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US Federal Maritime Commission (FMC) Chairperson Laura DiBella yesterday said Sri Lanka must urgently seize its current window of opportunity to expand Colombo’s maritime and logistics hub by strengthening competition, reducing investment risks, and allowing businesses to take the lead.

Addressing the 8th edition of the Colombo International Maritime and Logistics Conference, she said the strategic importance of Colombo was growing as a significant transshipment point for US cargo and warned that the current opportunity for rapid expansion would not last indefinitely.

‘This is a time, as I said before, this is the time for Colombo to make something happen. This snapshot of time will not last,’ she stressed.

DiBella, who is on her first visit to South Asia, said the FMC was closely interested in developments in Colombo because of the volume of US cargo moving through the Port and the potential for further growth.

‘We firmly believe it. We see a high growth area here. And so the FMC is a part of that, we hope, to be a part of that growth,’ she said.

Around 500,000 containers of US-related cargo, with an estimated value of about $ 30 billion, currently move through Port of Colombo, she said.

The FMC Chief said the growth potential of Colombo and Sri Lanka was ‘immense,’ particularly given the country’s ability to maintain and expand its maritime role despite significant geopolitical and economic disruptions.

‘The fact that you continue to succeed again and again and again, in the face of incredible conflict, is a testament to really where you can go,’ she stressed.

However, DiBella asserted that infrastructure development alone would not be sufficient. She urged Sri Lanka to establish a stronger competitive framework, including an enforcement mechanism similar to the FMC, to ensure that competition remained healthy in the maritime sector.

‘You need to put guardrails up. You need to establish a competitive arm. You need something to ensure that competition exists and flourishes here in Sri Lanka, especially here in Colombo,’ she said.

She said competition was essential to encouraging innovation, investment, and foreign direct investment (FDI).

‘Competition is good. Competition makes everyone duke it out against each other,’ DiBella said, adding that a competitive environment would encourage greater investment and innovation.

She also called for the country to reduce risks facing investors, arguing that a more predictable business environment was necessary to attract foreign capital.

‘You need to de-risk your business environment in order to allow more foreign investment in,’ she said.

DiBella advocated a greater role for the private sector in driving the development of Sri Lanka’s maritime economy, with the Government acting as an enabler rather than attempting to lead commercial expansion.

‘You need to let business be the lead,’ she asserted.

Drawing on her experience with public-private partnerships in Florida, DiBella said successful economic development required business and Government to work together, but with clearly defined roles.

‘There is a certain point in time where the administration needs to realise what the Government is good at and let the businesses be what they’re good at. And businesses are good at expanding business,’ she said.

She stated Sri Lanka was at a point where private businesses could take the lead in exploiting the opportunities emerging in Colombo, while the Government could support that process through policy and regulatory reforms.

‘I see this is so ripe for you here, everyone, in Colombo, where business has the opportunity to really take the lead. The Government has the opportunity to take the win because business will take that lead,’ she pointed out.

DiBella also called on Sri Lanka to maintain a strong focus on maritime activity as the foundation for wider economic development.

‘The answer to an economic development strategic plan has to start and end with seaports. That is where the rubber meets the road,’ she said.

She opined that economies and communities had historically developed around seaports and that the maritime sector should once again be treated as a central economic hub.

‘We are in the US, we are returning back to the maritime-as-the-hub model and growing our economy around that,’ DiBella said.

The FMC Chief said, for Sri Lanka, keeping maritime development at the centre of its economic strategy could generate benefits well beyond shipping and logistics.

‘Keep your focus and energy on the maritime element because that is where the rest of the economy will flourish,’ she said.

Noting technology and innovation would also be critical to this transformation, she said the maritime industry had considerable scope to adopt new technologies and create new economic opportunities. ‘Maritime is the final frontier here, if you will, in the innovation space,’ DiBella said.

She said developments in technology could enable Sri Lanka to expand its economy by strengthening the maritime ecosystem and related industries.

The FMC’s growing interest in Colombo reflects the increasing importance of the Port to international supply chains, with DiBella noting that around 75% of the Commission’s current work is international.

The FMC, an independent US federal agency, regulates ocean shipping with a particular focus on the movement, competitiveness, and economic interests associated with US cargo.

DiBella said its mandate included identifying potential threats to US cargo and consumers while promoting competitive maritime markets.

She said the Commission had adopted a more proactive approach in recent years, seeking to identify potential problems before they become major disruptions.

‘We are looking almost to see what could happen and address it before it actually becomes a problem,’ she said.

DiBella said the FMC was particularly concerned about practices such as cartel activity, rate exploitation, and surcharges that could ultimately increase costs for consumers.

‘We are trying to take every opportunity that we can to unpack that situation, no matter where it is, and to help smooth out the edges and ensure that things are moving in a fluid manner,’ she said.

She stressed that her visit to Sri Lanka was not primarily about enforcement, but about cooperation and helping develop a stronger maritime framework.

DiBella said the FMC was willing to work with Sri Lankan authorities and industry stakeholders to strengthen the competitive framework and support greater activity and investment in the maritime sector.

‘Allow us to help, to establish a better framework, as far as enforcement is concerned, here in the maritime space, to encourage more activity and fluidity, and therefore economic viability,’ she said.

DiBella said the FMC’s interest in Sri Lanka ultimately reflected the importance of maintaining efficient global supply chains, noting that measures that benefit US cargo could also contribute to wider international trade.

‘If we are helping the US, the largest consumer in the world, we are helping everyone in the world at the same time,’ she added.

Teams from Sri Lanka’s knowledge and innovation industry will put their wits to the test at SLASSCOM’s MegaMind 2026, taking place tomorrow (11) at Cinnamon Grand Colombo With AIA Insurance as the Main Sponsor and Zone24x7 and Flash Health as Sponsors, MegaMind 2026 is open to employees of SLASSCOM member companies. MegaMind 2026 is held as part of SLASSCOM’s Mind, Body and Soul platform.

Building on the success of previous editions, MegaMind 2026 will challenge teams through a series of fast-paced quiz rounds, giving professionals an opportunity to test their knowledge, compete with colleagues and connect with others across the SLASSCOM community. The event brings member companies together outside their day-to-day work for an evening of friendly competition and team spirit.

Commenting on the initiative, SLASSCOM Chairperson Sampath Jayasundara said: ‘MegaMind captures the curiosity, team spirit and healthy competitive edge of our community. It gives our members an opportunity to step away from their everyday roles, connect with one another and have some fun while putting their collective knowledge to the test.’

AIA Insurance Chief Marketing Officer Sasith Bambaradeniya said: ‘MegaMind provides an ideal platform for professionals to connect beyond the workplace while celebrating collaboration and the competitive spirit. As the Official Insurance Partner of SLASSCOM, we are delighted to support this initiative that brings professionals together through knowledge, teamwork and friendly competition. It is an exciting opportunity to celebrate the people and connections that make organisations stronger.’

SLASSCOM member companies can register their teams for MegaMind 2026 with each team consisting of four members. Registrations close on 8 September 2026. Companies wishing to register should email [email protected].

Strengthening climate accountability through global carbon accounting standards

Siyapatha Finance PLC has announced its official membership in the Partnership for Carbon Accounting Financials (PCAF), marking a significant milestone in the Company’s sustainability journey and reinforcing its commitment to responsible finance and climate action.

The membership reflects Siyapatha Finance’s continued efforts to integrate Environmental, Social and Governance (ESG) principles into its business strategy while supporting the transition towards a low-carbon and climate-resilient economy.

PCAF is a collaboration of more than 770 financial institutions across six continents, working together to develop and implement a harmonised framework for measuring and disclosing greenhouse gas (GHG) emissions associated with financial activities. By joining PCAF, Siyapatha Finance will adopt the global standard for measuring emissions associated with financial activities and further strengthen its climate-related disclosures.

Recognising the financial sector’s role in addressing climate change, Siyapatha Finance will use the PCAF framework to better understand emissions associated with its financing portfolio, enabling more informed decision-making on climate-related risks and sustainable finance opportunities while aligning with evolving global sustainability standards.

CEO Mathisha Hewavitharana said: ‘Joining PCAF reflects Siyapatha Finance’s long-term vision of embedding sustainability into our business strategy. As climate-related expectations continue to evolve, this partnership strengthens our ability to advance responsible finance while contributing to Sri Lanka’s transition towards a more sustainable and resilient economy.’

Highlighting the importance of the initiative, Senior Regional Manager Amila Bambarandage said: ‘By adopting global best practices in carbon accounting, we are strengthening our ability to make informed financing decisions, enhance climate transparency and contribute meaningfully to Sri Lanka’s journey towards a low-carbon and sustainable future.’

By joining PCAF, Siyapatha Finance becomes part of a growing global network of financial institutions committed to embedding carbon accountability into financial decision-making. This milestone further reinforces the company’s leadership in sustainable finance while supporting long-term value creation for customers, stakeholders, communities and the environment.

Sri Lanka is overbanked relative to regional peers and should brace for consolidation, 3A Ventures International Partner and Director – Asia Cyrus Daruwala told delegates at ‘The CIO Confluence 2026: Beyond Digital – The Intelligent Banking Era,’ organised by the Banks’ CIO Forum. Daruwala is a senior financial services leader with more than 25 years’ experience across banking, insurance, and capital markets, including in the Middle East.

‘Sri Lanka is overbanked,’ he said, comparing the country’s ratio of banks to banked population unfavourably against Malaysia, a market of similar population size with fewer institutions.

Consolidation had already reshaped banking in Hong Kong, Singapore, and Malaysia, he said, and could follow the same path locally.

He urged Chief Information Officers (CIOs) and Chief Technology Officers (CTOs) in the room to consider their own relevance in the event of a merger wave.

Three areas needed fixing first, according to Daruwala, whose firm advises close to 200 banks globally: legacy core banking systems, the payments ecosystem, and data monetisation. Net interest margin had become a commodity, he said; meaningful profit now sat in loan origination and payments instead.

The case for aggressive Artificial Intelligence (AI) investment in Sri Lanka was weaker than commonly assumed, he argued.

The sector had barely changed in a decade, the customer base remained static at roughly 21 million people, the product range was unchanged, and competitive intensity among the country’s 15 to 20 banks had not shifted. On that basis, he said, AI spending locally could only really be justified on process efficiency grounds, not transformative growth.

DBS Bank’s experience made the same point at regional scale. The Singapore-based lender, one of Asia’s largest by assets, spent $ 20 m across various AI use cases without producing any measurable gain in revenue, customer numbers, or headcount reduction. When its Chief Executive asked the CTO to show a return on that outlay, none could be shown. ‘Zero,’ Daruwala said of the result.

At Banco Bilbao Vizcaya Argentaria (BBVA), close to 6,000 developer roles disappeared as AI took over bug-fixing and loan-processing work previously outsourced to firms such as Wipro and Infosys. Accenture cut roughly 10% of its workforce, about 10,000 people, on similar grounds. ‘This is the reality because it’s a tool,’ Daruwala said. He likened the shift to WhatsApp’s effect on telecom revenue: AI was not eliminating banking functions so much as diverting revenue towards whichever institutions moved first.

Two staff at State Bank of India monitor some 26,000 to 27,000 automated teller machines around the clock, he noted, through an agentic system run by outsourcing partner FSS, an illustration, he said, of the scale of efficiency gains now available.

Uncoordinated AI purchases were, in his assessment, the primary cause of poor returns across the region, and he recommended banks form an AI steering committee spanning infrastructure, data, and applications.

A legal dimension was also emerging: a customer denied a loan by United Overseas Bank (UOB) successfully challenged the decision, and regulators would increasingly demand explainable justification for AI-assisted credit decisions rather than accept ‘AI did it’ as an answer.

Sri Lanka’s absence of institutions comparable to the Massachusetts Institute of Technology or the Indian Institutes of Technology limited the domestic technology talent pool, Daruwala said, and banks should look to regional best practice instead, the same approach the United Arab Emirates (UAE) took in studying Singapore and Hong Kong to build its financial sector.

Banks should buy and customise AI solutions rather than attempt to build them in-house, he advised, warning that the pace of change would leave internally developed systems obsolete before completion. Every AI initiative, he suggested, should be weighed on a two-axis framework balancing implementation speed against enterprise risk, a lesson from First Abu Dhabi Bank’s operational standstill after a data centre was struck during the recent regional conflict.

A criminal enclave near the Thailand-Cambodia border possessed quantum computing capacity capable of decrypting encrypted financial communications and transaction data previously assumed secure, Daruwala warned. ‘We think we are secure, but we are not,’ he told delegates.

He closed with a direct challenge, framing AI adoption as a career decision rather than a corporate one.

‘Not doing agentic tech or AI is a choice, but let that be your decision, because that’s how you’re going to either make it or break it for your own personal career,’ he said. ‘But if you do, you’ll be remembered for creating something new to help people build careers. Build a bit of a legacy yourself within your division.’

Sri Lanka and Thailand have agreed to establish a formal framework for bilateral cooperation on labour migration, including an agreement to facilitate the employment of Sri Lankan workers in Thailand.

The Cabinet of Ministers on Monday approved the signing of a Memorandum of Understanding (MoU) on Labour Cooperation between the two countries, together with a supplementary agreement governing the employment of Sri Lankan workers in Thailand.

Speaking at the weekly post-Cabinet media briefing yesterday, Foreign Affairs, Foreign Employment and Tourism Minister Vijitha Herath said he would travel to Thailand on 14 September to sign the agreements.

The proposed arrangements are intended to establish official cooperation between the competent authorities of the two countries and create a structured mechanism for the transparent and efficient recruitment and deployment of Sri Lankan workers to Thailand.

The agreements are also expected to provide greater protection for Sri Lankan workers by addressing their legal rights, welfare and security, while strengthening measures to prevent human trafficking.

‘The MoU on Labour Cooperation will be signed for a period of five years, while the separate agreement will cover the employment of Sri Lankan workers in Thailand,’ he said.

The proposal to this effect was submitted by Foreign Affairs, Foreign Employment and Tourism Minister Herath.

Vipul Misra has been appointed Acting Chief Executive Officer (CEO) of SriLankan Airlines, with effect from yesterday (9).

Bringing over two decades of aircraft engineering and aviation leadership experience, Misra’s background spans across significantly large commercial carriers including Air India, Vistara, Indigo, SpiceJet, Kingfisher Airlines, and Air Deccan.

His comprehensive expertise across legacy, full-service, and low-cost carriers is expected to provide strong technical and operational direction during this interim period, as the national carrier of Sri Lanka works towards enhancing its performance and long-term sustainability.

Sri Lanka presented a series of proposals on fisheries policy, sustainable management of marine resources, protection of small-scale fisheries and regional cooperation at the 37th Session of the Committee on Fisheries (COFI 37).

COFI 37 is being held at the Food and Agriculture Organisation (FAO) headquarters in Rome from 7-11 September, 2026.

The Fisheries, Aquatic and Ocean Resources Ministry said the session brings together policymakers, researchers, industry professionals and other stakeholders to discuss challenges and priorities in global fisheries and aquaculture, including the State of World Fisheries and Aquaculture (SOFIA 2026) report and measures against Illegal, Unreported and Unregulated (IUU) fishing.

Fisheries, Aquatic and Ocean Resources Secretary Dr. B.K. Kolitha Kamal Jinadasa, representing Sri Lanka, said digital transformation, effective data management and science-based decision-making should be given greater priority in fisheries management, particularly in developing countries.

While acknowledging the value of FAO’s FishStat database, he called for developing countries to strengthen their own stock assessment capabilities and pressed for greater knowledge-sharing and data-driven policymaking through the Bay of Bengal Program Inter-Governmental Organisation (BOBP-IGO).

On small-scale fisheries, Dr. Jinadasa said the sector’s definition should not rest solely on technical criteria such as vessel length or engine horsepower, but should also account for the social, economic and institutional realities of fishing communities. He called for international fisheries policies to better reflect conditions faced by fishing communities in developing countries.

Sri Lanka also flagged the completion this year of the Dr. Fridtjof Nansen fishery survey program in its waters, with a dedicated data collection unit now being established for more systematic data gathering. The country said fisheries information continues to be submitted through mechanisms including the Indian Ocean Tuna Commission (IOTC) and the Vessel Monitoring System (VMS).

On reducing post-harvest losses, Sri Lanka said measures were under way to improve cold-chain facilities at fishery harbours and landing sites to protect product quality and market value.

Noting that Sri Lanka has completed ten years since joining the Agreement on Port State Measures (PSMA), Dr. Jinadasa stressed the need for stronger coordinated action against IUU fishing and for closing gaps between legal frameworks and their implementation, while making fuller use of regional initiatives such as the Bay of Bengal Large Marine Ecosystem (BOBLME) program.

Speaking on behalf of the BOBP-IGO leadership, Sri Lanka called for deeper fisheries cooperation among member countries – Sri Lanka, India, Bangladesh and the Maldives – and urged the FAO and other international bodies to continue technical assistance, capacity building and policy guidance to developing countries.

Around 800 sector leaders from close to 130 countries are participating in the session.

Carlos Alcaraz’s US Open title defence came to an end in a dramatic five-set quarter-final loss to Ben Shelton which ended at 03:34 local time – the latest finish in the tournament’s history.

A large crowd remained captivated deep into the night as a modern classic unfolded over an unpredictable four hours and 28 minutes on Arthur Ashe Stadium.

The match did not begin until about 11pm in New York, after the start of the night session was delayed by Tuesday’s earlier matches.

At its conclusion, eighth seed Shelton basked in a standing ovation from a delirious audience after completing a 6-7 (5-7) 6-1 6-3 1-6 7-6 (10-7) victory that will live long in the memory of all those present.

‘That was a war, an epic match, so physical,’ Shelton said.

‘Carlos is one of the greatest champions in our sport already at 23 years old.

‘It’s ridiculous some of the stuff he comes up with sometimes – the most enjoyable match that I’ve had in my career, for sure.’

This was the biggest – and certainly most significant – win of Shelton’s career.

He had not beaten a top-three player in 17 attempts, and had lost each of his three previous matches against Spain’s Alcaraz.

It also boosted home hopes of a first American men’s singles champion in New York for 23 years.

Shelton was less than a year old when Andy Roddick won the US Open in 2003 – but an American finalist is guaranteed when he and Frances Tiafoe meet in Friday’s semi-finals.

World number three Alcaraz was competing at his first tournament since a lengthy injury lay-off, but that is to take nothing away from Shelton, who produced a phenomenal performance.

Seven-time major winner Alcaraz had exceeded expectations on his return after more than four months out with a wrist injury, including sweeping past 20th seed Tommy Paul to reach the last eight.

But the 23-year-old’s lack of match fitness appeared to finally catch up with him in a high-octane encounter filled with breathless exchanges and astounding displays of athleticism.

Even when it appeared Alcaraz had emptied the tank, the two-time winner not only forced a deciding set but would go the distance as the players engaged in a tense 10-point match tie-break that provided a fitting conclusion to the contest.

‘It was close. So I’m just not going to be disappointed about not getting the win at the end,’ said Alcaraz.

‘I’m just proud about myself, about how I fought. I leave the court with a smile, healthy, and this is what I needed.’

Defending champions CCC won through to the semi-finals of the Major Club T20 tournament while losing finalists Panadura SC suffered a 41-run defeat at the hands of Tamil Union in the quarter-final matches concluded yesterday. In the other two quarter-finals SSC and NCC recorded close wins.

Test discard Nishan Madushka displayed his prowess in white ball cricket by scoring back-to-back hundreds in two formats inside two days. On Monday, Madushka scored 148 against SSC in a Major Club 50-over semi-final, and yesterday he followed it up with a match-winning knock of 114* off 56 balls studded with 9 fours and 8 sixes.

His innings coupled with Dulnith Sigera’s innings of 52 off 35 balls (4 fours, 4 sixes) and their partnership of 151 off 76 balls for the second wicket enabled CCC to run up a total of 218-4 and defeat Ace Capital CC by 64 runs at the SSC grounds. Ace Capital CC could muster only 154-8 with Pawan Pathiraja striking a half-century (51 off 33 balls, 6 fours, 1 six) to lift them from a despairing 69-5. Off-spinner Ashian Daniel was the pick of the CCC bowlers returning figures of 3/23.

Sineth Jayawardena, another batsman in red-hot form also struck back to back centuries for Tamil Union in their win against Panadura SC at the NCC grounds. Jayawardena followed his 136 against CCC in a Major Club 50-over game six days ago with 101 off 52 balls (8 fours, 7 sixes) to help Tamil Union total 220-5.

A feature of the innings was Jayawardena’s partnership of 130 off 61 balls with Navod Paranavithana (43 off 27). Panadura SC were rolled over for 179 by the spin of Vijayakanth Viyaskanth (4/33) and Paranavithana (4/41). Charya Paranavithana top scored for Panadura SC with 49 off 25 (4 fours, 3 sixes).

SSC, already in the final of the Major Club 50-over tournament, had a close call against Police SC at the NCC grounds before winning by 12 runs. Nuwanidu Fernando’s 53-ball century (117* with 9 fours, 8 sixes) saw SSC total 225-4. Chamath Gomez, the former right-arm medium-pacer from Wesley College took 3 of the wickets to fall for 46 runs.

Despite losing their first four wickets for 48 Police SC put up a tremendous fight to cause some anxious moments in the SSC camp reaching 213-9. Dushan Hemantha top scored with 51 (25 balls, 1 four, 5 sixes), but the main contribution came from the Police SC late order that contributed 78 off the last 40 balls. Left-arm seamer Mihiranga Silva kept the Police SC run rate in check with vital strikes finishing with 3/39.

NCC too had a nervy win beating Moors SC by two wickets with two balls to spare at the SSC grounds. Chasing a target of 176 NCC had to rely on their captain Chamika Karunaratne to rally them home. Requiring five off the last over NCC lost a wicket off the first ball, but Karunaratne ran a two and hit a boundary off the fourth to see his team cross the line.

Jeewaka Sashin shored up the NCC top order with an attractive 85 off 48 balls (7 fours, 4 sixes) and Dineth Goonewardena provided the spark towards the end with 31 off 16, being dismissed with 9 required to win. Left-arm spinner Induwara Udena took 3/24 for Moors SC for whom Sohan de Livera top scored with 64 (45 balls, 5 fours, 2 sixes) out of their

total of 175-7.

In the semi-finals scheduled for 13 September, CCC will play Tamil Union at the SSC grounds under lights at 7 pm in the first semi-final, and SSC will take on NCC at the R Premadasa Cricket Stadium under lights at 7 pm in the second semi-final. The final is scheduled for 16 September. (ST)

Sri Lanka yesterday invited investors, businesses, and institutions within the Belt and Road Initiative (BRI) to explore the opportunity that Sri Lanka offers.

The invitation was extended by Trade, Commerce, Food Security and Cooperative Development Minister Wasantha Samarasinghe during his remarks at the inauguration of the two-day Belt and Road Summit in Hong Kong, China under the theme ‘Advancing High Quality Development, Embarking on a New Journey.’

Over 6,000 leaders from the government and private sectors from 70 countries are attending the Summit organised by the Government of the Hong Kong Special Administrative Region and Hong Kong Trade Development Council, with the support of The Commissioner’s Office of China’s Foreign Ministry in the Hong Kong S.A.R. The Belt and Road Summit is a premier international platform for promoting business collaboration along the Belt and Road. This year’s event is the 11th edition.

‘Sri Lanka is focused on strengthening innovation, investor confidence, and imploring ease of doing business and promoting investment opportunities across a range of sectors, including renewable energy, logistics, tourism, information technology, advanced manufacturing, agricultural technology, promoting value additions, and food processing,’ Minister Samarasinghe said.

The BRI Summit was inaugurated by People’s Republic of China Hong Kong Special Administrative Region CEO John KC Lee. Among the global leaders in attendance were Uzbekistan Prime Minister Abdulla Aripov, Uruguay Vice President Carolina Cosse, and Laos Deputy Prime Minister Saleumxay Kommasith.

Among Trade and Commerce Ministers attending and speaking at a policy dialogue titled ‘Building Resilient Trade and Investment Frameworks in a Diverse Global Landscape,’ Minister Samarasinghe emphasised that in a rapidly changing global environment, resilience is no longer simply an advantage but a necessity.

He said that Sri Lanka’s economic strategy is focussed on export-led growth, high productivity, continuous innovation and technology, private sector development, and sustainable and inclusive economic growth.

He said that international trade is increasingly connected with digital technologies, green growth, resilience, supply chain, investment flows, and development of new industries.

‘To achieve this, our approach must be comprehensive. First, we must strengthen and diversify our trade partnership. Second, we must promote investment that creates long-term value. Foreign investment should not only bring capital; it should also support technology transfer, skills development, innovation, and export by education and global creation,’ Minister Samarasinghe told the BRI Summit in Hong Kong, China,

He said that International partnership can play an important role. ‘The BRI has created opportunities for dialogue and cooperation among countries with diverse economic structures and development priorities and Sri Lanka remains committed to make maximum use of the initiative via greater collaboration,’ he said.

‘We strongly believe we need stronger multilateral and regional partnership, more open and inclusive trade. Greatest support for developing economies is needed to participate effectively in the global value chain. The future trade must be resilient, but it must also be inclusive. Developing countries, small and medium-sized enterprises, farmers, entrepreneurs, and young people must all have the opportunity to benefit from the whole of that international trade,’ Minister Samarasinghe added.

He figured in a panel that included Qatar State Minister for Foreign Trade Affairs Dr. Ahmed bin Mohammed Al-Sayed, Thailand Vice Minister for Commerce Dr. Kirida Bhaopichitr, Bangladesh Minister for Commerce and Industries Khandakar Abdul Muktadir, Kazakhstan Trade Minister Arman Shakkaliyev, and Timor-Leste Commerce and Industry Minister Filipus Nino Pereira.

Lee in his remarks said: ‘In a world struggling with unprecedented change and geopolitical fragmentation, connectivity, co-operation, and consensus are essential. That’s precisely what the BRI offers.’

‘Rooted in our rich history of cross-cultural collaboration, the BRI is not a map of the past, but a shared blueprint for the future. And Hong Kong is where we realise that future. Where East meets West. Where capital, talent, businesses, and opportunities converge,’ he added.

‘For good reason. Under ‘one country, two systems,’ Hong Kong enjoys the strong support of China, our country, while maintaining far-reaching international connectivity. We are internationally recognised as a global centre for finance, trade, and logistics, as well as legal services and dispute resolution. Hong Kong is also developing rapidly as an international innovation, technology, and education hub,’ the BRI Summit was told.

He said Hong Kong’s merchandise trade with Belt and Road countries rose by nearly 17% last year, reaching about $ 323 billion. Close to 1,500 companies from Belt and Road countries have established offices in Hong Kong, up about 17% from 2022. Over 100 Belt and Road companies are listed on the Hong Kong Stock Exchange, with more in the pipeline.

‘The true currency of the Belt and Road is, after all, trust. It is what Hong Kong can seamlessly deliver as a global gateway for capital,’ Lee stressed.

The BRI Summit was also told Hong Kong is an ideal two-way springboard for Mainland enterprises expanding overseas, and for international companies looking to enter the Mainland market.

‘The BRI is ultimately about building bridges – not just across continents, but also into a brighter future,’ Lee added.

This year’s Belt and Road Summit will explore fresh potential arising from new patterns of regional cooperation in trade, investment, and development among Belt and Road and other markets, particularly ASEAN, Central Asia, and the Middle East. Presenting insights from nearly 100 distinguished policymakers and business leaders, new multifaceted thematic showcases, and business matching activities, this year’s Summit offers a wealth of knowledge, extensive networks, and quality investment and business opportunities, facilitated through Hong Kong, the global business platform that connects the Chinese Mainland and the world.