Category: Daily Financial Times

An eight-member team from Ceylinco Life recently attended a five-day training program in Kuala Lumpur, Malaysia, on the theme ‘Lead Forward’. The program focused on Agency Management and provided insights into building stronger, future-ready sales teams.

Training sessions covered a wide spectrum of topics including profitable agency management, dynamic agency building through effective systems, gearing up for affluent markets, creating leaders within agencies, the growing importance of adaptive tech-savvy leadership, and cultivating the Million Dollar Round Table (MDRT) mindset.

The sessions were conducted by eight accomplished Group Sales Managers from Great Eastern Life Insurance in Malaysia and Singapore, led by industry veteran K. Haridas. The program also included office visits to high-performing Group Sales Managers of Great Eastern Life and MCIS Life Insurance Malaysia, where the participants experienced first-hand how successful agencies are run in the region.

This initiative reflects Ceylinco Life’s continuing commitment to enhancing the professional skills and leadership capacity of its team to better serve policyholders, the company said.

The International Chamber of Commerce Sri Lanka (ICCSL) has urged the Government to adopt reforms to strengthen awareness and compliance under the Taxpayer Charter.

In a policy paper handed to the Department of Fiscal Policy, the ICCSL set out proposals to close gaps in taxpayer knowledge and trust identified through a national survey.

Key recommendations include comprehensive education programs using digital platforms, community outreach and workshops, as well as tailored communication frameworks that simplify tax obligations for the public while offering detailed guidance for professionals.

The paper also calls for stronger data privacy protections, including cybersecurity measures, and the establishment of a Charter Monitoring Unit within the Inland Revenue Department to evaluate communication tools, feedback mechanisms and revisions of the Charter.

ICCSL Chairman Shanil Fernando said: ‘This paper reflects the collective voice of taxpayers and the need for greater clarity, balance, and trust in our tax system.’ He added that the chamber remains committed to further research on effective tax practices to support Sri Lanka’s economic growth.

Accepting the paper, Department of Fiscal Policy Director General Dr. Kapila Senanayake said: ‘These are timely, practical, and necessary reforms that deserve immediate attention.’ He added that several recommendations would be seriously considered for inclusion in the upcoming budget.

Justice delayed has not only compounded victims’ suffering but has also damaged institutional credibility

Purpose

To analyse the justice delays and inconsistencies following the 2019 Easter Sunday attacks, and to propose policy measures to strengthen the rule of law, enhance prosecutorial and judicial independence, and restore public trust in Sri Lanka’s criminal justice system.

Background

The Easter Sunday terrorist attacks in April 2019 killed over 260 people and injured hundreds.

Despite extensive investigations, justice for victims remains delayed.

Inconsistencies in prosecutorial decisions by the Attorney General’s Department, coupled with judicial delays, have raised questions about political interference, institutional weakness, and erosion of public trust.

This case has become a litmus test for the credibility of Sri Lanka’s criminal justice system.

1. Rule of law under strain

Justice must be equal, timely, and free from political influence.

Prolonged delays have weakened the principle of equality before the law.

2. Law enforcement challenges

Investigations identified key suspects, but allegations of selective targeting and poor evidence management persist.

Coordination gaps between police and prosecution undermine case strength.

3. Attorney General’s Department

The AG’s independence is questioned due to inconsistent decisions on suspects.

Lack of transparency in prosecutorial choices fuels public suspicion.

4. Judiciary and delayed justice

Courts have been slow to adjudicate, compounding victims’ frustration.

Perception of judicial reluctance in politically sensitive cases undermines independence.

5. Erosion of public trust

Survivors and families perceive justice as politicised and stagnant.

Declining trust risks weakening social cohesion and democratic legitimacy.

Policy recommendations

1. Fast-track mechanisms for high-impact cases

Establish special terrorism and complex crimes courts with statutory timelines.

Ensure judges and prosecutors receive specialised training.

2. Strengthening law enforcement capacity

Develop specialised terrorism case units within police.

Enhance forensic and digital investigation capabilities.

Introduce independent oversight mechanisms for sensitive investigations.

3. Reforming the Attorney General’s Department

Introduce an independent appointments and oversight process for senior AG officials.

Mandate annual public reporting of prosecutorial decisions for transparency.

Strengthen constitutional guarantees of prosecutorial independence.

4. Judicial efficiency and independence

Establish dedicated benches for terrorism and organised crime.

Implement case management systems to reduce delays.

Ensure judicial performance monitoring with accountability for excessive delay.

5. Restoring public confidence

Create a Truth and Accountability Commission to complement criminal trials.

Provide regular public updates on case progress.

Strengthen victim-centred justice measures: legal aid, psychological support, and participation rights in proceedings.

Reform is urgent

A fast, fair, and transparent justice process is essential to uphold the rule of law.

Independent institutions are the cornerstone of democratic stability.

Restoring public trust requires visible accountability and victim-centred justice.

Conclusion

The Easter Sunday case demonstrates a critical breakdown in the alignment of law enforcement, prosecution, and judiciary. Justice delayed has not only compounded victims’ suffering but has also damaged institutional credibility. Reform is urgent: a fast, fair, and transparent justice process is essential to uphold the rule of law, restore public trust, and ensure democratic stability. Failure to act decisively will leave the Easter Sunday tragedy remembered not only as an act of terror but as a failure of justice in Sri Lanka

(The writer is a Senior Law Enforcement and Intelligence Specialist, former Head of Counter-Terrorism – State Intelligence Service, First Secretary (Defence), Embassy of Sri Lanka in Thailand, and present member of the Sri Lanka Waqfs Board.)

Pan Asia Bank has partnered with Senok Trade Combine Ltd., a diversified conglomerate with business interests across automobiles, construction, renewable energy, and trading. This collaboration marks a significant milestone in aligning financial services with industry leadership to deliver greater value to Sri Lankan businesses and consumers alike.

Through this partnership, Pan Asia Bank will extend its financial expertise to complement Senok’s extensive operations, creating new opportunities for growth across multiple sectors. Customers of Senok will gain access to specially designed financing packages, including flexible leasing options, trade finance solutions, and tailor-made credit facilities that will make it easier to invest in vehicles, equipment, and other business needs. The partnership is particularly significant for the automobile and construction sectors, where Senok has long held a leadership position, as it allows Pan Asia Bank to provide innovative banking solutions that directly support sectoral growth.

A key highlight of this collaboration is the opportunity for customers to experience some of Senok’s flagship automobiles, including the Haval Jolion, a state-of-the-art SUV; the View CS2, and the Tunland G7. With Pan Asia Bank’s innovative leasing solutions, these vehicles are now more accessible, empowering customers to drive their aspirations forward.

Pan Asia Bank Director/CEO Naleen Edirisinghe emphasised the bank’s vision for meaningful partnerships: ‘At Pan Asia Bank, we believe in forging alliances that go beyond conventional business ties. This partnership with Senok brings together financial innovation and industry expertise in a way that empowers businesses, fuels customer aspirations, and contributes to national economic growth.’

The MoU between Pan Asia Bank and Senok Trade Combine is not just a formal agreement, but a strategic step towards fostering long-term growth, innovation, and sustainability across industries. Together, the two organisations are well-positioned to support business expansion, generate employment opportunities, and create shared value for communities and stakeholders across the country.

Ranil Wickremesinghe (RW), one of the fallen heroes at the 2024 Presidential Election, has been reported to be planning to organise 1,000 rallies across the country and calling all Opposition leaders, their aficionados and apparatchiks to rally behind him in his war against what he described as a ‘constitutional dictatorship’. If one understood the logic behind that concoction, one would have gathered that if there is a dictatorship prevailing currently in the country then that dictatorship has been permitted by the constitution.

But what is strange is the fact that that constitution was introduced by none other than RW’s own uncle and Sri Lanka’s first Executive President, J.R. Jayewardene, who boasted that he could do anything under his constitution except to change the gender of a person, and RW was a minister under JR. It was the same constitution but with additional powers that elevated President Gotabaya Rajapaksa to become a virtual dictator. When the Aragalaya youth forced him to run away from the country and resign, RW stepped into the presidential shoes with the consent of the Parliament, and the first thing he accomplished was to order the security forces to end the Aragalaya by arresting its leaders, demolishing their temporary shelters and chasing out the rest to their homes. Now he is calling AKD Presidency and NPP Government a constitutional dictatorship. Is it?

What made RW come out of the woods?

To start with, what was the immediate provocation which made RW to come out of the woods at the age of 76 to announce unofficially his readiness to enter the race for presidency again? It was undoubtedly the shame that he had to endure when he was produced before the court by the Police to face allegations of misusing public funds when he was the stop-gap president. After an incredible drama at the court, which raised questions about the honesty and integrity of the medical professionals who vouched for RW’s failing health condition, he had been granted bail until investigations are completed. He has not been acquitted yet.

When an allegation is made against any person or persons under an existing law then the country’s judiciary is constitutionally bound to deal with it independently. This is what is meant by Rule of Law (ROL) in a democracy. ROL is not just a concept but the cornerstone of a society that values equality and fairness for all individuals. Therefore, RW’s resolve to end ‘constitutional dictatorship’ is in other words his agenda to end ROL. But what happened to ROL before RW fell victim to it?

ROL was professed by all political leaders and was inscribed in all constitutions in operation since independence; but politicians and especially those belonged to the ruling party or parties were virtually elevated to become a special species of individuals whom the arms of law were unable to touch. It was this untouchability which almost became an unwritten ‘convention’ if one may call it that allowed corruption to flourish, illicit businesses with underworld connections to prosper and organised crimes to increase during the reign of several governments. (Is it a coincidence that Tangalle in Hambantota District, the political fortress of Rajapaksas has become virtually an epicentre of narcotics)?

When an allegation is made against any person or persons under an existing law then the country’s judiciary is constitutionally bound to deal with it independently. This is what is meant by Rule of Law (ROL) in a democracy. ROL is not just a concept but the cornerstone of a society that values equality and fairness for all individuals. Therefore, RW’s resolve to end ‘constitutional dictatorship’ is in other words his agenda to end ROL. But what happened to ROL before RW fell victim to it?

New political culture in which ROL remains supreme

It was against such corrupt political culture and system operating with legal immunity that a new generation of awakened youth staged the Aragalaya in 2022, a landmark event in Sri Lanka’s post-independence history. The fundamental message of that revolt was a lot broader than just a narrow regime change. It implied a radical change of an entire system built on identity politics and corrupt governance which ultimately led to economic bankruptcy. The rebels demanded a new political culture in which ROL remains supreme without any political interference and with an independent judiciary as enshrined in the constitution. And that was the pivotal promise made by AKD and NPP in their election campaigns respectively, and which they are delivering now. Is that constitutional dictatorship or constitutional governance?

RW is therefore inviting all reactionary elements to rally behind him to stage a showdown against the current Government, which has just completed the first of its mandated five years. Perhaps to support RW, critics have begun to unleash a vicious propaganda with a catalogue of AKD’s and NPP’s promises before and failure to deliver them after the election. Within one year?

Constructive criticism is a necessary element in a healthy democracy which should be encouraged. But criticism driven by a spirit of seeking vengeance is to create chaos and that is what is driving the current propaganda. Without being overtly apologetic towards the new leadership it is fair to say that the country is not at least worse off than what it was when the new leaders took charge. But given the relative inexperience of several of the cabinet ministers and the enormity of challenges facing the nation, pragmatism and not blind commitment to ideology is the need of the time. That appears to be the strength of the current President.

For example, on the economic front the fact that AKD accepted IMF strategy towards economic stabilisation and growth instead of renegotiating for alternative terms and conditions has stopped the economy from heading backwards. Hasn’t the speed of stabilisation and recovery amazed even the IMF and World Bank? Hasn’t the country’s dollar surpluses higher now than when the Government came to power? Hasn’t AKD’s delivery of corruption-free governance been the main reason why IMF is not insisting on privatisation of the SOEs? Yet, there is a long way to go to achieve economic independence as promised. The incoming Budget should give a better picture about the actual state of play. Given these facts, isn’t it reasonable to wait at least till the end of the first half of the Government’s tenure to make an educative judgement about its performance? As they say, Rome was not built in one day.

Cancellation of perks and privileges

But what really seem to have added to an already angered group of fallen heroes and encouraging them to support RW’s battle cry is the recent cancellation of perks and privileges enjoyed by this self-promoted elite and which had become an unbearable burden to a struggling economy. That cancellation had angered not only RW but more so the Rajapaksas and other previous presidents. Before law catches them, several other politicians and public officials for misusing their powers and privileges, they would prefer a regime change as early as possible. In short, RW’s agenda is a move to restore the ancient regime with its weaknesses.

But these fallen heroes are obviously underestimating the strength and reach of the Aragalaya phenomenon. When RW thought that he had ended the revolt by force, the protestors did not go home to give up their mission but went straight to the voters instead to convince them of the rebels’ radical message. The rest is history. Would RW’s countermove provoke another Aragalaya of different dimensions?

The Colombo stock market yesterday opened the week on the up with plantation stocks driving turnover and the bourse extending its bullish run for more than a week.

The benchmark ASPI closed 0.36% higher on yesterday, up 77.31 points to 21,676.20 while the active S and P SL20 closed 0.13% higher, up 7.64 points to 6,119.21.

Turnover was Rs. 4.2 billion on more than 131.6 million shares traded. Foreigners were net sellers yesterday with a net outflow of Rs. 15.6 million, down from a Rs. 155 million outflow on Friday.

First Capital Research said that the Colombo Bourse kicked off the week on a positive note, marked by a wave of bullish sentiment. The ASPI posted a gain of 77 points and closed at 21,676, strengthened by plantation sector counters and conglomerates.

CARS, MELS, JKH, NAMU and WATA were the top positive contributors to the index. Moderate retail participation was chiefly observed on Plantation sector counters, whereas HNW participation was lower during the session.

Turnover for the day stood at Rs. 4.3 billion, reflecting a decrease of 41% compared to the monthly average that stands at around Rs. 7.2 billion.

The Food, Beverage and Tobacco sector took the lead with a share of 26%, while Diversified Financials sector and Capital Goods sector jointly contributed to 31% of the total turnover.

Additionally, buying sentiment towards the Banking sector has been lowered. Foreign investors remained net sellers, recording a net outflow of Rs. 15.6 million.

NDB Securities said the ASPI closed in green as a result of price gains in counters such as Carson Cumberbatch, Melstacorp and John Keells Holdings with the turnover crossing Rs. 4.2 billion.

A similar behaviour was witnessed in the S and P SL20.

High net worth and institutional investor participation was noted in Commercial Bank, Renuka Foods and Prime Lands Residencies.

Mixed interest was observed in LB Finance, Associated Motor Finance Company and Watawala Plantations whilst retail interest was noted in Kotagala Plantations, SMB Leasing and LVL Energy Fund.

Foreign participation in the market activity remained at subdued levels with foreigners closing as net sellers.

The Food, Beverage and Tobacco sector was the top contributor to the market turnover (due to Kotagala Plantations) whilst the sector index gained 2.35%.

The share price of Kotagala Plantations gained Rs. 0.80 (8.42%) to close at Rs. 10.30.

The Diversified Financials sector was the second highest contributor to the market turnover (due to Associated Motor Finance Company, LB Finance and Galle Face Capital Partners) whilst the sector index decreased by 0.44%.

The share price of Associated Motor Finance Company moved down by Rs. 11.90 (12.98%) to close at Rs. 79.80.

The share price of LB Finance recorded a loss of Rs. 0.25 (0.16%) to close at Rs. 153. The share price of Galle Face Capital Partners appreciated by Rs. 4.80 (5.88%) to close at Rs. 86.50.

Prime Lands Residencies was also included amongst the top turnover contributors. The share price of Prime Lands Residencies increased by Rs. 1.80 (5.52%) to close at Rs. 34.40.

Leading technology solutions provider N-able was recognised as “Partner of the Year – AI Solutions” at the recent EGUARDIAN Click 2025 Awards Night. The award was in recognition of one of N-able’s standout global AI projects in Automation, whilst recognizing N-able’s growing role in taking Sri Lankan innovative engineering solutions to global markets.

The achievement recognized the innovation and impact of N-able’s project delivered in the last year, which introduced an AI-driven approach to simplify and accelerate operations. By combining conversational AI with business process automation, the solution introduced agentic AI capabilities to handle exceptional situations that cannot be handled using traditional automation techniques. The solution significantly reduced manual work and improved efficiency across multiple sites, delivering clear operational benefits for the client.

Commenting on the achievement, Amila Hendahewa, Head of Technology for Digital Business Automation, stated: ‘This award recognised not just the success of a single project but also the strength of applying AI to solve practical business challenges. It showed how Sri Lankan technology talent can deliver solutions that work at scale, even in international markets.’

EGUARDIAN emphasized its strong partnership with N-able, reflecting on the positive impact created so far and its vision to deliver even greater value to customers together.

The EGUARDIAN Click 2025 Awards Night, hosted annually by EGUARDIAN to celebrate technology partnerships, innovation, and customer impact across industries, brought together key players from the regional ICT sector.

The Sri Lanka-USA Business Council of the Ceylon Chamber of Commerce – focusing on strengthening bilateral trade, investment, and business ties between Sri Lanka and the United States, recently hosted a timely webinar on the evolving US tariff regime and its implications for Sri Lankan exporters. The session brought together trade experts and industry leaders to examine how Sri Lanka can navigate risks, leverage short-term opportunities, and prepare for long-term competitiveness.

Delivering the welcome note, the Sri Lanka-USA Business Council President and also the Group Chief Financial Officer of MAC Holdings, Tilak Gunawardena, stressed the importance of understanding the shifting US trade environment. ‘As global trade regulations continue to evolve, understanding US tariff policy is vital for Sri Lankan businesses seeking to grow and sustain their presence in the US market,’ he said. He reaffirmed the Council’s commitment to supporting the wider business community with timely, relevant, and actionable insights.

Setting the stage, Advocata Chief Executive Officer Dhananath Fernando explained that the discussion would focus on how US tariffs are reshaping global trade, the risks Sri Lanka faces, and the opportunities that may arise from this changing environment.

The discussion opened with Deloitte India Executive Director Vijay Chauhan, with over 30 years of experience on public policy, trade facilitation, customs and indirect tax administration. He provided a breakdown of how the US is applying tariffs through domestic laws such as the International Emergency Economic Powers Act (IEEPA), Section 232 (national-security tariffs on steel, autos, etc.), and Section 301 (actions mainly targeting China). Vijay noted that while these tariffs are being challenged in the US courts, they currently remain in force, however he advised exporters to maintain meticulous documentation and remain in close contact with US counterparts in case refund opportunities arise in future.

Lanka’s tariff rate has fallen to 20%

Turning to the industry perspective with Yohan Lawrence, a key voice in the apparel sector, the Chairman of the Exporters Association of Sri Lanka and the Secretary General of the Joint Apparel Association Forum (JAAF). He observed that Sri Lanka’s tariff rate has fallen to 20%, now in parity with competitors like Bangladesh, Cambodia, and Vietnam. Therefore, apparel orders have not shifted significantly. Further, as many buyers expect India’s current 50% tariff to be temporary, they’re hesitant to shift supply chains to Sri Lanka. He cautioned that the real concern would be that the higher tariffs could drive inflation in the US and reduce consumer demand, forcing global brands to push suppliers – including Sri Lanka – to cut prices, with potential consequences for export revenues and jobs. However, to cushion the impact of the US pressures, he noted that the UK’s new trade scheme could offer Sri Lanka some relief and opportunities.

Adding a broader economic lens, Shiran Fernando, Chief Economist of the Ceylon Chamber of Commerce leading the Chamber’s Economic Research and policy advocacy initiatives, explained that fears of a major export slump have not materialised. In fact, most Asia-Pacific countries, including Sri Lanka, reported export growth in the first half of the year. Yet Sri Lanka’s growth was slower than peers such as Vietnam and Thailand, which have benefited from electronics demand driven by the global AI boom. Meanwhile, US imports from China are falling but China has rerouted to ASEAN, the EU, and Latin America, intensifying competition for Sri Lankan exporters.

Speaking on compliance requirements that Sri Lankan exporters should exercise caution on, Vijay highlighted three key aspects; accurate HS classification – to avoid overpaying duties; valuation strategies – including the legal use of the ‘first sale’ rule (provided transfer pricing rules are respected) and rules of origin – where only genuine value addition qualifies products as Sri Lankan. He stressed that missteps here can lead to severe penalties.

However, Vijay also noted an opportunity: Indian firms may look to partner with Sri Lankan companies for further processing before exporting to the US under Sri Lanka’s lower 20% tariff – granted rules of origin and compliance are carefully followed.

Non-tariff barriers may prove more critical than tariffs

Both Yohan and Shiran emphasised that non-tariff barriers may prove more critical than tariffs themselves. While Sri Lanka’s apparel exports face few non-tariff barriers in the US, Sri Lanka imposes many on its own imports. Shiran noted that, since Sri Lanka operates under a Trade and Investment Framework Agreement (TIFA) with the US rather than a full FTA, these non-tariff measures often create friction in trade discussions. He also pointed out that the country’s tariff structure remains ‘convoluted,’ with para-tariffs that further complicate negotiations. However, under the IMF program, Sri Lanka is expected to gradually simplify these structures – a move both panellists stressed is essential.

The panel also discussed sectoral exposure of the tariffs as two-thirds of Sri Lanka’s exports to the US are apparel, followed by around $ 300 million in rubber products and smaller contributions from tea and other sectors. While the reduction of tariffs to 20% has provided relief, this advantage is fragile. Both Lawrence and Fernando warned that tariffs are a ‘moving target’ and could rise again if Sri Lanka mishandles trade policy, as seen with India.

The audience also directed a question on how Sri Lanka compares with Vietnam, to which Lawrence noted that while both countries now face the same 20% tariff, Vietnam enjoys an edge due to its stronger domestic fabric base, while Sri Lanka relies heavily on inputs from China. If stricter ‘rules of origin’ are enforced, this gap could widen.

In terms of global positioning, Vijay stressed that current tariff arbitrage is a short-term window of opportunity. Over the long term, as tariffs are expected to stabilise between 10-20%, Sri Lanka must strengthen its comparative advantage through productivity, efficiency, and greater market access to other countries.

He pointed to FTAs as a key tool for accessing new markets but urged that future agreements should focus more on addressing the non-tariff barriers than just tariff measures.

Sri Lanka’s future depends both on the US Supreme Court’s eventual ruling on tariffs and on domestic reforms. Even if tariff advantages persist in the short term, lasting gains will come only through deeper reforms, greater efficiency, and stronger trade agreements

Conflicts between customs valuation and transfer pricing rules will always exist

In response to a question on transfer pricing risks with the US, Vijay cautioned that conflicts between customs valuation and transfer pricing rules will always exist. He noted that while lower tariffs previously meant valuations were largely shaped by transfer pricing, companies must now balance both regimes carefully. Any attempt to reduce customs values, he stressed, should be checked for consistency with transfer pricing rules to avoid penalties.

Fernando provided relevant insights on Sri Lanka’s currency outlook. While the rupee appears stable against the US dollar, domestic pressures – higher imports, weaker tourism inflows, and the Central Bank’s progress on the reserve build-up – suggest gradual depreciation. He clarified that Sri Lanka is not ‘manipulating’ its currency, as alleged in past US debates, but remains vulnerable to external shocks. To build resilience, he argued, Sri Lanka must push ahead with ‘second-generation reforms’ such as tariff simplification, trade facilitation, digitised customs, stronger FTA negotiation capacity, and labour market reforms.

Finally, Lawrence highlighted sustainability as Sri Lanka’s long-term differentiator. While price remains the main driver in the US market, brands continue to demand ethical and sustainable practices. With the EU and UK tightening compliance requirements, Sri Lanka’s reputation for sustainable manufacturing can provide a lasting competitive edge – even if buyers are reluctant to pay extra for it in the short term.

Summing up, Dhananath noted that Sri Lanka’s future depends both on the US Supreme Court’s eventual ruling on tariffs and on domestic reforms. Even if tariff advantages persist in the short term, lasting gains will come only through deeper reforms, greater efficiency, and stronger trade agreements. The panel agreed that while tariffs will remain important, non-tariff barriers, compliance, and competitiveness reforms will ultimately shape Sri Lanka’s success in global markets.

.HNB PLC, committed to driving innovation in Sri Lanka’s banking sector, has signed a MoU with the Sri Lanka Inventors Commission (SLIC) to support the existing and new inventors under the InnovaBiz EliteLink program. The partnership aims to provide Sri Lankan inventors with comprehensive support including financial assistance, technical guidance, commercialisation opportunities, and capacity-building initiatives.

Under the MoU, HNB will extend preferential loan schemes, interest relief, and expedited loan processing to eligible inventors. SLIC will recommend qualified inventors after conducting thorough technical feasibility evaluations, provide advisory support, reimburse interest portions for approved loans, and conduct training sessions to enhance technical and business capabilities. Together, the organisations have created a structured framework that supports inventors from ideation to market-ready products, contributing to national economic growth.

Highlighting HNB’s commitment to innovation, Managing Director / Chief Executive officer Damith Pallewatte said; ‘Innovation thrives when vision meets support, and this partnership with SLIC embodies that principle. At HNB, we are committed and continue to empowering inventors by providing the resources, guidance, and encouragement they need to turn ideas into reality. We are grateful to SLIC for joining us on this journey, and together, we aim to create a platform where creativity, perseverance, and collaboration can shape the future of the Sri Lankan economy.’

Representing the SLIC, Sri Lanka Inventors Commission Commissioner Prof. Veranja Karunaratne mentioned that innovation and subsequent commercialisation comes from creating environments where ideas can connect with financial resources. Also, successful innovation requires a commitment to collaboration by financial institutes like HNB

The collaboration ensures a robust system of accountability and transparency, with regular progress monitoring, technical and financial assessments, and strict data protection in line with national regulations. Inventors will benefit from access to investor networks, branding support, commercialisation guidance, and workshops designed to bridge the gap between innovation and market impact. Financial safeguards include interest reimbursement of up to seventy-five percent for patent holders and thirty-seven and a half percent for pending patent holders, as well as streamlined loan disbursement and recovery processes. Capacity-building sessions will strengthen both financial literacy and technical expertise, providing inventors with the tools to succeed.

This collaboration represents a decisive step towards building an innovation-driven economy in Sri Lanka. By integrating financial expertise with inventive talent, HNB and SLIC are creating a platform where ideas are transformed into enterprises, and inventions become engines of national progress.

Digital Economy Deputy Minister Eng. Eranga Weeraratne yesterday unveiled Sri Lanka’s ambitious AI vision at the first-ever National AI Expo and Conference 2025, urging private sector investors to partner with local innovators to build a globally competitive digital economy.

Speaking at the two-day conference spearheaded by the Digital Economy Ministry in collaboration with SLT-Mobitel, he said the event is being positioned not merely as a showcase, but as a launchpad, ushering in what the Government hopes will be a smarter, more ethical, inclusive and secure change.

‘We are not just here to showcase technology, but to mark the beginning of a new chapter,’ Eng. Weeraratne said.

Calling on the private sector and investors, he emphasised the economic potential of AI. ‘The future of your industries is sitting right here in this room. Partner with these bright minds, invest in their ideas, and let’s create a globally competitive AI industry together, right here in Sri Lanka,’ he added.

To ensure this transformation, the Deputy Minister outlined a four-pillar national strategy; building human capital, fostering innovation ecosystems, ensuring inclusivity, and promoting safe and ethical AI use.

‘Our biggest asset is our people. We will integrate digital literacy and data education into the national curriculum and launch large-scale skilling programs to create a future-ready workforce,’ he stressed.

He revealed that the Government will launch a dedicated startup funding program in January 2026 to back research and bold experimentation.

‘Sometimes the biggest breakthroughs come from the boldest experiments. That is why we are going to launch a fund to encourage and invest in Sri Lankan startups. This is non-negotiable if we want to compete globally,’ he asserted.

The Deputy Minister also outlined a national strategy to integrate the technology across industries, education, and everyday life, positioning Sri Lanka as a hub for globally competitive, people-centred digital transformation.

Inclusivity, he said, would be central to Sri Lanka’s AI journey. ‘No one gets left behind. This technology must work for the shop owner in Jaffna as much as for the CEO in Colombo. It must speak our languages and solve our local challenges,’ he added.

Eng. Weeraratne also acknowledged the risks and challenges posed by AI. ‘We cannot ignore how AI can be used to spread disinformation, run sophisticated scams, or attack our infrastructure. That is why we have established a National Cybersecurity Coordination Centre and will soon launch a dedicated Defence Cybersecurity Operations Centre, both leveraging AI to protect our nation from such threats,’ he said.

Addressing innovators, students, academics, industry leaders, policymakers, diplomats and investors, the Deputy Minister compared AI’s transformative impact to electricity.

‘The best way to understand AI is as the new electricity. Just like electricity revolutionised industry, AI is now becoming the foundation of technology, changing how we work, live, and grow,’ he added.

Eng. Weeraratne painted a vivid picture of AI’s practical applications in Sri Lanka.

‘Imagine a doctor in a small clinic in Anuradhapura who can instantly access expert diagnosis from Colombo, or farmers receiving precise predictive data on weather and soil conditions to safeguard their crops,’ he explained.

‘For our globally renowned hospitality sector, AI could personalise visitor experiences; helping tourists avoid the midday heat, find hidden gems, or discover the best home-cooked rice and curry in a village restaurant. These are not futuristic fantasies. They are real, practical changes that will uplift our people,’ he added.

His final message was directed at the youth. ‘Students, you are the next generation that will define this new era. Be curious, never stop learning and get ready to build futures we can all be proud of. With great tools come great responsibilities, use them wisely, ethically and for the benefit of all Sri Lankans and the world,’ Eng. Weeraratne said. (CdeS)