Business
National planning comes centre stage at Gamani Corea Foundation forum
By Lynn Ockersz
‘Sri Lankans are very good at writing plans but nothing very positive has resulted from these efforts over the years. Nevertheless, the country needs a new system of planning and an essential requirement for this is a sound institutional framework coupled with good governance, chairman of the Gamani Corea Foundation (GCF) and a former Director of National Planning Dr. Lloyd Fernando said.
Dr. Fernando was addressing a GCF-initiated and organized symposium on national planning at the BMICH on March 19 titled, ‘Discourse on Lessons Learned through National Planning – The Past, the Present and the Future.’ The wide-ranging and well attended forum brought together policy planners, decision-makers, senior public servants, prominent politicians and thought leaders, among others, who count vitally in national affairs.
A principal aim of the forum was to impress on political parties and their leaders the crucial importance of including national planning in a major way in their manifestoes, now that they are gearing-up for elections expected to be held sometime this year. It was hoped that national planning would underpin all efforts at developing the country.
Among other things, the following matters were mentioned by Dr. Fernando: ‘The 9cs are the backbone of good governance, without which national advancement is unthinkable. Figuring among the Cs are: Participation, Consensuality, Accountability, Transparency, Equity and Inclusiveness, Rule of Law and Strategic Vision.
‘Sections, such as the state, the public sector, the private sector and civil society must work together to bring about economic growth and development, based always on good governance.
‘We need a planned, disciplined approach in taking the country forward. It is crucial that state actors work closely with each other. This applies in particular to the Cabinet, the Planning Council and the Defence establishment. At the end of the day, we need an Administrative Reforms Council. The latter will need to bring under its purview: recruitment policies, minister-Secretary relations, training of public cadre, performance appraisal of state agencies and rewards for performance by public officials.’
‘It is hoped that political leaders would take cognizance of these needs, going forward.’
Speaking on the subject of ‘National Planning Yesterday’, former Governor of the Central Bank of Sri Lanka (CBSL), Dr. Indrajith Coomaraswamy stated the following, among other things: ‘The most comprehensive national development plan to date was formulated under Dr. Gamani Corea in the early fifties. In 1965, the Ministry of National Planning was launched. It discussed all operational aspects in national planning. While a 5 year development plan was initiated in the early seventies to essentially address the issues raised by the youth insurrection of 1971, national planning went out of vogue, as it were, with the liberalization of the economy in 1977. However even in those times, the Dept. of National Planning played a key role.
‘We need to get back to the Committee of Development Secretaries of the seventies which played an important function in development. Besides, it must be ensured that development projects are always in keeping with national priorities.’
Some key points made by CBSL Governor Dr. Nandalal Weerasinghe in his presentation, ‘A Macroeconomic Framework for the Future’, were as follows: ‘In some past times, monetary policy was allowed to be dominated by fiscal policy. This played a role in precipitating our current economic woes.
‘We have a stronger Central Bank now but a huge problem arises when national policies change with the changing of governments. Debt sustainability is crucial, going forward.
‘We need to independently assess the election manifestoes of political parties with regard to their financial feasibility. Likewise, we need a framework for public financial accountability. An institution with proper skills needs to be set up for this purpose. A debt management unit too is a crucial need.’
Director General of National Planning, R.H.W.A. Kumarasiri making an initial and comprehensive presentation titled, ‘National Planning Today’, drew the attention of the audience, among other issues, to the vital importance of a ‘Public Financial Bill’. This is central to state financial discipline.
During Q&A, Eran Wickremeratne M.P. made the following points: ‘Over the past 40 years, the local public sector has been destroyed. This sector must be independent of politicians. Recruitment to the public sector must be in the hands of public servants. We need to invest heavily in the training of public officials. Politicians should not decide on capital expenditure but we need a robust planning process.’
Sri Lanka must urgently strengthen policy consistency, accelerate investment reforms and fully leverage Colombo Port City as a global financial and services hub if it is to emerge as South Asia’s premier destination for foreign direct investment (FDI), business leaders and policymakers said at a high-level Public Relations Association of Sri Lanka (PRASL) forum on Monday.
The discussion, themed “Taking Sri Lanka to the World,” followed an address by internationally renowned scholar Prof. Patrick Mendis, who called for a foreign policy anchored in Sri Lanka’s own identity under what he termed the “Mahaweli Doctrine.”
Delivering the keynote business perspective, Colombo Port City Economic Commission chairman, President’s Counsel Harsha Amarasekara described the Port City as Sri Lanka’s largest public-private partnership and one of the country’s most significant economic transformation projects.
He stressed that unlike many large infrastructure developments, the Port City had not added a single dollar to Sri Lanka’s sovereign debt, with ownership of the reclaimed land remaining entirely with the government of Sri Lanka.
“The Port City is designed to compete globally in high-value services, finance, technology, tourism and innovation. It is not another industrial zone—it is a gateway connecting Sri Lanka to international markets, Amarasekara said.
He said that nine land parcels had already been leased, five major projects were under construction and several additional investments were expected before the end of the year.
The Port City, operating as a Special Economic Zone with transactions permitted in 14 foreign currencies, is targeting multinational corporations seeking regional headquarters, Global Capability Centres (GCCs) and innovation hubs.
Amarasekara said the project’s greatest long-term value would be knowledge transfer, international expertise and high-quality employment opportunities for Sri Lankan professionals.
Former Board of Investment chairman Arjuna Herath warned that Sri Lanka risked losing its long-standing competitive advantage unless it rapidly upgraded its logistics and investment ecosystem.
He noted that nearly 80 percent of Colombo Port’s business depended on transshipment, with India accounting for almost half that volume while aggressively expanding its own port capacity.
“If Sri Lanka fails to invest and improve efficiency, competitors will overtake us, Herath cautioned.
He argued that attracting FDI was no longer simply about offering incentives but about creating a predictable business environment built on policy consistency, regulatory certainty, efficient institutions and investor confidence.
Herath also highlighted Sri Lanka’s global strengths in apparel manufacturing, tyre exports and logistics, saying these industries demonstrated the country’s ability to compete internationally.
International investment strategist Lakshan Madurasinghe, Chief Executive Officer of SolutionsGround (Pvt.) Ltd and former president of the American Chamber of Commerce in Sri Lanka, said Sri Lanka must fundamentally rethink the way it markets itself to global investors.
While welcoming the country’s ambitious investment targets, he noted that actual inflows remained well below expectations.
“The first investment is important. The second, third and fourth investments are what truly measure investor confidence, he said.
Madurasinghe proposed a three-point framework—Positioning, Showing Up and Disruption (PSD)—to reposition Sri Lanka in the global investment marketplace.
He called for a single national investment brand backed by the President, government institutions, overseas missions, the private sector and the Sri Lankan diaspora.
“Every stakeholder must communicate one consistent message to the world. Investors must clearly understand why Sri Lanka is different and why they should choose us, he said.
He also urged authorities to improve investor facilitation, strengthen aftercare services and pursue innovative investment channels, including family offices, strategic partnerships and non-traditional FDI sources.
The forum concluded that Sri Lanka possesses significant structural advantages—including its strategic location, skilled workforce and expanding Port City—but these strengths must be supported by consistent policies, transparent governance and coordinated national promotion if the country is to achieve its ambition of becoming a leading regional investment, financial and services hub.
By Ifham Nizam
The Automobile Association of Ceylon (AAC), the oldest motoring organization established in 1904 and the Galle Services Club (GSC), which is an old sports and recreational body established in 1946, recently entered into a Reciprocal Membership Agreement for the use of facilities of the clubs reciprocally by members on days / hours when the clubs are open for business.
The rationale for the agreement is to enhance members’ benefits of both clubs and to enable them to access a broader range of services, discounts and facilities while encouraging greater participation in community engagement.
It is also intended to explore joint events, training programmes, road safety campaigns and travel related activities that leverage the strengths of each organization.
The Reciprocal Membership Agreement was duly signed and shared between Dhammika Attygalle, President – AAC; Senaka De Silva, President – GSC, at Radison Blue Hotel on July 4, during a sing along programme organized by GSC.
Reaffirming its unmatched leadership and excellence in Sri Lanka’s banking sector, the Commercial Bank of Ceylon has been named Best Bank in Sri Lanka for the 15th consecutive year at the FinanceAsia Awards 2026, while also winning six other prestigious accolades across key areas of banking, the most by Sri Lankan bank.
In addition to being named the country’s Best Bank, Commercial Bank was also honoured as Best Bank for SMEs, Best Bank for Use of Technology, Best Islamic Finance House, Best Sustainable Bank, Best Private Bank and Best Retail Bank in Sri Lanka. Collectively, these accolades underscore the Bank’s leadership across key areas of the financial services spectrum.
Widely regarded as one of the most respected benchmarks in the Asia-Pacific financial services industry, the FinanceAsia Awards recognise institutions that demonstrate excellence in performance, innovation, leadership, customer service and resilience. The 2026 edition marks the 30th edition of these flagship awards, which evaluate banks on financial strength, strategic growth, digital transformation, sustainability initiatives and overall contribution to their respective economies.
“Recognition at globally respected award programmes such as the FinanceAsia Awards further strengthens our standing among leading regional and international peers, while affirming our performance in financial strength, innovation, customer service and sustainability,” said Sanath Manatunge, Managing Director/CEO of Commercial Bank. “This success also enhances stakeholder confidence and reinforces customer trust in the Bank’s ability to deliver consistent value across multiple areas of banking.”
The awards were accepted on behalf of Commercial Bank by Chinthaka Dharmasena, Assistant General Manager – Services, and Krishan Gamage, Deputy General Manager – Information Technology (Operations), at the gala ceremony held on 24th June 2026 in Hong Kong.
Explaining the basis for its selections, FinanceAsia noted that the 2026 awards celebrate institutions that demonstrated determination to deliver desirable outcomes during 2025 through strong commercial and technical acumen, despite operating in complex and evolving market conditions.
The first Sri Lankan bank with a market capitalisation exceeding US$ 1 Bn., and the first bank in the country to be listed among the Top 1000 Banks of the World, Commercial Bank has the highest capital base among all Sri Lankan banks, is the largest private sector lender in Sri Lanka, and the largest lender to the country’s SME sector. Ranked No. 1 in the Business Today Top 40, the Bank is recognised as the most respected and most-awarded bank in Sri Lanka, is a leader in digital innovation and is the country’s first 100% carbon-neutral bank.
Commercial Bank operates more than 270 strategically-located branches and an extensive network of automated machines island-wide, and has the widest international footprint among Sri Lankan banks, with 21 branches in Bangladesh.
Archer, Tongue hand India their biggest T20I defeat
“Badhu Shakthi 2026” National Tax Week begins
Renovated Narahenpita Railway Station reopens to the public under the ‘Dream Destination’ initiative
High-scoring draw gives West Indies rare series win
Bus Sector Clustering Pilot Program on route numbers 170, 177, and 190
Switzerland face Argentina in World Cup quarterfinal after beating Colombia
‘Dates have the highest sugar content to fight Coronavirus’
Sunday Island 27 December – Headlines
#SundayIsland 17th December – Headlines
Sunday Island – 28th March
Sunday Island Headlines – 21 March
Sunday Island – 21st February – Headlines
-
News3 days agoSingapore-based Buddhist monk marks nearly four decades of humanitarian service
-
News4 days agoFreedom 250: US Embassy celebrates America’s 250th Independence Day through magic of American cinema
-
News5 days agoCIABOC to question Harak Kata on Rs. 200 mn bribery allegation
-
News5 days agoSLAF conducts successful rescue mission under UN command in Central African Republic
-
News2 days agoAI concerned over proposed SL military deployment in Haiti
-
News5 days agoUNEP support pledged to strengthen Sri Lanka’s Environmental Priorities
-
Business5 days ago‘Dialog Air Fibre powers a new era of Ultra Fast Home WiFi’
-
Features3 days agoThe NPP’s New Challenge: Balancing Easter Lawfare and Economic Welfare