Business
ILO focusing on empowering SL’s next generation entrepreneurs
By Ifham Nizam
Through the South Asia Leadership in Entrepreneurship Programme (SALE) the ILO is empowering the next generation of entrepreneurs in Sri Lanka to stimulate economic growth and foster job creation. Leveraging the ILO’s unique model of tripartism, efforts are ongoing to enhance social dialogue aimed at shaping an inclusive economic recovery in Sri Lanka, the ILO’s Chief Technical Officer Dr. Thomas Kring said.
Speaking to The Island Financial Review in an interview Dr. Kring explained that Sri Lanka’s micro, small and medium enterprises are among the hardest hit sectors in the current economic crisis. Among the more serious consequences faced by these enterprises were considerable job-layoffs.
Kring added: ‘The ILO has provided technical support to the Ministry of Labour and Foreign Employment in launching Sri Lanka’s Labour Market Recovery and Transformation Strategy. This strategy serves as a roadmap towards a development path that prioritizes job creation and people-centered growth’.
Excerpts of the interview:
Q: What are the ILO’s current top priorities in promoting decent work and social justice globally?
The ILO’s work globally continues to build on our mandate of advancing decent work, promoting social justice for all. Decent work isn’t a buzzword but a linchpin of sustainable development; the importance of this is highlighted in Goal 8 of the 2030 agenda – Decent Work and Economic Growth.
Our world faces challenges to social justice, stemming from overlapping crises and long-term structural economic transformations. Towards addressing this, the ILO has launched and is leading the ‘Global Coalition for Social Justice’ to generate political commitments, investments, and concrete actions that accelerate progress towards the SDGs and support social justice in alignment with national priorities. Priority action programmes globally include transition from the informal to the formal economy, just transition towards environmentally sustainable economies and societies, decent work outcomes in supply chains, decent work in crisis and post-crisis situations, to name a few.
In Sri Lanka, our work is guided by the Decent Work Country Programme (DWCP), aligning with national policies and priorities of the government, while contributing to the United Nations Sustainable Development Cooperation Framework for Sri Lanka, and drawing from the ILO global agenda. With the current DWCP for Sri Lanka coming to an end, we are already in the process of developing the fifth generation DWCP for the country through tri-partite consultative process with government and employers’ and workers’ organizations.
Q: Can you highlight any recent initiatives or projects the ILO is focusing on?
The ILO Country Office for Sri Lanka and the Maldives has numerous initiatives and projects focusing on critical areas in the world of work.
SPARK: Skilled Youth Entrepreneurship Competition, the second iteration of which was launched on July 17, is part of the South Asia Leadership in Entrepreneurship Programme (SALE) which aims to boost young people’s transition into the entrepreneurial world and create a shift in the entrepreneurial ecosystem through several strategic interventions.
Earlier this week also saw the launch of a new joint UN project focused on strengthening social dialogue and promoting inclusive economic recovery in Sri Lanka. Implemented by ILO, UNFPA, and UNESCO, the project will strengthen the capacity to resolve disputes in the public sector, supporting workplace cooperation, collective bargaining, and grievance handling to foster safe and harmonious workplaces, and empowering local communities, to participate in policymaking processes.
We also have several ongoing projects, including on supporting aspiring and returnee migrants through skills enhancements; promoting decent work through good governance, protection and empowerment of migrant workers; improving the occupational safety and health of workers in the plantation sector; empowering vulnerable populations in the Northern Province and enhancing their economic well-being; improving the working conditions and competitiveness of Sri Lanka’s garment and footwear industry.
Q: What are the biggest challenges the ILO faces in achieving its mission and how is the organization addressing them, especially in Sri Lanka. In your view, what are some innovative approaches or solutions the ILO is implementing to tackle labour-related issues?
The challenge not just for ILO, but for country as whole, is that Sri Lanka has been hit by a series of shocks, with the Covid-19 pandemic and the economic crisis deeply impacting the economy and labour market. Micro, small, and medium enterprises are among those severely affected and layoffs have also been widespread.
Through the SALE project, the ILO is empowering the next generation of entrepreneurs who can stimulate economic growth and drive job creation.
In Sri Lanka, the ILO is continuing to intensify knowledge development, increased capacity-building efforts and technical assistance to the government, employers’ and workers’ organisations, especially in emerging areas in the world of work.
Beyond technical input, localized and innovative solutions on the ground are inbuilt into all our projects. For example: market-systems approach that links small scale farmers in the North to larger companies, introduced by the ILO, is creating win-win solutions that benefit both communities and the private sector. These solutions have proved to be effective even after the ILO is no longer in the equation.
To catalyze bilateral trade and investment and drive regional economic integration, the Consulate General of Sri Lanka in Mumbai facilitated a series of high-level strategic engagements between The Ceylon Chamber of Commerce and leading Indian commercial institutions on May 13 and 14.
The delegation from The Ceylon Chamber of Commerce was led by its Chairman Krishan Balendra, CEO of John Keells Holdings Pvt Ltd and comprised a distinguished group of Sri Lankan industry leaders from Hirdaramani Group, Maliban Biscuit Manufactories (Pvt) Ltd, Sierra Cables PLC, A. Baur & Co. (Pvt) Ltd, Jetwing Travels (Pvt) Ltd, Ceylon Biscuits Ltd, Hayleys PLC, Vidullanka PLC, MAS India Clothing (Pvt) Ltd, Tudawe Brothers (Pvt) Ltd, David Pieris Holdings (Pvt) Ltd, Bank of Ceylon, Aitken Spence PLC, LTL Holdings Ltd. and Orel IT Pvt. Ltd.
On May 13, The Confederation of Indian Industry (CII) and The Ceylon Chamber of Commerce jointly hosted the ‘India–Sri Lanka Business Forum: Partnering in Sri Lanka’s Growth and Investment’ and an exclusive CEO interaction in Mumbai. The forum convened senior government officials, policymakers, and industry leaders from both countries.
These included, among others, High Commissioner of Sri Lanka to India Mahishini Colonne; Consul General of Sri Lanka in Mumbai Priyanga Wickramasinghe; Senior Economic Advisor to the President of Sri Lanka Duminda Hulangamuwa; Secretary (Protocol, FDI, Diaspora & Outreach) and Chief of Protocol Government of Maharashtra Rajesh Ravindra Gawande; Co-chairman, CII Western Region Sub-committee on International Trade & Investment and Chief Executive Officer, Polycab India Ltd. Anurag Agarwal; Chairman, CII Western Region Sub-Committee on Tourism and Hospitality and Executive Director, Kamat Hotels India Ltd Vishal Kamat and Secretary General & CEO of The Ceylon Chamber of Commerce Shiran Fernando.
Conversations centered on accelerating cross-border cooperation across high-priority sectors, including technology, manufacturing, healthcare, renewable energy, and digital transformation.
On May 14, the delegation engaged in productive Business-to-Business sessions with the IMC Chamber of Commerce and Industry, culminating in the formal renewal of the Memorandum of Understanding between The Ceylon Chamber of Commerce and IMC. The delegation also participated in an interactive session hosted by the World Trade Center (WTC) Mumbai and the All India Association of Industries (AIAI).
The two-day mission concluded with a robust exchange of views cementing a strong foundation for sustained bilateral collaboration and paving the way for a new era of industrial synergy between Colombo and Mumbai. (Consulate General of SL, Mumbai)
Demonstrating its commitment to supporting the nation’s next phase of economic transformation, Commercial Bank of Ceylon has become one of the first banks in Sri Lanka to enter into an agreement to establish a fully-fledged branch at Port City Colombo, marking a significant step in the Bank’s strategic expansion into the country’s emerging international financial hub.
The agreement was signed by Sanath Manatunge, Managing Director/CEO of Commercial Bank, and Xiong Hongfeng, Managing Director of CHEC Port City Colombo (Pvt) Ltd. The partnership further reinforces Commercial Bank’s position at the forefront of Sri Lanka’s evolving financial landscape.
The proposed branch will function as a fully-fledged banking branch, offering a full spectrum of products and services tailored to the needs of corporates, investors, businesses and retail customers operating within the Port City Colombo ecosystem. These will include digital banking facilities, trade services, foreign currency transactions, corporate banking solutions, deposits, lending, card services and remittance facilities.
By establishing a presence within Port City Colombo, the Bank said it aims to further strengthen its ability to support cross-border business and investment flows while positioning itself to meet the sophisticated requirements of global investors, multinational corporates and high-net-worth individuals expected to operate within the Special Economic Zone.
Commenting on this ground breaking initiative, Sanath Manatunge, Managing Director/CEO of Commercial Bank said the Bank’s decision to establish a fully-fledged branch within Port City Colombo reflects both its long-term confidence in the project and its readiness to support the evolving needs of a globally integrated financial ecosystem.
“As Sri Lanka’s largest private sector bank with a strong track record in serving corporates, international clients and high-value businesses, we see Port City Colombo as a pivotal development in the country’s economic future,” he said. “Our presence within this Special Economic Zone will enable us to seamlessly support cross-border transactions, facilitate international trade and investment, and deliver world-class banking solutions backed by advanced digital capabilities. Being one of the first banks to formalise plans for a full-service branch within Port City Colombo reaffirms our role as a pioneer in driving financial innovation and supporting national development.”
A 269-hectare extension of Sri Lanka’s central business district, Port City Colombo is being developed as a multi-service Special Economic Zone designed to serve as a regional financial centre, business and lifestyle hub. One of the largest public-private partnership projects in the country, it is envisioned as a catalyst for high-value investments, underpinned by advanced infrastructure, cutting-edge technology and a progressive regulatory framework.
“Our role as master developer goes beyond building the city itself. It is about creating the foundations for a functioning international business and financial hub,” said Mr Xiong Hongfeng, Managing Director of CHEC Port City Colombo (Pvt) Ltd. “The establishment of institutions such as Commercial Bank within Port City Colombo is an important part of that process, because it brings real operational depth and credibility into the ecosystem from an early stage. It reflects the broader momentum behind the project and the growing shift towards a more globally connected, investment-driven economy in Sri Lanka.”
Sri Lanka’s renowned specialty tea brand “Singharaja Wiry Tips,” produced by Lumbini Tea Valley Ceylon, has won two major accolades at the prestigious “The Leafies International Tea Awards” held recently at Fortnum and Mason in the United Kingdom.
The award-winning low-grown Ceylon tea secured the titles of “Best Ceylon Black Tea” and the overall “Best of All Black Teas,” emerging as the top black tea entered at the international competition.
With these latest honours, “Singharaja Wiry Tips” has now earned its 43rd and 44th international awards, further strengthening its reputation as one of the world’s most highly awarded black teas.
Classified as FBOPF EX SP (Flowery Broken Orange Pekoe Fannings Extra Special), the tea is named after its distinctive golden-tipped wiry leaves and unique flavour profile derived from the ecosystem surrounding the UNESCO World Heritage-listed Singharaja Rainforest, which borders the Lumbini plantation.
Lumbini Tea Valley’s latest innovation, “Lumbini Screw Buds,” also received high commendation at this year’s competition, highlighting the company’s continued excellence in producing premium Ceylon teas.
Chairman and Managing Director Chaminda Jayawardena, who accepted the awards in London, credited the achievement to the dedication of the Lumbini workforce and the support of nearly 1,800 tea farmers supplying high-quality green leaf harvested using the traditional “two leaves and a bud” method.
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