Business
Male Port relocation seen as opening vast opportunities for regional trade
By Ifham Nizam
Male Port is set to relocate to Thilafushi, a strategic move that is expected to enhance port operations in the Maldives. Meanwhile, Kulhudhuffushi, located in the northern part of the country, is actively seeking investors to support its growing industrial potential.
According to a leading industrialist, this development positions the Maldives’ ports in closer proximity to Sri Lanka, which could boost regional trade and economic growth.
Sri Lanka-Maldives Business Council president Sudesh Mendis, a key advocate for strengthening Sri Lanka-Maldives relations, called for decisive action to reclaim Sri Lanka’s diminishing presence in Maldivian markets.
Speaking to The Island Financial Review, Mendis outlined a roadmap to revive bilateral trade and cultural ties rooted in centuries of shared history.
He said that according to historical records, the first king of the Maldives, King Koimala, hailed from Sri Lanka. He emphasized how this connection shaped the Maldivian civilization. “Yet, despite these shared roots, the economic partnership between the two nations is on a concerning downward trend, he said.
Mendis further said. “Sri Lanka’s share in Maldivian imports has fallen to a mere 4.65%, a sharp decline from the 7% share held eight years ago. This is a wake-up call. While Sri Lanka’s export revenue has grown, it has failed to keep pace with the overall growth of the Maldivian market.”
Amid the challenges, he shed light on promising efforts to re-establish Sri Lanka’s presence in the Maldives. He highlighted the country’s participation in the Hotel Asia Exhibition, where the Sri Lankan Pavilion showcased 19 stalls, predominantly featuring small and medium enterprises (SMEs).
“This was Sri Lanka’s largest exhibition delegation ever, involving 22 companies and 42 representatives. Exhibitors secured up to 180 inquiries, including interest from other countries. This is the potential we need to build on,” he said.
The initiative, supported by the EDB, not only reduced costs for participants but also provided advanced marketing tools like QR codes, enabling SMEs to compete effectively on an international stage.
He also emphasized the importance of government-to-government engagement. During a recent delegation visit to the Maldives, representatives visited seven ministries to discuss trade and investment opportunities. The discussions addressed critical issues such as double taxation and garnered assurances of Maldivian support for bilateral growth.
“Other nations, such as Turkey, have already signed trade agreements with the Maldives. It’s time for Sri Lanka to do the same, Sudesh urged, noting the strategic importance of formalizing trade agreements to unlock greater opportunities.
Mendis unveiled an ambitious CSR initiative to develop Farishmaathoda, a remote fishing island located 445 kilometers from Malé. This untouched gem, equipped with a domestic airport but lacking basic infrastructure like eyewear facilities, has invited Sri Lankan investors to build resorts and guest houses.
“This island offers immense potential for Sri Lankan businesses. We are not just talking about investments; we are talking about fulfilling promises and creating lasting partnerships, he remarked.
Supported by sponsors such as Aitken Spence Travels, Milo, and Enviromec International, the project aims to demonstrate Sri Lanka’s commitment to inclusive growth in the Maldives.
The statistics are sobering. In 2018, over 17,000 Maldivians lived in Sri Lanka, contributing USD 67.2 million annually to the local economy. Today, that number has dropped to just 1,800, with an annual revenue loss of USD 59.2 million.
Adding to the challenge, high inflation, import duties, and exchange rate fluctuations in Sri Lanka are driving Maldivian businesses elsewhere. “If we fail to act now, we risk losing even more ground in this critical market,” he warned.
He urged policymakers and the business community to prioritize the Maldives as a strategic partner. “This is more than a trade issue. It’s about revitalizing a bond that has stood the test of time. The Maldives is looking to us for leadership and we must rise to the occasion, he said.
With innovative strategies, collaborative initiatives, and renewed focus, he believes Sri Lanka can not only reclaim but exceed its former position in Maldivian markets, fostering a future of shared prosperity for both nations.
By Ifham Nizam
A Rs.160 million-plus diesel discrepancy at the Lakvijaya power plant in Norochcholai has triggered an internal investigation, raising questions over the handling of public funds and the controls governing fuel purchased for electricity generation.
The discrepancy surfaced during an internal audit of diesel supplied to the plant from the Kolonnawa and Sapugaskanda fuel terminals, according to senior officials familiar with the inquiry.
The audit has identified five transactions—two in December 2025 and three in January 2026—in which diesel recorded as delivered to the plant allegedly could not be fully accounted for in its physical stocks.
The investigation is now examining whether these were isolated discrepancies or part of a longer-running practice.
One transaction under scrutiny relates to January 16, when records reportedly showed that 10 diesel bowsers had arrived at the plant. Investigators subsequently found indications that the fuel stock corresponded to only nine bowsers.
A storekeeper responsible for the relevant fuel operation has reportedly been temporarily removed from those duties pending the investigation.
A senior official said investigators were reviewing historical records amid indications that similar discrepancies may have occurred over a longer period. If established, the financial exposure could therefore exceed the Rs.160 million currently identified.
The investigation is comparing fuel-terminal dispatch records, tanker movements, plant-entry records, receiving documents and physical stocks to establish exactly how much fuel was dispatched, received and accounted for.
That audit trail will also be critical in determining who authorised, received and certified the disputed consignments, and whether established controls were followed.
Relevant documents were reportedly transferred from Norochcholai to the company’s Colombo head office on September 26 for further examination, with electricity-sector security personnel assisting in the transfer.
The internal audit has also reportedly uncovered expired chemical stocks worth several hundred thousand rupees in the plant’s stores. Investigators are examining whether further inventory-management irregularities occurred.
The matter was also reportedly taken to the Puttalam Police Special Crimes Investigation Unit on September 26.
When contacted by Puttalam-based journalist Hiran Priyankara Jayasinghe for The Island Financial Review, Lakvijaya Power Plant Manager Nalaka Kumara confirmed that an investigation was under way but declined to provide further details.
The financial issue is direct: if the plant paid for diesel it did not receive, public-sector funds were spent without the electricity sector receiving the corresponding fuel.
The Sri Lanka Food Processors Association (SLFPA) successfully convened its 29th Annual General Meeting (AGM) on September 23, 2026, at the Water’s Edge Hotel, Battaramulla. Bringing together key industry stakeholders and member organizations, the event served as a platform to review milestone achievements from the 2025/2026 term and outline strategic priorities for the nation’s food and beverage processing sector.
At the AGM, the new Executive Committee for 2027/2028 was appointed, comprising: Honorary President Aruna Senanayake C.W. Mackie PLC Imme. Past President Thusith Wijesinghe Trans Continental Packaging & Commodities (Pvt) Ltd.
President Elect Nadishan Guruge Meadlee Trading Co. (Pvt) Ltd.
1st Vice President Damitha Perera Forbes & Walkers Commodity Brockers (Pvt) Ltd.
2nd Vice President Rasika Seneviratne Diesel & Motor Engineering PLC 3rd Vice President Deepal De Alwis Neochem International (Pvt) Ltd.
Honorary Secretary Amila Weerasinghe Nestle Lanka Limited.
Asst. SecretaryDineth Alahakoon Country Style Foods (Pvt) Ltd.
Honorary Treasurer Sameera Jayathilaka Westmann Engineering Company (Pvt) Ltd.
Asst. Treasurer Niroshan Dalpethado C D De Fonseka & Sons (Pvt) Limited. In addition to the above office bearers, the following ten Executive Committee Members were appointed:
Sanjeewa De Silva Unilever Sri Lanka Limited Sheran De Alwis MA’S Tropical Food Processing (Pvt) Limited
Thusitha Ekanayake Anods Cocoa (Pvt) Ltd.
Vijitha Govinna Plenty Foods (Pvt) Limited Ms. Praharshi Wickramasekara International Commodity Exports (Pvt) Ltd.
Sanjeewa Niroshan SGS Lanka (Pvt) Ltd. Kushan Amarasinghe Finagle Lanka (Pvt) Ltd.
Rangajeewa Hettiarrachchi Fonterra Brands Lanka (Pvt) Ltd.
Harindra Abeyrathna Vision Technologies International (Pvt) Ltd. Thilina Weerasekara Ceylon Cold Stores PLC
The event was proudly supported by key industry partners, with SGS Lanka (Pvt) Ltd serving as the Platinum Sponsor. Unilever Sri Lanka Ltd. and Nestlé Lanka Ltd. joined as Gold Sponsors, Ceylon Agro Industries – Prima as the Silver Sponsor, while Lanka Exhibition & Conference Services (LECS) and Hero Nature Products (Pvt) Ltd., supported as Bronze Sponsors.
The proceedings concluded with a vote of thanks delivered by Hony. Secretary Deepal De Alwis, followed by cocktails and a fellowship networking session, providing an opportunity for members to connect and strengthen industry ties.
New premium ride option expands Uber’s portfolio from affordable Moto and Tuk rides to premium on-demand travel
Uber announced the launch of Uber Black in Sri Lanka, bringing its premium ride experience to the country for the first time. Designed as the “business class of back seats,” Uber Black combines premium vehicles and highly-rated drivers for riders looking for greater comfort, quality and a more elevated travel experience.
The launch comes as demand for premium products and experiences grows across Sri Lanka, with consumers seeking greater choice and quality in their everyday experiences. Uber Black brings this choice to on-demand mobility, whether for an airport journey, an important business meeting, a special occasion or simply when riders want to travel in greater comfort.
Gold winner Tharanga gets brand-new Honda Vezel from SLAAJ
Showers above 50 mm are likely at some places inthe Uva, Eastern and Central provinces and in Polonnaruwa and Mullaittivu districts after 1.00 p.m.
Civil society activist accuses govt. of favouring Ven. Gnanasara
More cops than cones
Sajith accuses govt. of using data selectively in crucial report
75 new inmates sent to Bogambara re-establishing it as a correctional facility
‘Dates have the highest sugar content to fight Coronavirus’
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