Business

Why becoming Sri Lanka and Australia Chamber of Commerce member is a profitable idea

Published

2 years ago

2024/01/22

Thilina Walpola

Kalum De Silva

By Sanath Nanayakkare

The following are excerpts from an interview with Kalum De Silva, President of the Sri Lanka and Australia Chamber of Commerce (SLACC). The Chamber’s vision is to be the leading platform for fostering trade and investment between Sri Lanka and Australia with a view to contributing to the economic and social development of both nations. If you are looking for a platform that can help you grow your business, expand your network and access new opportunities in the dynamic markets of Sri Lanka and Australia, here is an interview article that gives you an exclusive scoop.

Q. Why does SLACC think deepening Australia-Sri Lanka ties is vital as our nations drive ahead in a changing global environment?

Australia and Sri Lanka have a long-standing and multifaceted relationship, based on shared interests and values. The two countries cooperate on a range of areas, such as trade and investment, security and defense, development and humanitarian assistance, education and culture, and people-to-people links. Deepening Australia-Sri Lanka ties is vital for both countries, as they face the challenges and opportunities of a changing global environment.

Some of the reasons why Australia and Sri Lanka should strengthen their ties are:

To enhance their economic partnership and mutual prosperity. Australia is one of Sri Lanka’s largest trading partners, with bilateral trade worth over A$1.3 billion in 2020. Australia is also a significant source of foreign direct investment, tourism, and education for Sri Lanka.

To support Sri Lanka’s development and resilience. Australia is a longstanding development partner of Sri Lanka, providing assistance in areas such as health, education, governance, gender equality, and social inclusion. Australia also supports Sri Lanka’s post-conflict reconciliation and peacebuilding efforts, as well as its humanitarian and disaster response capacity.

To foster cultural and people-to-people ties. Australia and Sri Lanka have a vibrant and diverse cultural exchange, with over 145,000 Australians of Sri Lankan origin, and over 15,000 Sri Lankan students studying in Australia.

Q. How many members do you have in SLACC? How many of them are Australian and how many are Sri Lankan?

We are in a rebuilding phase after a few lean years during the pandemic and the well documented economic issues that Sri Lanka underwent. As a bilateral chamber of commerce, we strive to have a 50/50 mix of members on both sides enabling relationships to form.

Q. What are the trade and business opportunities available in Australia for your Sri Lankan members and how does SLACC help them identify and harness those opportunities?

There are many trade and business opportunities available in Australia for Sri Lankan businesses, especially in sectors such as agriculture, retail, infrastructure, and innovation (IT/BPM). Some of the ways that we can help our members identify and harness those opportunities are:

Providing them with access to valuable information, insights, and opportunities in the bilateral market, through events, webinars, workshops, newsletters, and website.

Facilitating connections and collaborations among businesses, policy makers, and stakeholders from both countries, through our network, trade missions, business matching, and advocacy.

Supporting them with guidance and assistance in market research, trade regulations, investment incentives, and other aspects of doing business in Australia, through our experienced and dedicated team and our strategic partners.

Celebrating and strengthening the cultural and people-to-people ties between Sri Lanka and Australia, through our programs, initiatives, and media platforms.We are committed to bridging our two nations and creating a prosperous and harmonious future for both countries.

Q. Are all Sri Lankan members equally entitled to enjoy the opportunities of Australian trade contacts?

Definitely. We focus on key sectors we believe provide the low-hanging fruits for our Sri Lankan members. As such members from different industries may come across different types or even different levels of opportunities but members from within the same industry would certainly have access to the same opportunities.

Q. Are you working with any recognized entities in the two countries to unlock a lot of potential for both parties?

Yes, we do. In Sri Lanka we work closely with the Export Development Board, the National Chamber of Commerce of Sri Lanka, SLASSCOM, the Sri Lanka Australia New Zealand Business Council and others such as CA Sri Lanka. In Australia we work with the regional Chambers of Commerce, trade and investment arms of some states such as Global Victoria and Trade and Investment Queensland. We also work closely with the two High Commissions and the Sri Lankan Consulate in Melbourne.

Q. Across which sectors can you arrange B2B meetings for Sri Lankan companies with Australian counterparts?

Currently, our sector wide focus is on the IT/BPM industry, value added food and agricultural produce exporters. Having said that, we work with members from other sectors all the time to fulfill specific requirements from Australia counterparts.

Q. SLACC organized a visit of an Australian Trade Delegation to Sri Lanka in September 2023 which explored the possibility of organic food and local fabrics exports to the Australian market. What was the outcome of that mission?

This was a successful visit. At a Global Victoria event held in October 2023 it was announced that trade of over A$700,000 had taken place within the first four weeks after the completion of this visit. The next checkpoint is in February, and we expect this number to increase significantly.

We worked very closely with the Aboriginal Economic Development Group within the Victoria State Government in organizing this delegation. Due to the success of this visit we expect even closer working relationship with indigenous owned businesses in Australia. The Kinaway Chamber of Commerce, the trade chamber for Victoria based Indigenous businesses, recognized this success by awarding SLACC the Global Alliance Award at the Victorian Aboriginal Business Awards in November 2023.

Q. What are your past achievements? What is your forward-thinking and vision for the future?

For a not-for-profit organization run by volunteers, we have been highly active. Some key highlights are as follows.Four trade delegations to Sri Lanka Over 15 events in Melbourne, Sydney, Brisbane and in Sri Lanka for members and partners. Five webinars over a 17-month period during the pandemic.

A national business plan competition for Sri Lankan high school students in partnership with CA Sri Lanka and QUT three years in a row from 2016 to 2018. The winning teams got the opportunity to go to Australia to compete in an Australian Business Plan competition.

Instrumental in getting direct flights between Colombo and Melbourne Our vision is to be the leading platform for fostering trade and investment between Sri Lanka and Australia, and to contribute to the economic and social development of both nations. To achieve this vision, we will:

Provide our members with access to valuable information, insights, and opportunities in each market.

Facilitate connections and collaborations among businesses, policymakers, and stakeholders from both countries.

Advocate for the interests and needs of our members to promote a conducive business environment.

Support the advancement of innovation, sustainability, and inclusivity in the bilateral relationship.

Celebrate and strengthen the cultural and people-to-people ties between Sri Lanka and Australia.

Q. What is the eligibility and registration fee to confer the membership of SLACC?

We have different membership categories with different tiers of fees. Please get in touch with us and we will guide you through the process. As mentioned before, we will assess each application to see whether we could actually add value to someone joining us as a member before accepting an application.

Q. What’s your message to those aspiring to be members of SLACC?

Are you looking for a platform that can help you grow your business, expand your network, and access new opportunities in the dynamic markets of Sri Lanka and Australia? If so, you should join the Sri Lanka and Australia Chamber of Commerce (SLACC).

By becoming a member of SLACC, you will benefit from:

Exclusive access to events, webinars, and workshops that feature prominent speakers, industry experts, and policy makers from both countries.

Valuable insights and information on the latest trends, developments, and opportunities in various sectors, such as agriculture, retail, infrastructure, and innovation (IT/BPM).

Tailored support and guidance from our experienced and dedicated team, who can assist you with market research, business matching, trade missions, and more.Enhanced visibility and recognition for your brand, products, and services, through our website, newsletter, social media, and media partners.

A vibrant and diverse community of like-minded professionals, entrepreneurs, and leaders, who share a common interest and passion for strengthening the bilateral relationship between Sri Lanka and Australia.

“Do not miss this chance to be part of a dynamic and influential organization that can help you achieve your business goals and aspirations. Join SLACC today and discover the benefits of bridging our two nations,” President of SLACC says.

SLACC president can be reached via kalum@srilankaaustralia.com

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Business

Norochocholai coal-fired power complex seen as facing staggering financial losses

Published

12 hours ago

2026/01/13

Sahan Weerasooriya

While the Parliamentary debates were purely focused on missing the calorific value benchmark, the excessive Ash content (21% in the samples tested) is also a reason to reject the shipment, as maximum allowed ash percentage in the tender is 16%. This means even if the tests clear the coal on calorific values, the shipments still must be rejected based on ash content as per tender terms. This fly ash and low moisture will create a massive ecological disaster to the communities in Norachcholai - Withanage

Sri Lanka’s first and largest coal-fired power complex at Norochcholai is staring at mounting financial losses running into millions of rupees as low-quality coal imports, rejected shipments and unusable stockpiles disrupt operations and expose deep flaws in coal procurement, power sector and environmental experts warned yesterday.

Energy sector sources told The Island Financial Review the economic damage has already begun, with rejected coal stocks, delayed payments and declining plant efficiency forcing the system to absorb losses from under-performance, additional handling costs and the risk of turning to more expensive backup generation.

Insiders estimate that continued reliance on sub-standard coal could result in tens of millions of rupees in losses per day, once reduced output, higher fuel burn and maintenance costs are factored in.

At the centre of the controversy is a recent coal shipment procured by the Lanka Coal Company (LCC), which has come under intense scrutiny after laboratory tests reportedly showed ash content of around 21%, far exceeding the 16% maximum allowed under tender conditions.

While parliamentary debate has focused narrowly on whether the coal meets the required calorific value, experts stress that excessive ash alone is sufficient grounds for outright rejection, regardless of calorific performance.

The situation worsened after coal stocks at the Norochcholai Coal-Fired Power Complex were recently rejected, leaving shipments in limbo and payments withheld. Power sector officials say this has resulted in logistical losses, demurrage risks and operational uncertainty, while existing low-quality coal stockpiles continue to deteriorate in storage.

“Coal that does not meet specifications is not just unusable — it becomes a financial liability, a senior electrical engineer said.

High-ash coal reduces boiler efficiency, increases fly ash generation and accelerates wear on ash handling systems, electrostatic precipitators and boilers — translating into higher maintenance costs and forced outages. Industry analysts warn that these hidden costs ultimately find their way into CEB losses or consumer tariffs.

Environmental Scientist Hemantha Withanage warned that accepting or burning such coal would push Norochcholai into a new environmental crisis, with serious consequences for communities in Norochcholai, Puttalam and surrounding areas.

“This is not just about calorific value. High ash coal means significantly more fly ash, Withanage told The Island Financial Review. “With low moisture and excessive ash, particulate matter spreads easily, contaminating air, soil and water. This is a massive ecological threat that will directly affect public health.”

He stressed that fly ash contains toxic heavy metals and fine particulates linked to respiratory illness and long-term environmental degradation. “If tender conditions are ignored, the cost will be paid by communities, not the suppliers, Withanage said.

Critics say the crisis exposes serious weaknesses in coal procurement oversight, with questions now being raised about supplier selection, quality verification and accountability. They argue that repeatedly importing low-quality coal — only to reject it or burn it at reduced efficiency — amounts to systemic mismanagement of public funds.

By Ifham Nizam

Business

IRCSL launches ambitious mission to transform Sri Lanka’s insurance sector

Published

12 hours ago

2026/01/13

Sahan Weerasooriya

Dr. Ajith Raveendra De Mel

In a groundbreaking initiative, Insurance Regulatory Commission of Sri Lanka (IRCSL), announced an ambitious mission aimed at transforming the insurance industry into a cornerstone of national economic resilience and social stability.

To address this, the IRCSL will launch a nationwide education campaign titled “Insurance for All: For a Secure Future,” focusing on enhancing financial literacy across the country said Dr. Ajith Raveendra De Mel, the newly appointed Chairman IRCSL. Few sample events have already commenced last year in Matara, Jaffna and Kilinochchi that have set a strong precedent for future initiatives. “The positive response from participants highlighted the strong need for direct engagement and community-level awareness,” he said.

The IRCSL has also partnered with the Ministry of Education to integrate insurance literacy into the national curriculum, starting as early as Grade 5. This initiative aims to embed core concepts of risk management and financial protection, preparing students for future roles in the insurance industry. Complementing educational efforts, the IRCSL is also hosting an Inter-University Quiz Competition focused on insurance and financial literacy, aiming to engage university students and cultivate future thought leaders in the sector. Additionally, an e-Newsletter will keep stakeholders informed about industry updates and regulatory developments.

Dr. De Mel emphasized that this transformation it is not just about increasing insurance penetration, currently at a mere 1.1%, but about fostering a financially literate society where every citizen, family, and business is shielded from unforeseen risks. He said “Our mission is to cultivate a fully insured, financially literate, and future-ready society. The journey ahead involves profound regulatory, technological, and educational reform to create a modern, transparent, and robust regulatory environment that earns public trust while promoting innovation and sustainable growth in the industry.”

He pointed out the critical need for awareness, noting that many Sri Lankans perceive insurance as complex or exclusive to the wealthy. “We need to change how people think about insurance. Our goal is to make it simple, relatable, and accessible to everyone, particularly in rural and underserved communities,” he explained. The IRCSL will collaborate closely with the Insurance Association of Sri Lanka (IASL), the Sri Lanka Insurance Brokers Association (SLIBA), and the Sri Lanka Insurance Institute (SLII) to ensure that the message of financial preparedness reaches all corners of the nation. As Sri Lanka stands on the brink of an insurance transformation, Dr. De Mel’s vision promises a secure future driven by informed financial decisions and enhanced protection against life’s uncertainties.

The IRCSL is also focusing on digital transformation, enhancing operational excellence within the insurance sector. Key initiatives include establishing a Centralized Motor Insurance Database to improve transparency and efficiency in motor insurance, and advancing health insurance through digital integration, including standardized disease coding and electronic health records.

To ensure global competitiveness, the IRCSL is benchmarking against international best practices. A recent study tour to India has provided valuable insights into implementing risk-based supervision and capital frameworks, as well as developing accessible insurance products for underserved communities.

As the IRCSL approaches its 25th anniversary, it emphasizes the importance of staff development and alignment with other financial regulatory bodies to maintain high professional standards. The upcoming OECD/ADBI Roundtable on Insurance and Retirement Savings in Asia will further position Sri Lanka as a leader in insurance discussions, fostering regional collaboration and innovation.

by Claude Gunasekera

Business

Sri Lanka’s first public allergy awareness wristbands

Published

12 hours ago

2026/01/13

Sahan Weerasooriya

LAUGFS Life Sciences, in collaboration with the Medical Research Institute (MRI), Colombo, has launched Sri Lanka’s first-ever publicly driven allergy awareness wristbands, a groundbreaking initiative aimed at improving patient safety and preparedness in medical emergencies. The wristbands provide essential information about drug sensitivities, allowing healthcare professionals to respond quickly and effectively when time is critical.

The official handover ceremony featured distinguished medical experts, including Dr. Dhanushka Dassanayake, Consultant Immunologist and Head of the Department of Immunology – MRI, Dr. Rajiva De Silva, Senior Consultant Immunologist – MRI and Dr. Prabath Amerasinghe, Deputy Director – MRI, marking a historic milestone in patient care in the country.

Commenting on the initiative, Dr. Rajiv Perera, CEO of LAUGFS Life Sciences, said, we are proud to partner with the Medical Research Institute to launch Sri Lanka’s first-ever publicly driven allergy awareness wristbands. This initiative underscores our commitment to patient-centric healthcare by providing critical information that can save lives during emergencies. We believe that thoughtful collaborations like this can have a meaningful impact on patient safety, and we look forward to expanding the program to cover additional drugs and allergens, further advancing healthcare standards across the country.