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The Ambassador of the Democratic Socialist Republic of Sri Lanka to the Islamic Republic of Iran, Prof. Fazeeha Azmi, presented her Letters of Credence to the Islamic Republic of Iran President Dr. Masoud Pezeshkian at Office of the President in Tehran on 22 July 2026. She was the first lady Ambassador to have been appointed from Sri Lanka to the Islamic Republic of Iran.

Ambassador (Prof.) Fazeeha Azmi conveyed the warm greetings and best wishes of the President of Sri Lanka Anura Kumara Disanayaka and expressed confidence in the continued growth of bilateral relations between the two countries. She expressed her intention to explore new avenues of cooperation between the two countries, particularly in view of the 65th anniversary of the establishment of diplomatic relations between Sri Lanka and Iran, which will be commemorated in 2027.

President (Dr.) Masoud Pezeshkian congratulated Ambassador (Prof.) Fazeeha Azmi on the commencement of her new tenure as the Ambassador of Sri Lanka to Iran. He reaffirmed Iran’s interest to further strengthening the relations under the full activation of the existing bilateral framework with Sri Lanka, particularly in the economic sector. The discussion also focused on promoting tourism and higher education sectors of cooperation between Sri Lanka and Iran with the aim of deepening the people-to-people contacts.

While appreciating for all assistance, extended by the Government of Iran to Sri Lanka, Ambassador (Prof.) Fazeeha Azmi appreciated the Iran President’s commitment to further enhance bilateral relations and underlined the importance of further exploring trade, medicine and engineering services opportunities between the two countries. The Ambassador also expressed that Sri Lanka expects sustainable peace in Iran. The President assured his fullest support for the Ambassador’s work plan and encouraged continued engagement to explore new avenues of cooperation.

Ambassador (Prof.) Azmi is a senior academic, with a career spanning over 20 years in teaching, research, and scholarly work in the fields of youth, poverty and livelihood changes, women and migration, internal displacement, tourism, small-scale fisheries, urban cultural heritage and post-war development in Sri Lanka. She held appointments in Sri Lanka, India, Norway, Fiji, and Canada and contributed extensively to national and international research and academic collaborations.

Prior to being appointed as the Ambassador of Sri Lanka to the Islamic Republic of Iran, she served as a Professor in Geography at the University of Peradeniya in Sri Lanka. Prof. Fazeeha Azmi earned her first degree in Geography with a First Class from the University of Peradeniya. She did her M.Phil in Social Change and PhD in Geography at the Norwegian University of Science and Technology in Norway. She is a past pupil of Mawanella Zahira National School in Kegalle district.

By questioning whether directors holding multiple board appointments can devote sufficient time to each company and whether so-called independent directors are genuinely independent, LYNEAR Wealth Management Co-Founder and Managing Director Dr. Naveen Gunawardane delivered a pointed message to Sri Lanka’s boardrooms, warning that both issues have become decisive considerations for institutional investors.

Addressing the Sri Lanka Corporate Director Summit 2026: ‘Future-Ready Sri Lankan Directors,’ he said investors increasingly assess who sits on a board, how they perform their role, and whether they protect minority shareholders before considering valuation.

‘I have a sneaky feeling that some of the comments I may end up stepping on a few toes this morning,’ Dr. Gunawardane told directors before outlining what institutional investors expect from corporate boards.

LYNEAR Wealth Management is a respected firm with a solid reputation serving institutional and private clients, including sovereign wealth funds, pension funds, insurance funds, corporates, high-net-worth individuals, and even retail investors with its unit trust funds.

Dr. Gunawardane questioned the growing practice of directors serving on numerous boards.

‘One interesting thing that we see, and this appears to be true particularly in the Sri Lankan context, is that people end up serving on multiple boards and sometimes I wonder how they actually find the time,’ he said.

Although multiple appointments may expose directors to different sectors and broader economic developments, he said institutional investors view excessive board commitments as a warning sign.

‘When we see people serving on multiple boards, for us that is a negative, because that calls into question the time commitment that the individual can make to that particular board, particularly to the board of the company that we are investing in,’ he said. ‘It calls into question the effectiveness of the director and the contribution of the director to that company.’

Dr. Gunawardane said directors should ask themselves whether they are making a meaningful contribution to every board on which they serve.

”Am I in far too many boards? Am I contributing enough to the boards on which I am on? Particularly to the boards of companies which are operating in a sector that I may not be that familiar with?’ If the answer to that latter question is a no, or maybe perhaps you may want to reconsider the number of board positions,’ he said.

He identified board independence as another area attracting close investor scrutiny, arguing that institutional investors look beyond regulatory definitions.

‘Are independent directors truly independent or are they just friends and family?’ he asked. ‘Now this is a huge point for us institutional investors.’

Dr. Gunawardane said independence carries particular significance in companies dominated by controlling shareholders, where independent directors have a responsibility to challenge decisions and safeguard minority investors.

‘The board of a company should be able to balance competing demands of the company and independent directors therefore have a huge responsibility in ensuring and safeguarding the interests of minority shareholders,’ Dr. Gunawardane said. ‘They have an obligation to scrutinise closely the decisions that are made, and in particular, decisions related to third-party transactions.’

He said investors examine not only the number of independent directors but also who they are and whether they are prepared to exercise independent judgement.

‘Are you truly independent or are you just an independent director by name who happens to be on the board simply because your friend owns or runs a company?’ he asked. ‘If you’re not doing that, then I would argue that you’re not truly an independent director. Certainly not from the perspective of an institutional investor and certainly not from the perspective of minority investors.’

Dr. Gunawardane also urged Boards to place greater emphasis on expertise, saying investors look beyond compliance when assessing board composition.

‘If you don’t have insight, what are you really bringing to the board?’ he asked. ‘If you’re on the board of a company operating in an industry where you have no expertise in, what are you doing about it? Should you really be on that board?’

On board diversity, he said some investors incorporate diversity requirements into their investment mandates but cautioned against treating it as a box-ticking exercise.

‘While diversity is important, unfortunately, what we see is that it has become more of a buzzword. We see companies trying to make boards diverse just to meet metrics,’ he said.

He said qualified directors with industry expertise, sufficient time commitment, and genuine independence remain the attributes investors value most.

‘What matters more is that the company has a very qualified board with members who have the time commitment, who can make the time commitment, and with the right level of independence. And if you can satisfy those conditions and at the same time make your board diverse, then all the better,’ he said.

Defining institutional investors as professional fund managers, sovereign wealth funds, insurance funds, and pension funds, Dr. Gunawardane said their investment process differs fundamentally from that of retail investors.

‘Most retail investors may look at valuations, may look at momentum and that may drive the type of investments that they make. Institutional investors, on the other hand, are a slightly different type of animal,’ he said.

He said long-term investors first assess whether a company fits their investment philosophy and governance standards, with valuation only determining when to invest.

‘For most institutional investors, and indeed it’s very true for us at LYNEAR, valuation is the last thing that we look at. My personal view is that valuation should really define when you invest and not what you invest in,’ he said.

Dr. Gunawardane said investors focus first on governance because boards are responsible for setting strategic direction, overseeing management, and remaining accountable to shareholders.

‘The Board of Directors of a company are responsible for guiding the overall strategic direction of the firm, monitoring the management, and providing accountability to shareholders. Sadly, a lot of board members overlook that last point, that of providing accountability to shareholders, particularly to minority shareholders,’ he said.

As institutional investors are typically minority shareholders, he said confidence depends on whether boards are willing to safeguard minority interests.

Concluding his address, Dr. Gunawardane said listed companies, as well as private firms seeking capital or planning a public listing, should examine whether their boards meet the standards institutional investors expect.

‘As institutional investors who, for the most part, tend to be minority investors in companies, it is imperative that the companies that we invest in are well-governed, and we strongly believe that a core part of a well-governed company is a qualified board with expertise and true independent directors who will ensure the protection of minority rights,’ he said.

He left directors with a series of questions: If you sit on several boards, are you committing enough time to each? If you are an independent director, are you truly independent? Do you have the expertise to guide the business? And are you prepared to challenge decisions in the interests of all shareholders?

Hikvision Sri Lanka successfully concluded the Shaping Intelligence – Smart Building Summit 2026, bringing together industry leaders, technology experts, building professionals, and key decision-makers to explore how intelligent technologies are shaping the future of modern buildings. The Summit served as a platform to demonstrate how Artificial Intelligence of Things (AIoT) solutions are transforming building operations through enhanced security, improved efficiency, sustainability, and smarter management practices. Through expert-led presentations, technology demonstrations, and real-world case studies, attendees gained valuable insights into the growing role of integrated smart building ecosystems across industries.

The Summit recorded 157 participants, reflecting strong industry engagement and growing interest in smart building solutions. The audience represented a diverse cross-section of key sectors, including hospitality, construction, real estate, office space and property management, consultancy, system integration, and architecture. As organisations increasingly seek ways to improve operational performance while creating safer and more sustainable environments, the event highlighted the importance of adopting innovative technologies that seamlessly connect security systems, facility management, and building intelligence on a single platform.

The program featured discussions on emerging smart building trends, AIoT-powered building management solutions, and the evolving expectations of modern infrastructure. Participants also had the opportunity to engage with industry peers, consultants, system integrators, and technology specialists, fostering valuable conversations around the future of smart buildings in Sri Lanka.

Throughout the Summit, Hikvision demonstrated its extensive portfolio of AIoT-powered solutions tailored for commercial buildings, industrial facilities, educational institutions, healthcare environments, and public sector infrastructure. The showcase featured intelligent security systems, advanced access control technologies including smart door locks, turnstiles, and barrier gates, as well as parking management systems and fire alarm solutions.

Attendees also experienced Hikvision’s smart display innovations, including LED displays, digital signage, and interactive smart boards, alongside professional audio and public address systems. The exhibition further highlighted security inspection products such as X-ray baggage scanners and walk-through metal detectors, and unified facility management platforms. Collectively, these technologies demonstrated how a coordinated AIoT ecosystem enhances security, streamlines operations, improves communication, and delivers smarter, more efficient building management.

The Summit reinforced a key industry message: smart buildings are no longer a concept of the future. As digital transformation accelerates across sectors, organisations of all sizes can leverage scalable and accessible technologies to gain better operational visibility, streamline processes, and make data-driven decisions.

Hikvision Sri Lanka Director / General Country Manager Yasantha Hennayake said, ‘Shaping Intelligence – Smart Building Summit 2026 reflects our ongoing commitment to driving innovation and supporting Sri Lanka’s digital transformation journey. Today, intelligent buildings are about much more than security, they are about creating connected ecosystems that enhance efficiency, sustainability, and the overall user experience. Through our AIoT technologies, we are helping organisations build smarter, safer, and more future-ready environments. We are encouraged by the strong industry engagement at this event and remain committed to empowering businesses with practical solutions that deliver real value.’

As Sri Lanka continues to embrace digital transformation and modern infrastructure development, Hikvision remains focused on supporting organisations with intelligent technologies that simplify building management, strengthen security, and unlock new levels of operational excellence. Through initiatives such as Shaping Intelligence – Smart Building Summit 2026, Hikvision continues to strengthen industry collaboration and accelerate the adoption of smart building technologies, helping organisations confidently navigate the future of intelligent infrastructure.

Last week’s much-publicised meeting of Opposition party leaders was presented as the beginning of a united challenge to the Government. In reality, it looked more like a reunion of the political establishment that voters emphatically rejected at the last general election. Missing was the new generation of leaders who might have emerged from the Opposition’s crushing electoral defeat and who could have offered fresh ideas, renewed credibility, and a genuine alternative.

Instead, the meeting was dominated by familiar faces, many of whom no longer command a parliamentary mandate and some who have no parliamentary representation at all. More troublingly, several participants continue to face judicial scrutiny over allegations of corruption and abuse of public office. Their presence reinforced the perception that this was less an exercise in political renewal than an attempt by discredited figures to regain relevance.

Beyond their collective Opposition to extending the retirement age of judges, it was difficult to identify a coherent political agenda binding these disparate parties together. The judicial retirement issue has been framed by Opposition leaders as an assault on judicial independence. Yet such rhetoric rings hollow when many of the same individuals were themselves architects of one of the gravest attacks on judicial independence in Sri Lanka’s recent history, the impeachment of a sitting Chief Justice. Having once undermined the judiciary for political expediency, they now seek to portray themselves as its defenders. Unsurprisingly, the public is likely to view this sudden conversion with considerable scepticism.

The Opposition’s attempt to manufacture unity around this single issue is therefore unlikely to gain significant public traction. Most Sri Lankans do not perceive the extension of judges’ retirement ages as an existential threat to the rule of law in the way Opposition leaders suggest while there is overwhelming support for the investigation and prosecution of corruption in the recent past. Therefore, a coalition united primarily by procedural objections to judicial appointments, rather than a compelling vision for the country’s future, is unlikely to inspire voters.

Perhaps the greatest political casualty of this gathering is the current Opposition Leader, Sajith Premadasa. Whatever criticisms have been levelled against him over the years, he has thus far avoided the judicial proceedings and corruption allegations that have engulfed many of those with whom he now chooses to share a platform. That distinction mattered. It gave him and his party an opportunity to chart a different course from the patronage politics and corruption that defined much of Sri Lanka’s recent past.

By associating himself so closely with politicians whom the public overwhelmingly associates with corruption, cronyism, and political opportunism, Premadasa has squandered much of that advantage. Rather than presenting himself as the leader of a renewed Opposition, he risks being seen as merely another custodian of the old political order. In hitching his political fortunes to a broken wagon, he has weakened his credibility as a genuine alternative to the Government and reinforced the perception that the Opposition has learned little from its overwhelming electoral rejection.

This latest unity effort offers no new leadership, no coherent policy platform, and no compelling vision capable of reconnecting with an electorate that demanded profound political change. Instead, it risks further eroding public confidence in an Opposition already struggling to redefine itself.

That should concern everyone, regardless of political allegiance. Democracies function best when Governments face robust scrutiny from a credible, principled, and competent Opposition. Sri Lanka desperately needs an Opposition capable of holding those in power accountable while presenting realistic and inspiring alternatives. Unfortunately, last week’s gathering suggested that too many Opposition leaders remain preoccupied with reviving the politics of yesterday rather than building the politics of tomorrow.

Jetwing Hotels has announced that 24 of their hotels have been recognised by TripAdvisor as 2026 Travellers’ Choice award winners, garnering the highest number of honours for a hotel group in Sri Lanka.

Tripadvisor’s Travelers’ Choice Award winners are among the top 10% of listings around the world on Tripadvisor. As the world’s largest travel guidance platform, Tripadvisor has unparalleled authority with travelers and diners. This award is based on genuine feedback from anyone in the community who has visited and left an authentic, first-hand review on Tripadvisor over a 12-month period, making it a valuable and trustworthy designation of travelers’ favorites.

Jetwing Ayurveda Pavilions, Jetwing Beach, Jetwing Blue, Jetwing Colombo Seven, Jetwing Jaffna, Jetwing Kaduruketha, Jetwing Kandy Gallery, Jetwing Lagoon Wellness, Jetwing Lake, Jetwing Lighthouse, Jetwing Jungle Lodge, Jetwing Sea, Jetwing St. Andrew’s, Jetwing Surf and Safari, Jetwing Vil Uyana, Jetwing Yala, Jetwing Saman Villas, Jetwing Kurulubedda, Jetwing Thalahena Villa, Jetwing Warwick Gardens, Jetwing Broomfield Bungalow, Jetwing Oatlands Bungalow, Xavier’s Cottage, have all been recognised for their excellent service by TripAdvisor travellers. In addition, Mermaid Hotel and Club received the coveted Travellers’ Choice Best of the Best award, placing it in the top 1% of listings globally. This distinction highlights the highest-rated destinations, accommodations, and experiences as reviewed by the Tripadvisor community. This award is based on genuine feedback from anyone in the community who has visited and left an authentic, first-hand review on Tripadvisor over a 12-month period, making it a valuable and trustworthy designation of travellers’ favorites.

Jetwing Hotels Managing Director Dmitri Cooray said: ‘We are proud to have 24 of our properties recognised in the 2026 TripAdvisor Travellers’ Choice Awards, with Mermaid Hotel and Club being named ‘Best of the Best.’ This recognition reflects our unwavering focus on delivering heartfelt service and authentic Sri Lankan hospitality. Guest feedback plays a vital role in inspiring our teams and guiding our continuous improvement. I extend my sincere thanks to our teams across the island for their dedication, which remains central to our success as we continue to deliver exceptional guest experiences.’

Tripadvisor Chief Marketing Officer Matt Dacey said: ‘Congratulations to Jetwing Hotels on its recognition in Tripadvisor’s Travelers’ Choice Awards for 2026. Ranking among the top percentage of businesses globally means you have made such a memorable impact on your visitors that many of them took time to go online and leave a glowing review about their experience. We hope this recognition continues to drive business to you in 2026 and beyond.’

The Court of Appeal last week dismissed two writ applications filed against ‘Pentara Residencies,’ the landmark apartment development project by Home Lands Group in Thummulla, Colombo 5.

A bench comprising Justice P. Kumararatnam, Justice M.C.L.B. Gopallawa, and Justice Dr. D.F.H. Gunawardhana delivered the order whereby the writ applications were dismissed by a majority decision, refusing the issuance of formal notice.

The writ applications were filed in 2025 by several residents of Classen Place, challenging the approvals granted by the Urban Development Authority (UDA) in relation to the proposed apartment complex. The Petitioners mounted their challenge on the basis that the approvals were contrary to the Development Plan and the regulations promulgated by the UDA.

The Court of Appeal, by its majority decision, affirmed that the approvals granted for the project were in compliance with the Development Plan and the regulations. The Court of Appeal further found that the Petitioners had failed to discharge their duty of uberrima fides, or utmost good faith, which is owed to Court.

Kushan De Alwis, PC, Ali Sabry, PC, Eraj De Silva, PC, with Shanaka Cooray, AAL, Rajiv Wijesinghe, AAL, Naamiq Nafath, AAL, Shamith Fernando, AAL, Akalanka Ukwatte, AAL, Daminda Wijayaratne, AAL, and Sanjana Mapatuna, AAL, instructed by Sudath Perera Associates, appeared for the fifth to eighth Respondents – Home Lands Construction CEO, Home Lands Skyline Ltd., Home Lands Construction Ltd., and Home Lands Property Investments Ltd.

In a bid to meet the growing demand for heavy construction equipment in the industry and marking a new chapter of growth, AA3 Holdings Ltd. opened its state-of-the-art showroom and fully equipped workshop facility in Kiribathgoda today.

The showroom also houses the largest ex-stock inventory of heavy equipment in Sri Lanka, providing customers with faster access to machinery and strengthening AA3 Holdings’ competitive advantage in the market.

‘This milestone expansion has been strategically engineered to enhance our service capabilities and deliver an unparalleled ownership experience to our growing clientele,’ said AA3 Holdings Chairman/Managing Director Supun Perera.

A highly respected Sri Lankan conglomerate with a heritage dating back to 1986, AA3 Holdings is a premier provider of heavy construction machinery and mining equipment in Sri Lanka and operates as a strategic subsidiary of the diversified Udeshi Group.

‘The next-generation showroom, showcasing the latest machinery innovations, allows clients to explore top-tier earthmoving, excavation and road construction equipment firsthand across Sri Lanka and the Maldives,’ he said.

The advanced workshop facility is equipped with cutting-edge diagnostic tools and specialised repair machinery to ensure rapid turnaround times and precision servicing.

‘We also provide elite after-sales support, backed by a team of factory-trained technicians dedicated to maximising machinery uptime and operational efficiency for our customers’ projects,’ he added.

CASE APAC Vice President Emre Karazli said Sri Lanka represents a growing market with significant opportunities, particularly with the advancement of infrastructure projects and expansion of road networks.

He added that CASE places strong emphasis on manufacturing environmentally responsible equipment with reduced emissions, while continuing to deliver high performance and efficiency.

He also disclosed that the company is also building their modern factory in India.

CASE Managing Director Shalahh Chaathurvedi said the company would also host its annual dealer convention in Colombo on Friday and Saturday, with more than 150 international delegates expected to participate, making it one of the largest MICE events held in Sri Lanka this year.

‘Hosting this event in Sri Lanka further demonstrates our commitment to and confidence in the country,’ he said.

‘This expansion further strengthens AA3 Holdings’ commitment not only to supplying world-class machinery but also to providing the high-calibre engineering support and technical expertise required by modern industries,’ said AA3 Holdings Ltd. newly appointed General Manager Prasanna Katuwandeniya.

DFCC Bank has introduced Sri Lanka’s first ATMs and Cash Recycler Machines (CRMs) offering transactions in eight languages, enabling international visitors and local customers to withdraw or deposit cash in the language most familiar to them.

Now available in the arrivals area of Bandaranaike International Airport (BIA) and at DFCC Bank locations in Hiriketiya, Ella, and Arugam Bay, the service offers English, Sinhala, Tamil, French, Chinese, Russian, Hindi, and German, with a wider rollout across the bank’s countrywide network.

The facility removes a practical barrier that can make even a simple transaction difficult. Foreign visitors navigating an unfamiliar country can withdraw cash without having to interpret banking instructions in another language, while Sri Lankan customers can use self-service banking in Sinhala, Tamil, or English.

At BIA, the multilingual facility may be one of a visitor’s first experiences of service in Sri Lanka.

DFCC…

Making that interaction clear and familiar extends the country’s welcome into an essential everyday service. By introducing the facility across the island, including key tourist destinations such as Hiriketiya, Ella, and Arugam Bay, DFCC Bank is carrying that experience into local destinations that attract travellers from around the world.

The initiative comes as tourism continues to play an important role in Sri Lanka’s economy. The country welcomed 2.36 million visitors in 2025, followed by a further 1.15 million during the first six months of 2026, according to the Sri Lanka Tourism Development Authority (SLTDA). As Sri Lanka attracts more visitors, the services they rely on must become easier to access across languages and nationalities.

Users select their preferred language at the beginning of the transaction and follow the on-screen instructions in that language. DFCC Bank ATMs facilitate cash withdrawals, while CRMs enable customers to both deposit and withdraw cash.

DFCC Bank CEO Thimal Perera said: ‘Banking cannot be truly accessible if language remains a barrier. Service beyond borders begins with understanding who is using the service and removing the barriers they face, whether that is an international visitor looking for a familiar language or a Sri Lankan who prefers to bank in English, Sinhala, or Tamil. A choice of language on a screen may seem small, but it signals a much bigger shift. The customer no longer has to adapt to the technology. The technology adapts to the customer. That is real progress. It removes difficulty, widens access, and gives more people the confidence to transact independently.’

DFCC Bank has expanded the facility progressively across its ATM and CRM network, prioritising tourism destinations, points of arrival, and other locations where multilingual access can make the greatest practical difference.

Foreign Direct Investment (FDI) is one of the strongest indicators of investor confidence in an economy. While many Asian economies continue to attract billions of dollars annually, Sri Lanka’s FDI inflows remain modest despite its enviable location at the centre of the Indian Ocean. Geography has undoubtedly blessed Sri Lanka with strategic importance, but geography alone is no longer sufficient to attract global capital. Investors today choose efficiency over promises, predictability over potential and speed over bureaucracy.

As Sri Lanka continues its economic recovery, attracting high-quality FDI should become a national priority. Foreign investment is not merely about bringing capital into the country. It creates employment, transfers technology, enhances management expertise, strengthens exports and integrates local businesses into global value chains. Every successful investment generates multiplier effects across the economy. Yet, despite possessing world-class ports, an educated workforce and strategic connectivity, Sri Lanka continues to lose investment opportunities to regional competitors. The question policymakers should ask is simple: Why are investors choosing South India, Vietnam and Indonesia instead of Sri Lanka? The answer lies not in geography but in governance.

Investors seek certainty, not complexity

Today’s investors evaluate countries through a very different lens than they did twenty years ago. Tax incentives remain important, but they are rarely the deciding factor. Investors place greater value on policy consistency, transparent regulations, reliable infrastructure and efficient public institutions. Above all, they value time.

Every month spent waiting for approvals increases costs and uncertainty. Every additional institution involved in the approval process creates another layer of complexity. In a highly competitive global investment environment, delays can easily result in projects being relocated elsewhere.

Many foreign investors privately acknowledge Sri Lanka’s enormous potential. They appreciate the country’s strategic location, modern maritime infrastructure and talented workforce. However, they also express frustration over lengthy approval processes, overlapping institutional responsibilities and inconsistent policy implementation.

One concern is repeatedly voiced by investors: it is often difficult to navigate government institutions and obtain timely decisions. Access to senior policymakers can be limited, coordination between agencies is often weak and approvals may require engagement with multiple ministries and regulatory bodies.

For an investor comparing Sri Lanka with competing destinations, these administrative challenges become a significant disadvantage.

Learning from South India

Perhaps Sri Lanka’s greatest competitor is not another island nation but the states of South India. Tamil Nadu has emerged as one of Asia’s leading automobile manufacturing hubs. Global companies such as Hyundai, Renault-Nissan, BMW, Daimler and Yamaha have established major operations there. Karnataka has become a global technology powerhouse, while Andhra Pradesh and Gujarat continue to attract large-scale industrial investments.

These states did not succeed simply because of their size or labour force. They succeeded because they created investor-friendly ecosystems. Approval processes are streamlined, infrastructure is continuously improved, governments actively engage investors and dedicated agencies facilitate projects from concept to implementation. Investors are treated as long-term development partners rather than applicants navigating bureaucracy. Sri Lanka possesses advantages that many Indian states cannot replicate. It has a strategic maritime location, deep-water ports, shorter logistics chains and strong connectivity to major international shipping routes. Yet these advantages remain underutilised because they are not complemented by equally efficient institutions.

The BOI must become a global investment promoter

The Board of Investment (BOI) has made significant contributions to Sri Lanka’s investment landscape over several decades. However, the rapidly evolving global economy demands a more proactive and competitive institution. The BOI should no longer be viewed merely as an approval authority. It should become Sri Lanka’s premier investment promotion agency, actively competing for international investment rather than waiting for investors to arrive.

Success should no longer be measured only by the number of projects approved. It should be measured by the value of investments realised, employment generated, exports created and the speed with which projects commence commercial operations. Every major investor should be assigned a dedicated relationship manager empowered to coordinate approvals across all government agencies. Investors should experience a genuine single-window service rather than being redirected between institutions.

Digital transformation must also become a priority. Online application systems, transparent approval tracking and clearly defined timelines would significantly improve investor confidence while reducing administrative delays. More importantly, Sri Lanka needs to project itself internationally as a country that welcomes investment with professionalism, efficiency and consistency.

Contd. on Page 20

(The author is the Secretary General of the Ceylon Chamber of Shipping, former Director General of the Institute of National Security Studies (INSS), and former Spokesman of the Ministry of Defence. He is also a Non-Resident Fellow at the London Dialogue. His areas of expertise include international relations, geopolitics, maritime affairs, national security, economic policy, and strategic governance).

Hambantota: From transit hub to manufacturing hub

One of Sri Lanka’s greatest untapped opportunities lies in Hambantota. Today, Hambantota Port has become an important regional hub for the transshipment of vehicles manufactured in India and destined for African markets and other international destinations. Thousands of vehicles pass through the port every year. This demonstrates that global automobile manufacturers already recognise Hambantota’s strategic value. However, Sri Lanka currently captures only a small portion of the economic value generated by this activity. The obvious question is: Why should Sri Lanka remain merely a transit point?

Instead of simply handling imported vehicles, Sri Lanka should actively encourage global manufacturers to establish vehicle assembly facilities within the Hambantota Industrial Zone. Companies could import Completely Knocked Down (CKD) or Semi Knocked Down (SKD) kits, assemble vehicles locally and export finished products to Africa, the Middle East and South Asia. This would generate far greater economic value than simple transshipment.

Vehicle assembly plants would create thousands of direct and indirect jobs while stimulating supporting industries including component manufacturing, packaging, engineering services, warehousing, transport and technical training. Over time, local companies could integrate into regional automotive supply chains, increasing domestic value addition and strengthening Sri Lanka’s export sector.

Countries such as Thailand, Morocco and Vietnam have successfully transformed themselves into regional automotive manufacturing hubs through consistent industrial policies and investor-friendly environments. Sri Lanka already has the strategic location. What it now needs is the policy environment that encourages manufacturers to invest.

Policy consistency builds investor confidence

Investment decisions often involve planning horizons extending twenty or even thirty years. No multinational corporation will commit hundreds of millions of dollars if regulations, taxation policies or investment agreements are likely to change with every political transition. Policy consistency is therefore one of Sri Lanka’s greatest competitive challenges. Governments may change, but national economic priorities should remain stable.

A bipartisan National Investment Strategy, supported across political parties, would provide investors with the confidence required for long-term commitments. Such a strategy should clearly identify priority sectors, infrastructure plans, investment incentives and regulatory reforms. Confidence grows when investors believe that commitments made today will still be honoured tomorrow.

Introduce accountability into approvals

Sri Lanka should also introduce legally mandated timelines for investment approvals. Government agencies responsible for approvals should be required to respond within specified timeframes. If no valid objections are raised within that period, applications should automatically proceed to the next stage. Such reforms have significantly improved investor confidence in several Asian economies. Equally important is accountability. Public institutions should measure performance based on the speed and quality of investor services. Delays should become exceptions rather than accepted practice. Government agencies should function as facilitators of investment, not gatekeepers.

Economic diplomacy must support investment

Sri Lanka’s diplomatic missions should play a much greater role in attracting FDI. Embassies should actively identify investment opportunities, engage multinational corporations and connect potential investors with relevant domestic institutions. Economic diplomacy should become a core function of Sri Lanka’s foreign policy, complementing traditional political engagement. Similarly, regular dialogue between government, chambers of commerce, industry associations and foreign investors would help identify obstacles before they discourage future investment. Listening to investors is often the first step towards improving the investment climate.

From potential to performance

Sri Lanka has spent decades highlighting its strategic location. That message is already well understood internationally. What global investors now want to see is evidence that Sri Lanka can provide predictable policies, efficient institutions and a business environment where projects can move quickly from concept to implementation. Infrastructure alone does not attract investment. Ports, airports, highways and industrial zones become valuable only when supported by efficient governance and investor-friendly regulations.

Foreign investors compare countries every day. They examine approval timelines, regulatory certainty, labour productivity, logistics costs and ease of doing business. The countries that remove obstacles are the countries that receive investment. Sri Lanka has every opportunity to become a regional hub for manufacturing, logistics, maritime services, renewable energy, technology and value-added exports. However, opportunities alone do not create prosperity. Execution does.

A call to action

The race for global investment has never been more competitive. Capital is mobile, investors are selective and countries are aggressively competing to attract high-quality industries. Sri Lanka cannot rely solely on its strategic location to remain competitive. The country must complement geography with governance, infrastructure with efficiency and ambition with decisive action. Hambantota should become more than a transshipment port. It should evolve into a regional manufacturing and export hub. The BOI should become more than an approval authority. It should become one of Asia’s most proactive investment promotion agencies. Government institutions should become partners in economic development rather than administrative hurdles.

The world’s investors already know where Sri Lanka is. The real question is whether Sri Lanka is ready for them. If the answer is yes, then the time for reform is now, not tomorrow. By removing unnecessary red tape, strengthening policy consistency and embracing a genuine investor-first mindset, Sri Lanka can finally convert its strategic location into sustained economic prosperity.

In today’s global economy, geography may open the door, but good governance is what ultimately persuades investors to walk through it. Sri Lanka does not need to compete with the world’s largest economies. It needs to compete with the countries that investors are choosing today. Every investment lost to Chennai, Ho Chi Minh City or Batam is not simply a missed business opportunity, it is a missed opportunity for jobs, exports, technology transfer and national prosperity. The global race for investment will not wait for Sri Lanka to reform at its own pace. The time to act is now.

Dialog Axiata PLC has successfully completed its first fully integrated ISO certification audit, marking a significant milestone in its journey towards operational excellence and strengthened governance. The initiative brings multiple internationally recognised standards under a unified audit approach, reinforcing Dialog’s commitment to quality, security, privacy and sustainable value creation.

Conducted by Quality Austria Central Asia Private Limited, an independent certification body, the integrated audit reflects a consolidated model that enhances consistency, reduces duplication and simplifies certification auditing process across the organisation.

As the only telecommunications operators in Sri Lanka to maintain a comprehensive portfolio of ISO standards and to have these certifications assessed under a single coordinated audit, Dialog has further strengthened its ability to deliver secure, reliable and high-quality services.

The audit covered ten internationally recognised standards across key domains including quality management, environmental management, information security, privacy, business continuity and risk management. These include ISO 9001, ISO 14001, ISO 37001, ISO 27001, ISO 27701, ISO 27017, ISO 27018, ISO 22301, ISO 14064 and ISO 31000. As part of this exercise, Dialog also upgraded its ISO 27701 certification to the 2026 version and expanded the scope of ISO 27017, ISO 27018 and ISO 22301 certifications to additional locations.

Dialog Axiata PLC Group Chief Executive Supun Weerasinghe said: ‘This milestone reflects Dialog’s continued commitment to embedding excellence, accountability and resilience across our operations. By adopting a unified approach to multiple ISO standards, we have strengthened governance, improved operational efficiency and enhanced our ability to deliver secure and reliable services. This achievement reinforces our focus on building a future-ready organisation grounded in trust, responsible business practices and long-term value creation.’

The integrated certification approach strengthens risk visibility, regulatory compliance and operational consistency across the organisation, while enhancing stakeholder confidence through improved governance and reduced operational complexity.