction of caseloads and judicial delays, filling those empty seats and expanding overall court capacity represents a direct, immediate, and far more logical course of action than altering the retirement rules mid-game for sitting apex judges.

Strategic imperatives and international benchmarks

BASL members argue that extending the retirement age of judges was not highlighted as an immediate governance priority in any major political party manifesto. It is also noted that no comprehensive impact assessment or clear structural rationale has yet been publicised to explain the specific urgency behind this legislative path. Given this informational gap, this sudden legislative focus has led to widespread calls for greater clarity regarding the administration’s long-term strategic intent.

Questions have also been raised regarding the selective application of this policy. While the judiciary is being considered for an extended retirement age, other critical branches of the public sector facing similar labor shortages and administrative backlogs remain subject to standard retirement rules. To ensure a cohesive governance strategy, legal analysts suggest that judicial reform should ideally be integrated into a holistic policy encompassing the public sector in its entirety.

On a global scale, international history demonstrates that changes to judicial retirement parameters are most successful when handled through a meticulous and highly collaborative process. For example, when the United Kingdom raised its judicial mandatory retirement age from 70 to 75, the Government engaged in nearly two years of transparent public consultations before passing the Public Service Pensions and Judicial Offices Act 2022. This deliberate approach ensured broad institutional consensus and protected public trust. Adhering to these established global benchmarks safeguards domestic judicial independence from the shifting political vicissitudes of successive administrations.

A path forward: Key takeaways

In light of the extensive reservations voiced by key stakeholders-including professional legal bodies, civil society groups, and religious leaders-halting the current proposal to permit exhaustive national discourse represents the most constructive path forward. Meaningful reform must look beyond temporary measures, prioritising systemic transparency and urgent structural modernisation instead. Addressing the root causes of judicial delay requires expanding physical infrastructure, filling open vacancies across the bench, and empowering lower-tier courts alongside their affiliated institutions. Ultimately, maintaining the clear independence of the judiciary remains vital for the long-term stability of Sri Lanka’s democracy and the progression of the people’s aspirations, directly honoring the governance standards and democratic trust established during the historic September and November 2024 elections.

“The complete independence of the courts of justice is peculiarly essential in a limited Constitution.” – Alexander Hamilton (American Statesman, Legal Scholar, and Founding Father of the United States, writing in Federalist No. 78)

Accelerating momentum and steering Sri Lanka’s automotive future, Citizens Development Business Finance PLC (CDB) has signed a strategic partnership with the Ceylon Automobile Importers Association of Sri Lanka as Title Partner for the landmark Ceylon Automobile Importers’ Motor Rally 2026.

This landmark event, the first rally organised by the Association, will take place on 16 August, beginning at Port City Colombo and concluding at Waters Edge.

The rally will showcase over 200 branded vehicles, including supercars, luxury automobiles, and premium imports from leading vehicle importers registered with the Association. The convoy will traverse Colombo’s key routes – including Duplication Road, Moratuwa, Boralesgamuwa, Kohuwala, and Rajagiriya – passing major car sales hubs before reaching its grand finale.

CDB Executive Director – Sales and Business Development Sasindra Munasinghe said: ‘CDB partners with the Ceylon Automobile Importers Association in powering this historic rally. Together with the Association, we are at the forefront of driving vehicle ownership and increasing access to mobility across Sri Lanka. As a progressive financial solutions provider, we remain committed to supporting the growth of the automobile industry while enabling greater access to mobility through innovative financial products. This rally is not just a celebration of automobiles, but a testament to the industry’s evolution, resilience, and future potential.’

Ceylon Automobile Importers Association President Prasad Manage said: ‘The Ceylon Automotive Importers Motor Rally powered by CDB marks a new chapter for Sri Lanka’s automotive landscape. With the support of CDB and our other partners, we are able to bring together leading brands and enthusiasts in a dynamic showcase that highlights luxury, performance, and innovation. This partnership strengthens our mission to elevate the industry and create engaging experiences for the

public.’

The Automobile Importers’ Rally 2026 promises to be one of the most anticipated automotive events in the country, celebrating the evolution of Sri Lanka’s automobile sector while reinforcing CDB’s role as a trusted partner in driving progress and innovation.

Verité Research has launched the second edition of its pioneering Budget Proposal Hub (BPH), inviting citizens, residents, and organisations to submit proposals for the Government’s consideration ahead of the 2027 National Budget.

The initiative follows the successful debut of the BPH last year ahead of Budget 2026, where the proposals ranged from establishing a national-level program to manufacture pharmaceutical ingredients from Ceylon Cinnamon to constructing toilets at every bus halt.

The BPH fills a gap that international assessments have repeatedly flagged. In the Open Budget Survey 2025, Sri Lanka scored just 9 out of 100 on public participation, among the weakest performances in the world, reflecting huge weaknesses in the channels for Sri Lankans to engage with how public money is raised and spent.

The BPH provides three avenues for public participation. First, participants can submit a full proposal through the BPH, by using the platform’s official Budget proposal template. Second, participants can also share proposal concepts to be hosted on the BPH-and can even seek assistance to develop them into a full proposal, and third, participants can vote on proposals that are hosted on the BPH, increasing democratic voice and public participation.

The BPH is fully accessible in Sinhala, Tamil, and English at publicfinance.lk. Public submissions for the Budget 2027 will be accepted until 31 August. For further information or to support the initiative, queries can be directed to [email protected].

Sri Lanka Rugby has announced the management team for the Sri Lanka Under-18 Boys’ Sevens squad ahead of the Asia Rugby Under-18 Sevens Tournament, scheduled to be held in China on 5 and 6 September.

Experienced St. Peter’s and Havies forward coach Rajeev Perera has been appointed Head Coach, with Banuka Nanayakkara serving as Assistant Coach. Bhanuka’s appointment comes as a surprise after an average season with Royal.

Ransilu Jayathilake will take charge as the Strength and Conditioning Coach, while Shanuka Gunarathne has been named Physiotherapist. Imran Thalpage will manage the team.

Sri Lanka Rugby also announced the management team for the Sri Lanka Under-18 Girls’ squad ahead of the Asia Rugby Under-18 Sevens Tournament.

Experienced Thurstan and Police Head Coach Shamly Nawaz has been appointed as Head Coach, while Asela Deshapriya will serve as Assistant Coach. Nafees Naizer will take charge as the Strength and Conditioning Coach, while Ayesha Perera has been named Masseuse.

Thilini Senanayake will oversee the team as Manager.

Lanka Rating Agency Ltd., (LRA) has reaffirmed the entity rating of Sarvodaya Development Finance PLC (SDF) at ‘BBB-‘ with a Stable Outlook, recognising the company’s improving financial profile, strong capital position, expanding loan portfolio, and enhanced profitability during the financial year ended 2026.

SDF said the reaffirmation follows the rating upgrade announced in November 2025 and reflects SDF’s continued progress across several key financial indicators.

According to LRA, the company’s loan portfolio increased by approximately 55.3% to Rs. 29.8 billion in FY 2025/26, compared with approximately Rs. 19.2 billion in FY 2024/25. This growth was broadly in line with the wider licensed finance company sector and reflected relatively strong performance compared to many companies in the sector, supported by SDF’s expanding presence in microfinance, small and medium-sized enterprise lending, society bulk loans and agriculture-related financing. SDF’s profitability also strengthened during the year, with earnings increasing to approximately Rs. 820.1 million from Rs. 473.8 million in the previous financial year. LRA attributed the improvement to lower funding costs, strong portfolio growth and stable interest spreads.

Asset-quality indicators recorded further progress, with gross and net non-performing loan ratios declining to approximately 4.9% and 2.9%, respectively. The improvement was supported by loan recoveries and the expansion of the company’s overall lending portfolio.

SDF maintained a strong capital position, recording a Capital Adequacy Ratio of approximately 22.1% in FY 2025/26, compared with 20.6% in FY2024/25. The ratio remained above the industry average and provides the company with sufficient capacity to support its anticipated portfolio expansion during FY 2026/27.

The company’s deposit base grew by approximately 7.9% to Rs. 10.6 billion during the year and represented around 30% of its funding mix. SDF continues to offer a diversified portfolio of services, including deposit mobilisation, microfinance, SME lending, leasing, housing finance, gold-backed lending and digital financial solutions.

Through its longstanding affiliation with the Sarvodaya Movement and its network of connected societies, SDF maintains a distinctive position within Sri Lanka’s financial services sector, with a strategic focus on agriculture financing, rural entrepreneurship and inclusive access to finance.

LRA stated that the sustainability of SDF’s earnings, together with the continued maintenance of asset quality and capital strength, would remain important to the company’s future rating performance. Further improvements in profitability and SDF’s relative position within the sector could positively influence the rating over the medium term.

Time has flown so rapidly. It has been eleven years since the demise of my ‘revered mentor.’ It has been ten years since the demise of my ‘reverse mentor.’ Prof. Uditha Liyanage was a sage of our age, in touching many minds as a marketing maestro, who left us on 10 August 2015 at the age of 61. Nadeepa Dharmasiri was a precious prodigy, touching many hearts as a loving son, who left us on 8 August 2016, at the age of 13. As Seneka (the younger) said, ‘time discovers truth; time heals what reason cannot.’ Today’s column is a heart-felt reflection of the mentoring insights involving a superior and a son, in celebrating two special lives.

Overview

Mentoring is typically associated with an enriching relationship with two individuals. Eric Parsloe, a veteran mentor, and an acclaimed author describes it as follows: ‘Mentoring is to support and encourage people to manage their own learning in order that they may maximise their potential, develop their skills, improve their performance and become the person they want to be.’ It goes beyond coaching which is more directive. Mentors inspire and influence the proteges (mentees) by sharing experiences in truly ‘walking the talk.’

In the conventional form, it happens with a youngster being nurtured by a veteran senior who is admired as a revered mentor. In a creative form, it happens with a senior being nurtured by a junior, who becomes the reverse mentor, on a specific aspect such as technology. Both forms of mentoring are needed for personal and professional developments. I was so fortunate to have both for at least several years.

Prof. Uditha Liyanage as my revered mentor

I first met late Prof. Liyanage as my marketing teacher at the Postgraduate Institute of Management (PIM). As an engineer who had never done marketing, I developed a flavor for marketing during my MBA studies, thanks to him. The way he generated interest in us not only for the concepts but also for the applications was indeed remarkable. He often advocated us to ‘be brilliant in basics.’

The way he delivered a session was very interactive and informative, as he firmly believed in ‘chalk and talk.’ This was the case with numerous topics in Strategic Marketing, Marketing Communication, Consumer Behaviour, Research, Business Strategy and Policy. Of course, he had PowerPoint slides but not with just points but with powerful points. He always challenged us by asking ‘what is THE point? We had to be clear about the central theme or the main argument.

Prof. Liyanage insisted on understanding and application of managerial topics. He gave us a challenge. Be confident in sharing a key learning in your own words with your teenage son or daughter, in a manner that they understand. That requires clarity and commitment. He suggested we have a ‘switch on’ and ‘switch off’ approach. Switch on is when you are in complete focus with attentive concentration. Switch off means relaxing and unwinding. A healthy blend of both is necessary in effectively grasping knowledge.

Developing teaching models was one of his key initiatives. A simple Google search would amply justify the popularity of those models in relation to marketing and strategy. Liyanage Value Pyramid, Liyanage 10 S Strategic Marketing Planning Framework and Liyanage Strategy Quadrant are some such models that became very useful for management learners. These authentic models made his sessions immensely enriching and showcased the power of Sri Lankan thinking that is second to none.

Prof. Liyanage inspired me on many fronts. He was standing tall in front of all of us. As a sought-after marketing scholar, a strategic management thinker, an exceptional academic, a thought-provoking teacher and a visionary leader, he was a guiding light for us. I saw him rendering yeoman service in multiple ways in raising the PIM flag higher.

‘The process of learning and one’s exposure to education must be continuous. There is so much more to be known, and that which you know may no longer be valid.’ This had been Prof. Liyanage’s advice. He shared with us articles, web-links and books that are of high relevance to sharpening the managerial skills. I still remember how he shared the article on ‘Nishkam Karma (detached involvement) written by Prof. Chakraborty of Indian Institute of Management, Bangalore. Prof. Liyanage was much interested in knowing my reflections on it, and it took time for me to realise the value of such gestures. Moreover, I see the immense value of detached involvement as a leader, thanks to him.

I saw the blossoming of transformational leadership at PIM with Prof. Liyanage. He influenced all of us to raise the quality and relevance of all modules we deliver. ‘Our business is mastery,’ he often uttered. ‘PIM brings the reward of outstanding results to those professional managers who strive towards mastery.’ That’s how he influenced the aspiring learners of PIM. Converting practitioners to professionals with character and competence has been our endeavour.

He influenced us to change for the better. Through his famous ‘mod-tradi consumer model’ , he encouraged us to strike a balance between the traditions and technology. I still remember how he insisted us to use more practical examples in discussing a theory than being overly theoretical in neglecting the practice. He showed us through his innovative teaching approaches as to how we should maintain depth and breadth.

Prof. Liyanage compared PIM to a temple and often suggested that the work we do has a high spiritual value. He encouraged us to ‘give more than get’ regarding rewards. Having left a lucrative multinational career in becoming an academic, this lesson was much soothing for me.

He cautioned me to strike the needed balance between knowledge creation and knowledge sharing when I was having an over-demand for training and consultancy. Research role, though not financially rewarding, is of extreme use for a management academic. I learnt how to be a multiple role player with balance and brilliance, thanks to him. My respect towards him, in fact, grows day by day with gratitude towards a ‘revered mentor.’

I was so glad to collectively initiate the creation of ‘Prof. Uditha Liyanage Memorial Library’ at PIM, and jointly launch the Biennial Memorial Oration together with Sri Lanka Institute of Marketing (SLIM) and Chartered Institute of Marketing (CIM). The inaugural oration was held in 2019 delivered by Dr. Mahesh Amalean and the second one was on August 10, 2021, delivered by Dr. Hans Wijayasuriya. Prof. Malik Ranasinghe and Dr. Harsha Cabral were the orators of subsequent events.

My son as my reverse mentor

My son was my hero on many fronts. He was an all-rounder with flair for music and favor for technology. He was loved by everyone who had an encounter with him. This was evident in the way students, teachers, relations, and friends alike emotionally responded upon hearing his sudden demise. Being a junior prefect and a chorister at Royal College, he was in the limelight as a bright and obedient student.

I learnt a lot by being with him. My association with him gave me many opportunities to discover him. As a life-long learner in management, it was indeed ‘reverse mentoring’ in action. Me from Generation X (born approx. between 1960-1980), was being mentored by a young boy from Generation Z (born approx. 2000 onwards). I learnt how to be cheerful from him. He was always smiling. This was repeatedly mentioned by his friends who came to pay their last respect. When I was stressed and tired, his warmth and cheerfulness was a relief for me. From early childhood, he was a ‘hugging’ boy. He used to request from me and his mom, ‘give me a big hug.’ A flying kiss was a regular feature when he was half asleep when I had to leave early in the morning. He was the cheer generator at home front. The popular prescriptions of positive thinkers were very much evident in little Nadeepa.

He was a guardian to his elder sister Navodi. He was conscious of the fact that she was struggling with the pressures of GCE AL. He had to sacrifice many excursions because of Navodi’s AL encounters. His care was aptly experienced by my parents as well as Ruklanthi’s parents. The way he showed his genuine love for me, Ruklanthi and Navodi was a classic case of caring. He showed us how we should care for each other through timely action.

The way school teachers appreciated Nadeepa was such a delight for us as parents. He was one whom the teachers could have confidence in assigning a task. Being a primary prefect and a junior prefect, this was further demonstrated by him. The fundamental elements of commitment we encounter in management could be seen in him. Nadeepa was a member of the ‘Inspirational Choir’ who sang the welcome song at the airport when Pope Francis visited Sri Lanka in 2015. He had made many speeches in front of large audiences and sang many times in a variety of entertainment events. He fell into a pool and broke his ankle one year before his departure. Subsequently, he was in clutches for two months. Yet, he never lost his spirit. All these were signs of his confidence. I humbly admire his ways, compared to where I was his age.

My son never skipped playing. He enjoyed playing cricket and soccer with his friends. He also enjoyed playing computer games. Though I did not understand what it really meant, he told me that he is a clan leader in virtually playing the ‘clash of the clans.’ He often told me and Ruklanthi not to be too serious. We in fact were worried at times, whether he is neglecting his studies. Yet, he proved otherwise in passing exams with flying colours. I learnt how to be relaxed yet stay in focus, from him.

He was a natural team leader. There had been many instances where he played a key role in organising class parties, trips, and other events. The way others rallied around him was amazing. He knew how to gather friends for a worthy cause. Whilst I was teaching teamwork, he really demonstrated it in his own way.

Nadeepa was often creative on many fronts. He was writing poetry and composing songs. He was handy with the camera I bought from the USA and took many uncommon shots. He won many creative writing competitions. What I insist on being creative, I saw clearly in my son. I saw the curiosity in him the way he asked many intelligent questions, especially when we were travelling together. He wanted to think deeply and to probe. No wonder, he found science his favorite subject. At times, I felt he wanted to challenge the assumptions and have a fresh way. What I was teaching as ‘out of the box thinking,’ I saw in his own original approach.

Nadeepa wanted to be a scientist and a priest. That may sound like a rare and unique combination. He was spiritual by nature. I saw a young pure heart brimming with genuineness in him. He was having asthma but got quite used to an inhaler. Strangely, he experienced an acute asthmatic attack resulting in a struggle at the Medical Intensive Care Unit (MICU)of Lady Ridgeway Hospital for three days. I still recall watching through the glass door of the MICU last time, whilst Ruklanthi was inside sitting close to Nadeepa. She consoled me saying, ‘he is too precious for this world.’

Nadeepa Dharmasiri Memorial Prize for Science (his favourite subject) awarded to grade 9 students at Royal College will be a way to remember his name for the aspiring scientists. We are pleased to have created the Nadeepa Dharmasiri Memorial Trust Fund (www.nadeepdharmasiri.info) to help the needy children of his age, and despite challenges, several charity projects have been done with the generous contributions of relatives and friends.

Moving ahead

‘In the end it’s not the years in your life that count; it’s the life in your years,’ so said Abraham Lincoln. Both my revered mentor and my reverse mentor proved it in different ways. Prof. Uditha Liyanage left a legacy as a legendary scholar. Nadeepa Dharmasiri in his small way showed the value of a loving son. Goodbye my beloved Sir. Goodbye my darling son. I collectively celebrate both these special lives with peace and solace.

Ceylon Chamber of Commerce Chairperson Krishan Balendra (second from left) and Maldives Business Chamber President Ahmed Amjad exchange the MoU. Others from left: Sri Lanka-Maldives Business Council President Sanjeewa Perera and Maldives Business Chamber General Secretary Ali Mohamed

The Sri Lanka-Maldives Business Council (SLMBC), under The Ceylon Chamber of Commerce and the Maldives Business Chamber (MBC), recently signed a Memorandum of Understanding (MoU) to boost ties between the private sectors of the two countries.

The MoU was signed during the 18th Annual General Meeting of the SLMBC at which Chief Guest was Trade, Commerce, Food Security and Cooperative Development Minister Wasantha Samarasinghe and Guest of Honour was Maldives High Commissioner Masood Imad.

The signatories were Ceylon Chamber of Commerce Chairperson Krishan Balendra and Maldives Business Chamber President Ahmed Amjad.

SLMBC President Sanjeewa Perera described the MoU as a ‘significant step forward’ and an ‘important milestone’ in bilateral business relationships. The MoU aims to foster greater business opportunities for the private sector of both Sri Lanka and Maldives.

‘The partnership will provide a strong institutional framework to enhance business-to-business collaboration, facilitating knowledge sharing and creating new opportunities for companies in both Sri Lanka and the Maldives,’ said Perera in his speech at the AGM after being re-elected for another term.

He said that the presence of Minister Samarasinghe at the AGM was a strong reflection of the Government’s commitment towards enhancing Sri Lanka’s international trade relations and strengthening economic engagement with the Maldives.

The SLMBC looks forward to working closely with the Minister and the Ministry to identify opportunities, overcome challenges, and create greater value for business in Sri Lanka and the Maldives. Perera also thanked Maldives High Commissioner for the continuous support, encouragement, and active engagement with SLMBC. He said the High Commission has been instrumental in strengthening the long-standing friendship and cooperation between the two nations, and SLMBC greatly values the partnership.

He also thanked the Export Development Board and its Chairman Mangala Wijesinghe for their continued partnership and support. ‘EDB has been valued collaborating in many of our initiatives, particularly in promoting Sri Lanka business in international markets,’ Perera said.

Additionally SLMBC Chief also extended gratitude to Ceylon Chamber Chairperson Krishan Balendra for their leadership and ongoing support towards the work of the council. This was in addition to recognising the contribution of the outgoing committee members whose dedication and commitment enabled SLMBC to achieve meaningful progress during the past year.

The AGM was told that the relationship between Sri Lanka and the Maldives, unique in nature, has been built upon decades of friendship, geographical proximity, cultural connections, and strong economic cooperation. The partnership extends across multiple sectors, including tourism, trade, education, healthcare, and construction, financial services, and professional services.

However, Perera said ‘while we have achieved considerable progress, there remains significant untapped potential. The responsibility of the Business Council is therefore to act as a bridge in connecting businesses, facilitating investment, encouraging collaboration, and creating sustainable economic value for both nation countries.’

Detailing some of the recent initiatives, Perera said SLMBC working closely with the Export Development Board, successfully facilitated the participation of 40 Sri Lankan companies at the recent Hotel Asian Exhibition in the Maldives. This provided an important platform to showcase Sri Lankan capabilities, strengthen commercial relationships, and create new business opportunities.

SLMBC also engaged extensively with key stakeholders and government institutions in the Maldives to identify opportunities for greater trade and investment collaboration.

Recognising the potential in the healthcare and education sector, SLMBC facilitated and initiated initiatives aimed at positioning Sri Lanka’s preferred destination for Maldives students and patients seeking quality education and healthcare services.

During the visit of Maldives President Mohamed Muizzu, the SLMBC worked with the Ministry of Economic Development of the Maldives and the High Commission of the Maldives in Sri Lanka in coordinating the Maldives Sri Lanka Business Forum.

Perera said the visit by Maldives President s was an important milestone in strengthening investment and business linkages between our two countries.

Outlining the priorities for the new term, Perera said SLMBC will focus further strengthening public-private dialogue between both countries to address trade barriers, enhance market access, and create a more enabling environment for businesses.

Secondly, encouraging most Sri Lankan companies, including SMEs, to explore opportunities in the Maldives across sectors such as hospitality, construction, renewable energy, education, digital transformation, and professional services. Thirdly, promoting greater Maldives and investments into Sri Lanka while positioning Sri Lanka as a competitive and attractive region or business destination.

Potential to increase SL’s market share of Maldives imports

Perera revealed that total imports to the Maldives have increased from $2 billion in 2016 to $ 3.6 billion in 2025. However, Sri Lanka’s share of Maldives imports hasn’t increased significantly but remained below 5% despite the potential.

“Over time, a number of other countries have taken a more targeted and focused approach, and as a result, Sri Lanka shares gradually eased. That said, through the collective efforts of the council, the support of our government partners, and the commitment of the business community, we are starting to see positive momentum. Sri Lanka’s market share has improved to about 4.7 from 4.4 in 2024.

‘This is a welcome step in the right direction, but it also underlines the scale of opportunities still ahead of us. Sri Lanka has a complete advantage from quality products and services to geographical proximity and strong people-to-people relationships. Objective must be to further strengthen our presence and regain greater participation in this important market. Healthcare is another sector where considerable opportunity exists,’ SLMBC President Perera said.

Sri Lanka’s exports to the Maldives amounted to $132 million in 2025 and imports from the Maldives were valued at $ 5 million.

Tapping opportunities in healthcare for Maldivians

For many years, Sri Lanka has been one of the preferred destinations for Maldives seeking medical treatment under the Aasandha National Insurance Scheme. However, the competitive landscape has evolved with other countries increasingly strengthening their healthcare partnerships promotional strategies. So these developments present both a challenge and an opportunity for Sri Lanka.

Sri Lanka continues to have highly qualified medical professionals, internationally recognised hospitals, and strong healthcare capabilities.

To fully capitalise on this opportunity, Perera said Sri Lanka must adopt a more coordinated approach involving government, institutional healthcare providers and industry stakeholders. A strong national strategy will enable us to position Sri Lanka once again as a preferred destination for Maldives. Another important area of focus for SLMBC has been strengthening financial connectivity between Sri Lanka and the Maldives. The Council made a formal submission for consideration in support of the establishment of a Bank of Maldives branch presence in Sri Lanka, recognising the importance of enhancing financial linkages, facilitating trade flows, and supporting great economic cooperation. ‘We are happy to see some progress on this important initiative, and remain hopeful that the relevant authorities in Sri Lanka will conclude the remaining formats positively, paving the way for greater collaboration and mutual benefit between our two nations,’ Perera said.

The SLMBC together with the Export Development Board of Sri Lanka will once again organise a dedicated Sri Lanka Pavilion as the 20th Hotel Asia exhibition in the Maldives from 28 to 30 September 2026. In parallel, SLMBC intends to lead a business delegation to the Maldives to further strengthen commercial partnerships and create new opportunities for Sri Lankan enterprises. It also plans to undertake a healthcare-focused CSR initiative together with an education wellness exhibition, supporting objectives of positioning Sri Lanka as a preferred destination in these important sectors.

Perera told SLMBC members that the success of the Council depends on collective efforts, shared vision, and collaboration. ‘Together, we can strengthen the Sri Lanka Maldives economic partnership, create new opportunities for business, and contribute towards sustainable growth for regional nations. Let us move forward with renewed ambition, stronger collaboration, and a shared determination to build a more prosperous and mutually beneficial future,’ he added.

Govt. committed to boost ties with Maldives: Trade, Commerce, Food Minister Wasantha Samarasinghe

Trade, Commerce, Food Minister Wasantha Samarasinghe said work of institutions such as SLMBC has become more important at a time when the global economy is facing challenges hence welcomed efforts to strengthen current partnership and build new ones that are beneficial to both countries.

‘There have been discussions in the past about how to best improve trade relations to benefit both countries, which we should continue with renewed renewable energy. I also encourage business from both countries to think beyond environmental trade, conventional trade,’ the Minister said.

He said while trade between Maldives and Sri Lanka has continued to grow over the years, there remains considerable unstable potential. There are opportunities across many sectors, including fresh fruit, wheat flour, vegetables, black tea, black tea packing, electrical conductors, nuts and others, seeds, prepared or preserved wood.

‘We also need to refocus on sectors such as tourism, hospitality, and holistic medicines, education, and healthcare. Let us continue to promote trade, tourism, and other opportunities between our countries,’ Minister said, adding ‘The Sri Lanka Government is committed to creating a stable, transparent, and investor-friendly business environment. We believe that sustainable economic progress is achieved through strong partnership between government and the private sector.’

He encouraged SLMBC to continue expanding its engagement with small and medium-sized enterprises, and. emerging industries. ‘The future of our economy depends not only on corporations but also on the next generation of innovators and business leaders,’ he added.

Maldives Business Chamber committed to work closely with Sri Lanka-Maldives Business Council

Maldives Business Chamber President Ahmed Amjad expressed sincere gratitude to SLMBC for partnering with the Chamber and placing trust and commitment to strengthening the bilateral business relationship.

‘Our two countries have enjoyed a close friendship and business ties for many years, and this partnership marks another important step in enhancing our economic cooperation. Through this collaboration, we aim to promote bilateral trade, encourage business and investment opportunities, facilitate B2B networking and create meaningful partnerships between entrepreneurs and investors from both countries,’ he said.

‘The Maldives Business Chamber is committed to work closely with the Sri Lanka Maldives Business Council to build a stronger and more prosperous business relationship for the benefit of both nations. We look forward to achieving many successful milestones together,’ Amjad added.

Maldives High Commissioner’s genuine reflection on bilateral ties

Maldives High Commissioner Masood Imad in his remarks said Sri Lanka and Maldives Business Council is playing an important role in strengthening the economic partnership between the two countries.

‘Maldives and Sri Lanka have enjoyed a friendship for centuries. It goes far beyond geography. History, culture, commerce, education, and family ties have bound our people together. Sri Lanka remains one of Maldives’ most valued trading partners. It provides essential goods and services that contribute greatly to our economy and to the well-being of our people. If we are honest with ourselves, we must also recognise an important reality: our friendship is deep; it is genuine. Yet our economic relations have not fully reflected the strength of that friendship.’

He said despite the goodwill that continues between, there is a growing sense that has drifted from the shared spirit of balance and reciprocity, I convey this not in a condescending manner, but in an invitation for genuine reflection. True friends should be able to speak truth, difficult truth, respectfully and sincerely. To restore the energy that once defined our partnership, we must first understand what had gradually weakened it. It serves neither the Maldives nor Sri Lanka if policies, administrative practices, or perceptions create unintended barriers between two countries, whose destinies have been intertwined for generations and centuries. We often speak of a special relationship, and rightly so. But it is our shared responsibility to ensure that this friendship is not only spoken about, but experienced by people and our businesses every day.

He said that over 30,100 Sri Lankans were employed in the Maldives through active and newly issued work permits. During the same period, we also issued 238 student visas and 616 dependent visas. You know, students in government schools are free; they go to school free from grade one to grade 1012, now. Sri Lankans live, work, study, and contribute to the Moldovan society. This is something very important. These figures represent more than labour mobility. It’s not labour mobility. They reflect the confidence that Sri Lankan professionals, entrepreneurs, families continue to place in the Maldives. At the same time, the Maldivian community in Sri Lanka has declined to around 1,700 people. That’s a toll on the Sri Lankan economy.’

‘Sri Lanka used to be the only place where Maldivians come for medical and education, at least during a time. But yes, with the opening of the world, the Maldives opening itself to the world, there are so many other options have come to our attention, and people move, but Sri Lanka still remains has a has an advantage over all the other countries because it’s just obstacle away from Maldives, you know,’ said the High Commissioner adding there over 16 flights per day between Colombo and Male’.

However the High Commissioner posed a question: ‘Does the experience of our people truly reflect the friendship we proudly process? This is the million-dollar question. True partnership is not measured only by numbers and trade balances. It is measured by confidence, accessibility, fairness, and trust. It is measured by whether businesses feel welcome, where the families can move with confidence, and whether opportunities exist in both directions. These are the qualities that sustain enduring partnerships, and this is what Sri Lanka and the Maldives has to strive for.’

Against this backdrop, the High Commissioner expressed the hope that practical issues affecting people-to-people mobility, business confidence will continue to receive thoughtful attention. ‘It would also send a powerful message that our long-standing friendship continues to grow through mutual beneficial cooperation. Friendship between nations is not preserved by history alone. They are strengthened through continuous effort, mutual understanding, and a willingness to adapt. Maldives approaches this relationship with optimism, openness, and goodwill. We remain committed to working closely with the Sri Lankans to remove unnecessary obstacles, expand trade and investment, deepen people-to-people ties, and ensure that the next chapter in our relationship is remembered not only for its proud history, but also for its shared future.’

The Government has called for expressions of interest (EOIs) to unlock the value of several State-owned heritage bungalows in Colombo 5.

The Finance, Planning and Economic Development Ministry is inviting visionary investors to participate in an exciting Government initiative to unlock the economic value of a portfolio of prestigious State-owned bungalows situated in the highly sought-after Colombo 5 neighbourhood.

Through a transparent National Competitive Selection Process, investors are invited to submit innovative proposals for the adaptive reuse, refurbishment, operation, and maintenance of these unique properties under 30-year lease agreements, while ownership of the land and buildings remains with the Government of Sri Lanka.

This initiative forms part of the Government’s broader strategy to promote private sector investment, stimulate tourism, revitalise underutilised public assets, and create sustainable economic opportunities. The bungalows are located in Stanmore Crescent, Paget Road, and Skelton Road, all in Colombo 5.

The Finance Ministry said these architecturally distinctive properties, located in one of Colombo’s most prestigious residential precincts, present exceptional opportunities for investment in boutique hotels and heritage accommodation, signature restaurants and fine dining, cafés and lifestyle establishments, tourism-oriented retail concepts, and/or premium hospitality ventures.

Investors are encouraged to introduce innovative business concepts that preserve the heritage character of these properties while creating vibrant commercial destinations that enhance Colombo’s tourism and urban landscape.

Proposals for each property will be evaluated independently, and investors may submit proposals for one or more properties.

In stressing the attractiveness, the Government said the bungalows are situated within one of Sri Lanka’s most desirable commercial and residential districts. Additionally, the private sector has long-term investment security given the 30-year lease tenure, providing certainty for investment and business growth.

The bungalows are also ideal for boutique hospitality and dining and lifestyle experiences catering to both local and international visitors.

Assuring competitive and objective evaluation ensuring fairness and equal opportunity in the selection, the Finance Ministry is inviting the private sector to be part of a national initiative to revitalise public assets while contributing to sustainable economic development. Interested parties can view the properties on 12 August at 10 a.m., and the deadline for proposals is 25 August.

Sri Lanka will face Malaysia today in a crucial group-stage encounter at the Asian Netball Championship 2026, looking to bounce back after suffering a 62-51 defeat to Singapore in their second match of the tournament in Hong Kong.

The Sri Lankan team began its campaign with an encouraging 57-57 draw against hosts Hong Kong on Saturday. Despite holding opportunities to secure a memorable victory, Sri Lanka had to settle for a share of the points after a closely fought contest. The result provided the team with confidence, but also highlighted areas that needed improvement ahead of the remaining matches.

However, Sri Lanka was unable to maintain that momentum against Singapore in their second outing. Singapore produced a more consistent performance throughout the match and eventually secured a 62-51 victory, leaving Sri Lanka with a defeat and increasing the importance of today’s meeting with Malaysia.

The 11-goal margin reflects a difficult outing for Sri Lanka, particularly as Singapore managed to maintain control during crucial stages of the game. Sri Lanka will now need to quickly recover from the setback and produce a much-improved performance against Malaysia if they are to strengthen their position in the competition.

Today’s match carries significant importance for Sri Lanka as the team seeks to remain competitive in the group and keep its hopes of progressing alive. Malaysia, who are also among the established teams in Asian netball, are expected to provide another demanding challenge.

For Sri Lanka, the key will be to improve their consistency and reduce the errors that have cost them valuable opportunities in the opening matches. Against Hong Kong, Sri Lanka demonstrated that they have the ability to compete strongly against quality opposition, but the draw also showed how small lapses can prevent them from turning a strong performance into victory.

The coaching staff will now be looking for greater discipline in possession, sharper movement in attack and stronger defensive organisation. The players will also need to maintain their composure during critical periods of the match, particularly when Malaysia begins to apply pressure.

The 57-57 draw against Hong Kong showed Sri Lanka’s potential, while the defeat to Singapore exposed the areas that still require attention. With little time between matches, the challenge now is to put the disappointment behind them and respond positively.

Sri Lanka’s meeting with Malaysia therefore represents more than just another group game. It is an opportunity for the team to regain its confidence, correct the mistakes from the Singapore match and make a strong statement in the Asian Netball Championship.

With the tournament entering a decisive stage, Sri Lanka will be hoping that the experience gained from the opening two matches can translate into a more composed and effective performance today. A positive result against Malaysia could provide the much-needed boost as Sri Lanka continues its campaign in Hong Kong.

The Cabinet of Ministers on Monday approved a Rs. 8.32 billion recovery program to restore infrastructure and essential services in fisheries and aquatic resources sector following the widespread destruction caused by Cyclone Ditwah.

As per the Government, the cyclone inflicted severe damage on fisheries infrastructure, aquaculture facilities, fishery harbours, and other assets managed by key institutions in the sector.

Cabinet Spokesman and Minister Dr. Nalinda Jayatissa said the total estimated losses across the National Aquaculture Development Authority (NAQDA), the Department of Fisheries and Aquatic Resources, the Ceylon Fisheries Corporation, and the Ceylon Fishery Harbours Corporation amount to Rs. 9.50 billion.

‘In response, the affected institutions have identified 18 priority reconstruction projects with a combined estimated value of Rs. 8.32 billion to rehabilitate damaged infrastructure and restore services critical to the fisheries industry,’ he said at the weekly post-Cabinet meeting media briefing on Tuesday.

He said under the approved program NAQDA will implement 10 projects at an estimated cost of Rs. 7.01 billion, focusing on restoring aquaculture infrastructure and related facilities.

The Department of Fisheries and Aquatic Resources will undertake seven projects valued at around Rs. 1.29 billion to rehabilitate damaged fisheries infrastructure and improve service delivery.