Business
Sri Lanka seeking to boost economic ties with Saudi Arabia
The State Minister of Regional Cooperation of the Ministry of Foreign Affairs, Tharaka Balasuriya, and State Minister of Foreign Employment and Market Diversification, Priyankara Jayarathna, and Delegation undertook an official visit to the Kingdom of Saudi Arabia to promote economic and commercial activity and to attract foreign direct investments to Sri Lanka as well as to boost and enhance employment for Sri Lanka nationals in Saudi Arabia, amongst others. The primary objectives of the State Ministry of Regional Cooperation are to aggrandise and to boost trade, particularly exports, attract investments and expand economic activity with other countries, thus encompassing the sphere of Economic Diplomacy.
During the High-level visit to Saudi Arabia, State Minister Tharaka Balasuriya and Delegation had discussions, meetings, calls and engagements with both the political leadership and with the corporate captains of Industry, amongst others. State Minister Balasuriya had meetings and engagements with the Minister of Investments; Minister of State for Foreign Affairs; Chairman and CEOs of large diversified conglomerates and with leading Business Chambers based in Riyadh, amongst others. Both the Minister of Investments, Khalid Al-Falih, and Minister of State for Foreign Affairs, Adel bin Ahmed Al- Jubeir, expressed and voiced interest to look at Sri Lanka at this critical juncture with great interest and keenness, given the strategic location of the country, the thrust areas that Sri Lanka projects for foreign investors, educated and highly trainable workforce of Sri Lanka and access to a mega market consisting of over 1.8 billion people in South Asia since Sri Lanka has FTAs and multilateral trade arrangements, amongst others. Minister of Investment, whom State Minister Balasuriya met first, immediately scheduled and coordinated a high-profile meeting with corporate and industry leaders of the level of Chairmen and CEOs of some of the largest Business Houses in the KSA. This meeting was attended by nearly 25 top most executives of companies in Saudi Arabia having a combined net market capitalization of well over USD 1.4 trillion. Most of them were keen and eager to consider Sri Lanka as an investment destination and to conduct commercial activity.
State Minister for Foreign Affairs of Saudi Arabia articulated that the large Sri Lankan migrant populace in Saudi Arabia has markedly and manifestly contributed to the advancement and augmentation of the Kingdom, over the years, during the Luncheon hosted by him in the honour of State Minister Balasuriya and Delegation. State Minister Balasuriya placed on record the sincere appreciation and gratitude of the Government and the peoples of Sri Lanka for assistance, cooperation and facilitation as well as aid and grants extended to Sri Lanka, during the last four decades, which have significantly and pointedly contributed in elevating the socio-economic landscape of the country. He further added that Sri Lanka was most grateful and obliged to Saudi Arabia for supporting Sri Lanka in multilateral forums, during the past, mainly at the Human Rights Council.
State Minister Balasuriya met with Ali Al Hazmi, Group CEO, and Board of Directors of a highly diversified and global corporate, Ajlan & Bros Holdings Group. During this meeting, each of the Directors of the Ajlan Group expounded and illustrated their myriad of expertise in realms of power, environment, oil and gas, tourism, logistics, healthcare, education and technology, amongst others. They conveyed their interest to engage, pro-actively, with Sri Lanka, at this critical and seminal cross road of geo-economic and geo-strategic transformation of international business and commerce in the region. State Minister Balasuriya was accompanied by the Ambassador of Sri Lanka to Saudi Arabia P. M. Amza, Additional Secretary of the Ministry Prof. A. Saj U. Mendis and Minster (Commercial) of the Embassy, Sanjeewa Pattiwila, during all engagements and meetings in Riyadh. State Minister Balasuriya and delegation met with LUCID Corporate, which has specialized in manufacture of Electric Vehicles. The Head Office of LUCID is based in California and State Minister Balasuriya discussed the proposition of sourcing graphene from Sri Lanka, since it is a material imperative for batteries for Electric Vehicles, amongst others. Sri Lanka has the purest graphene in the world. Obviously, LUCID expressed palpable interest in this business solicitation.
State Minister Balasuriya had a high-level Forum at the Federation of Saudi Chambers of Commerce, which was attended by a number of prominent and elite industry and corporate leaders. Both State Minister Balasuriya and Ambassador Amza addressed the Forum by accentuating the six thrust areas of Sri Lanka, which were tourism, ICT, pharma, logistics, textiles and minerals, amongst others. State Minister Balasuriya and Delegation had a highly focused meeting with the Chairman and Board of Directors ACWA Power, one of the largest power-generating companies in the world with a value of over USD 65 billion. The Company generates over 40,000 MW of power on an annual basis and is present in over 15 countries. They have already expressed interest in Sri Lanka to construct six solar power projects and two wind power projects at an estimated cost of USD 800 million. Each of these eight projects would generate approximately 100 MW of power and the Company is 50% owned by the Public Investment Fund (PIF) of Saudi Arabia, amongst the five largest Sovereign Wealth Funds (SWF) in the world. The senior executives of ACWA Power were met in Sri Lanka in order to strategize the most efficacious courses of action to execute the project before State Minister Balasuriya left to Saudi Arabia for the two-day visit. During all meetings, calls and engagements, State Minister Balasuriya emphasised and enunciated that this was the best time to establish a business and/or investment presence in Sri Lanka when many other countries, both in the region as well as in Europe and the US, are already present in the country.
State Ministry of Regional Cooperation, Ministry of Foreign Affairs, Colombo
A Janashakthi Group (JXG) IPO was a landmark event for the local capital market, valued at over Rs. 5 billion, making it the largest IPO on the CSE in the last 14 years.
‘The company emphasises that the success of the issue was critical not only for the firm but also for the broader market sentiment, said Group Chairman Chandan de Silva.
Senior Group leadership along with Founder and Chairman Emeritus Chandra Shafter rang the opening bell of the CSE, marking the successful conclusion of the IPO listing. The event was held recently at the CSE head office at the WTC building.
De Silva making the keynote address said that market conditions were “hugely positive” when the IPO was initially approved in early February.
He also said that this IPO was thrice oversubscribed and has more than 20000 shareholders throughout the country.
However, a “drastic shift” in market sentiment occurred following the finalisation of the IPO, primarily driven by ongoing events in the Middle East, which created significant concerns regarding the offering’s success.
To mitigate these risks, Janashakthi Limited engaged in proactive pre-marketing of the issue to both local and foreign investors. These investors provided firm commitments for substantial subscriptions, provided they were given reasonable assurances of receiving allocations based on their pre-commitments.
The company stated that these preferential allotments were made based on practical considerations to ensure the IPO’s success while remaining within the Listing Rules of the CSE.
By Hiran H Senewiratne
HNB Life recently hosted its first Sales Convention at the ITC Ratnadipa, following the launch of its new brand identity, bringing together its advisor distribution force to celebrate a year of exceptional performance and continued momentum.
The event marked a significant milestone for the company, highlighting the strength and consistency of its advisor channel, which has delivered steady growth over the past five years. In 2025, the channel recorded an impressive 28% growth in Gross Written Premium (GWP) and a 25% increase in New Business Premium (NBP), reaffirming its critical role in driving the company’s success.
A total of 622 awards were presented during the evening, recognizing the dedication, and outstanding achievements of HNB Life’s advisors across the island.
Further highlighting the channel’s excellence, HNB Life recorded its highest-ever number of MDRT qualifiers for the advisor channel, reaching 132, a 51% growth over last year, which also includes 1 Top of the Table (TOT) and 5 Court of the Table (COT) members.
The convention also served as a platform to unveil several key initiatives aimed at empowering advisors and strengthening their journey as trusted Life Planners under the new HNB Life identity.
Speaking at the convention, Lasitha Wimalaratne, Executive Director / Chief Executive Officer of HNB Life stated, “This convention is not just a celebration of numbers, but a celebration of consistency, commitment, and the spirit of our people. As we step into this new chapter as HNB Life, it is inspiring to see our advisor force continue to raise the bar year after year. Their dedication is what drives our growth and strengthens the trust our customers place in us. My sincere congratulations to all our winners for their outstanding achievements, and my appreciation to every member of our Advisor Distribution Management for their continued efforts. It is this collective strength that will power us forward as we aim for even greater milestones in the years ahead.”
Harindra Ramasinghe, Executive Vice President / CBO – Advisor Distribution Channel of HNB Life added, “Our advisor distribution channel has once again demonstrated its strength. The growth we are witnessing is not by chance, it is built on discipline, capability, and a deep understanding of customer needs. I would like to extend my sincere appreciation to the entire Distribution Management Team including our SBU Heads, Regional Managers, Zonal Managers, Branch Managers and our dedicated training teams who continuously guide and push this team to be their very best. Their role behind the scenes plays a vital role in shaping the success we celebrate today. With the new initiatives introduced, and many more exciting developments in the pipeline, we are confident that we will continue to reach even greater heights and redefine what excellence looks like in the years ahead.”
Sri Lanka: Visa (NYSE: V), a global leader in digital payments, announced that Suresh Sethi has been appointed Group Country Manager for India and South Asia. In this role, Suresh will lead Visa’s strategy and operations across India, Bangladesh, Sri Lanka, Nepal, Maldives and Bhutan.
Suresh succeeds Sandeep Ghosh, who is leaving Visa for other opportunities. Based in Mumbai, Suresh will report to Stephen Karpin, Regional President, Asia Pacific, Visa.
Stephen Karpin, Regional President, Asia Pacific, Visa, said, “India and South Asia region continues to be among Visa’s most dynamic and strategically important markets. Suresh brings expertise and knowledge that will accelerate Visa’s aspiration to be the best way to pay and be paid. I am confident he will build on Visa’s strong foundations in the region, alongside clients, partners and policymakers to advance digital payments.”
He added, “I thank Sandeep for his leadership over the last four years, and for facilitating the smooth transition of the business to Suresh.”
Suresh Sethi, Group Country Manager, India and South Asia, Visa, stated, “I am pleased to join Visa at a defining moment for digital payments in India and South Asia. The next phase of growth will be driven by scale, trust, and innovation across an increasingly diverse payments ecosystem. Visa’s global capabilities, strong partnerships, and technology leadership provide a powerful platform to accelerate adoption, deepen acceptance, and deliver secure, inclusive, and high-impact payment solutions.
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