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The Government is to fast-track passport processing for overseas applicants, more efficient handling of dual citizenship requests, and expanding digitalisation to streamline administrative procedures.

This was discussed at a meeting held by Foreign Affairs, Foreign Employment and Tourism Acting Minister Arun Hemachandra at a high-level joint meeting bringing together senior officials of the Ministry’s Consular Division and the Department of Immigration and Emigration to review and enhance key aspects of Sri Lanka’s consular and immigration services.

The meeting, was attended by Additional Secretaries of the Consular and Foreign Employment Divisions, the Director General of Consular Affairs, the Controller General of Immigration and Emigration, senior Directors from both Departments, and the Chairman and Additional General Manager of the Sri Lanka Bureau of Foreign Employment (SLBFE).

Commending officials for their continued dedication, particularly for their efforts in successfully clearing the backlog of passport applications, the Deputy Minister said it was an achievement that significantly improved service delivery, especially for Sri Lankan citizens living and working overseas.

Discussions at the meeting focused on accelerating the processing of passport applications submitted from abroad, improving the efficiency of dual citizenship application handling, and expanding digitalisation to streamline administrative procedures.

Several operational and field-level issues were also examined with the aim of strengthening the quality and responsiveness of services offered by the two institutions.

‘We are committed to fostering greater coordination between institutions to ensure efficient, transparent, and people-centred service delivery for all Sri Lankans, both locally and overseas,’ Hemachandra said.

World Elders’ Day is a time to recognize the wisdom, sacrifices and lifelong contributions of senior citizens. As life expectancy increases globally, societies must ensure that older people are not marginalized but supported to live with dignity, independence and purpose. Ageing is not a burden-it is a natural stage of life that deserves respect, planning and care. Building an inclusive society for elders involves addressing healthcare needs, social inclusion, financial security and emotional wellbeing.

Healthcare is one of the most critical areas affecting elders. Age-related illnesses such as diabetes, heart disease, arthritis and memory disorders require consistent medical attention. Unfortunately, many senior citizens face limited access to quality healthcare due to high costs, long travel distances or lack of support systems. Creating affordable and accessible healthcare facilities, mobile clinics and home-care services can significantly improve quality of life. Training caregivers and expanding geriatric healthcare programmes can also strengthen support for ageing populations.

Social inclusion is another essential element of elder wellbeing. Many senior citizens feel isolated after children migrate, friends pass away or retirement reduces daily social interactions. Loneliness can lead to depression, cognitive decline and other health issues. Community centres, religious institutions and social organizations can create opportunities for elders to interact, share experiences and participate in recreational or cultural activities. Intergenerational programmes that connect youth with older adults foster mutual understanding and combat age-based stereotypes.

Economic security is vital for elders to live independently. Many retirees rely on pensions, savings or their children for daily expenses. However, inadequate financial planning and rising living costs can place them in vulnerable positions. Governments and financial institutions should promote pension schemes, senior-friendly banking services and financial literacy programmes. Encouraging businesses to offer flexible part-time roles for capable retirees can also help them remain productive and maintain a sense of purpose.

Support for caregivers is equally important. Families often struggle to balance work, finances and elder care responsibilities. Providing caregiver training, respite services and community support networks can ease the burden and improve the standard of care. Policies that protect the rights of elders against neglect, abuse or exploitation are crucial to maintaining their dignity.

Technology can also be used positively to enhance the lives of older people. Telemedicine, emergency alert devices and digital communication platforms can help them stay connected and safe. However, many seniors may feel intimidated by technology. Offering training programmes and user-friendly tools ensures they are not left behind in the digital world.

Respect and compassion are the foundation of an inclusive society. Elders are reservoirs of wisdom, culture and life lessons. Family members, especially younger generations, should spend time listening to their stories, seeking their guidance and appreciating their experiences. Media and public campaigns can promote positive images of ageing and encourage communities to honour their elders.

On this World Elders’ Day, we are reminded that ageing with dignity is not a privilege but a right. A society that values its elders is one that preserves its history and strengthens its future. By investing in healthcare, social inclusion, financial stability and emotional support, we can create a world where senior citizens are not merely cared for, but celebrated. Ageing should be accompanied by respect, independence and happiness-and it is our collective duty to ensure that every elder has the chance to live with purpose and pride.

The Informatics Institute of Technology (IIT) proudly welcomes our newest cohort to the Business Degree programmes. This is the start of an exciting journey where you’ll gain practical knowledge, discover your passions, and build a strong professional network.

At IIT, we’re dedicated to empowering the next generation of business leaders through an environment that inspires innovation, growth, and success. We can’t wait to support you as you embark on this journey and make your mark in the world of business.

The Informatics Institute of Technology (IIT), Sri Lanka’s leading private higher education provider with over 35 years of excellence, offers Foundation, Bachelor’s, and Master’s degree programmes in collaboration with two prestigious UK universities – the University of Westminster and Robert Gordon University.

Sri Lanka’s current account surplus expanded in the first eight months of 2025, reaching $ 2.04 billion on the back of stronger remittances, services and tourism earnings, and moderate export growth, even as the merchandise trade deficit widened, the Central Bank of Sri Lanka (CBSL) said.

In its latest external sector data release, the CBSL said that the current account registered a surplus of $ 2.04 billion during the first eight months of 2025, up 26.1% year-on-year (YoY) from $ 1.6 billion in the same period last year.

Merchandise trade dynamics showed signs of easing as the trade deficit narrowed in August 2025 to $ 414 million, compared to $ 422 million a year ago, with exports growing at a faster pace, up 4% YoY to $ 1.28 billion in August 2025, compared to imports, which grew 2.6% to $ 1.69 billion during the month.

In the first eight months of 2025, the merchandise trade deficit widened 19.6% to $ 4.26 billion, up from $ 3.56 billion a year ago. Imports grew by 10.5% YoY to $ 13.34 billion, compared to $ 12.07 billion a year earlier, while merchandise exports grew at a slower 6.7% to $ 9.07 billion from $ 8.5 billion a year ago.

The terms of trade deteriorated in August 2025, as the rise in import prices outpaced the increase in export prices, while the Sri Lankan rupee depreciated 3.3% year-to-date (YTD) to end-September 2025 against the US Dollar.

The services sector declined by 5.4% year-on-year in August 2025 to $ 291 million relative to its $ 308 million performance in the corresponding period of 2024.

However, net inflows in the services sector recorded a 2.3% YoY increase during January-August 2025, amounting to $ 2.66 billion.

Tourist arrivals reached 198,235 during the month of August 2025, marking a growth of 20.4% compared to August 2024.

However, tourism earnings fell 8.2% YoY to 259 million. Further, earnings from tourism were estimated at $ 2.3 billion during January-August 2025, recording a 5.7% increase compared to $ 2.1 billion in the corresponding period of 2024.

Workers’ remittances amounted to $ 681 million in August 2025, up 18% from a year ago with cumulative remittances growing 19.3% to $ 5.1 billion from $ 4.3 billion a year ago.

However, foreign investment activity was mixed.

Foreign investments in the Government securities market continuing to record a net inflow of $ 32.9 million in August 2025, compared to $ 30 million outflow a year ago.

Foreign investments in the Colombo Stock Exchange (CSE), covering both primary and secondary markets, recorded a net outflow of $ 15.2 during the month, down 219.6% from a $ 12.7 million inflow a year ago.

During the eight-month period, the CSE recorded a $ 69 million outflow, down 258% from a $ 43.6 million inflow a year ago while inflows to Government securities surged 155% to $ 140.2 million compared to a $ 251 million outflow a year ago.

Debt related investment inflows grew 34% YoY to $ 714 million in the eight-month period while portfolio investments fell 39% to $ 332.6 million.

Gross official reserves, including the swap facility with the People’s Bank of China (PBOC), was up marginally from a month earlier at $ 6.2 billion as of end-August 2025 amid debt servicing, the CBSL said.

A special discussion was held at the Presidential Secretariat between the Royal Melbourne Institute of Technology (RMIT) and Secretariat officials, coordinated by the National Initiative for Research and Development Commercialisation (NIRDC).

The CMA Sri Lanka SME Development Committee comprises members from professional bodies, commercial banks, chambers of commerce and industry, and industry experts who have been meeting since April 2020 to find solutions and support the SME sector. One of the main recommendations made was to revive the SME Credit Guarantee Institution which was appearing as an approved project in the ADB project proposals since 2019 which was approved by the Cabinet of Ministers and was launched in June this year.

The annual conduct of the UN MSME day conference 2021 with the latest one on 27 June 2025 with the participation of 11 commercial banks and two finance companies with their SME customers totalling 250 with a competition to judge the best SME projects nominated by the banks.

The Budget proposals made for the development of the MSME sector which would generate employment to around 100,000 unemployed persons are given below:

1. Setting up of the National Credit Guarantee Institution should benefit entrepreneurs and start up projects:

We are very happy to see the launch of the National Credit Guarantee Institution in June this year and wish to suggest that action be taken to grant loans to entrepreneurs, and start up projects with special reference to women.

2. The setting up of export houses to promote and develop MSME exports

The committee also wishes to recommend the setting up of export houses to promote exports of MSMEs. We suggest that the Export Development Board should grant the necessary approval to these export houses which will have recognition as exporters linked to MSMEs and also for banks to consider them for financing at favourable interest rates. The export houses will market the products and services of MSMEs and SMEs in overseas markets and will mainly support local farming and fishery communities, local suppliers – producers – manufacturers, export villages, service providers such as IT and suppliers of technical skills with international buyers in the global market to increase the MSME contribution towards national exports from the present 5% to 15% within 3-5 years. The registration with the EDB will give official recognition to the export houses and it is requested that EDB supports them when organising international exhibitions and this status will also assist them in obtaining bank facilities for undertaking exports.

3. Definition for MSMEs

a) It is suggested to revise the present definitions to fall in line with the depreciation of the currency which has resulted in the price of most goods increasing substantially including capital goods, raw materials, wages, etc. It is suggested to increase the upper limit of turnover of medium sized enterprises officially to Rs. 1,000 million which is similar to the Central Bank classification.

4. Suggest that an MSME Development Act be enacted with the object of promotion and development and enhancing the competitiveness of Micro, Small and Medium Enterprises (‘MSME’) similar to other countries to give necessary support to this most important sector.

The Act should be a single legal framework acting as a one stop shop for all activities of the SMEs including registration, governing and providing protection to small industries and its employees throughout Sri Lanka. The National Board established under the Act shall have power to implement various schemes and policies for upliftment of the SME sector and as a result the SME sector to be made a major contributor of industrial production and exports. The Act should as a necessity make the MSME sector a vibrant and dynamic sector of the Sri Lankan economy and which will provide protection to the SME sector. We will be able to provide necessary assistance to formulate the MSME Development Act. This will immediately result in the establishment of a large number of new projects throughout the country with the support of commercial banks, finance companies and the National Credit Guarantee Institution.

5. Support in accounting, financial and cost management, digitisation and e-commerce for marketing

The maintenance of proper books, accounts and cost records is recommended as this will enable the business organisations to determine their costs, prepare proper accounts, run profitably and to gradually advance from Small to Medium sized enterprises. Digitisation will support accounting while marketing aspects could be expanded using e-commerce. Maintenance of financial and cost records should be made mandatory and will also assist the banking sector when lending to the SME sector to provide loans with no additional security and lower interest rates.

6.Building entrepreneurship

Support be given to building entrepreneurship at all levels and this will enable creating decent jobs and improving livelihoods, small businesses also depend more than ever on an enabling business environment, including support for access to finance, information, and markets. The Grameen concept from unemployment to entrepreneurship should be implemented to promote job creation and innovation.

7. Linking small business with bigger companies

This is currently been practiced by some big companies and this has assisted in the technical, marketing and financial support for MSMEs. This will also result in reducing the costs of big companies and providing affordable pricing to the society. Hence this should be supported by the Government by getting banks to give priority for such projects and getting the big companies to support the MSME sector.

8. We give a quote from the United Nations which is supporting MSMEs worldwide: ‘Let’s not forget that these enterprises, which generally employ fewer than 250 persons, are the backbone of most economies worldwide and play a key role in developing countries’. In Sri Lanka, MSMEs comprise more than 75% of enterprises and account for 52% of GDP, 45% of employment, and a meagre 5% in exports.

9. The UN General Assembly has declared 27 June Micro-, Small and Medium-sized Enterprises Day, to raise public awareness of their contribution to sustainable development and the global economy. CMA Sri Lanka SME Development Committee has been celebrating this event annually by organising conferences along with the banking sector and their SME customers which have been very successful.

We recommend that the Government officially declares 27 June every year as Micro-, Small and Medium-sized Enterprises Day to recognise the major role played by MSMEs for the development of the economy of Sri Lanka.

We do hope that our Budget proposals will be implemented in the current Budget to bring benefits to the MSMEs and the society.

People’s Bank, one of the country’s leading banks, celebrated World Children’s Day and Senior Citizens’ Day, which falls annually on 1st October, by continuing to fulfil its responsibility towards the children of the nation. It has also taken steps to offer many benefits to the proud senior citizens of the country who are peacefully enjoying the twilight years of their lives.

Sharing her thoughts on this, Deputy General Manager – Retail Banking and Overseas Customer Services Aruni Liyanagunawardana stated:

Children and the elderly constitute a significant percentage of the population of a country. Children are the future of the country, and the elderly are the people who have laid the foundation for that future and spend the twilight years of their lives in peace. Every year, World Children’s Day and Senior Citizens’ Day are celebrated on 1st October with all of them in mind, and People’s Bank marks the occasion by launching many special programs for their benefit.

Accordingly, during the period 1st October to 31 December 2025, steps have been taken to present valuable stationery kits and other useful gifts to children who deposit Rs. 1,000 and above in their People’s Bank Isuru Udana Account or Sisu Udana Account which were introduced with the aim of familiarizing school children with the concept of saving.

Furthermore, the children of People’s Bank’s Ethera Udana Personal Foreign Currency Minors’ Account who open and receive remittances during the period 1st October to 31st December 2025, will be eligible to win Ethera Udana stationery sets worth Rs. 5,000.

In addition, special discounts have been made available to senior citizens with Parinatha Savings Accounts from 1st October 2025 to 31st December 2025 at the island’s leading hospitals, opticians and bookstores. Parinatha Savings Account was introduced by People’s Bank for senior citizens provides the highest interest for deposits.

These accounts can be opened at over 750 People’s Bank branches or service centers located across the island. As a leader in digital banking, People’s Bank is fully-committed to providing customers with an innovative and efficient service through a range of unique digital banking facilities. Further, since People’s Bank is a fully state-owned bank, customers will also enjoy unparalleled security on their funds. For more information on these benefits, you can call People’s Bank’s hotline on 1961 or visit www.peoplesbank.lk.

Isuru Udana

People’s Bank introduced the Isuru Udana account in 1998 under the theme ‘The wisest gift for a child’. This account is designed with a number of special benefits for children under the age of 5.

Sisu Udana

People’s Bank introduced the Sisu Udana account in 1996 with the aim of inculcating the habit of savings among school children between the ages of 5 and 18.

In addition to this, with the aim of providing a strong support to the educational journeys of students, People’s Bank recognizes students who pass the Grade 5 Scholarship examination by giving a special gift while students who pass the Ordinary Level (O/L) and Advanced Level (A/L) examinations with Distinction passes are presented with financial rewards.

Today, the largest number of children in Sri Lanka maintain their savings accounts with People’s Bank. In addition to interest, children are entitled to various rewards and benefits depending on the amount deposited in these accounts. People’s Bank is also committed to building a stable future for them by providing them various financial services up to the higher education level.

Ethera Udana

People’s Bank has introduced the Ethera Udana Personal Foreign Currency Minors’ Account to help parents who are working abroad to save for their children in foreign currency and thereby build a strong financial foundation for their children’s education, future investments and important life events.

Ethera Udana Personal Foreign Currency Minors’ Account holders can enjoy higher interest on the increasing account balance, receive up to Rs. 100,000/- towards the first airline ticket for studying abroad, and cash prizes for the highest results in both O/Ls and A/Ls (local/international). Children holding Ethera Udana accounts will also be able to enjoy a number of benefits including tuition fees for foreign education, exemption from bank charges, and many more benefits.

Parinatha

People’s Bank has launched the Parinatha Senior Citizen Savings Account, through which you can enjoy a host of benefits for your hard-earned money, including debit and credit card facilities and the ability to transact from home through our state-of-the-art digital banking services.

The Colombo Stock Exchange (CSE) announces the 7th edition of the CSE Masterminds Quiz on 17 October 2025 from 3:00 p.m. onwards at the Main Ballroom, Shangri-La Colombo.

Recognised as Sri Lanka’s premier capital market quiz competition, the event will bring together teams from the public and private sector to compete for glory in six subject areas, in international business, global markets, Sri Lankan economy and business, local capital market, sports and entertainment, and current affairs.

This year’s competition will offer prizes worth over Rs. 3.5 million. The champion team will walk away with Rs. 1,000,000, while the second and third-placed teams will receive Rs. 500,000 and Rs. 375,000, respectively.

In addition, the winning teams of the first three places will have the opportunity to double their prize money, provided that all team members hold CDS accounts with at least one transaction completed during 2025. Sector prizes will also be awarded to the best-performing teams representing each sector.

Sponsorship Partners are: Platinum Sponsors: SC Securities Ltd., and Almas Equities Ltd.

Gold Sponsors: Ex-Pack Corrugated Cartons PLC, Bartleet Religare Securities Ltd., NDB Capital Holdings Ltd. and TWC Capital Ltd. Silver Sponsors: Asha Securities Ltd., Lanka Securities Ltd., Softlogic Stockbrokers Ltd., Nestor Stock Brokers Ltd., and LOLC Holdings PLC.

Shangri-La Colombo will serve as the Official Hospitality Partner, FitsAir Ltd., as the Official Airline Partner, and Co-sponsors including Sarvodaya Development Finance PLC, CT Smith Holdings Ltd., People’s Leasing and Finance PLC, Alliance Finance Company PLC, Capital Trust Holdings Ltd., Barista Coffee Lanka Ltd., Crypto Gen Ltd., Hemas Holding PLC and Teejay Lanka PLC.

The event’s print media partners include Daily FT, Daily Mirror and the Sunday Times.

The goodie bag provided to all participants are sponsored by Flora Food Group, Stripe and Checks Inc., Serendib Flour Mills Ltd., and Design Square Ltd.

The sector winners’ prizes will be sponsored by HNB Investment Bank Ltd., and the audience question section will be sponsored by the Association of Chartered Certified Accountants (ACCA).

Beyond the competition, CSE Masterminds 2025 promises an engaging evening for participants and guests, with an after-party featuring live music, unlimited food, and beverages creating an ideal space to network, celebrate, and unwind.

For further information and team registrations, please contact Charundika – 077 7280 028, Shanika – 076 305 6691 or Dinusha – 076 431 6907.

Huawei Sri Lanka donated IdeaHub devices to 10 teacher training colleges at a ceremony held yesterday (30) at the Presidential Secretariat, under the patronage of Secretary to the President Dr. Nandika Sanath Kumanayaka.

The Securities and Exchange Commission of Sri Lanka (SEC) recently launched its strategic plan titled “12 Pillars One Vision for a Resilient Market,” presenting a transformative roadmap designed to position the country’s capital market as a primary engine for economic growth.

SEC Chairman Prof. Hareendra Dissabandara unveiled the framework at a ceremony attended by Labour Minister and Economic Development Deputy Minister Prof. Anil Jayantha Fernando, Treasury Secretary Dr. Harshana Suriyapperuma, senior officials from the SEC and the Colombo Stock Exchange, and key stakeholders from across the financial sector.

The strategic plan represents the culmination of a year-long consultation process involving capital market professionals, regulatory bodies, international development partners, and industry experts in what Prof. Dissabandara described as “a 360-degree assessment” of the market’s challenges and opportunities.

“The SEC Act 19 of 2021 mandates us not merely to regulate, but to create and maintain a fair, orderly, efficient, and transparent securities market,” Prof. Dissabandara said. “For too long, the creation, maintenance and development aspects have been overlooked. This strategic plan reclaims that mandate and charts a course for genuine transformation.”

The Chairman emphasised that the work is intergenerational in scope: “This is not for our generation but for generations to come, going beyond Generation Alpha to Generation Beta and beyond. We must build a vibrant capital market for Sri Lanka’s future.”

Addressing critical market gaps Prof. Dissabandara presented statistics highlighting the urgency of capital market development.

Sri Lanka’s stock market capitalisation represents merely 26% of GDP, compared to Hong Kong’s 1,200%, Singapore and Malaysia’s 200%, and even below regional peers like Bangladesh. The corporate debt market is virtually non-existent at 0.8% of GDP, while Government securities dominate the financial sector at 58.5% of GDP.

Current market participation stands at less than 1% of Sri Lanka’s 22 million population around 60,000 active investors with capital market literacy below 10%.

“We face a fundamental problem of growth,” the Chairman explained. “To achieve the 8-9% annual GDP growth economists agree we need, beyond the current 5% requires massive investment. At least 20% of that investment must flow through our capital markets, providing growth capital without the burden of 8-9% interest rates that currently plague government projects.”

To illustrate the capital market’s transformative potential, Prof. Dissabandara cited John Keells Holdings’ Cinnamon Life project, the largest private sector project in Sri Lankan history, second only to Hambantota Port among all projects.

“This demonstrates the power of our capital market,” he emphasised. “Think about the interest burden if this were financed through loans at 8-9%. Capital formation through equity markets provides growth without debt crisis. This is the model we must replicate across sectors.”

The 2016 Capital Market Assessment provided a baseline, revealing that many identified weaknesses remain unaddressed while potential strengths have been underutilised, leaving Sri Lanka “far behind and somewhat backward” compared to regional markets.

“This is not the final outcome,” Prof. Dissabandara clarified. “We invite continued deliberation, criticism, and additions. Those who can contribute to their own industry’s development, come and join us. The place is ready.”

Reflecting on Sri Lanka’s recent economic challenges, the Chairman traced the crisis to fundamental growth problems: low economic growth led to budget deficits, debt burden, foreign reserve depletion, and a vicious export-import cycle.

“We’ve moved from rescue to recovery. Now we seek growth,” he said. “Growth cannot happen by simply saying we will do it. We have a great economic plan, but limited funds must be carefully channelled to identified growth areas. The capital market must play its role in this national transformation.” The strategic plan aims to achieve:

Stock market capitalisation of at least 50% of GDP (from current 26%)

Corporate debt market expansion to meaningful levels (from 0.8%)

Market participation increasing to 10% of population (from less than 1%)

500-1,000 listed companies (from 286)

Robust derivatives and alternative investment products

Enhanced investor protection and market transparency

Seamless fund flow from surplus to deficit agents across the economy

Addressing the forum, Prof. Fernando underscored the critical role of investment in driving Sri Lanka’s next phase of growth.

He emphasised that without investment, growth cannot be sustained, noting that while it must be sustainable, at times exponential growth within a defined period is necessary to make up for the decade already lost.

Highlighting the importance of quality investments for capital formation, he stressed that the capital market must not be seen as a domain only for large investors, but one that welcomes participation from all citizens.

‘Bridging the gap between savings and investments is essential,’ he said, adding that in an efficient market, information should be openly accessible to ensure a truly democratic capital market. He further affirmed that the role of government is to act as a facilitator in this transformation.

‘I envision the SEC not simply as a regulator monitoring the market, but as a dynamic facilitator driving capital market formation and development forward,’ Prof. Fernando said.

In his speech Dr. Suriyapperuma, noted that Sri Lanka’s journey of growth and transformation has already begun, built on prudent economic management, financial discipline, and improved governance. He said that early entrants to the market stand to benefit as stability takes hold and opportunities expand.

He pointed to recent GDP growth of around 5% as evidence of this progress, emphasizing that the gains achieved must be made sustainable.

Stability, he said, has already brought tangible benefits: corporates have improved profitability and forecasting ability, investors have seen renewed confidence reflected in market indices, and citizens have experienced lower interest rates, contained inflation, and increased opportunities.

Dr. Suriyapperuma said the SEC’s Strategic Plan and its 12 pillars as a vital step in sustaining this progress by strengthening governance, deepening market participation, and engaging all stakeholders in the journey. He reaffirmed the Treasury’s commitment to supporting initiatives that build on this stability and uplift society to the next level.

John Keells Holdings Chairman Krishan Balendra illustrated how capital markets have powered John Keells’ growth trajectory over decades.

“We have raised capital repeatedly through rights issues, private placements, and even innovative warrant instruments traded on the CSE. These funding mechanisms enabled us to complete the $ 1.2 billion Cinnamon Life project and invest $ 80 million in the Colombo West Terminal,’ Balendra said.

He emphasised the critical role of investor confidence: “If you build a track record as a listed company, investors will support you even in crisis. This is exactly what happened when Fairfax invested $ 75 million in convertible debentures during our darkest economic period.”

Balendra concluded with a direct appeal: “For unlisted corporates and SOEs, why not leverage capital markets for growth? For listed companies where promoters hold excessive stakes, consider dilution. The new single borrower limits will make this necessity, not choice.”

ADB Consultant Hiran Mendis shared regional perspectives with forum: ‘I remember when the South Asian Federation of Exchanges was established, and the Colombo Stock Exchange held the second Chairmanship, ahead of India’s NSE and Bombay Stock Exchange. That was the regard these institutions had for us. We need to build on that legacy.”

He noted Sri Lanka’s proven capabilities: “The infrastructure we have, the CCP, the trading systems, must be mobilised for the greater good. Exchange-traded funds, Sustainability Bonds including Blue Bonds for our vast exclusive economic zone, consolidation of debt markets, these are proven strategies that can transform our market.”

Mendis said: “We are too small a market to fragment our efforts. When we work together to make the cake bigger, everyone’s slice grows.”

Over 250 finance and capital market professionals participated in this forum.