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In SL’s US-sparked tariff ordeals ‘Commonwealth may offer glimpse of hope’

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Jayampathi Perera: ‘Possibilities in Commonwealth ties’

The Commonwealth may offer ‘a glimpse of hope for Sri Lanka to overcome effects of US tariffs’, says former chairman, British- Sri Lanka Chamber of Commerce, London, Jayampathi Perera (Jay).

‘As Sri Lanka grapples with the high tariff imposed by the US’ Donald Trump administration, the Commonwealth, a voluntary association with 56 nations, many of which share historical ties and economic cooperation could offer a valuable life line for us in the long term. Although the US has given a period of just 90 days until they consider the next round of tariffs, now is the time for us to consider alternatives, Perera explained.

Perera added: ‘While the US has traditionally been a significant trading partner, especially for garments and tea exports, overdependence on such a single market can prove risky and we are already experiencing such a situation.

‘The Commonwealth provides a platform for trade diversification, allowing Sri Lanka to strengthen economic ties with other member countries, especially in Africa and elsewhere to conduct safe business with comparative ease.

‘These countries share legal frameworks and business standards and could not only ease market access but also present safe business platforms to establish joint ventures for the future.

‘Several Commonwealth nations have preferential trade agreements with developing member states.

‘For instance, the UK’s Developing Trading Scheme (DCTS) offers duty free access for many Sri Lankan goods. Provided we concentrate on a priority list of products that can compete with others in a highly competitive market, we may be able to offset some of the negative impacts of US tariffs.’

‘Beyond trade, Commonwealth collaboration also promotes investment, capacity building and technical assistance. Sri Lanka can leverage these partnerships to boost local industries, enhance value -added production and improve competitiveness in global markets.

‘Sri Lanka can tap into business networks and regional cooperation opportunities, particularly in South East Asia and Africa, to explore new markets and foreign direct investment.

‘During the recently held Commonwealth Trade and Investment Summit, April – 2025 London (CTIS), I did manage to present my own idea of presenting Sri Lanka as a viable manufacturing partner for the Commonwealth.

‘My idea was overwhelmingly shared by Lord Marlon, Chair of the organisation and was supported by many members of the Committee who immediately sat with me for a round table discussion.

‘Lord Marlon himself is very keen to provide assistance to Sri Lanka and has requested me to introduce any Sri Lankan company who needs assistance in identifying strong business partners in respective countries.

‘Although some in Sri Lanka might find fault with this idea of diluting our production capabilities by extending production into foreign territories, with the current global situation and the possibility of losing GSP+ status in the near future, for Sri Lanka this might be a lifeline to stay in business.

‘Furthermore, Sri Lankan apparel manufacturers with decades of experience behind them with access to reliable quality fabric,

supported by well-oiled logistics and compliance systems with most experienced managers, trainers and operational consultants’ can certainly add value to this whole process.

‘Considering some African countries such as Lesotho, Kenya, the Cameroons, Rwanda and many more benefiting from AGOA (African Growth and Opportunity Act), which allows duty-free access to the US for many goods, including textile and apparel, this avenue might provide joint ventures to maintain sales.

‘May be that’s why some major players of Sri Lanka’s apparel industry have already shifted their production to Kenya.

‘Sri Lanka’s engagement with the ommonwealth offers an alternative path forward and by strategically leveraging these partnerships, the nation could not only cushion the economic blow but also lay the foundation for a more diversified and resilient trade future.’

by Hiran Senewiratne



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HNB Finance bags 2 CMA Reporting Awards 2025

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Prof. Ho Yew Kee presents the award, while Rajeeva Bandaranaike hands over the certificate to the HNB Finance team. Featured (right to left): Thushara Jayasekara – Chief Manager / Head of Corporate Planning & Analytics; Randula Munindradasa – Assistant Manager Planning & Analytics; Sandakelum Jayathunga – Senior Manager – Financial Reporting; Maheshika Samarakoon – Manager – Strategy Implementation & Reporting

HNB Finance PLC has been honoured with two prestigious accolades at the CMA Excellence in Integrated Reporting Awards 2025, reaffirming the company’s commitment to transparency, good governance, and integrated business performance.

At this year’s ceremony, HNB Finance PLC was awarded Second Runner Up – joint in the category of “Best Integrated Report , Finance and Leasing Sector”, and also received a Merit Award in recognition of its continued efforts to enhance reporting quality and strengthen stakeholder communication.

The CMA Excellence in Integrated Reporting Awards, organised annually by the Institute of Certified Management Accountants (CMA) of Sri Lanka, acknowledge organisations that demonstrate superior financial reporting standards aligned with global best practices. Winners are assessed on key criteria such as financial performance and strategic management, corporate governance and compliance, innovation and digital transformation, sustainability practices, and professional excellence.

Chaminda Prabhath, Managing Director/CEO of HNB Finance PLC, commented on the recognition, “These awards reaffirm our commitment to upholding the highest standards of integrated reporting and transparent financial disclosure. At HNB Finance, we remain focused on delivering sustainable long-term value through robust governance frameworks, prudent financial management, and continuous innovation. The acknowledgement by CMA Sri Lanka reflects the disciplined efforts of our teams across the organization and motivates us to further enhance our reporting quality, strengthen ESG integration, and reinforce our stakeholder centric approach.”

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ComBank joins ‘Liya Shakthi’ scheme to further empower women-led enterprises

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Mithila Shyamini, Assistant General Manager – Personal Banking at Commercial Bank and Jude Fernando, Chief Executive Officer of the National Credit Guarantee Institution exchange the agreement in the presence of representatives of the two organisations

The Commercial Bank of Ceylon has reaffirmed its long-standing commitment to advancing women’s empowerment and financial inclusion, by partnering with the National Credit Guarantee Institution Limited (NCGIL) as a Participating Shareholder Institution (PSI) in the newly introduced ‘Liya Shakthi’ credit guarantee scheme, designed to support women-led enterprises across Sri Lanka.

The operational launch of the scheme was marked by the handover of the first loan registration at Commercial Bank’s Head Office recently, symbolising a key step in broadening access to finance for women entrepreneurs.

Representing Commercial Bank at the event were Mithila Shyamini, Assistant General Manager – Personal Banking, Malika De Silva, Senior Manager – Development Credit Department, and Chathura Dilshan, Executive Officer of the Department. The National Credit Guarantee Institution was represented by Jude Fernando, Chief Executive Officer, and Eranjana Chandradasa, Manager-Guarantee Administration.

‘Liya Shakthi’ is a credit guarantee product introduced by the NCGIL to facilitate greater access to financing for women-led Micro, Small, and Medium Enterprises (MSMEs) that possess viable business models and sound repayment capacity but lack adequate collateral to secure traditional bank loans. Through NCGIL’s credit guarantee mechanism, Commercial Bank will be able to extend credit to a wider segment of women entrepreneurs, furthering its mission to drive inclusive economic growth.

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Prima Group Sri Lanka supports national flood relief efforts with over Rs. 300 Mn in dry rations

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Defence Secretary Air Vice Marshal (Retd) Sampath Thuyacontha receiving the donation from Sajith Gunaratne - General Manager of Ceylon Agro Industries Limited, and Sanjeeva Perera - General Manager of Ceylon Grain Elevators PLC

Prima Group Sri Lanka has pledged assistance valued at over Rs. 300 million, providing essential Prima food products to support communities affected by the recent floods across the island. This relief initiative is being coordinated through the Ministry of Defence to ensure the timely and effective distribution of aid to impacted families.

As part of this commitment, Prima Group Sri Lanka donated a significant stock of Prima dry rations to the Government of Sri Lanka on 30 November. The consignment will be distributed across multiple severely impacted districts. These supplies will support families facing disruptions to daily life, ensuring they receive assistance as recovery efforts continue.

The handover took place at the Ministry, where the donation was received by the Secretary of Defence, Air Vice Marshal (Retired) Sampath Thuyacontha. Representing Prima Group Sri Lanka, Sajith Gunaratne – General Manager of Ceylon Agro Industries Limited, and Sanjeeva Perera – General Manager of Ceylon Grain Elevators PLC, officially presented the donation.

Prima Group has been standing with the people of Sri Lanka for over 40 years, and this donation reflects its broader commitment to the nation during challenging times. As relief operations continue across the island, the company remains focused on helping families rebuild their lives and supporting the ongoing recovery process in collaboration with the Government Authorities.

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