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Managing investor perception of business confidence seen as vital for Sri Lanka

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Interview with Dr. Parakrama Dissanayake, Deputy Chairman and Managing Director Aitken Spence PLC

By Lynn Ockersz

A priority for the Sri Lankan economy is to gain monetary, financial and fiscal stability and to gradually implement policy changes rather than to expect swift changes overnight, especially for key export industries that bring forex earnings into the country. Going forward, a concerted effort should be made to improve our ranking on the Ease of Doing Business and the Logistics Performance Index (LPI). What matters in the short term is to manage investor perception of business confidence, Deputy Chairman and Managing Director, Aitken Spence PLC Dr. Parakrama Dissanayake told The Island Financial Review in the course of an interview.

The Aitken Spence Group has performed remarkably well in the 1st Quarter of this year. What are the main keys to your success?

Aitken Spence PLC made an impressive comeback in the first quarter by recording a 145% increase in Profit Before Tax (PBT) and it was driven by the non-tourism companies of the Group that includes maritime and freight logistics, renewable energy, elevator agency, money transfer services, printing and packaging, plantations, apparel, insurance and maritime education and management. The diversification of business and our international presence in eight countries, has been a main contributing factor to achieve a compelling performance amidst many setbacks particularly impacting the tourism sector.

From the onset, we have demonstrated purposeful leadership through team effort, we have relied on our collective knowledge, innovation and insight which has helped us to navigate and will continue to rise above this tumultuous environment.

Going forward, what would you recommend as the main ways in which the Sri Lankan economy could be revived?

A priority for the Sri Lankan economy is to regain the monetary, financial, fiscal stability and gradually implementing policy changes than expecting swift changes overnight especially for key export industries that bring forex earnings into the country.

In addition, to expand our export products and services. When we look at the past two decades, we notice that Sri Lanka has a low growth of exports and lack of export-oriented investment, particularly FDI when compared to other countries in the region. We must reduce red-tape, build our infrastructure, innovativeness and make crucial technology transitions as these will determine our ability to compete with other countries in the region. The success of this will also depend on proper educational and training efforts.

A concerted effort should be made to improve our ranking on Ease of Doing Business and the Logistics Performance Index (LPI). What matters in the short term is to manage investor perception on business confidence.

From a private sectors perspective, Aitken Spence is embracing business transformation and upgrading skills of our employees to better equip them for the future.

What is the current status of your palm oil sector? Have the issues surrounding this sector been cleared up?

The issues remain unresolved. We are confident that the Government will find a pragmatic solution.

What are the keys to the success of your Strategic Investments sector?

The key success has been our strategy to cautiously diversify and balance investments to be less dependent on one or few businesses which has proven to be successful especially when facing the ongoing pandemic.

Our significant investments in renewable energy which were recent additions to the portfolio has been a key success to the Group’s strategic investments sector. We introduced Sri Lanka’s first waste to energy plant that was launched this year. This project came about with a sustainable solution to the waste management problem which is a complex and long-running issue in the Colombo city. Further investments were made this year to expand our portfolio in hydropower and in line with the collective efforts of the Government and the private sector to produce clean energy sustainably.

The printing arm of Aitken Spence was the first green printing facility in South Asia and continues to raise the benchmark in the industry.

Moreover, the plantations segment provided a substantial boost to the Group’s strategic investments sector by recording its highest ever profit from inception due to its balanced portfolio of diversification. The segment commenced commercial production of four varieties of berries under the brand “Berry Much”. Another first in Sri Lanka to cultivate and market the full range of berries. The plantations segment also entered into a shareholder agreement with SIM Leisure Group to develop and operate a world-class ESCAPE adventure theme park.

What would be your main priorities in your Tourism Sector once a degree of normality has been established in the country?

To improve resilience in Sri Lanka Tourism, priority should be given to urgent matters such as working towards a recovery plan and better coordinated efforts between all stakeholders to achieve this common goal. With this in mind, a main priority for us is to ensure that our employees across four countries in the Group’s tourism sector have completed the inoculation (both doses) and even those indirectly linked to the industry. This is critical and one of the ways to restore traveller confidence.

We are also revisiting our product offerings in line with the changing thinking pattern of international tourists centred on their safety and well-being. We will focus on a more differentiated, experiential product offering and direct engagement for customers as compared to the traditional accommodation offering. In this business transformation process, we are embracing technology that captures customer needs that would further elevate customer experience and support destination Sri Lanka.

With our hotels presence not just in Sri Lanka but in the Maldives, Oman and India; we will continue to strengthen our operations in those countries and look for greater opportunities. Our hotels in the Maldives did relatively well and has certainly cushioned the blow on the Group’s tourism sector.

We are also concerned with sustaining the trained human resources within the tourism industry as with the current situation many are moving out of the industry and new entrants to the industry have substantially dropped. When the situation has improved, our concerted efforts would be to attract people into the tourism industry.



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Cabinet approves establishment of two 50 MW wind power stations in Mullikulum, Mannar region

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Adhering to the broad plan of the Government to reach the objective of accomplishing 70% of the country’s electricity supply from renewable energy sources by the year 2030, the approval of the Cabinet of Ministers was granted on 10.02.2025 to invite requests for resolutions from interested developers of the private sector in order to implement the Mullikulum Wind Power – 100 Mega Watts (two (02) wind power stations of
50 Mega Watts each) on the basis of construction, ownership and execution with a monitoring period of 20 years.

Accordingly, requests for proposals have been called to implement the relevant project by adhering to the international competitive bidding methodology, and seven (7) prospective project proposals were submitted.

Evaluating the said proposals, based on the recommendations submitted by the negotiation committee appointed by the Cabinet of Ministers, the Cabinet of Ministers granted approval to the resolution furnished by the Minister of Power to award the contracts of establishing the two (02) 50 Mega Watts Wind
Power Stations to Consortium of Vidullanka PLC & David Pieris Motor Company (Lanka) Limited and WindForce PLC.

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UNDP, together with partners, brings together immersive insight into the cruel realities of SGBV

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UNDP 16 Days of Activism against Gender Based Violence held at the Sri Lanka Foundation.

The 16 Days of Activism Against Gender-Based Violence is a global campaign observed annually from 25 November to 10 December, beginning on the International Day for the Elimination of Violence against Women and concluding on Human Rights Day. The campaign aims to raise awareness and inspire collective action to end all forms of violence against women and girls.

This year, in line with this, the United Nations Development Programme (UNDP), together with its key partners through ongoing flagship project initiatives, is taking a unique, never-before-seen approach to advocacy. ‘Through Her Eyes,

wef.aoEiska, அவளின் பார்வையில்’ narrates the heart-wrenching journey of ‘Sara’ in her search for justice through multi-medium storytelling that merges stage theatre, film and creative audio production techniques.

‘Through her eyes’ is in line with three UNDP Sri Lanka projects; Enabling Access to Justice for Victim-Survivors of SGBV in Sri Lanka funded by the Government of Canada and implemented together with UNFPA Sri Lanka; the Support to Justice Sector Project (JURE) funded by the European Union in partnership with the Ministry of Justice, and implemented together with UNICEF Sri Lanka; and the Action and Anticipation for The New Agenda for Peace (AAA) supported through UNDP’s Funding Windows with funding from the Governments of Denmark, Luxembourg and the Republic of Korea.

Commenting on the timeliness of such public activations, Azusa Kubota, Resident Representative, UNDP in Sri Lanka, stated, “As the country recovers from one of its worst natural disasters in its recent history, the focus on gender equality, inclusion, and structural change is more vital than ever. We all know SGBV leaves a deep scar in survivors, those around them and the society they live in. Yet, do we really know what it is like to live through that experience? In a crisis, how do we address root causes of SGBV that get exacerbated? We wanted to mark this year’s 16 days differently – by creating an experience where we, irrespective of our gender, culture, and all other differences, put ourselves in the shoes of those who live through the pain and hardships, and collectively think through ways in which we can tackle persistent challenges confronted by many. Our advocacy efforts aspire towards a nation and world free from SGBV- to achieve gender equality and empower. ‘Through Her eyes’ is a unique experience that is designed to bring this issue in front of a broad demographic audience, by bringing together stakeholders from across the Government, private sector, development partners, youth and CSOs, as we stand together to end SGBV and support Sri Lanka to build back better.”

Sharing the perspective from the Government of Sri Lanka, Minister of Justice Harshana Nanayakkara commented, “Through Her Eyes’ invites us to pause and truly understand the lived realities of survivors. It is a powerful reminder that every survivor who comes forward does so with immense courage. Their pathway to justice must be dignified, safe and free from fear. Ensuring the safety and empowerment of women and girls is not a task that can be achieved in isolation. A holistic approach is vital. Law enforcement, the judiciary, health services, social services, educators, civil society, the private sector and communities must stand together as allies.”

As a key partner, Kiril Iordanov, Head of Cooperation at the High Commission of Canada noted, “Addressing GBV is a shared responsibility. Canada continues to collaborate with partners to design and champion innovative solutions. Our approach is rooted in the belief that promoting gender equality and empowering women and girls has a multiplier effect on development. By placing women and girls at the centre, we contribute to building a more peaceful, inclusive, and prosperous world.”

The Safe Space of this immersive production also highlights the support and work being carried out by the projects, to support better access for justice for victim-survivors of SGBV, capacity building for relevant public sector institutions, media ethics when reporting SGBV and the promotion of male allyship and bystander intervention as a mechanism to eradicate SGBV in Sri Lanka.

Highlighting the priorities of the European Union, Carmen Moreno, Ambassador of the European Union to Sri Lanka and the Maldives, commented, “Gender-based violence endures when access to justice is made difficult by fear, stigma or indifference. This exhibition invites us to understand the experience through the eyes of the victim, and it forces us to question—and dismantle—the barriers that allow violence to continue without consequences. Justice systems Justice systems must act with determination in confronting this problem, but they cannot do so in isolation. Real change requires a society that supports women, recognises the realities of gender-based violence, and refuses to look away.”

In light of the current situation of the country, the event also hosted an interactive dialogue on the theme ‘Delivering Economic Independence for Survivors of Sexual and Gender-based Violence during Crises’ on the sidelines of the event. With participation from key individuals, including the Government, development partners, private sector leaders, civil society organisations and youth groups, the dialogue looked at key areas of Gender-responsive and intersectional crisis planning; protection, safety, and justice built into disaster preparedness and humanitarian response; safeguarding shelter design, ensuring access to health and reproductive services, psychosocial support, and safe reporting mechanisms.

The campaign aims to raise awareness and inspire collective action to end all forms of violence against women and girls. It calls on governments, organisations, and individuals to challenge harmful gender norms, support survivors, and demand accountability from perpetrators.

‘Through Her Eyes, wef.aoEiska, அவளின் பார்வையில்’ is open to the public from the 2nd to 7th of December from 10 AM to 7 PM at the Sri Lanka Foundation Institute.

To know more and engage in the immersive experience: https://go.undp.org/through-her-eyes

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Outstanding AI & Fintech Governance Leadership Award 2025 for Sopnendu Mohanty

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Asian Digital Finance Forum and Awards Convener and Global Fintech Institute (Singapore) Industry Fellow Rajkumar Kanagasingam (left) presents the award to Sopnendu Mohanty during the GFTN Insights Forum held in conjunction with the Singapore FinTech Festival 2025 at Marina Bay Sands, Singapore.

Sopnendu Mohanty, former Chief FinTech Officer of the Monetary Authority of Singapore (MAS) and current Group CEO of the Global Finance & Technology Network (GFTN), has received the Outstanding AI & Fintech Governance Leadership Award 2025 for his global contribution to responsible fintech advancement, cross-border policy innovation, and AI governance.

While the recognition was announced at the Asian Digital Finance Forum & Awards held at Port City Colombo, the formal handing-over ceremony was held recently in Singapore, during the GFTN Insights Forum that took place in parallel with the Singapore FinTech Festival 2025 at Marina Bay Sands Expo & Convention Centre.

Presenting the award, Rajkumar Kanagasingam, Convener of the Asian Digital Finance Forum & Awards and Industry Fellow of the Global Fintech Institute (Singapore), lauded Mohanty’s unique global impact.

“Sopnendu has set global benchmarks in innovation-friendly regulation, Kanagasingam said.

“From cross-border payment connectivity to AI ethics and multi-CBDC frameworks, his leadership has not only shaped Singapore’s fintech ecosystem but has helped entire regions transition into the digital economy responsibly.”

He added that Mohanty’s strategic influence continues beyond regulatory leadership.

“His ability to galvanise central banks, policymakers and innovators onto common platforms is rare. What he built in Singapore is now influencing multiple jurisdictions, and that continuity through GFTN is immensely valuable.”

Serving from 2015 to 2025 as MAS’s inaugural Chief FinTech Officer, Mohanty is widely acknowledged for transforming Singapore into one of the most forward-looking and trusted digital finance environments.

Mohanty has also endorsed Sri Lanka’s initiative to shape the Colombo International Financial Centre (CIFC) at Port City Colombo as a South Asian fintech gateway. He was presented with an interim policy blueprint during the DigiEcon Global Investment Summit.

By Ifham Nizam

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