Category: Daily Financial Times

Sri Lanka has set a new tourism record, welcoming 2,333,797 tourists in 2025 as of December 29, surpassing the country’s previous highest annual total recorded in 2018.

Hutch has unveiled Roopa Hala, a premium streaming platform launched in collaboration with Evoke Digital Australia, bringing Sri Lanka’s most-loved cinema and storytelling to audiences at the tap of a screen. Designed to make top local content instantly accessible at home, on the go, or away. Roopa Hala brings Sinhala films, series, and exclusive premieres into one seamless platform for an enjoyable viewing experience. Roopa Hala is available in not only Sri Lanka but also globally, allowing audiences worldwide to access Sri Lankan and regional content.

Roopa Hala offers an extensive library of 1000+ hours of immersive content, including more than 500 Sinhala films, a rich collection of Timeline Classics, the latest releases, TV series, web series, and exclusive movie premieres curated for both local and global audiences.

With a strong focus on Sri Lankan content and viewing preferences, the platform is built to serve the Sri Lankans at home, as well as the diaspora looking to stay connected to local culture through film. Starting this Christmas season, Hutch customers residing here locally, travelling globally, or residing abroad long-term can subscribe to Roopa Hala via the mobile app available on App Store and Google Play, or through https://roopahala.com.au/, ensuring seamless experience across a wide range of devices. In addition, the Roopa Hala Smart TV app is also available for effortless viewing on all major smart TVs.

The launch of Hutch’s Roopa Hala with Evoke Digital Australia aligns with Hutch’s ongoing journey to empower Sri Lankans with world-class digital services that enhance and improve lives.

The hill country Malayagam community recently made a financial donation of Rs. 1 million to the Government’s ‘Rebuilding Sri Lanka’ Fund to provide relief to those affected by Cyclone Ditwah.

The relevant cheque was presented by Ratnapura Helping Hands Association Vice President S. Dayalan representing the Malayagam community to Secretary to the President Dr. Nandika Sanath Kumanayake, at the Presidential Secretariat.

Plantation and Community Infrastructure Deputy Minister Sundaralingam Pradeep, Ratnapura Helping Hands Association Secretary R. Manoharan, Women’s Organiser G. Manoranjidam, and S. Sivanesan were also present at this event.

Understanding the consumption response to natural disasters is important for increasing the resilience of the economy to extreme weather events. Natural disasters like floods, droughts and wildfires are becoming more frequent and intense globally. Natural disasters typically weaken the economy by disrupting supply chains, reducing incomes, and lowering consumer confidence, altering daily life causing households to cut spending and slowing recovery. Yet early signals from Sri Lanka’s current disaster suggest a different pattern may be emerging. Rather than a prolonged collapse in consumption, extensive targeted Government support for the affected people may smooth the disrupted consumption, potentially resulting in consumption levels similar to or even higher than before

Learnings from the Chennai flood in 2015

2015 December Chennai floods offer a useful comparison to the Sri Lankan case. Extreme Northeast Monsoon rains, devastated the city with massive waterlogging, displacing millions, causing over 400 deaths, and resulting in billions in economic losses (est. $3.5B+) due to infrastructure failure, overflowing rivers, disrupted transport (flooded airport, halted trains) and severe power cuts.

A study on the Chennai flood’s impact on consumption shows that households typically face two main effects after a disaster.The first is an income shock, as people lose earnings due to damaged workplaces, crops, or businesses. The second is a price shock, with prices of goods rising because supply chains are disrupted and essentials become scarce. Both effects can significantly strain household consumption and recovery.

The study estimates that household consumption fell by about 11% during the disaster period, with only 65% of this loss recovered after the flood. Recovery was slow and incomplete; even months later, spending remained roughly 4% below pre-flood levels. Families prioritised repairing homes and rebuilding savings over increasing consumption.

Impact depends on who is affected

Sri Lanka seems better positioned to mitigate the income effect for two main reasons: who was affected and how were they compensated. First, the disaster has not hit the economy evenly. Roughly one-fifth of the population has been affected, and more than two-thirds of them come from low-income households at the bottom of the income distribution. While the social and humanitarian impact on these communities is severe, their contribution to total national consumption is relatively small. The bottom 40% contributes a much smaller share of overall consumption (likely around 15% or slightly higher).As a result, the shock to aggregate consumption is smaller than if it was a consumption-heavy, urban household. Secondly, the Government’s fiscal response has been unusually strong. The Treasury has already released more than LKR 13 billion in cash transfers to affected families. For many households, this money is not simply relief assistance. It effectively acts as temporary access to liquidity at a time when incomes are disrupted. These transfers effectively act as an additional line of credit, providing households with the means to boost consumption.

Extent of Price Shock and Income Shock

In the aftermath of the disaster, a price shock was expected, as damage to agricultural districts could significantly raise prices of fruits, vegetables, and other produce. So far, the impact/shock has been minimal, and the full effect is likely to be seen only by February or March, at the end of the Maha season. Efforts are underway to restore affected production, including providing adequate support to farmers.

On the other hand, income related impacts on the affected households are higher than the price impact. It can be expected that the planned Government transfers will smooth the disrupted consumption, potentially resulting in similar or even higher spending across categories and brands.

Spending, not saving

Traditional economic models suggest that people save unexpected income or transfers. But evidence from developing countries shows this does not hold true for households that are cash constrained. Low-income families tend to spend most of what they receive because they have unmet needs and the need for smooth consumption over time.

In Sri Lanka’s case, this means the cash transfers are likely to flow quickly back into the economy. Households use the money to replace lost goods, repair damage, and meet daily expenses. Instead of delaying spending, they spend immediately because they have little choice.

The possibility of a rebound

Volunteer groups, NGOs, and community organisations are covering much of the immediate clean-up and reconstruction work. This support reduces the pressure on households to use Government transfers solely for survival. As a result, spending may recover along two paths. Basic consumption is likely to normalise quickly and could even exceed pre-disaster levels as families replace food stocks, household items, and clothing lost during the disaster. At the same time, there may be modest increases in certain discretionary categories. Research on unconditional cash transfers shows that once basic needs are secured, households often resume spending on non-durable goods and small assets as they regain stability.

Conclusion

The human cost of the recent disaster in Sri Lanka is unquestionable. Lives have been disrupted, and recovery at the household level will take time. However, the wider economic impact may be less damaging than initially feared. Targeted cash transfers, combined with the income profile of the affected population, appear to be smoothing the fall in consumption. If this pattern continues, Sri Lanka could offer an important lesson for disaster response policy. Timely and substantial cash support does more than provide relief. It helps stabilise spending, supports local markets, and reduces the risk of a broader economic slowdown.

Bally’s has celebrated a monumental milestone with the Bally’s Awards 2025, held on 5 November 2025 at the ITC Ratnadipa Colombo. Marking three decades of legacy, this year’s ceremony stood out in history as an event, bringing together every department under one grand stage to honour dedication, loyalty and exceptional performance. The event was attended by Bally’s Ltd., Chairman Anuradha Perera, who attended as the Chief Guest, adding distinction to the event. The ceremony celebrated excellence across multiple categories, including Performance Excellence Awards, Service Excellence Awards, Leadership Excellence Awards and the Golden Handshake recognising retiring employees for their valued years of service. Special recognitions such as Most Popular Employee (Gaming and Corporate) and Bally’s Personality of the Year infused vibrant excitement into the celebration.

With over 300 awards presented, the Bally’s Awards 2025 became one of the most significant internal recognition events in the organisation’s journey. The evening unfolded under a breathtaking theme that beautifully fused traditional Sri Lankan artistry with modern creative elements symbolising Bally’s evolution from a homegrown brand to an internationally acclaimed name in entertainment. A standout performance by Randhir Witana added star presence and elevated the night’s entertainment experience. The ceremony opened with a warm welcome address by Chief Human Resources Officer Rahul Attanayake, who emphasised Bally’s strong people-centric culture and its commitment to continuous development. A special message from Chief Executive Officer Tony Macmillan, further highlighted Bally’s transformative journey, future vision, and the collective spirit that has driven the company forward for 30 remarkable years. More than just an awards ceremony, the Bally’s Awards 2025 reaffirmed the company’s dedication to appreciating talent, nurturing its workforce and building a culture where excellence is celebrated. The evening concluded with renewed pride, motivation, and inspiration as the Bally’s family looked back on three decades of achievement and forward to an exciting new chapter ahead.

Sri Lanka is positioning itself for recovery and long-term growth while trying to rebuild institutional credibility. Beneath the high-profile reform headlines sits a quieter but essential shift: changing how regulations are made.

In 2025, the Ministry of Science and Technology (MoST) revived efforts to introduce Regulatory Impact Assessment, or RIA, a structured process used globally to analyse different policy options before rules are introduced. The initiative is supported through technical assistance from the United Nations Industrial Development Organisation (UNIDO) under the EU-funded BESPA-FOOD programme, and is now being embedded within the country’s National Quality Infrastructure agenda.

Seven pilot projects, launched through a dedicated workshop, are now underway across key regulatory agencies, marking the first practical application of RIA in Sri Lanka. These initiatives signal a tangible step toward embedding evidence-based policymaking into the country’s regulatory framework.

Q: Why is the Ministry prioritising Regulatory Impact Assessment now?

A: For many years, regulations in Sri Lanka have been designed mainly from a control-and-compliance mindset. They often aim to solve real issues, but without fully considering how they affect businesses, citizens, or Government efficiency. When rules are made without proper analysis or consultation, they can increase costs, delay investment, and reduce competitiveness.

RIA helps us design regulations more thoughtfully. It also ensures that rules are introduced only when they are genuinely needed. We start with the problem, test different options, assess the costs and benefits, and consult the people who will be affected. This approach leads to rules that are more effective, easier to implement, and more trusted because the solutions are practical and fair to the people they impact.

For a country trying to accelerate growth, predictable regulation – rules that are clear, steady, and not defined differently by different entities – is not a luxury. It is part of the foundation of economic recovery.

For many years, regulations in Sri Lanka have been designed mainly from a control-and-compliance mindset. They often aim to solve real issues, but without fully considering how they affect businesses, citizens, or Government efficiency. When rules are made without proper analysis or consultation, they can increase costs, delay investment, and reduce competitiveness

Q: Sri Lanka first introduced RIA in 2018. What is different in 2025?

A: In 2018, the Consumer Affairs Authority introduced RIA through training, but the effort paused when leadership changed. In 2025, we made a deliberate decision to revive it as part of a national reform agenda. This time, RIA is not a standalone initiative. It sits under the National Quality Infrastructure program with budget allocation and clear institutional responsibility.

Importantly, the whole country is being involved in understanding RIA and its integrated approach, demonstrating that it can be practically applied across sectors without much difficulty. We set tangible milestones that can be easily observed, such as presenting the RIA policy brief in public and at important events like the National Science Week closing ceremony. Our goal is not just training. It is building a sustainable system for evidence-based regulation.

Q: The workshop received strong response across Government. What does that mean in practical terms?

A: We brought together 22 ministries and regulatory agencies and asked them to propose solutions to issues that could benefit from RIA, revealing and applying the regulatory knowledge they gained through the process. We received 31 proposals and selected eight pilot agencies:

Insurance Regulatory Commission of Sri Lanka (IRCSL)

Consumer Affairs Authority (CAA)

Central Environmental Authority (CEA)

National Aquaculture Development Authority (NAQDA)

National Dangerous Drugs Control Board (NDDCB)

Sri Lanka Tea Board (SLTB)

Coconut Development Authority (CDA)

Each pilot agency is now preparing a full RIA report with technical assistance from UNIDO. These studies are helping regulatory teams analyse costs, benefits, stakeholder impacts, risks and possible alternatives, rather than jumping straight to rules or bans. The MoST continues to support these agencies by monitoring their progress and providing ongoing guidance and knowledge mentoring. The findings will be shared publicly once complete.

Q: What are the economic stakes here? Why should businesses and investors care?

A: Unclear or inconsistent regulation creates direct economic costs. It slows approvals, increases operational risk, and affects both investor and public confidence. Sri Lanka has already paid a price for this. Independent assessments have shown that regulatory uncertainty contributed to reduced investment appetite in recent years. Even a modest improvement in certainty can translate into higher investment flows, faster project execution, and lower compliance costs for firms.

RIA helps reduce that uncertainty by making decisions more transparent and predictable. When investors understand how rules are made and why, they can plan long-term, while the public gains trust and confidence in the system. That combined confidence supports sustainable growth.

Unclear or inconsistent regulation creates direct economic costs. It slows approvals, increases operational risk, and affects both investor and public confidence. Sri Lanka has already paid a price for this

Q: What are the common challenges countries face when introducing RIA?

A: Data gaps, limited analytical capacity, inconsistent consultation processes and weak coordination across ministries are common. Some officials may feel the process adds extra steps or slows decisions. The real challenge is not technical. It is cultural. We need to shift from issuing rules quickly to issuing rules that work.

Addressing these gaps requires collaboration across agencies, knowledge sharing, and mutual learning, as well as societal acceptance of RIA. When people see that rules are thoughtfully designed and fair, it builds trust, encourages compliance, and reinforces the value of the system. We are tackling these challenges through training, shared templates, cross-agency learning, and plans for an oversight mechanism under the National Quality Council (NQC), which we hope will be implemented soon with support from the respective Ministry.

Q: How does Sri Lanka compare internationally on regulatory reform?

A: Countries that have embedded RIA into their regulatory systems, including Vietnam, Rwanda, and Georgia, have seen meaningful reductions in compliance costs for firms within a few years. Those lessons are useful to us. They show that even small improvements in regulatory quality can have a measurable economic impact.

Sri Lanka is building its system at a time when global expectations are higher. That gives us a chance to design a modern approach from the start.

Q: What is the long-term vision?

A: The pilots are the beginning, not the end. Our goal is to integrate RIA into the national quality infrastructure so that it becomes standard practice when new regulations are drafted. We want these pilot examples to be clear, practical, and beneficial, so that other agencies can easily understand and follow them. While we are receiving technical support from UNIDO at this stage, sustainability depends on building capacity inside the Government, establishing guidance, and creating oversight through a National Quality Council (NQC). Over time, RIA should become a normal part of how regulations are designed across all ministries.

Q: If you had to explain the value of RIA to a citizen in one line, how would you describe it?

A: RIA helps us make rules that solve problems, protect the public, and support growth at the lowest cost while ensuring they are fair, acceptable, and bearable for society.

Moratuwa SC and Sebastianites joined SSC and Leo CC by recording outright wins against Colombo Malay CC and Ragama CC, respectively, in the Tier B 3-Day League matches concluded yesterday.

Veteran left-arm spinner Gayan Sirisoma (match bag of 7/60) and off-spinner Chanaka Ruwansiri (match bag of 8/71) bowled Moratuwa SC to an innings and 79 runs win over Colombo Malay CC at the De Soysa Stadium, Moratuwa.

Forced to follow-on 152 runs in arrears in the first innings, Malay CC could only manage 73 in their second innings, with opening bat Hirantha Jayasinghe being forced to retire hurt at 9 having injured his leg during a warm-up.

Sebastianites beat Ragama CC by 27 runs at Bloomfield Grounds.

Resuming at 230-9, Sebastianites were dismissed for 249, with veteran left-arm spinner Upul Indrasiri taking the last wicket for figures of 4/91, leaving Ragama CC the task of chasing down a target of 229 for victory. However, their batting fell foul to the right-arm leg-breaks of Tharusha Fernando (6/30) and they folded up for 201 losing the last five wickets for 12 runs. Kasun Karunathilake top-scored with 59 (7 fours).

United Southern SC had to be satisfied with only first innings points as Kandy Customs SC held out to a draw at the Galle Cricket Stadium.

In reply to United Southern SC’s first innings of 474, Kandy Customs SC made 318-9 declared, continuing from their overnight score of 285-5. With a lead of 156, United Southern SC extended it to 302 by scoring 146-6, with off-spinner Mithun Jayawickrama helping himself to a five-fer. Kandy Customs SC began their run chase well with an opening stand of 98 between Captain Malindu Maduranga (41 off 26 balls) and Ashan Randika (57 off 33 balls, 5 fours, 5 sixes). Once the pair was separated, the innings lost momentum and Kandy Customs SC settled down to 241-6. Seamer Tharush Damindu had a match-bag of seven wickets for United Southern SC.

Galle CC’s attempt to beat Navy SC outright and grab full points at Welisara was foiled by an admirable century from Thevindu Dickwella (125 off 161 balls, 8 fours, 5 sixes), who, with Sumalka Fernando (53 off 80 balls, 7 fours, 1 six), added 124 for the third wicket, enabling Navy SC finish the match on 350-7. Opener Waruna Mayantha scored 51 off 38 balls (8 fours, 1 six) to set the pace for Navy SC. Galle CC, continuing from 185-3, closed their second innings at 315-8, leaving Navy SC with a target of 423. [ST]

There will be no permits. The permit culture must end in Sri Lanka.’ This was the resounding declaration from President Anura Kumara Dissanayake as he presented the 2026 Budget proposal. The plan to supply vehicles to Members of Parliament (MPs) on a strictly ‘return-after-term’ basis echoes a long-overdue escape from a system that has, for decades, quietly drained public coffers. It is a system that has rewarded privilege over performance, entrenched inequality, and undermined the credibility of the state.

The Advocata Institute welcomes this decision. It is a vital critique of a ‘permit culture’ that is a remnant of a feudal past, not a modern economy. A permit is, by definition, a special approval granting selected groups privileged access to benefits unattainable to the general public. It creates an inherently regressive, two-tier system: one for ordinary citizens, and another for those afforded special treatment.

When we examine the case of vehicle permits in Sri Lanka, the dynamic becomes disturbingly stark.

The anatomy of an exemption

To understand the magnitude of this reform, one must understand the distortionary nature of the ‘permit.’

According to Finance Ministry officials, since 2020 alone, 25,508 duty-free vehicle permits have been issued to Government employees. Even during the economic constriction of recent years, the flow continued: 6,062 permits in 2024 and 2,043 in 2025.

In Sri Lanka, vehicles are expensive because of import tax – a policy imposed and strengthened by Parliament since the 1960s. Issuing exemptions (permits) is, therefore, a fundamentally flawed rationale. It’s the equivalent of penalising an entire class, with no basis for the punishment to begin with, before releasing the favoured students from sanction – all the while cleverly disguising the exemption as a so-called ‘benefit’. And who are the first beneficiaries? The very policymakers responsible for the high taxes.

Evolution of privilege: From compensation to commodity

Originally introduced as compensation for low nominal salaries, the permit system morphed into a transferable asset and a reliable source of campaign financing. By importing vehicles at the fraction of its taxable price, or by selling the permit itself, MPs were able to generate substantial profits, untaxed, to fund electoral activities. In the decades that followed, eligibility expanded well beyond Parliament. The privilege was extended to senior civil servants and a wide array of public-sector professionals, including but not limited to doctors, university professors, State engineers, and directors of State corporations.

Eventually, permits had become a normalised perk in the public sector, issued as frequently as once every five years. However, this perk was driven not by performance gains, but lobbying pressure. No circular or audit report has ever tied permit eligibility to measurable performance. Entitlement was purely based on title or years of service, thus, creating a dangerously perverse incentive structure.

The result? Permits turned into a predictable political asset, attached to a significant transferable cash value. As vehicle import taxes increased over the years, the value of the permit increased proportionally. The permit itself became an appreciating asset, detached from its initially stated purpose, and thus began the trading of permits too.

In December 2010, Transparency International Sri Lanka revealed that the majority of 65 newly elected Parliamentarians, including 2 Cabinet Ministers, sold their duty-free vehicle permits for as much as Rs. 17 million each, when adjusted for inflation using Department of Census and Statistics figures, that windfall is equivalent to which adjusted for inflation sits at approximately Rs. 48 million today.

In December 2012, in an event the Sunday Times classified as a ‘Christmas Bonansa for MPs,’ the Government granted permission for MPs to openly sell their duty-free permits. At the time, they sold for Rs. 20 million each, which adjusted for inflation sits at approximately Rs. 50 million today.

Consequently, we saw a worsened repetition of this in 2016.

Nagananda Kodituwakku is an attorney-at-law and rights activist, who formerly headed the Customs Revenue Task Force. On 28 October 2016, he wrote to the Commissioner General of Motor Traffic, naming 75 MPs who imported luxury vehicles, including BMWs, Mercedes-Benz, Land Cruisers and even a Hummer. The total tax waived per MP ranged from Rs.30 million to Rs. 44.7 million. In today’s terms, this range approximately translates to between a staggering Rs. 66 million and Rs. 98.5 million.

The numbers speak for themselves.

Since the permit artificially lowers the price of a vehicle for a specific group, they benefit from a subsidised (concessional) price. The relative price of a vehicle falls for members of this group, so demand rises, but this rise is not attributed to market forces. The sudden rise in vehicle purchases among permit holders is not a reflection of genuine need; it is a rational response to a market distortion. They buy not because they must, but because the tax exemption makes it financially irrational not to.

Mechanics of the loss

When a permit holder imports a vehicle, the State suffers a ‘double blow’ to its revenue stream. First, the Treasury forfeits the revenue at the border. The list of waived taxes is exhaustive and compounding:

1. Customs Import Duty (CID)- Calculated as a % of Cost, Insurance and Freight (CIF)

2. Excise Duty (XID)- Calculated using engine capacity, fuel type, vehicle category

3. Social Security Contribution Levy (SSCL)

4. Luxury Tax (LTMV) – Applied when value or engine capacity exceeds specific thresholds

5. VAT (charged on a cascading* tax base: CIF + CID + XID + LTMV)

*This means this tax is calculated on top of the previous taxes, not just the original value of the vehicle.

Second, the State loses on income tax. In most tax systems around the world, law requires the benefit to be assigned an imputed monetary value, so that it may be taxed, just like income. But Sri Lanka’s duty-free vehicle permits have escaped this entirely.

The cost to the citizen

Sri Lanka’s cascading, multi-layered tax structure drives effective import taxation on most passenger vehicles into the 125%-250% range, with the Vehicle Importers Association of Sri Lanka placing some models in the 200%-300% bracket. It is, by any comparative standard, one of the most punitive vehicle-tax regimes in the world.

The macroeconomic consequences are visible everywhere:

Inequality: Middle-income families are priced out of car ownership; mobility becomes a privilege, not a right.

Inefficiency: High tariffs keep the national fleet old and costly to maintain. Older vehicles burn more fuel, produce higher emissions, and compromise road safety. As a result, public transport absorbs pressure it was never designed for

No industrial rationale: Sri Lanka does not manufacture cars, so these tariffs serve no protectionist purpose. These taxes function solely as revenue extraction, and our citizens and economy pay the price.

Tax compliance deteriorates. Consumer choice shrinks. Economic participation weakens.Productivity sours.

A future without exemptions

The move to a ‘return-after-term’ model is the correct economic and ethical step.

Looking forward, the Government must adopt a centralised fleet-management framework. We should look to models like Australia’s, which utilises a single regulated system ensuring consistent pricing, transparent leasing, and the timely replacement of aging units to reduce maintenance costs.

The President’s declaration promises an end to a distortionary era. However, the future relies on vigilance. Citizens, media, and Parliament must ensure this commitment is honoured through transparent procurement and a permanent end to exemptions. The ‘permit culture’ was a price the economy could never afford; it is time we stopped paying it.

Sources

Duty-Free Permits system under scrutiny | Print Edition – The Sunday Times, Sri Lanka

1991 Public Administration Circular No: 14/91

Scheme for Issuance of Motor Vehicle Permits on Concessionary Terms Nos. 01/2016, 01/20

Transparency International Sri Lanka

UNP MPs silent over daylight robbery: Sale of duty free car permits? | The Sunday Times

List of 75 MPs and their Luxury Vehicle Imports | Colombo Telegraph

Ceylon Public Affairs – Vehicle Import Tax Structure

Chapter 87, Motor Vehicle 2025 Tariff Guide

Quantification of Values for Non-Cash Benefits in calculating Employment Income

Ceylon Public Affairs – Vehicle Import Tax Structure

Chapter 87, Motor Vehicle 2025 Tariff Guide

Quantification of Values for Non-Cash Benefits in calculating Employment Income

Fleet Management – The Morning

Appendix

CCPI | Department of Census and Statistics

‘Today’ = Oct 2025. For inflation calculations, we chain-link across base changes:

1. Within a base, inflation factor between month A and month B =

Factor = Index(B) / Index(A) (same base series).

2. Across base changes, pick a bridge month that appears in both series. Multiply factors in sequence (‘chain link’).

3. Multiply the historical amount by the product of factors to get the ‘today’ value.

Regional Development Bank (RDB) has successfully achieved ISO/IEC 27001:2022 certification, the internationally recognised standard for Information Security Management Systems (ISMS).

It said the milestone underscores the Bank’s strong commitment to safeguarding sensitive information, strengthening cybersecurity controls, and effectively managing information security risks in line with global best practices.

The certification was awarded following a comprehensive assessment of RDB’s information security framework, including its policies, processes, and technical controls, ensuring full compliance with the latest ISO/IEC 27001:2022 requirements. This achievement reinforces the Bank’s focus on ensuring data confidentiality, integrity, and availability, while further enhancing trust and confidence among customers, partners, and stakeholders.

The Management Club (TMC) is set to ignite a new chapter of economic transformation with the Northern Investment Summit 2026 (NIS26), taking place on 21 and 22 January 2026 at the iconic Thiruvalluvar Cultural Centre. Held under the powerful theme ‘Empowering Growth, Insightful Innovations,’ the summit promises to be more than a conference-it will be a catalyst for bold ideas, strategic partnerships, and long-term investment in Sri Lanka’s Northern Province.

Designed as a high-impact platform, NIS26 will bring together Government leaders, business pioneers, global and diaspora investors, development agencies, and academia to unlock the region’s vast yet underexplored potential. With the Northern Province currently contributing just 4.5% to national GDP, the summit aims to transform untapped opportunity into inclusive growth-benefiting not only the North, but the entire nation.

In an interview with Siyatha TV, TMC Immediate Past President and NIS26 Project Chairman Indhra Kaushal Rajapaksa described the summit as a landmark initiative-the first time a private-sector institution has taken the lead in a regional development agenda of this scale. The idea was sparked by TMC’s dynamic Jaffna branch, established during his presidency and comprising professors, senior bankers, and professionals committed to accelerating regional progress.

Momentum intensified through high-level engagement with key stakeholders. A pivotal milestone was the meeting with the Consulate General of India in Jaffna, where Consul General of India Shri Sai Murali S., expressed strong and enthusiastic support for the summit. His active involvement was instrumental in securing the Thiruvalluvar Cultural Centre as the prestigious venue for NIS26-underscoring the depth of Indo-Sri Lankan collaboration and the confidence of regional partners in the summit’s vision.

A defining moment in the summit’s journey was a high-impact hybrid consultative meeting chaired by the Northern Province Governor N. Vethanayagan, which brought together an unprecedented cross-section of stakeholders committed to the region’s development. The session saw physical participation from over 40 institutions and private-sector organisations, alongside virtual engagement from 41 development partners, INGOs, overseas investors, and local private investors. This inclusive and future-focused dialogue enabled open exchange of ideas, alignment of priorities, and collective ownership of the Northern development agenda. The strong turnout and depth of engagement underscored growing confidence in the Northern Province as a credible, investment-ready destination and reaffirmed the shared resolve to convert strategy into action through the Northern Investment Summit 2026.

What began as a bold proposal quickly gained momentum. With strong backing from the Ministry of Industry, Ministry of Finance, Board of Investment (BOI), Export Development Board (EDB) and several other State institutions, NIS26 has evolved into a nationally endorsed public-private collaboration, where TMC acts as facilitator.

To ensure credibility and readiness, TMC undertook an extensive consultative process across all five districts of the Northern Province. With the support of the Governor, district secretaries, and institutions such as the Industrial Development Board (IDB) and National Enterprise Development Authority (NEDA), district-level data was captured using a standardised framework.

TMC’s knowledge partner KPMG is now consolidating this intelligence into five district-specific, investment-ready proposals, which will be unveiled to local, international, and expatriate investors. These proposals represent real, bankable opportunities-carefully vetted and aligned with national development priorities.

NIS26 focuses on four strategic pillars that define the future of the Northern Province:

Agriculture and Fisheries – unlocking value through sustainable aquaculture, sea cucumber and seaweed farming, and Agri-innovation

Education and IT – positioning the North as Sri Lanka’s next IT and knowledge hub

Tourism – developing authentic, high-value tourism rooted in culture, heritage, and nature

Energy – accelerating renewable and sustainable energy solutions

These are strengthened by SMEs and startup ecosystems, empowering local entrepreneurs and connecting them to global markets.

Infrastructure has emerged as the single most critical enabler. TMC has actively advocated for enhanced air, land, and rail connectivity, including expansion plans for Jaffna International Airport, a dedicated container rail line, and a central logistics hub. Resolving these bottlenecks is expected to unlock a surge of interest-particularly from India and the wider region.

Equally vital is policy innovation. Rajapaksa emphasised the need for a special incentive scheme for the Northern Province, supported by Public-Private Partnerships (PPPs), to accelerate investment while easing fiscal pressures on the State.

NIS26 has already attracted strong institutional and private-sector support. HNB has come on board as the official banking partner, alongside key partners such as the International Distillers Ltd. (IDL), National Enterprise Development Authority (NEDA), Industrial Investment Board (IDB), National Chamber of Exporters (NCE), Staff and Education development Association (SEDA), and international business councils. Further strengthening community and social impact, an MoU has been signed with the Lions District 306 D12, reflecting broad-based support for inclusive development.

International outreach continues to build momentum, with MoUs signed with organisations such as the Australia Sri Lanka Business Council and growing engagement from global investor networks.

As envisaged by NCE Secretary General/CEO Shiham Marikar, the summit will serve as a vital economic bridge-integrating the Northern Province more closely with national and international value chains.

With the NIS26 website live (https://summit.mhstaging2.com/), registrations open, and investor inquiries already flowing in, the summit is poised to unlock a robust investment pipeline over the next three to five years

An invitation to invest, collaborate, and co-create the future of the Northern Province.

Local and international investors, regional industrialists, the Sri Lankan expatriate community, policymakers, and innovators are invited to join this landmark initiative and be part of a story where vision becomes opportunity, and opportunity becomes national progress.