Business
A Lost Development Opportunity: Regional integration to empower Sri Lankan women
Dr Lakmini Fernando is a Research Fellow at IPS with primary research interests in Development Economics, Public Finance and Climate Change. She has expertise in econometric data analysis, research design and causal methodologies. Dr Fernando holds a BSc in Agriculture from the University of Peradeniya, a Master of Development Economics (Advanced) from the University of Queensland, Australia and a PhD in Economics from the University of Adelaide, Australia.
Sulochana Silva is a Research Assistant at the Institute of Policy Studies of Sri Lanka (IPS). She holds a BSc (Hons) in Agricultural Technology and Management specialising in Applied Economics and Business Management from the University of Peradeniya. Her research interests are agriculture policies and institutions, environment and natural resource policies, food security and climate change.
By Dr Lakmini Fernando and Sulochana Silva
On average, women are paid approximately 20% less than men in Sri Lanka.
South Asia will take 149 years to achieve full gender parity, while this is 67 and 95 years for Europe and North America, respectively.
Providing equal employment opportunities for men and women can enable South Asia to enhance incomes by 25%.
An IPS study highlights the limited success of regional integration in stimulating growth and reducing gender inequality in South Asia and offers a set of recommendations for more gender-sensitive policy reforms across sectors.
Inequality results in adverse economic, social and political consequences. Unlike the advanced economies, improvements in education, fertility and incomes have not been able to enhance women’s labour force participation in Sri Lanka. Gender equality is a shared vision for social justice. Thus, addressing gender inequality is crucial to achieve stronger and more sustainable development. While regional integration is seen as a potential development strategy to promote inclusive and sustainable growth and efforts toward women’s economic empowerment, gender equality tends to be sidelined in such discussions. Thus, identifying and implementing the right policy mix for meaningful regional integration is vital in creating gender inclusive sustainable growth.
The Impact of Greater Economic Opportunities for Women
Greater economic opportunities for women create a domino effect. In South Asia, equal employment opportunities for men and women are estimated to enhance incomes by 25%, including increased intraregional trade of USD 44 billion. Yet, despite the improvements in education and health outcomes, low women’s economic participation remains a critical development challenge for developing economies including South Asia. In 2021, female labour force participation was 22% and 32% for South Asia and Sri Lanka, respectively, while all other regions except the Middle East and North Africa (18%) recorded more than 50% participation. Also, a gender wage gap of 24% indicates that on average, women are paid approximately 20% less than men in Sri Lanka. To achieve gender parity, South Asia will take 149 years, while this is 67 and 95 years for Europe and North America, respectively.
Regional Integration: Current Challenges and Opportunities
Unlike South Asia, other regions like East Asia, Europe and North America are harnessing the potential benefits of regional integration by developing strong relationships with their neighbours. Intraregional trade accounts for 50% of total trade in East Asia and 22% in Sub-Saharan Africa, but only 5% in South Asia. Intraregional trade as a share of regional gross domestic product (GDP) is only 1% in South Asia while it is 2.6% and 11% in Sub-Saharan Africa and East Asia and the Pacific, respectively.
South Asian regional integration has been restricted mainly by high tariff and non-tariff measures, lack of trust and political will, weak policy implementation and poor infrastructure. Although the impacts are asymmetric, deeper regional integration benefits any country. Consumers gain access to cheaper goods and services; producers and exporters gain access to inputs, investment and production networks; and firms gain market access for goods and services.
Reforming Stagnating Dimensions of Regional Integration Toward Gender Inclusive Growth
To promote gender-inclusive growth, a recent IPS study shows that it is essential to improve the stagnating dimensions of regional integration. This process is complex and varies by country due to its multidimensional nature. There are six key dimensions: trade and investment, movement of capital, regional value chains, infrastructure and connectivity, people’s mobility and legal and institutional basis for international policy cooperation.
Evenly distributed dimensions lead to better regional integration and higher women’s economic participation. With the most evenly distributed dimensions, the EU is recognised as the most advanced and consistent in regional integration with more than 50% women’s economic participation.
In contrast, South Asia’s significantly uneven dimensional distribution makes it one of the least integrated and lowest women’s economic participating regions in the world. South Asia focuses more on infrastructure and connectivity and movement of people and less on money and finance. Similarly, Sri Lanka’s regional integration is impacted heavily by infrastructure and connectivity and this is no surprise as nearly 60% of public investment has been allocated to infrastructure development in the last few decades.
(To be Continued)
More than 200 senior business leaders, policymakers, investors, sustainability practitioners and United Nations representatives convened in Colombo on 11–12 August for Forward Faster Now | APAC 2026: Driving Business Leadership for Sustainable and Inclusive Growth—the United Nations Global Compact’s flagship regional forum in Asia-Pacific.
Hosted by UN Global Compact Network Sri Lanka and organized by the UN Global Compact APAC Hub in collaboration with 14 Global Compact Country Networks, the forum strengthened regional collaboration and demonstrated the growing role of business leadership in advancing sustainable and inclusive growth across Asia-Pacific.
More than 80 high-level speakers from across the region contributed to the two-day programme, bringing together expertise from business, finance, government, the United Nations and civil society. The forum also convened an exceptional audience of CEOs, C-Suite, Board Directors, Heads of UN agencies and senior decision-makers, creating one of the region’s most significant platforms for cross-sector dialogue on sustainable business.
Across plenary dialogues, leadership panels and action-oriented workshops, participants explored the issues shaping the future of business in Asia-Pacific, including climate action, sustainable finance, gender equality, resilient supply chains, water stewardship, governance and integrity, digital innovation, human rights due diligence, circular economy solutions and ESG data for decision-making. Rather than focusing solely on ambition, Forward Faster Now challenged businesses to move from broad sustainability goals to target setting, practical decisions, stronger systems and action that can deliver progress at scale.
A defining milestone of the forum was the visit of Sanda Ojiambo, Assistant Secretary-General, CEO and Executive Director of the UN Global Compact. Her presence in Sri Lanka underscored the country’s growing role within the regional sustainability agenda and reinforced the importance of private sector leadership in delivering the Sustainable Development Goals.
Beyond the public programme, her visit included a series of bilateral engagements and strategic convenings with business and institutional leaders, deepening relationships and opening new avenues for engagement between the UN Global Compact and stakeholders in Sri Lanka.
The event also marked the launch of three significant initiatives by UN Global Compact Network Sri Lanka that will extend the impact of the convening well beyond the event itself. The Responsible Business Coalition was introduced as a new partnership to embed sustainability, and strengthen governance by bringing together Sri Lanka’s leading professional and industry associations to embed the Ten Principles of the UN Global Compact into their existing convening, training and thought-leadership channels, moving responsible business from a standalone function to a shared C-Suite and Board responsibility.
Business
Sri Lanka Insurance Corporation General celebrates ‘One Team, One Vision’ sales excellence at Annual Awards 2025
The Sri Lanka Insurance Corporation General Ltd. (SLICGL) team gathered to honour its top-performing sales professionals at the Annual Sales Awards 2025, held under the theme ‘One Team, One Vision’ on 20th August at the Monarch Imperial.
The evening convened sales leaders and high achievers throughout the island to celebrate a year of sustained performance, customer trust, and commitment which has kept SLICGL at the forefront of Sri Lanka’s general insurance sector.
Affirming SLICGL’s appreciation for the people driving success on the ground, the Sales Awards 2025 recognised those who went beyond targets, deepened client relationships, and contributed directly to the company’s continued expansion.
The event drew an unprecedented audience of over 700 participants. This year’s celebrations recognised a record number of winners, more than double the achievements honoured last year covering a diverse range of award categories reflecting excellence at every level of the business.
Nusith Kumaratunga, Chairman, Sri Lanka Insurance Corporation graced the event as the Chief Guest together with the Board of Directors and senior management of SLICGL also present as invited guests, encouraging and commending the winners for their outstanding achievements.
The award winners at this year’s ceremony included Insurance Advisors, Marketing Executives, Branch Managers, Regional Managers, and members of the Head Office Sales Channels, who were recognised and celebrated for their outstanding achievements in multiple categories.
Business
Sri Lanka to host SEARIC Summit 2026 for the first time, welcoming over 500 youth leaders from across South East Asia
Sri Lanka is set to host the SEARIC Summit 2026 from 11 to 13 September 2026 at the Pegasus Reef Hotel, marking the first time the country will host the flagship regional gathering of the South East Asia Rotaract Information Centre (SEARIC).
Hosted by Rotaract in Rotary International District 3220 (RID 3220) – Sri Lanka & Maldives, the three-day summit is expected to bring together more than 500 delegates from six countries, creating a regional platform for leadership development, knowledge exchange, cultural understanding and collaboration among young leaders. The South-East Asia Rotaract Information Centre (SEARIC) serves as a regional platform connecting Rotaract districts across South East Asia. It facilitates collaboration, information exchange, cultural understanding and joint initiatives among Rotaractors across the region. The annual SEARIC Summit serves as the network’s flagship gathering, bringing together Rotaractors and Rotarians from participating countries for shared learning, fellowship, cultural exchange and collective growth.
Under the theme “The Role of Technology in the Future of Careers and Services,” SEARIC Summit Sri Lanka 2026 will explore the rapidly changing relationship between technology, careers, leadership and community service. As emerging technologies continue to transform industries and the way people work, the summit will provide a platform for young leaders to examine how technology can be used not only to prepare for the future of work, but also to strengthen the way communities are served. Across three days, delegates will participate in leadership and professional development sessions, discussions, cultural experiences, networking opportunities and community-focused programming, with the central theme reflected throughout the summit programme.
Beyond the Rotaract movement, the event also contributes to Sri Lanka’s broader positioning as a destination for international conferences, youth leadership programmes and regional collaboration. With hundreds of international delegates travelling to the country, the summit provides an opportunity to showcase Sri Lanka’s hospitality, culture and potential as a host destination for future international gatherings. The event further creates a platform for young leaders from across South East Asia to connect with Sri Lankan counterparts, exchange ideas and explore opportunities for cross-border collaboration.
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