Business
‘Wide-ranging investment opportunities at Port City Colombo’
Many opportunities are available to a broad spectrum of investors as Port City Colombo comes into fruition, given the strategic location, business friendly policies and the outstanding infrastructure that is under development, Sir Hugo Swire, Deputy Chairman, Commonwealth Enterprise Investment Council (CWEIC) said.
A press release said in this connection: ‘An investor event showcasing the Port City Colombo Special Economic Zone was held at the High Commission of Sri Lanka in the United Kingdom on 26th April 2022. It was organized by the Project Company, CHEC Port City Colombo (Pvt) Ltd in association with the High Commission and the Commonwealth Enterprise and Investment Council (CWEIC), in which the Project Company is a Strategic Partner.
‘High Commissioner Saroja Sirisena pointed out that Sri Lanka has maintained long-standing strong linkages with the United Kingdom particularly in areas such as education; welcoming a diverse group of participants comprising corporate leaders, high net worth individuals, and private equity investors. Sir Hugo Swire, Deputy Chair of the CWEIC, highlighted that the Port City offers many prospects for Sri Lanka to significantly benefit from trade and internationalisation, aiding an early recovery from the prevailing economic circumstances in Sri Lanka.
‘The purpose of the event was to create awareness of the Multi-services Special Economic Zone established by the Colombo Port City Economic Commission Act No. 11 of 2021 in May 2021. Thulci Aluwihare, Assistant Managing Director of CHEC Port City Colombo, in his presentation highlighted the numerous business-friendly provisions in the legislation that augments the ease of doing business in Sri Lanka. While inviting investment to Port City, Aluwihare also elaborated on the opportunity for Port City to collaborate with the Board of Investment (BOI) in an effort to revive the Sri Lankan economy by attracting Foreign Direct Investments to the manufacturing and services sectors.
‘Aluwihare emphasized the need to reinforce Sri Lanka’s commitments towards investor protection in this difficult economic situation and highlighted the relevant legal provisions affording investor protection as per the newly enacted Colombo Port City Economic Commission Act. He emphasized the need for Port City to be economically ring-fenced to insulate businesses and investors from macro-economic challenges of the domestic economy. It is important to instill Investor confidence and regulations are currently being drafted by the Colombo Port City Economic Commission to assert this position, he said.
‘Dr. Harsha Alles, Chairman of the Gateway Group, who has entered into a Memorandum of Understanding with the Colombo Port City Economic Commission and CHEC Port City Colombo to facilitate the development of a state-of-the-art international school in Colombo, shed light on the rigorous process followed in this regard, assisted by Oxygy – education advisors in the UK. He indicated that while many esteemed schools in the UK have expressed interest in setting up Port City, the objective of the investor consortium is to select the institution that offers the most holistic student experience. He invited the participating investor community to join the investment consortium pioneering the entry of a renowned UK-based education brand’s entry into South Asia.
‘As a landmark development project in Sri Lanka, Port City Colombo will continue to invite investment from across the world to augment the economic recovery of Sri Lanka. CHEC Port City Colombo will embark on a series of investor events across the region over the coming months to highlight the investment opportunities on offer.’
Business
EU’s new anti-greenwashing rules pose major challenge for Sri Lankan exporters
Countdown to September 2026 begins
Sri Lankan exporters selling into Europe may soon face one of the most significant regulatory shifts in recent years as the European Union prepares to enforce sweeping new rules aimed at eliminating ‘misleading’ environmental and sustainability claims.
The regulation, known as the Empowering Consumers for the Green Transition Directive (EmpCo) – Directive (EU) 2024/825, will become fully enforceable across all EU member states from September 27, 2026. While the directive is primarily designed to protect European consumers from so-called ‘greenwashing,’ and it carries important implications for exporters worldwide, including those in Sri Lanka.
Compliance experts warn that many local businesses remain largely unaware of the new requirements despite their potential impact on market access, brand reputation, and regulatory compliance.
The directive introduces a simple but demanding principle: companies must be able to substantiate environmental and sustainability claims with credible evidence. Generic descriptions such as ‘eco-friendly,’ ‘green,’ ‘sustainable,’ ‘responsible,’ ‘carbon neutral,’ or ‘climate friendly’ may no longer be used freely unless they can be verified through reliable data and supporting documentation.
For Sri Lankan exporters, this represents a significant shift. Sustainability claims increasingly appear on product packaging, websites, social media campaigns, annual reports, tourism marketing materials, and corporate communications. Under the new framework, such claims could face scrutiny from regulators, consumers, retailers, and civil society groups.
The directive also places particular emphasis on future environmental commitments. Claims such as ‘Net Zero by 2040’ or ‘Carbon Neutral by 2030’ may require businesses to demonstrate clear implementation plans, measurable milestones, and systems for monitoring progress rather than relying on aspirational statements alone.
An environmental compliance expert told The Island Financial Review that this transforms sustainability from a communications exercise into a governance issue. “Responsibility will no longer rest solely with sustainability departments. Company directors, senior executives, marketing teams, procurement professionals, and compliance officers will all have roles to play in ensuring that public claims can withstand regulatory scrutiny. The potential costs of non-compliance are considerable. Under the directive, penalties may include fines of up to four percent of annual turnover generated within the relevant EU member state, restrictions on marketing activities, increased regulatory investigations, and challenges from consumer organisations and commercial partners.”
“The reputational consequences may prove even more damaging. In highly competitive export markets, trust has become a critical business asset. Companies found to be making unsubstantiated environmental claims could face long-term damage to relationships with buyers, retailers, and consumers.”
“The timing is particularly important for Sri Lankan businesses because compliance preparations, reporting frameworks and adjustments are needed before the enforcement date arrives.”
“Businesses supplying European markets are therefore being encouraged to begin assessing their exposure now rather than waiting until the last minute. Early preparation could help exporters safeguard market access, maintain buyer confidence, and strengthen their competitive position in an increasingly sustainability-conscious global economy.”
“For Sri Lanka’s export sector, the message from Europe is becoming increasingly clear: sustainability claims will no longer be judged by how compelling they sound, but by how convincingly they can be proven,” he said.
As the countdown to September 2026 begins, exporters may need to ask themselves a critical question: Are their sustainability claims ready for a new era of accountability?
By Sanath Nanayakkare
Business
University of West London opens Sri Lanka’s first full UK university branch campus
The University of West London (UWL) has formally opened the University of West London Sri Lanka Branch Campus, the country’s first full UK university branch campus, marking a landmark development in Sri Lanka’s higher education sector.
The University of West London Sri Lanka Branch Campus is designed to bring a UK university learning experience closer to students in Sri Lanka. The campus is operated by ANC Campus, a pioneer in the higher education sector in Sri Lanka with over two decades of experience in delivering internationally recognised education.
The University of West London Sri Lanka Branch Campus gives students the opportunity to study towards world-class UK degrees while remaining close to home. Academic delivery, assessment and quality assurance will be aligned with University of West London standards, with the University maintaining academic oversight of its courses and awards. Students will have access to UWL-approved programmes, academic support, learning resources and a campus environment designed to promote academic success, confidence and employability.
Business
Xiaomi Store powered by Abans opens at One Galle Face Mall
Xiaomi Sri Lanka, marked a significant day in the brand’s local journey with the launch of the all-new Xiaomi 17T and the grand opening of the new Xiaomi Store powered by Abans at One Galle Face Mall, Lower Ground.
This occasion reflects the brand’s growing presence in the country and its commitment to bringing smarter technology, connected devices and immersive customer experiences closer to Sri Lankan consumers.
Held under the theme “Step into a smarter world with Xiaomi,” the launch event welcomed media, partners, technology enthusiasts and customers to experience Xiaomi’s latest innovation and wider smart ecosystem. The new store at One Galle Face Mall powered by Abans has been designed to give customers a hands-on experience across Xiaomi smartphones, smart home products, lifestyle technology and connected devices, supported by Abans’ strong retail presence and customer service network.
Commenting on the milestone, Kain Wang, Country Head, Xiaomi Sri Lanka, said, “17th June is a significant day for Xiaomi in Sri Lanka as we celebrate two important milestones together: the launch of the Xiaomi 17T and the opening of our new Xiaomi Store powered by Abans at One Galle Face Mall. This reflects the strength of Xiaomi’s journey in Sri Lanka and our continued commitment to offering innovation, performance and smarter lifestyle experiences to local consumers. With Xiaomi 17T, we are bringing advanced Leica imaging, powerful performance and long-lasting battery life to users who want to do more with their smartphones. At the same time, our new store creates a dedicated space for customers to experience the Xiaomi ecosystem in a more personal and engaging way.”
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