Business
SLIC Suba Pathum awards 375 scholarships for school children
Sri Lanka Insurance – The Nations’ protector, over the years have had contributed to the betterment of the future generation of the country. Sri Lanka Insurance (SLIC) is not only one of the most profitable state owned enterprises but also a responsible corporate citizen that enriches the community it operates in.
SLIC initiated the ‘Sri Lanka Insurance – Suba Pathum Scholarship’ program in 2014 for the children of its Life policy holders across the country. This scheme has awarded 1800 scholarships, worth of approximately 200mn up to date. This year the scholarship scheme will be rewarding 375 students, who excelled in the 2020/21 Grade 5 Scholarship, 2020 GCE Ordinary Level and 2020/21 GCE Advanced Level examinations. 75 top ranking students were selected from each of the three examinations totaling up to 375 students. Grade 5 Scholarship and GCE Ordinary Level, qualifiers were selected based on the district achievement and for GCE Advanced Level applicants, selections were based on the national level achievement.
A Financial scholarship of Rs. 20,000 for five years, Rs. 40,000 for two years and Rs. 50,000 for three years is awarded to the students who are eligible for the Suba Pathum scholarship from Grade 5 Scholarship, GCE Ordinary Level and GCE Advanced Level examinations, respectively. A total of Rs. 50mn has been allocated for the 2020/21 Suba Pathum Scholarship program which will continue for the next five years.
In his speech to the guests, Ronald C. Perera, PC, Chairman of Sri Lanka Insurance, said, “The right to education is a fundamental human right that every child should have. There are 4.4 million school children in Sri Lanka who are primary and secondary school age, however not every child is fortunate enough to receive an education in an environment with the same degree of facilities. Having an educated populace is very important for a nation, thus kids should have access to uninterrupted primary and secondary education that enables them to access university education. Sri Lanka has 15 National Universities and we need to encourage and support our children to obtain university education. The objective of ‘Sri Lanka Insurance Suba Pathum Scholarship’ program is to extend the required support to our children to obtain the education they deserve without any interruption. As a responsible state sector corporate giant it is our responsibility to assist the future generation’s access to quality education.
Speaking at the Suba Pathum Scholarship program Chandana L. Aluthgama – Chief Executive Officer of SLIC said, “over the years as an organization we have contributed for the betterment of the future generation of this country through numerous initiatives. The Minimuthu range and the ‘School Fee Protector’ policies were introduced for the benefit of the children. Both these products support towards a guaranteed uninterrupted education support and highly beneficial returns for the children and provides both parents and kids a peace of mind. By going above and beyond the call of duty, SLIC has been involved with the “Pasal Piriyatha Surakimu” CSR program in creating a suitable educational environment for underprivileged schools. furthermore, to mark the International Children’s Day, we have offered parents of children born on October 1st a free Life Cover. We as a state owned organization believes in transformation and adapting to the status quo. Therefore, as a responsible corporate citizen we will continue to transform the next generation’s future with a secure education in order to uplift the future of this country”.
The scholarship awarding ceremony was held at Nelum Pokuna – Mahinda Rajapakse Theater, Colombo on the 28th of February 2023 with the participation of the Board of Directors, Chairman, Chief Executive Officer and the senior management team along with the students and their parents.
Established in 1962, Sri Lanka Insurance Corporation celebrates over 60 years of excellence as the largest government-owned insurance company in Sri Lanka, with a managed asset base of over Rs.268 billion and a Life fund of Rs. 152 billion, the largest in the local insurance industry. The insurer is also the first and only local insurer to secure Fitch Ratings A (lka) rating for its long-term financial stability and sustainability and also Sri Lanka Insurance ranked as the ‘Most Valuable General Insurance Brand’, ‘Most Loved Insurance Brand’ for the 5th consecutive year in the country by Brand Finance. The national insurer is on a mission of being a customer-focused company that constantly innovates in providing insurance services to customers and is now serving customers through an extensive network of over 190 branches and customer service locations.
To catalyze bilateral trade and investment and drive regional economic integration, the Consulate General of Sri Lanka in Mumbai facilitated a series of high-level strategic engagements between The Ceylon Chamber of Commerce and leading Indian commercial institutions on May 13 and 14.
The delegation from The Ceylon Chamber of Commerce was led by its Chairman Krishan Balendra, CEO of John Keells Holdings Pvt Ltd and comprised a distinguished group of Sri Lankan industry leaders from Hirdaramani Group, Maliban Biscuit Manufactories (Pvt) Ltd, Sierra Cables PLC, A. Baur & Co. (Pvt) Ltd, Jetwing Travels (Pvt) Ltd, Ceylon Biscuits Ltd, Hayleys PLC, Vidullanka PLC, MAS India Clothing (Pvt) Ltd, Tudawe Brothers (Pvt) Ltd, David Pieris Holdings (Pvt) Ltd, Bank of Ceylon, Aitken Spence PLC, LTL Holdings Ltd. and Orel IT Pvt. Ltd.
On May 13, The Confederation of Indian Industry (CII) and The Ceylon Chamber of Commerce jointly hosted the ‘India–Sri Lanka Business Forum: Partnering in Sri Lanka’s Growth and Investment’ and an exclusive CEO interaction in Mumbai. The forum convened senior government officials, policymakers, and industry leaders from both countries.
These included, among others, High Commissioner of Sri Lanka to India Mahishini Colonne; Consul General of Sri Lanka in Mumbai Priyanga Wickramasinghe; Senior Economic Advisor to the President of Sri Lanka Duminda Hulangamuwa; Secretary (Protocol, FDI, Diaspora & Outreach) and Chief of Protocol Government of Maharashtra Rajesh Ravindra Gawande; Co-chairman, CII Western Region Sub-committee on International Trade & Investment and Chief Executive Officer, Polycab India Ltd. Anurag Agarwal; Chairman, CII Western Region Sub-Committee on Tourism and Hospitality and Executive Director, Kamat Hotels India Ltd Vishal Kamat and Secretary General & CEO of The Ceylon Chamber of Commerce Shiran Fernando.
Conversations centered on accelerating cross-border cooperation across high-priority sectors, including technology, manufacturing, healthcare, renewable energy, and digital transformation.
On May 14, the delegation engaged in productive Business-to-Business sessions with the IMC Chamber of Commerce and Industry, culminating in the formal renewal of the Memorandum of Understanding between The Ceylon Chamber of Commerce and IMC. The delegation also participated in an interactive session hosted by the World Trade Center (WTC) Mumbai and the All India Association of Industries (AIAI).
The two-day mission concluded with a robust exchange of views cementing a strong foundation for sustained bilateral collaboration and paving the way for a new era of industrial synergy between Colombo and Mumbai. (Consulate General of SL, Mumbai)
Demonstrating its commitment to supporting the nation’s next phase of economic transformation, Commercial Bank of Ceylon has become one of the first banks in Sri Lanka to enter into an agreement to establish a fully-fledged branch at Port City Colombo, marking a significant step in the Bank’s strategic expansion into the country’s emerging international financial hub.
The agreement was signed by Sanath Manatunge, Managing Director/CEO of Commercial Bank, and Xiong Hongfeng, Managing Director of CHEC Port City Colombo (Pvt) Ltd. The partnership further reinforces Commercial Bank’s position at the forefront of Sri Lanka’s evolving financial landscape.
The proposed branch will function as a fully-fledged banking branch, offering a full spectrum of products and services tailored to the needs of corporates, investors, businesses and retail customers operating within the Port City Colombo ecosystem. These will include digital banking facilities, trade services, foreign currency transactions, corporate banking solutions, deposits, lending, card services and remittance facilities.
By establishing a presence within Port City Colombo, the Bank said it aims to further strengthen its ability to support cross-border business and investment flows while positioning itself to meet the sophisticated requirements of global investors, multinational corporates and high-net-worth individuals expected to operate within the Special Economic Zone.
Commenting on this ground breaking initiative, Sanath Manatunge, Managing Director/CEO of Commercial Bank said the Bank’s decision to establish a fully-fledged branch within Port City Colombo reflects both its long-term confidence in the project and its readiness to support the evolving needs of a globally integrated financial ecosystem.
“As Sri Lanka’s largest private sector bank with a strong track record in serving corporates, international clients and high-value businesses, we see Port City Colombo as a pivotal development in the country’s economic future,” he said. “Our presence within this Special Economic Zone will enable us to seamlessly support cross-border transactions, facilitate international trade and investment, and deliver world-class banking solutions backed by advanced digital capabilities. Being one of the first banks to formalise plans for a full-service branch within Port City Colombo reaffirms our role as a pioneer in driving financial innovation and supporting national development.”
A 269-hectare extension of Sri Lanka’s central business district, Port City Colombo is being developed as a multi-service Special Economic Zone designed to serve as a regional financial centre, business and lifestyle hub. One of the largest public-private partnership projects in the country, it is envisioned as a catalyst for high-value investments, underpinned by advanced infrastructure, cutting-edge technology and a progressive regulatory framework.
“Our role as master developer goes beyond building the city itself. It is about creating the foundations for a functioning international business and financial hub,” said Mr Xiong Hongfeng, Managing Director of CHEC Port City Colombo (Pvt) Ltd. “The establishment of institutions such as Commercial Bank within Port City Colombo is an important part of that process, because it brings real operational depth and credibility into the ecosystem from an early stage. It reflects the broader momentum behind the project and the growing shift towards a more globally connected, investment-driven economy in Sri Lanka.”
Sri Lanka’s renowned specialty tea brand “Singharaja Wiry Tips,” produced by Lumbini Tea Valley Ceylon, has won two major accolades at the prestigious “The Leafies International Tea Awards” held recently at Fortnum and Mason in the United Kingdom.
The award-winning low-grown Ceylon tea secured the titles of “Best Ceylon Black Tea” and the overall “Best of All Black Teas,” emerging as the top black tea entered at the international competition.
With these latest honours, “Singharaja Wiry Tips” has now earned its 43rd and 44th international awards, further strengthening its reputation as one of the world’s most highly awarded black teas.
Classified as FBOPF EX SP (Flowery Broken Orange Pekoe Fannings Extra Special), the tea is named after its distinctive golden-tipped wiry leaves and unique flavour profile derived from the ecosystem surrounding the UNESCO World Heritage-listed Singharaja Rainforest, which borders the Lumbini plantation.
Lumbini Tea Valley’s latest innovation, “Lumbini Screw Buds,” also received high commendation at this year’s competition, highlighting the company’s continued excellence in producing premium Ceylon teas.
Chairman and Managing Director Chaminda Jayawardena, who accepted the awards in London, credited the achievement to the dedication of the Lumbini workforce and the support of nearly 1,800 tea farmers supplying high-quality green leaf harvested using the traditional “two leaves and a bud” method.
by SK Samaranayake
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