Business
UNDP and LKI Propose a ‘Blue Economy’ Approach for Sri Lanka’s Economic Development
The United Nations Development Programme (UNDP) and Lakshman Kadirgamar Institute of International Relations and Strategic Studies (LKI) recently published a position paper titled ‘Sri Lanka’s Blue Economy’, which emphasises the importance of a sustainable approach to the marine-based economy, and outlines the necessary policy steps that the government must take to promote blue economic development.
This position paper proposes a Blue Economy development approach for Sri Lanka and highlights recommendations and commitments to a nationally driven sustainable Blue Economy pathway, anchored by a Marine Spatial Plan. The paper provides guiding principles to balance both the economic and conservation objectives of Sri Lanka’s marine territory and offers a broad governance framework for an inclusive, whole-of-society approach which is coordinated between the government, civil society, and the private sector. Further, this can be used by government policymakers for commencing internal discussions within the bureaucracy and to engage with academics, civil society organisations, international organisations, and private sector stakeholders working in Blue Economy sectors. This will build ownership, support human-centric design, mitigate risks, and establish accountability.
The paper first establishes the foundations of the Blue Economy, outlining the revenue-generating and non-revenue-generating benefits of marine-based sectors, the blue multiplier effect, and how the blue economic model can monetise a balance between consumption and conservation.
It also analyses previous case studies in Seychelles, Belize, Ecuador, and the Bahamas, and describes the lessons that Sri Lanka can learn with regard to sustainable financing and unlocking the full potential of the Blue Economy while faced with economic constraints.
The position paper then develops a blueprint for Sri Lanka’s blue economy, emphasising the need for a blue economy policy framework that complements a Marine Spatial Plan (MSP) and an Integrated National Financing Framework (INFF). By proposing next steps, the paper provides guidance to policymakers on how to integrate blue economic policies into the broader development strategy, and the importance of a cross-sector, cross-governmental approach that involves stakeholders at all levels in the economy.
This position paper serves as the first stage of UNDP and LKI’s collaboration on the blue economy, which will bring together a diverse set of stakeholders from the public, private, and third sectors, to contribute to the holistic development of a blue economy strategy for Sri Lanka.
The full report is available to read here: https://lki.lk/publication/undp-and-lki-propose-a-blue-economy-approach-for-sri-lankas-economic-development/
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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