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Commercial Credit and Finance PLC said it has appointed Mahendra Prathiviraj Wijeratne as an Independent Non-Executive Director.

Wijeratne brings over twenty-five years of professional experience across diverse sectors. He is a distinguished senior executive, mechanical engineer and operations leader with proven expertise in corporate planning, operational strategy, marketing, project management and quality assurance within the aquaculture, manufacturing, engineering solutions and plantation industries.

Throughout his career, he has served in key executive leadership roles, including Chief Operating Officer at Oceanpick Ltd., Consultant/Director of Engineering at Esna Allied Enterprises Ltd., Chief Executive Officer/Director at Mackply Industries Ltd., and General Manager – Engineering, Projects and Planning at Agalawatte Plantations PLC.

His academic and professional qualifications include a Master of Business Administration (MBA) from the Postgraduate Institute of Management, University of Sri Jayewardenepura; an Engineering Council (UK) Part I and II qualification in Mechanical Engineering (equivalent to a B.Sc. Eng. Honours); and a Postgraduate Diploma in Marketing from The Chartered Institute of Marketing (UK). In addition, he is a Member of the Institute of Certified Management Accountants (CMA) Australia and an Associate Member of The Institution of Engineers, Sri Lanka.

The US State Department has toned down its assessment of the ruling National People’s Power (NPP), but not of Sri Lanka’s investment climate. A Daily FT comparison of the Department’s 2025 and 2026 Investment Climate Statements shows it has dropped all reference to the NPP leadership’s ideology. Its verdict that the climate remains challenging, and much of the criticism behind it, is repeated word for word.

Last year’s statement said many investors remained wary given the NPP leadership’s ‘historically anti-Western, Marxist-influenced ideology.’ The 2026 statement instead attributes investor caution to the leadership’s ‘mixed messages on the openness of the country’s market.’

Its description of senior officials has also been tempered. ‘Some senior Government officials regularly castigate private sector-led economic growth and publicly promote State-owned collectivism as the country’s preferred investment model,’ the 2025 statement said.

This year’s version reads: ‘While the Government has sought to attract foreign investment, certain senior officials have publicly advocated a larger role for State-owned enterprises (SOEs) and State participation in economic activity.’

The State Department’s overall verdict, however, is unchanged. Both statements describe the investment climate as remaining challenging. Its criticism of regulatory unpredictability, bureaucratic hurdles, and selective transparency is repeated word for word, as is its observation that the Government’s institutional capacity to encourage an open investment environment remains limited despite positive rhetoric.

Notably, the 2026 statement makes no reference to US tariffs on Sri Lankan exports, even though the US is Sri Lanka’s largest single-country export market and trade policy features prominently elsewhere in the assessment, including Sri Lanka’s own import duties, para-tariffs, and free trade agreements (FTAs).

Large parts of the 2026 statement are carried over from last year verbatim or with only minor edits. They include the passages on the Board of Investment’s (BOI) failure to function as a ‘one-stop shop’ and investors’ difficulty in maintaining a consistent dialogue with it. Also repeated are the complaints of high transaction costs, unpredictable policies, and opaque procurement, and the absence of a legally mandated consultation process for new laws. The same goes for the trade facilitation impediments, including reliance on para-tariffs and manual processes at Sri Lanka Customs, the Sri Lanka Ports Authority (SLPA), and the BOI, and for weak contract enforcement and the lack of a corporate reorganisation alternative to liquidation.

The repetition extends to the problems of the 527 SOEs under Government control, and to tender practices such as accepting unsolicited project proposals and tailoring specifications to favour specific companies. The section on vague conflict-of-interest provisions is also repeated.

The Political and Security Environment section is reproduced in full, still citing a 2023 World Food Programme (WFP) assessment that nearly two-thirds of Sri Lankans borrow or deplete savings to meet basic nutritional needs. In the Labour section, trade union membership, collective bargaining figures, and the estimate of 6,000 skilled Sri Lankans working in Bangladesh’s garment industry are all unchanged.

The softer tone does not extend to corruption. In 2025, the State Department said high-level political bribery solicitation appeared to have diminished under the new administration. That observation is absent from the 2026 statement, which says corruption risks remain in certain sectors and concerns persist over the influence of politically connected interests.

The institutional overhaul flagged last year has also disappeared from the assessment. The 2025 statement described the Economic Transformation Act, passed in July 2024, which set parameters to abolish the BOI in favour of five new agencies. It noted that implementation had stalled after the NPP’s election victory. The 2026 statement does not mention the Act, citing instead the launch of the BOI’s Ready to Invest digital platform in May 2026.

The Government has retained the Strategic Development Projects (SDP) Act, which the 2025 statement said it had announced plans to repeal. The Act allows special incentives, including tax concessions, for large-scale projects. It was instead amended in December 2025 to introduce stricter project evaluation, enhanced monitoring, and shorter tax holidays.

Last year’s statement had contrasted the February 2025 Budget’s removal of tax exemptions for service exporters with the extensive exemptions enjoyed by Colombo Port City projects. A January 2026 amendment to the Port City framework now limits tax holidays, harmonises employee taxation, and tightens regulatory oversight.

On labour, the 2025 statement said the Government had shelved a proposed investor-friendly reform of labour law. The Government now intends to align labour law with international standards, though contacts lament the slow pace of reform and lack of transparency, the 2026 statement said. The national minimum wage was raised in July 2025 to Rs. 30,000 a month and Rs. 1,200 a day, from Rs. 17,500 and Rs. 700 set in March 2024.

Foreign portfolio investors retreated during the year. The Colombo Stock Exchange’s All Share Price Index rose 42% in 2025 and the S and P SL20 Index 27%, yet foreigners were net sellers of $ 128 million. In 2024, they had been net buyers of $ 66.5 million, according to the previous statement.

The composition of foreign direct investment (FDI) also shifted. Renewable energy, among the top five sectors in 2024, is absent from the 2025 list, where port development appears alongside manufacturing, tourism, information technology and business process outsourcing, and real estate. In February 2025, Adani Green Energy withdrew from a $ 400 million, 484 MW wind power project in the North, citing Government efforts to renegotiate the previously awarded contract.

FDI reached $ 1.06 billion in 2025, about 1% of GDP, against the 3% to 4% commonly seen in emerging economies. The 2025 statement had cited a Government target of $ 5 billion for the year. This year’s version refers only to ‘the Government’s FDI targets’, without naming a figure.

A replacement for the 2003 Intellectual Property Act, expected in 2024 or 2025 according to last year’s statement, remains at the intention stage. Sri Lanka Customs launched an intellectual property recordation system in November 2024, allowing rights holders to register trademarks, patents, and industrial designs for border enforcement, though it is not yet fully operational, the 2026 statement said. It also notes that Sri Lanka is progressing through formal accession to the Regional Comprehensive Economic Partnership (RCEP).

Major projects remain stalled. In January 2025, President Anura Kumara Dissanayake committed to finalising Sinopec’s $ 3.7 billion oil refinery near Hambantota, which the State Department describes as the largest FDI project in Sri Lankan history. The project remained pending as of June 2026 due to disagreements between the Government and Sinopec. In December 2025, the Government ended negotiations with China Harbour Engineering Company on a floating liquefied natural gas (LNG) terminal days before the contract was due to be signed, the report said.

Gross official reserves rose to $ 6.8 billion at the end of 2025 from about $ 6.1 billion a year earlier. The increase was supported by $ 2 billion in Central Bank of Sri Lanka (CBSL) foreign exchange purchases, down from a net $ 2.8 billion in 2024, and swap transactions. Workers’ remittances reached a record $ 8.1 billion, from an estimated $ 6.6 billion.

The banking sector’s total capital adequacy ratio, which measures banks’ capital buffers against potential losses on their lending, eased to 18% at the end of 2025 from 20% a year earlier, even as profits after tax rose 19% to about $ 1.2 billion.

The statement also notes that the current Government generally avoids providing sovereign guarantees for FDI projects, unlike previous administrations.

The State Department’s Investment Climate Statements cover more than 170 economies and are prepared by economic officers at US embassies.

Bank of Ceylon (BOC) has achieved a significant milestone in its international credit ratings journey, with Fitch Ratings (Fitch) upgrading the bank’s Long-Term Foreign-Currency and Local-Currency Issuer Default Ratings (IDRs) to ‘B-‘ from ‘CCC+’, with a Stable Outlook.

Fitch has also upgraded BOC’s Viability Rating (VR) to ‘b-‘ from ‘ccc+’ and Short-Term IDR to ‘B’ from ‘C’, while affirming the Government Support Rating (GSR) at ‘ns.’

BOC said the upgrade represents a notable strengthening of the bank’s sovereign credit profile, reflecting its resilience, market leadership, and improving financial fundamentals amid a thriving operating environment.

It reinforces the bank’s ability to engage with international markets and pursue new opportunities while continuing its role as a key financial partner to the Sri Lankan economy.

Fitch’s rating action follows the upgrade of Sri Lanka’s sovereign credit ratings to ‘B-‘ with a Stable Outlook from ‘CCC+’, reflecting improved macroeconomic stability, structural reforms, strengthened fiscal and external positions, and reduced external financing risks. The improved sovereign profile is expected to support greater financial-market stability and thereby support BOC’s business, risk, and financial prospects.

Fitch has recognised BOC’s market leadership as a key rating strength, upgrading its business profile score. As Sri Lanka’s largest bank, BOC’s extensive network and broad customer base provide a strong foundation to capture emerging business opportunities as economic conditions continue to improve.

Fitch has also upgraded its assessments of BOC’s risk profile and asset quality, earnings and profitability, capitalisation and leverage, and funding and liquidity. These improvements reflect the easing of sovereign-related risks, strengthening economic conditions and improving financial resilience, while access to foreign-currency funding is expected to gradually widen.

BOC Chairman Kavinda de Zoysa said: ‘We welcome Fitch Ratings’ upgrade of BOC’s international ratings and are particularly encouraged by its recognition of BOC’s market leadership as a rating strength, reflected in the upgrade of the bank’s Business Profile score to ‘b’ from ‘b-‘.’

‘This recognises our position as Sri Lanka’s largest bank, with around 22% of sector assets and deposits, together with the strength of our extensive network and funding franchise.

The broader improvement in our ratings reflects both the strengthening sovereign and operating environment and improvements across key areas of the bank’s credit profile. We remain firmly committed to prudent risk management, strong governance and financial resilience, while continuing to support our customers and Sri Lanka’s sustainable economic growth,’ the Chairman added.

The enhanced international credit standing provides BOC with a stronger platform to deepen relationships with international financial institutions, correspondent banks and institutional investors. It is also expected to support broader access to foreign-currency funding and international credit lines, with more favourable terms and conditions.

The improved standing further strengthens BOC’s role in facilitating international trade through trade finance facilities and related other foreign-currency services, supporting businesses engaged in imports, exports and cross-border transactions.

The stronger sovereign credit profile is expected to ease risks associated with BOC’s holdings of Government securities and lending to State-owned entities, further strengthening the resilience of its asset portfolio. This creates greater scope for BOC to expand private-sector lending and diversify its business across small and medium enterprise (SMEs), corporates, retail and productive sectors, while maintaining disciplined credit standards, prudent risk management and sound capital, liquidity, and asset-quality positions.

BOC General Manager/Chief Executive Officer Y.A. Jayathilaka said: ‘The upgrade marks an important milestone for BOC, reinforcing the bank’s position and credibility in the international financial landscape. It provides a stronger platform to expand our global relationships, access diverse funding avenues and pursue new opportunities for sustainable growth. Building on this progress, we will continue to strengthen our capabilities, create lasting value for our customers and contribute meaningfully to the growth of the Sri Lankan economy.’

BOC’s financial performance during the first half of 2026 further demonstrates its strength and scale, with Profit Before Tax reaching Rs. 62.7 billion and Profit After Tax recording Rs. 39.8 billion. The bank also contributed Rs. 39.2 billion in total taxes to the Government, highlighting its contribution to national revenue. As at June 2026, BOC recorded total assets of Rs. 5.4 trillion, total deposits of Rs. 4.3 trillion, and gross loans and advances of Rs. 2.8 trillion, reflecting its strong capacity to support businesses, individuals and productive sectors of the economy.

With more than 2,200 customer touchpoints islandwide and an established overseas presence in Chennai, Maldives, Seychelles, Hulhumale, and London, BOC continues to connect customers and businesses with financial opportunities across Sri Lanka and beyond.

Since its establishment in 1939, BOC has evolved alongside the nation, remaining steadfast in its role as the ‘Bankers to the Nation.’ The latest Fitch upgrade marks another defining step in that journey, reflecting the bank’s strengthened position and readiness to embrace the opportunities emerging from Sri Lanka’s economic recovery.

Building on this milestone, BOC looks ahead with renewed confidence expanding global partnerships, enabling businesses, and creating greater opportunities for Sri Lanka’s economic future.

The Asian Development Bank (ADB) has approved a $ 100 million results-based loan to help Sri Lanka transform its technical and vocational education and training (TVET) system, equip more young people with industry-relevant skills, and strengthen the country’s competitiveness and inclusive growth.

The Skills Development System Transformation Program will support the Government’s efforts in improving the quality and relevance of skills training, strengthening links between training providers and industries, and expanding employment opportunities for youth.

The program will increase women’s employment opportunities in non-traditional jobs in fields including automotive technology, engineering, information and communications technology, construction, and renewable energy.

ADB Country Director for Sri Lanka Shannon Cowlin said: ‘A skilled workforce is essential to Sri Lanka’s long-term economic transformation and competitiveness. This program will help create stronger pathways from education to employment by making training more responsive to industry needs, expanding opportunities for young people and women, and ensuring that graduates have the skills required by a modern and evolving economy.’

Though Sri Lanka’s economy is recovering, it faces skills shortages in priority sectors, high youth unemployment, and low female labour force participation. Many employers report difficulty finding workers with the skills needed in a changing economy.

Aligned with the Government’s TVET Sector Strategic Framework 2026-2035, the nationwide program will be implemented from 2027 to 2031 and is expected to directly benefit more than 100,000 young people through improved access to quality, employment-oriented training.

The program will provide expanded career guidance for secondary school students, enhanced capacity-building activities for teachers, and improved coordination between schools and training institutions. To modernise TVET delivery, the program will establish a centre of excellence for automotive technology, introduce a hub-and-spoke training model across all nine provinces, upgrade learning facilities, and launch new industry-aligned courses in priority sectors. It will also deepen partnerships between training providers and employers through workplace-based learning, industry participation in skills assessment and certification for learners, and stronger mechanisms for private sector engagement.

The program will improve governance and quality assurance through a national accreditation system, performance-based financing mechanisms, and a unified digital training management information system that will align skills development with labour market demand.

The financing consists of a $ 50 million regular loan, a $ 50 million concessional loan, and a $ 500,000 technical assistance grant from the ADB.

The 14th Inter-Firm Team Doubles Badminton Championships organised by the Mercantile Badminton Association concluded at the MBA Courts in Colombo recently with MAS Holdings once again making a significant impact in the highly competitive Lankan corporate arena that hosted some of the top shuttlers from leading corporates.

MAS clinched second spot in the 240+ (combined age group category) with a commanding performance whilst the Plate category team also did their best to secure second spot in the Plate category. Demonstrating depth, experience and emerging talent, Team MAS secured major honours across divisions, underlining the company’s commitment to sports and employee well-being.

Over the years, MAS has been a key contributor to Mercantile Badminton, consistently fielding strong, competitive squads featuring top-tier players across various tournament tiers. More than just podium finishes, the performance reflects the MAS spirit – teamwork, resilience and the drive to empower its people both on and off the court.

Sri Lanka’s tourism industry in September came just 414 visitors shy of its highest-ever arrivals for the month last year, with a late surge in Indians providing fresh momentum ahead of the crucial winter season despite the sector remaining behind 2025’s pace and well short of its original 2026 target.

Sri Lanka welcomed 158,557 tourists in September, according to the latest data from the Sri Lanka Tourism Development Authority (SLTDA), falling just short of the September 2025 record of 158,971 and registering a marginal 0.26% year-on-year (YoY) decline.

The near-record performance in September was supported by a sharp increase in Indian arrivals, which rose 10% month-on-month (MoM) to 51,931. September was the third-highest month for Indian arrivals so far this year, behind May’s 60,342 and January’s 52,062.

India accounted for nearly one-third of all arrivals during the month, reinforcing its position as Sri Lanka’s dominant source market and providing an important lift as the industry enters its traditionally stronger winter period.

Sri Lanka averaged 5,285 tourist arrivals a day in September, compared with 5,299 during the corresponding month last year.

India led the monthly source-market rankings with 51,931 visitors, representing 32% of total arrivals. China followed with 11,722 (7%), while Australia contributed 10,951 (7%), the UK 10,738 (7%), and Germany 7,277 (5%).

Japan, France, Maldives, Bangladesh, and Spain were among the other significant markets contributing to September traffic.

Despite the near-record monthly performance, cumulative arrivals remain marginally behind 2025. The September influx took arrivals during the first nine months to over 1.69 million, down 1.84% YoY.

India remains the largest contributor to the cumulative total, with 437,414 visitors accounting for 26% of arrivals. The UK followed with 160,727 (9%), while China ranked third with 112,550 (7%).

The latest figures come against a sharply more challenging outlook for the full year.

In early September, the SLTDA revised its 2026 arrival projections amid the continuing impact of the Middle East conflict, higher energy costs, and wider uncertainty surrounding international travel.

The latest revised assessment comes after a record 2025, when Sri Lanka welcomed 2,362,521 tourists, surpassing the country’s pre-pandemic 2018 arrival level and recording 15.1% growth over 2024.

As per the revised scenarios put 2026’s full-year arrivals between 2,377,370 and 2,603,311, depending on how conditions evolve during the remaining months. The lower end of the range would leave Sri Lanka only marginally above the 2025 record, while even the upper scenario of around 2.6 million would fall almost 400,000 short of the original 3 million target.

The SLTDA has stressed that the revised projections represent a ‘spectrum of potential outcomes’ rather than fixed targets, reflecting the uncertainty surrounding the final months of the year.

Nevertheless, the September numbers provide some encouragement as Sri Lanka enters its peak tourism season, with the industry hoping stronger winter demand can help narrow the cumulative gap.

The performance of India, in particular, is emerging as a key source of resilience, with the market already accounting for more than one in every four visitors to Sri Lanka this year.

While the sector is unlikely to achieve its original 2026 ambition based on the latest official projections, the near-record September performance indicates that demand for Sri Lanka remains resilient despite geopolitical and economic headwinds.

Analysts opine the challenge now is to convert the winter season opportunity into sustained growth while raising visitor value and earnings alongside arrival volumes.

During the first eight months of 2026, tourism revenue stood at just over $ 2.06 billion, reflecting a 10% YoY decline. This was also substantially below the $ 2.97 billion earned during the corresponding period of 2018, representing a shortfall of around 31%.

The Representative of the Democratic Socialist Republic of Sri Lanka to the State of Palestine, Farook Mohamed Fawzer, paid a courtesy call on Minister of National Economy of the State of Palestine Muhammad Al-Amur, at the Ministry headquarters in Ramallah.

During the meeting, the two sides held cordial and substantive discussions on further strengthening economic relations between Sri Lanka and Palestine, with particular attention to expanding bilateral trade, promoting investment opportunities and enhancing business-to-business engagement.

Minister Al-Amur recalled the longstanding bonds of friendship, solidarity and cooperation between Sri Lanka and Palestine, built over more than five decades of diplomatic relations.

A significant focus of the discussions was Sri Lanka Expo 2027, scheduled to be held from 14 to 17 January 2027 at the Bandaranaike Memorial International Conference Hall (BMICH) in Colombo. Representative Fawzer briefed the Minister on opportunities presented by the Expo for Palestinian businesses to explore new markets, establish commercial partnerships and strengthen trade and investment links with Sri Lankan counterparts.

Representative Fawzer also highlighted investment opportunities available in Sri Lanka, including those emerging through Port City Colombo, and encouraged greater participation by the Palestinian private sector in Sri Lanka’s trade and investment initiatives. He particularly invited representatives of Chambers of Commerce and Industry from across Palestine to participate in Sri Lanka Expo 2027 and explore avenues for mutually beneficial commercial cooperation.

In this regard, an official invitation was extended to Minister Al-Amur to lead a delegation comprising representatives of the Palestinian public and private sectors to Sri Lanka for the Expo. Welcoming the invitation, Minister Al-Amur expressed his willingness to lead a Palestinian business delegation, including representatives of Chambers of Commerce and Industry, to participate in Sri Lanka Expo 2027.

The two sides also discussed opportunities to facilitate greater market access, promote Palestinian products in the Sri Lankan market, strengthen private-sector networks and identify new avenues for expanding bilateral trade and investment.

The Women’s Chamber of Industry and Commerce (WCIC) is sharpening its focus on helping women entrepreneurs move beyond business creation towards sustainable growth, as it expands its membership, partnerships and advocacy footprint.

WCIC Chairperson Gayani de Alwis, concluding her second tenure, highlighted the Chamber’s efforts had increasingly centred on creating pathways for women to translate entrepreneurial ambition into viable enterprises and, importantly, build those businesses for the longer term.

‘Ultimately, our impact is not measured by the number of programs we conducted, but by the women whose businesses grew, whose voices became stronger, whose horizons expanded and whose contribution to the economy became greater,’ she said addressing the WCIC 41st Annual General Meeting (AGM) held on 22 September for which the Chief Guest was Canadian High Commissioner to Sri Lanka and the Maldives Isabelle Martin.

The focus has included a special initiative for female university students with an entrepreneurial mindset, regional chapter initiatives in the Northern Province, capacity-building programs and the inaugural ‘Beyond Ramp Up’ workshop.

The Chairperson said these initiatives were designed to move women ‘from aspiration to enterprise, and from enterprise to sustainable growth’, signaling a broader focus on strengthening the progression of women entrepreneurs beyond the initial stages of business formation.

WCIC recorded a 20% increase in membership during the period with membership crossing 460 and expanded its ecosystem through a series of strategic partnerships.

The Chamber entered partnerships through Memoranda of Understanding with organisations including the National Innovation Agency, DevPro, Information System Audit and Control Association Sri Lanka Chapter, National Chamber of Commerce Sri Lanka and Lanka Angel Network. WCIC said the partnerships were aimed at expanding members’ access to knowledge, technology, markets, networks and business opportunities.

Alongside its entrepreneurship agenda, WCIC also strengthened its policy advocacy, including support for the ratification of ILO Convention 190 (C190), awareness programs and the development and presentation of a C190 policy action paper to key stakeholders.

The Chamber said these efforts were intended to advance a more inclusive and respectful world of work, reflecting a move to translate advocacy into policy engagement and action.

Internally, WCIC also moved to strengthen its governance framework, revising its Articles of Association to ensure regulatory compliance and introducing a Code of Conduct and Board self-assessment. Clearer organisational roles, job descriptions and performance targets were also introduced as part of efforts to strengthen accountability and professionalise its operations.

The Chamber has meanwhile sought to strengthen the visibility and leadership of women in business through its flagship platforms, including the WCIC Prathibhabhisheka Women Entrepreneur Awards, Ramp Up Fashion Show and Women Leadership Forum.

Chairperson de Alwis said these have evolved beyond standalone events into platforms for recognition, visibility, capability building and leadership development.

WCIC also expanded its knowledge-sharing initiatives through a thought-leadership article series focused on women, business and the economy, while its monthly newsletter, WCIC Edit, was used to connect members with knowledge, opportunities and achievements.

Reflecting on her tenure, the Chairperson said the period had been about building a stronger, more connected and professionally governed organisation, while converting its wider ambitions into tangible opportunities for women in business.

‘This period has been about turning ambition into action, advocacy into impact, and connection into opportunity,’ she said.

For the 2026/2027 period the office bearers are: Chairperson Gayani de Alwis, 1st Vice Chairperson Ramani Ponnambalam, 2nd Vice Chairperson Nilani Seneviratne, Joint Secretary Tehani Mathew, Joint Secretary Sonali De Silva, Treasurer Zahra Cader, Assistant Treasurer Renuka Senanayake, while office board members appointed are Oshadhi Somasinghe, Krishnajina Rajapathirane, Zahara Ansary, Wathsala Wickramanayake, Eranthi Premaratne, Shabiya Ali Ahlam, Malarvili Anton, and Yolanthika Ellepola.