Business
Inclusive and Sustainable Enterprises to be promoted for Sustainable Development in Sri Lanka
The Sustainable Development Council, in collaboration with the Trade, Investment, and Innovation Division of the United Nations’ Economic and Social Commission for Asia and the Pacific (UNESCAP), aims to develop a practical and effective strategy to advance inclusive and sustainable enterprises in Sri Lanka to accelerate Sri Lanka’s progress on the Sustainable Development Goals (SDGs).
An exploratory mission by UNESCAP took place from June 26th to 29th, with the purpose of evaluating priorities related to establishing a private sector strategy for sustainable development in Sri Lanka. The mission also focused on specific initiatives such as Inclusive Business interventions in specific industries and social enterprise models.
Throughout the mission, consultations were conducted with key government agencies, including the Offices of the President and Prime Minister, as well as the Ministries of Industries, Agriculture, Finance, and Environment. Additionally, discussions were held with entities such as the Board of Investment, Central Bank, Export Development Board, Sri Lanka Accreditation Board, prominent business chambers, and industry associations, including the Ceylon Chamber of Commerce, Colombo Stock Exchange, UN Global Compact, Biodiversity Sri Lanka, Sri Lanka Banker’s Association, Finance Houses Association, Joint Apparel Association Forum. International Development Partners, including the UNDP, ADB, ILO, UNIDO, WHO, IOM, JAICA, Embassy of Japan, European Union, and technical agencies such as the SLYCAN Trust, Verite Research, Chrysalis, National Cleaner Production Centre were also consulted.
To achieve inclusive and sustainable development, it is crucial for the private sector to play a more significant role in supporting the country’s development objectives. This sector is instrumental in providing innovative solutions on a large scale to address pressing challenges, including the current “triple crisis” in food, energy, and finance. Moreover, it can contribute to mitigating the on-going impact of climate change and promoting inclusive and sustainable growth.
Inclusive enterprises offer commercially viable goods, services, and livelihood opportunities to individuals with low incomes. They contribute to poverty reduction efforts while fostering economic growth and diversification. Sustainable enterprises adopt practices that prioritize environmental sustainability in their operations, embrace circular business models, and address climate change and the green transition through their products and services.
Recognizing the significant role of inclusive business in driving social impact at scale, numerous governments have begun implementing strategies to promote it. For instance, ASEAN member states adopted the ASEAN Inclusive Business Framework in 2017, followed by the Guidelines for Promoting Inclusive Businesses in ASEAN in 2020. Governments can facilitate the emergence and success of inclusive businesses by implementing policies that raise awareness of these business models, provide targeted incentives, and offer services and investments that enable firms to develop inclusive business models.
Across Asia and the Pacific, particularly in the agribusiness sector, there are several valuable examples of inclusive business models that are commercially viable and have a substantial social impact. Sri Lanka already showcases numerous successful models of inclusive and sustainable business developed and implemented by the private sector, which should be scaled up.
Drawing upon UNESCAP’s extensive experience in promoting inclusive and sustainable enterprises throughout the Asia Pacific Region, including in India, Cambodia, Vietnam, and Thailand, it is anticipated that a White Paper will be produced to promote inclusive and sustainable business models that support the country’s sustainable development trajectory.
Port City Colombo, Sri Lanka’s first multi-service Special Economic Zone, recently hosted Lord Swire, Deputy Chairman of the Commonwealth Enterprise and Investment Council (CWEIC) to an exclusive session on the project’s attractive investment opportunities and economic potential within the South Asian regional sphere. He was accompanied by CWEIC officials including Niro Cooke, Country Chair – Sri Lanka and Group Director, The Capital Maharaja Organisation, Pamela O’Leary, Board Member, and Deshan Gonawela, Country Director. The delegation was welcomed by Revan Wickramasuriya, Director General, the Colombo Port City Economic Commission, and Thulci Aluwihare, Deputy Managing Director, CHEC Port City Colombo (Pvt) Ltd.
A Port City Colombo press release said: ‘The visit encompassed a detailed presentation at the Port City Colombo Sales Gallery, where the delegation was briefed on the project progress and future projections as a competitive investment hotspot in the South Asia region. Port City Colombo’s key appeal to top investor markets including the Middle East and the Asia-Pacific, progressive regulatory environment that promotes the ease of doing business, and diverse options for investors, were the focal point of the presentation. The CWEIC delegation was also provided an experiential tour of the Mall at Port City Colombo, South Asia’s pioneering downtown duty-free retail offering, which is already contributing towards Colombo’s evolution as a hub for tourism and business.
‘Sri Lanka needs to show that it is open for Foreign Direct Investment,’ said Lord Swire, Deputy Chairman, CWEIC. ‘There are diverse opportunities, not just in the tea and tourism industry, but also within the scope of Port City Colombo’s Special Economic Zone, which is a truly exciting and ambitious initiative. The Commonwealth showcases some of the most diverse and fastest growing economies in the world, with prospective investors who will be interested in exploring the intriguing opportunities that Port City Colombo and Sri Lanka as a whole are bound to offer.’
‘Niro Cooke, Country Chair – Sri Lanka, CWEIC, and Group Director, The Capital Maharaja Organisation, further elaborated: ‘Sri Lanka has long been a sought-after tourism destination. However, we believe that Sri Lanka has the opportunity to evolve into a competitive diversified service-based economy, which could reinvent our nation into a truly formidable regional business hub. With FDI contributors such as Port City Colombo, a strengthened economic outlook, and strategic locality, Sri Lanka now has the right ingredients to become a progressive investment destination.’
‘As a CWEIC Strategic Partner, Port City Colombo has been actively involved in fostering investor relations across the Commonwealth. Port City Colombo recently participated in the Commonwealth Business Forum 2024 held in Apia, Samoa, where the project’s contribution towards sustainable economic growth and regional skilled mobility within South Asia was accentuated.
‘To learn more about the attractive investment opportunities at Port City Colombo, please visit www.portcitycolombo.lk. For information on Single Window Investment Facilitation and regulatory matters, please visit www.portcitycolombo.gov.lk.’
The public is hereby informed that, as per Section 10(2) of the Finance Business Act, No. 42 of 2011 (the Act), no person, other than a finance company and an institution specified in Section 10(6) of the Act, shall use the terms ‘finance’, ‘financing’, or ‘financial’ alone or in combination with another word or any of its derivatives or its transliterations or their equivalents in any language, as part of the name or the description or the business name of such person without prior written approval of the Central Bank of Sri Lanka.
In terms of Section 56(4) of the Act, any person who contravenes or fails to comply with the said provision is guilty of an offence under the Act.
The public is strongly advised to adhere to the aforesaid legal requirement.
For further inquiries:
Department of Supervision on Non-Bank Financial Institutions
Telephone number: 0112 477 504
Email address: snbfi_query@cbsl.lk
As the much-anticipated 2025 Classic Car Rally made its way through Sri Lanka’s scenic highlands, participants from across the globe found themselves in the heart of tea country at Heritance Tea Factory. A former 19th-century tea factory turned exclusive hotel, this iconic property served as a memorable stop for the rally’s distinguished guests, offering a perfect blend of history, elegance and immersive experiences.
The rally, featuring an impressive lineup of vintage automobiles, included rare and classic models from the 1930s to the 1960s, with iconic names such as Bentley, Jaguar, Mercedes, Porsche, MG, Austin Healey, Delahaye, BMW and Volvo gracing the winding roads of Sri Lanka. These meticulously preserved automobiles, shipped from across the world, added a touch of nostalgia to the misty hills of Kandapola, perfectly complementing the colonial charm and heritage of Heritance Tea Factory.
During their stay, the 24 vintage car owners and enthusiasts, representing countries such as Australia, the United States, Belgium, Switzerland, Italy, Brazil, Germany, and the United Kingdom, experienced the hotel’s colonial charm and the breathtaking views of rolling tea fields. Many took the opportunity to partake in the estate’s signature tea plucking experience, donning traditional attire to hand-pick fresh Ceylon tea leaves, a unique and fitting tribute to Sri Lanka’s rich tea heritage.
Dining at Heritance Tea Factory proved to be another highlight, with the rally participants indulging in delicious menus featuring the finest local and international cuisine, all in all an extraordinary gastronomic experience in the misty mountain ambiance.
Beyond the culinary experiences, the comfort of elegantly restored rooms overlooking the lush tea plantations allowed the travellers to unwind and rejuvenate after a long journey through Sri Lanka’s winding roads. The warmth of the hotel’s hospitality, combined with its eco-conscious approach made a lasting impression on all who stayed.
As the rally continued toward its next destination, Heritance Tea Factory left a special mark on the participants, celebrating a shared love for timeless elegance, heritage, and adventure.
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