Business
‘Recognizing science, research and innovation vital for economic turnaround’
Sri Lanka’s economic turnaround will not be achieved through tighter budgets or debt restructuring alone—it will depend on whether the country can finally recognise science, research and innovation as serious engines of growth. That was the clear, uncompromising message from internationally respected scientist Professor Neelika Malavige, speaking at the recent IDEAnet Health Forum of the University of Colombo.
Malavige argued that Sri Lanka is missing its biggest economic opportunity by failing to treat innovation as a business asset. Nations such as Singapore and South Korea, she said, became global success stories not through natural resources, but by building systems that reward efficiency, research, and knowledge creation. “Their prosperity came from ideas,” she stressed. “We have the talent, but we continue to smother it under red tape.”
She pointed out that Sri Lanka and Singapore started the 1960s on near-equal footing. Today, Singapore’s GDP per capita is more than ten times higher. That gap, she warned, reflects decades of lost innovation capacity. Sri Lanka’s position at 93rd on the Global Innovation Index tells the same story—a country with potential but without the systems to convert ideas into economic output. For the private sector, she said, the realisation must hit hard: innovation is not a luxury. It is the most underdeveloped industry in Sri Lanka, and possibly the most profitable one if unlocked.
The biggest barrier, Malavige insisted, is not money but bureaucracy. She gave a striking example: research materials are taxed at 33 percent, then subjected to another 33 percent through intermediaries, before taking up to eight months to reach a laboratory. By then, only a fraction of the allocated funds actually turns into research. “In Oxford,” she said, “I received the same reagent in two days.” Such delays and inefficiencies, she emphasised, are not just academic frustrations—they translate into lost competitiveness, delayed product development, weaker investor confidence, and millions in missed opportunities.
Malavige believes Sri Lanka urgently needs to build a bridge between universities and industry if it wants to create new commercial sectors. She pointed to India’s transformation of its vaccine industry and to countries like the Netherlands and Senegal, which now export agricultural technologies and WHO-approved vaccines despite their modest size. Sri Lanka, she said, can produce diagnostics, medical technologies, and agritech solutions for regional markets—but only if the system stops obstructing those who try.
The ongoing brain drain, Malavige added, is not simply a social tragedy; it is an economic leak. Every researcher who leaves represents years of investment disappearing, along with the innovations and industry collaborations they would have generated.
Scientists, she said, are leaving because they cannot operate efficiently in a system crippled by delays, rigid procedures, and the absence of meaningful incentives. High-impact research, whether published internationally or locally, receives the same treatment. “That kills ambition, she said. “And ambition is the raw material of innovation.”
Health research, she noted, is not just about saving lives; it is an economic shield. During COVID-19, Sri Lanka used an antibody test developed with minimal resources, saving millions in testing costs. Such examples prove that homegrown innovation yields measurable financial returns. But she cautioned that if a future pandemic—what global experts refer to as “pathogen X”—hits Sri Lanka with systems this inefficient, the economic consequences would be devastating.
By Ifham Nizam
Business
USD 50 mn battery storage investment expected to power SL’s renewable energy push
Sri Lanka has taken a major step towards modernising its power infrastructure with the arrival of the country’s first commercial-scale Battery Energy Storage System (BESS), part of a USD 50 million investment expected to transform the integration of renewable energy into the national grid.
The first shipment of battery units arrived at the Port of Colombo recently for the landmark Galle and Matara BESS projects being developed by Galilee BESS (Pvt) Ltd, a subsidiary of KHEN Energy Limited. The projects are expected to play a pivotal role in enhancing grid stability, reducing renewable energy curtailment and strengthening the country’s energy security.
The shipment comprised 25 containers, including 18 battery units weighing 42 metric tonnes each, making it one of the largest and most technically demanding renewable energy cargo movements handled in Sri Lanka to date.
Energy industry officials describe the project as a milestone investment that will help bridge one of the biggest challenges facing renewable energy development—storing electricity generated from intermittent sources such as solar and wind power for use when demand peaks.
Once operational, the BESS facilities will support the National System Operator by absorbing excess renewable energy during periods of high generation and releasing it when required, thereby improving efficiency and reliability across the power network.
The technology is being supplied by global energy storage leader Sungrow Power Supply Co., Ltd., reflecting growing international confidence in Sri Lanka’s renewable energy sector and its long-term clean energy ambitions.
Beyond its energy significance, the project also highlights the increasing scale and sophistication of infrastructure investments entering the country.
Expolanka Freight (Pvt) Ltd was entrusted with the end-to-end logistics operation, overseeing customs clearance, specialised transportation, storage, unloading and final placement of the battery units at the project sites.
Finance and Project Director Fazul Ansar said the operation required extensive engineering studies, route assessments and rigorous safety planning owing to the hazardous classification and extraordinary weight of the cargo.
Head of Project Logistics Mohamed Niyas said months of preparation had gone into route surveys, lifting studies and risk mitigation planning to ensure the successful execution of the project.
Project officials said specialised multi-axle trailers and cranes with lifting capacities ranging from 100 to 150 tonnes were deployed for the operation, while access modifications and last-mile transport solutions were implemented at both project locations.
By Ifham Nizam
Business
AI and Data Analytics Summit 2026 drives the nation’s digital future
The AI and Data Analytics Summit 2026 organised by the Sri Lanka Section of BCS, the Chartered Institute for IT was successfully held on 22nd May 2026 at Waters Edge, Colombo. The high-impact summit themed “Next Generation AI & Data Analytics: Skills & Thoughts for the Intelligent Future” brought together senior policymakers, global technology experts, industry leaders, academics, and innovators to explore how Artificial Intelligence (AI) and Data Analytics are reshaping the nation’s digital and economic future.
The event, endorsed by the Ministry of Digital Economy, was graced by Waruna Sri Dhanapala, Secretary to the Ministry of Digital Economy, who attended as the Guest of Honour, underscoring the government’s strong commitment to advancing AI adoption, digital innovation, and data-driven governance in support of Sri Lanka’s broader public sector transformation agenda. Dr. Sadeep Jayasumana, Chief Scientist at Octave, delivered the keynote address on Generative AI, sharing insights into its transformative potential.
Speaking on the significance of the summit, Prof. Lasith Gunawardena, Chairman the Sri Lanka Section of BCS, the Chartered Institute for IT noted that Artificial Intelligence and Data Analytics have become present-day enablers of innovation, economic growth, and societal progress. He emphasized that the summit was guided by BCS’s purpose of Making IT Good for Society and by the national need to bring together thought leaders, practitioners, policymakers, and industry experts to foster collaboration, knowledge sharing, and the responsible adoption of transformative technologies, thereby strengthening Sri Lanka’s digital readiness and supporting a resilient, inclusive, and globally competitive digital economy.
Ransith Fernando, Chair of the summit mentioned ” This year’s summit brought together 21 speakers who shared valuable insights, ideas, and experiences. We heard inspiring success stories, gained practical knowledge from industry practitioners, and explored strategic perspectives from business leaders. These conversations highlighted both the opportunity and the responsibility before us. While innovation is accelerating globally, Sri Lanka must align policy, talent, and industry readiness to truly operationalize AI at scale and ensure an inclusive and sustainable digital transformation.”
Deshan Liyanage, Co-Chair of the AI and Data Analytics Summit 2026 commented that this year’s summit was a fully sold-out event, reflecting the growing national momentum around Artificial Intelligence and Data Analytics in Sri Lanka. He extended heartfelt gratitude to all participants who joined and contributed to the success of the summit, as well as to the sponsors whose support made the event possible. Special appreciation was conveyed to Sysco LABS as the Strategic Partner, Linear Six as the Bronze Partner, InTalent Asia as the Resource Partner, and Motivista as the Event Partner. He also acknowledged the valuable collaboration of industry associations including SLASSCOM, FITIS, and CSSL, whose partnership helped strengthen and elevate the initiative.
Business
Eswaran Brothers empowers women through a transformative leadership journey
As part of its commitment to advancing women’s empowerment and building a stronger leadership pipeline, Eswaran Brothers Exports (EB), a leading tea manufacturer in Sri Lanka, launched its flagship women’s leadership initiative, She Transforms, a customized six-month leadership development journey. Developed with award-winning leadership expert Senela Jayasuriya and supported by Value for Women, the programme forms a key pillar of the Company’s wider gender agenda focused on leadership capacity building, inclusion and long-term institutional change.
Women make up 44% of Eswaran Brothers’ workforce, yet only 23% held senior roles at the time of an initial gender diagnostic conducted with Value for Women and supported by FMO, the Dutch Development Finance Bank. The assessment found that despite their potential, many women faced unclear career pathways and limited structural support at critical life stages.
In response, Eswaran Brothers introduced strategic mindset and policy interventions designed to remove barriers and create a more enabling environment for women to grow and lead. These efforts included mentorship opportunities, enhanced support for employees returning from maternity leave, coaching for managers, and initiatives aimed at strengthening inclusion and career progression across the organization.
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