Business
Remarkable surge in Agricultural Exports in first half of 2024 – Secretary to the Ministry of Agriculture and Plantation Industries
Secretary to the Ministry of Agriculture and Plantation Industries, B.L.A.J. Dharmakeerthi, said that there was a significant resurgence in the agricultural export sector during the first half of 2024, surpassing performance in the preceding two years. He attributed this growth to decisive actions taken to counter the decline in agricultural export earnings observed in 2023 compared to 2022.
Addressing the press briefing titled “Two Years of Progress and Advancement” at the Presidential Media Centre on Monday (15), Secretary Dharmakeerthi underscored the remarkable achievement of this progress despite challenging climatic conditions in the agricultural sector in recent times. He elaborated that proactive measures implemented during 2023 facilitated substantial sector growth in the initial six months of 2024.
Secretary Dharmakeerthi emphasized that these advancements were particularly noteworthy given adverse weather conditions, describing these developments as a significant triumph.
During the briefing, Secretary Dharmakeerthi provided specific examples of the sector’s recovery. For instance, tea exports surged from USD 407.6 million in April 2023 to USD 450.5 million in April 2024. Similarly, coconut exports rose from USD 212 million to USD 263 million over the same period. Rubber exports also showed robust growth, climbing from USD 299 million to USD 335 million by April 2024. Additionally, cinnamon export income increased from USD 53.3 million to USD 56.1 million, while pepper export income rose from USD 13.3 million to USD 14.0 million during the corresponding period.
The agricultural sector, known for its volatile nature, faced challenges last season due to decreased tea production, leading to heightened demand for fertilizers. Responding swiftly, a special program was launched to ensure an adequate supply of fertilizers. As part of this initiative, arrangements were made to subsidize fertilizer costs by Rs.2000 per 50 kg bag. Currently, 10,000 metric tons of tea fertilizer has been distributed to growers, with plans underway to allocate the remaining 20,000 metric tons through collaboration with tea factory owners and other stakeholders.
In efforts to bolster tea production, a subsidy project supporting replanting and new cultivation across 745 hectares has been on-going since 2022, with Rs.140 million disbursed to 324 growers thus far. Additionally, a new initiative has commenced in 2024 to plant 800,000 tea saplings, backed by an allocation of Rs.60 million.
Under the financial oversight of the Sri Lanka Tea Board, the Small Tea Estate Development Authority is set to implement a direct tea cultivation project, with Rs.750 million earmarked for this purpose.
Currently, coconut shell and coconut-related products have contributed equally to foreign income as coconut milk products. In 2022, coconut-related exports generated a record income of USD 817 million. Despite a decline in coconut production in 2023 due to whitefly disease, effective regulatory and control measures ensured a country income of USD 700 million. As of April 2024, earnings reached USD 263.06 million, marking a 24% increase compared to the previous year.
In terms of rubber cultivation, new plantings covered 921 hectares in 2022 and 2023, while replanted areas spanned 2,743 hectares. Plans for 2024 include cultivating 1,135 hectares of rubber, with 605 hectares newly planted and 415 hectares replanted. A provision of Rs.149 million has been allocated for supplying necessary plants for this expansion. Starting from 2023, the department discontinued the previous rubber cultivation subsidy system, opting instead to provide free plants as subsidies to growers.
Business
People’s Bank drives push towards cash-lite economy
Marking a significant milestone in Sri Lanka’s digital transformation journey, the National QR Payment Adoption Programme was recently launched with the objective of accelerating the country’s transition towards a cash-lite economy. The initiative aims to reduce reliance on physical currency by promoting the widespread use of QR-based digital payments, enabling individuals and businesses to conduct fast, secure and convenient transactions via mobile devices, said a release from the People’s Bank.
It said: As a leader in digital banking, People’s Bank proudly aligns with this landmark national initiative, reinforcing its commitment to building a digitally empowered economy. The Bank supports the programme through its flagship digital wallet “People’s Pay”, which offers a seamless platform for QR-based transactions and a range of everyday financial services.
In line with the programme’s objectives, customers can perform QR transactions without incurring additional charges, while merchants benefit from zero fees on transactions up to Rs. 5,000. To further encourage adoption, valuable gifts will be awarded to selected winners among LANKAQR users, enhancing engagement and promoting digital payment usage across the country.
People’s Bank’s participation reflects its ongoing digital transformation strategy, which has evolved beyond traditional online banking to deliver an integrated, lifestyle-oriented financial ecosystem. The Bank continues to set industry benchmarks by offering secure, efficient and user-friendly digital platforms, ensuring customers have uninterrupted access to banking services anytime, anywhere.
At the heart of this initiative is People’s Pay, a sophisticated digital wallet designed to streamline everyday financial transactions while catering to the evolving needs of the modern consumer. The application features a seamless self-registration process, comprehensive tri-language support, and secure storage of payment details, ensuring both convenience and security for users.
In addition, the People’s Pay app enables customers to make real-time bill payments and QR-based transactions with exceptional ease and efficiency. The facility to link multiple bank accounts further enhances flexibility and convenience, while the transaction limit provides users with greater financial control and improved security.
In a strategic move to bolster the national QR adoption program, the People’s Pay app now facilitates Peer-to-Peer (P2P) QR transfers. This functionality allows users to generate both static and dynamic QR codes, enabling efficient transactions without the need to disclose sensitive account information.
The National QR Payment Adoption Programme represents a critical step in advancing Sri Lanka’s digital payments landscape. By fostering fast, secure and transparent transaction methods, the initiative aims to ensure inclusive participation in the digital economy, empowering citizens across all regions and communities.
Business
ANC Campus and Adelaide University launch new Australian study pathway for Lankan students
ANC Campus has announced the launch of a formal articulation partnership with Adelaide University at Cinnamon Lakeside, Colombo, creating a clear progression pathway for Sri Lankan students seeking an Australian university degree.
Through this pathway, students can begin their university-level studies at ANC Campus in Sri Lanka before progressing to Adelaide University in Australia, subject to the relevant academic, English language, and entry requirements. By completing the first year through ANC’s Australian Diploma pathway in Sri Lanka, students can significantly reduce the overall cost of their Australian education journey, with estimated first-year savings of up to LKR 13 million when tuition and living expenses are considered.
The launch was attended by representatives of ANC Campus, Adelaide University, and the Australian Trade and Investment Commission (Austrade), alongside members of the media, students, parents, and invited guests. Austrade’s presence highlighted the continued importance of Australia-Sri Lanka education links.
Speaking at the launch, Dayan D. L. Fernando, Chief Executive Officer of ANC Campus, said the partnership gives Sri Lankan students a credible and well-supported route into Australian higher education.
“For over two decades, ANC has worked with international university partners to help Sri Lankan students begin their global education journey with the right academic preparation and guidance. This partnership with Adelaide University gives students a clearer route to an Australian degree and gives parents greater confidence in the pathway their children are choosing,” he said.
Fernando added that international education is one of the most important decisions a family makes, and proper guidance is essential.
“At ANC, our responsibility is to guide students correctly. We must help them understand the pathway, the requirements, the destination, and the opportunities ahead. ANC prepares students for the highest likelihood of success.
Business
Union Assurance honours new batch of certified financial advisers
Union Assurance PLC, Sri Lanka’s longest-standing private Life Insurer, recently hosted the SLIM Certified Financial Adviser Graduation Ceremony at its Head Office premises, recognising 38 professionals who successfully completed the programme, a milestone that reflects the company’s focus on building a highly capable and accredited sales force.
The Certified Financial Adviser programme, delivered in partnership with the Sri Lanka Institute of Marketing (SLIM), the National Body of Marketing in Sri Lanka, which was designed to elevate the expertise of the company’s high performing adviser force. Spanning 11 comprehensive modules covering areas such as Advanced Consultative Selling Skills, Negotiation Mastery, Digital Prospecting Techniques, and Emotional Resilience in Sales, participants underwent a rigorous learning journey that concluded with a formal assignment, bringing the full cohort to completion.
The programme reflects Union Assurance’s commitment to ensuring its advisers are positioned to serve customers with confidence, credibility, and genuine understanding of their needs; values that are central to the company’s purpose of protecting what matters most. The SLIM qualification also opens a structured educational pathway for graduates, with opportunities to advance through further nationally recognised certifications.
Speaking at the ceremony, Chief Agency Officer at Union Assurance, Imtiyaz Aniff stated: “We are pleased to recognise the dedication of our people who committed to this programme alongside their core responsibilities. The SLIM certification equips our advisers with the skills and credentials to serve our customers at a higher standard, and that directly supports the quality of advice we deliver. We look forward to seeing this cohort carry forward what they have learned and continue to grow in their careers.”
Union Assurance is a subsidiary of John Keells Holdings PLC (JKH), the largest conglomerate listed on the Colombo Stock Exchange, operating with over 80 companies in 7 diverse industry sectors. The Company has completed nearly four decades of success with a Market Capitalisation of Rs. 45.6 Bn and a Life Fund of Rs. 92.8 Bn as of end December 2025. Set to protect lives and enrich the well-being of all Sri Lankans, Union Assurance offers Life Insurance solutions that cover the health, investment, protection, retirement and education needs of Sri Lankans. With an island-wide branch network and a workforce that is over 3000-strong, Union Assurance continues to invest in people, products and processes with a customer-centric focus to be responsive to emerging changes in the Life Insurance industry.
-
News4 days agoMIT expert warns of catastrophic consequences of USD 2.5 mn Treasury heist
-
News6 days agoCJ urged to inquire into AKD’s remarks on May 25 court verdict
-
News7 days agoUSD 3.7 bn H’tota refinery: China won’t launch project without bigger local market share
-
Editorial4 days agoClean Sri Lanka and dirty politics
-
Editorial7 days agoDeliver or perish
-
Opinion6 days agoSecurity, perception, and trust: Sri Lanka’s delicate balancing act
-
News2 days agoSLPP expresses concern over death of former SriLankan CEO
-
News20 hours agoLanka Port City officials to meet investors in Dubai
