Business
Tourism industry, an effective solution to SL’s economic crisis – Dr. Malraj Kiriella
By Ifham Nizam
Sri Lanka is in the grip of an economic crisis with an uncertain future looming, but the tourism industry represents one effective solution to the economic downturn, tourism expert Dr. Malraj Kiriella said.
Speaking at a public forum recently on the tourism sector in Sri Lanka, Kiriella said that tourism not only generates much-needed foreign exchange but also brings about revenue that filters down to the periphery.
The forum, a 20th round table discussion, was organized by the Gamani Corea Foundation and was held at the BMICH. The discussion centered on an issues paper on the ‘Tourism Sector’ which was authored and presented by Kiriella.
Kiriella is a multi-disciplinary expert, having over 30 years of professional work experience in the travel and tourism industry. He has worked in different capacities at senior management level in national tourism administration, research and planning, marketing and promotions, compliance and standardization, international relations and sustainable development. He is the Founder/Owner of South Asia Multidisciplinary Advisory Services (SAMAS).
Kiriella also said that the government is putting in numerous efforts to get the tourism industry off to a great start.
Kiriella added: “Tourism will be core to Sri Lanka’s future growth. The economic potential of the industry is gigantic. Without a doubt, it requires a focused and holistic approach and realistic goals in order to reach its full potential.
‘The lack of a Tourism Satellite Accounting System and documentation on direct GDP and employment from tourism underscores the urgent need for improved methods to estimate tourism’s economic impact. Sustainable practices remain largely confined to major operators, with SMEs facing barriers like funding and technology.
“The scarcity of case studies on sustainable hospitality practices hampers our understanding of effective strategies and their impacts.
“To foster change and competitiveness, collaborative efforts are vital to compile and share these case studies, encouraging broader adoption of sustainability in our industry. One critical issue is the prevalence of unregistered tourism establishments which is estimated to be more than figures relating to registered establishment rooms. This lack of formal registration hampers ability to make informed policy decisions, ensure quality control, and effectively collect taxes. We need a survey to identify barriers to registration and improve data accuracy. By understanding these obstacles, we can implement targeted measures to support both registered and unregistered establishments, fostering a more inclusive and sustainable tourism industry.
“Additionally, the lack of analysis in tourism value chain development hampers planning and management. Comprehensive research is urgently needed to understand market potential and multiplier effects, facilitating the establishment of robust frameworks for sustainable tourism growth.
“Sri Lanka’s tourism sector faces skill shortages and low women’s participation, hindering its growth. Women’s involvement is below 10%, far below global of 54% and Asia-Pacific average of 53%. Cultural barriers impede their participation, requiring intervention. Preserving resources and adapting to consumer preferences is essential. Addressing negative publicity is vital for sustainable growth and international market access.”
Speaking to The Island Financial Review, Devindre Senaratne, past president of the Sri Lanka Association of Inbound Tour Operators and chairman, Sigiriya Jungles Resort said tourism is one of the most important industries and rightly the low-hanging fruit for Sri Lanka’s economy. It is very important to make strategic decisions from all stakeholders to ensure that tourists visiting Sri Lanka from any part of the world have a pleasant stay while they are here.
Senaratne, who was one of the panelists at the forum added: “Tourism brings in a considerable amount of foreign exchange and in 2018 our best year, we had 2.3 million tourists and had a forex income of USD 4.5 billion which was the second best net foreign exchange contributor. We are very confident with the present demand patterns, we will handle approximately 2 million tourists and have an income of over USD 4.5 billion for 2024.
“Our infrastructure facilities to serve the tourists are very important for them to conveniently get about without any hassle. For example, we need to get ourselves better organized with facilities at the airport to quickly disembark without a hassle at immigration.
“Line ministries, such as, Sri Lanka Railways, Department of Wildlife and the Central Cultural Fund need to have online ticket purchasing systems to enable convenient purchasing of tickets.
“Tourist Police could be a major supporter too if they will be on the alert at major tourist sites and the popular beaches to ensure the tourists are safe. They could also advertise an emergency number.”
Business
Indian business leader urges SL entrepreneurs to tap into India’s rapidly expanding consumer market
By Sanath Nanayakkare
Speaking at the Sri Lanka Economic and Investment Summit 2026, T. Krishnakumar, Chief Executive Officer of Reliance Consumer Products Ltd (RCPL), emphasised that local enterprises can unlock substantial economic benefits by strategically aligning with India’s booming consumer base.
Addressing business leaders and policymakers at the Shangri-La Hotel in Colombo, Krishnakumar highlighted that geographical proximity and rich cultural ties provide a natural foundation for deeper commercial collaboration.
He noted that instead of viewing bilateral trade narrowly, regional partnerships should act as conduits to build robust, scalable enterprises capable of plugging into wide-reaching regional value chains.
“For Sri Lankan exporters dealing in traditional staples as well as value-added goods, accessing India’s rising middle class presents a phenomenal growth window,” he said.
Drawing insights from Reliance Consumer Products’ rapid expansion – which scaled efficiently to thousands of employees and multi-billion-dollar metrics – Krishnakumar stressed that modern corporate success relies on disciplined execution, localised consumer understanding, and smart technology integration.
Furthermore, he underscored that while rapid growth is critical, businesses must consistently anchor their models in affordability and consumer trust.
Concluding his address at the summit, the RCPL chief noted that pairing regional trade integration with resilient business practices and predictable regulatory frameworks will be vital as Sri Lanka transitions firmly toward accelerated economic development.
Addressing the Summit during a subsequent fireside chat, President Anura Kumara Dissanayake underscored that a core concern currently being targeted by the government is developing a critical mass of local entrepreneurs equipped to engage with international enterprise counterparts.
Business
SriLankan Airlines wins prestigious SATA 2026 Visitors’ Choice Award for Leading International Airline
SriLankan Airlines has once again been honoured with the prestigious Visitors’ Choice Award for Leading International Airline at the South Asian Travel Awards (SATA) 2026, reaffirming its continued recognition in the regional travel and tourism industry. The airline, which has received this award in previous years, was the only international airline to be recognised in this category at this year’s event. The 10th anniversary edition of the awards ceremony was held earlier this month at Hotel Barcelo Nasandhura in Male, Maldives.
Recognised as one of the key events on the Maldivian tourism and travel industry calendar, SATA celebrated its 10th anniversary on a grand scale, bringing together prominent industry stakeholders, including Government Ministers, distinguished dignitaries, diplomats and senior representatives from leading airlines and their respective head offices.
Commenting on the achievement, Dimuthu Tennakoon, Head of Commercial, SriLankan Airlines, stated, “We are honoured to receive this recognition at the South Asian Travel Awards 2026. Being named the Leading International Airline in the Visitors’ Choice Awards once again is a meaningful acknowledgement of our commitment to serving our passengers and strengthening our presence in the region. This award inspires us to continue enhancing the travel experience we offer and to build stronger connections with the markets and communities we serve.”
Complementing its commitment to service excellence, SriLankan Airlines offers an extensive flight network with convenient connections to destinations across the globe. In South Asia, the airline operates nearly 130 flights each week to 15 destinations across India, Pakistan, the Maldives, Nepal, and Bangladesh. With schedules thoughtfully designed to suit the needs of travellers, SriLankan Airlines provides seamless connectivity for those visiting Colombo for business or leisure, as well as passengers travelling onwards to destinations worldwide.
Business
JXG enters LMD’s Most Respected Entities in Sri Lanka 2026 for the first time, securing a place among the first 50
JXG (Janashakthi Group), Sri Lanka’s leading financial conglomerate, has been ranked 44th in LMD’s Most Respected Entities in Sri Lanka 2026, marking the Group’s first appearance in the prestigious listing. The recognition places JXG among Sri Lanka’s most respected companies and marks an important milestone in the Group’s master-brand journey.
As the holding company, JXG was also recognised across key attributes including Aspirational Workplace, Business Expansion, Business Innovation, Corporate Culture, Corporate Dynamism, Crisis Management, Employee Wellbeing, Honesty and Integrity, and Leadership Profile. The recognition reflects the growing strength of the JXG brand and the collective contribution of its businesses and people in building trust and confidence among its stakeholders.
JXG’s subsidiaries, including Janashakthi Life and First Capital, have also been recognised in the main table of LMD’s Most Respected Entities 2026 rankings, while Janashakthi Finance has been recognised under the Business Expansion attribute, reflecting the strength of the Group’s individual businesses alongside its growing master brand.
Conceptualised and commissioned by LMD and conducted by PepperCube Research Consultants, the Most Respected Entities special edition recognises companies based on an independent survey of Sri Lanka’s business community.
Commenting on the recognition, Gamika de Silva, Group Chief Marketing Officer at JXG, said, “This is a proud moment for all of us at JXG. We set out to build a Group brand that is not just seen but lived by our people and reflected in everything we do. Ultimately, the true testament to any brand lies in its people, and the credit for this recognition goes to everyone across JXG who brings our values to life every day. This recognition is an encouraging milestone for us, while also reminding us to keep raising the bar and earning the respect of our stakeholders through what we do.”
JXG’s approach to building trust is anchored in its core values of Integrity, Collaboration, Respect, Performance Driven and Innovation. These values guide how its businesses operate, how its people engage with one another and how the Group serves its customers and wider stakeholders.
As JXG continues to expand its businesses, the Group remains focused on strengthening its market presence, creating long-term value and contributing to the growth of Sri Lanka’s financial services sector, guided by its purpose, Breaking Barriers, Forging Futures.
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