Business
Outlook for Sri Lanka’s retail sector increasingly bleak
The Sri Lanka Retailers’ Association (SLRA), the apex body of organised retail in Sri Lanka, has raised growing concern about current standing of the local retail sector.
“If the retail sector collapses completely, it will greatly affect its larger eco system that depends on retail, penetrating deep into the length and breadth of the country. The financial and social repercussions will be unprecedented and the loss of employment alone will be disastrous,” they say.
The Association further said:
“The local retail sector accounts for more than 30% of the national GDP and 14% of direct employment in the work force. Over 10% percent of households in Sri Lanka depend on employment in the retail sector. A large section of the employment in this sector includes sales, cashiers, and lower mid-segment jobs, which are vital to keeping the country’s economy afloat and providing deeper penetration of income streams across the country as well.”
Currently, many small and medium scale businesses are either closing down, or preparing for eventual foreclosure, while their larger counterparts continue to navigate through the prevailing conditions, under stress. SMEs account for 52% of the local GDP and the sector is currently in dire need of funding in order to stay afloat. However, those funds are difficult to obtain due to interest rates of up to 34%, which diminishes their margins greatly. Additionally, given the import restrictions and inability to bring in adequate foreign exchange to the country, the future looks bleak for the whole sector. Especially, as prices of food and other essentials would skyrocket as any smaller players would have to operate at much higher costs than normal.”
Murali Prakash, President – SLRA, elaborating on the current situation, said, “It is important that we come together with authorities, policymakers and stakeholders and work towards replenishing the local retail sector, as it is the backbone of our economy. The SLRA cannot stress enough the importance of making the retail sector a priority, as without it, the economy would further dwindle, as other sectors that depend on retail will also collapse.”
“The Social Security levy charged on basic essential items has increased the burden on consumers. SLRA recommends excluding the levy on basic essentials to provide relief to the consumers.”
SLRA urges the government and authorities to set up a system to facilitate the continuation of the retail sector business through a planned set of actions. A 100% robust framework based on monthly availability that could be considered to rejuvenate the retail sector would ensure imports and provide a means of managing the current uncertainty in the market. The SLRA also advocates transparency on how retailers should operate amidst the current crisis. It is imperative that frequent discussions by key authorities are taken place on a timely basis, as it is the only means of ensuring the survival of the local retail sector.
Reliable and affordable energy is essential to Sri Lanka’s economic growth, industrial development and competitiveness. As the country seeks to strengthen energy security while reducing its dependence on fossil fuels, the energy sector will be a key area of discussion at the Sri Lanka Economic & Investment Summit 2026, organised by The Ceylon Chamber of Commerce on 12-13 October 2026.
The session, “Beyond Fossil Dependence: Balancing Security, Sustainability, and Growth,” will examine how Sri Lanka can diversify its energy sources, accelerate renewable energy adoption and attract investment while ensuring a reliable energy supply for businesses and households. Discussions will also consider the infrastructure and policy frameworks needed to support the country’s transition towards a modern and competitive energy system.
Ms. Edore Onomakpome – Regional Infrastructure Industry Manager – Bangladesh, Sri Lanka and Nepal, at the International Finance Corporation will keynote the session, and join the panel discussion featuring G.M.R.D. Aponsu – Secretary to the Ministry of Energy, Damitha Kumarasinghe – Director General (Chief Executive Officer), Public Utilities Commission of Sri Lanka, and Manjula Perera – Managing Director, WindForce PLC. The discussion will be moderated by Sheran Fernando – Senior Advisor, Plus94.
The session will also explore the role of public-private collaboration in developing new energy solutions, encouraging investment and creating opportunities within Sri Lanka’s evolving energy sector. It will consider how energy policy and investment decisions can support both economic expansion and the country’s longer-term sustainability objectives.
The Sri Lanka Economic & Investment Summit 2026 is supported by its valued sponsors and partners. Platinum Sponsor – Standard Chartered Bank Sri Lanka, Gold Sponsor – VISA Worldwide (Pvt) Ltd., Bronze Sponsor – South Asia Gateway Terminals (Pvt) Ltd., Strategic Development Partner – Asian Development Bank, Telecommunication Partner – Dialog Telecommunication, Television Partner – Dialog Television, Session Sponsors – David Pieris Motor Company (Pvt) Ltd., Hemas Holdings PLC, Sunshine Holdings PLC, International Construction Consortium (Pvt) Ltd., Official Logistics Partner – Hayleys Advantis Limited, Official Airline – SriLankan Airlines Ltd., Official Hospitality Partner – Shangri-La Colombo, Airline Partner – China Eastern Air Holding Co. Ltd.
Registrations are now open at https://sleis.chamber.lk/. For more information, contact Alikie on 011 558 8805 (alikie@chamber.lk) or Shanuka on 0701082541 (events.division@chamber.lk).
Business
A fresh chapter for the George Keyt Foundation: A renewed commitment to the Sri Lankan art ecosystem
The George Keyt Foundation (GKF), dedicated to preserving the legacy of modernist painter George Keyt and fostering local art, has announced strategic appointments to its leadership team, bringing together a mix of global academic expertise, corporate leadership, and artistic passion. These enhancements aim to inject fresh expertise and academic depth into the Foundation’s long-term vision.
Establishment of the New Advisory Committee
To broaden its operational reach and deepen its engagement with the global art market, the George Keyt Foundation has established an Advisory Committee. The newly appointed committee members include:
• Dr Sujatha Meegama is a Senior Lecturer in Buddhist Art History at the Courtauld. She is an acclaimed art historian, author and academic, bringing specialised knowledge in South Asian art history to guide the foundation’s curatorial and educational directives.
• Dr Shamil Wanigaratne: A clinical psychologist, author, and avid art historian, Shamil will lend his unique perspective to help the foundation design meaningful public outreach and cultural preservation strategies.
• Abbas Esufally: A veteran corporate leader and patron of the arts, Abbas is transitioning from his role as a GKF Trustee to this advisory position, where he will continue to offer his sharp business acumen and extensive network.
New Trustee Appointment
Leesha Captain has been appointed to the Board of Trustees. Inspired by Sri Lankan artists, Leesha is a recognised supporter of the local art scene. Leesha’s hands-on perspective will strengthen the foundation’s core team as they develop and design new art programs.
A Vision for the Future
“These new appointments mark an exciting chapter for us as we build on our decades-long history of promoting Sri Lankan artists,” says Malaka Talwatte, Chairman of the Foundation. “The combination of Leesha on the board, alongside the diverse expertise of our new Advisory Committee, will significantly amplify our efforts in curating high-profile exhibitions and expanding local and international partnerships”.
Sun Siyam Pasikudah, part of the Privé Collection under Maldivian-owned Sun Siyam Resorts, will mark World Tourism Day on 27 September 2026 with a full day programme celebrating the culture, cuisine and natural beauty of Sri Lanka’s east coast, paired with community focused sustainability activities.
The celebrations open with a special buffet of authentic Sri Lankan cuisine, followed by a street food festival showcasing regional snacks and traditional sweets rarely found on resort menus. A signature World Tourism Day mocktail and cocktail, created for the occasion, will be served through the day, while traditional Sri Lankan cultural dance performances bring the island’s heritage to life for guests.
Beyond the festivities, the resort has planned a tree planting activity with guests and a beach or park clean up campaign, both reflecting Sun Siyam Pasikudah’s ongoing commitment to responsible tourism along Sri Lanka’s northeast coast.
Landslide Early Warnings issued to the districts of Colombo, Galle, Gampaha, Hambanthota, Kalutara, Kandy, Kegalle, Kurunegala, Matara, Nuwara Eliya and Ratnapura
Showers in the Western, Uva and Sabaragamuwa provinces and in Galle, Matara, Kandy, Nuwara-Eliya, Batticaloa and Ampara districts.
22A, Judicature Amendment Bills passed with 2/3 majority
TIN mandatory for key transactions from Nov. 1
Navy brings 25 Indonesian fishermen ashore after trawler capsizes
Former Mineral Sands Chairman arrested over recruitment irregularities
‘Dates have the highest sugar content to fight Coronavirus’
Sunday Island 27 December – Headlines
#SundayIsland 17th December – Headlines
Sunday Island – 28th March
Sunday Island Headlines – 21 March
Sunday Island – 21st February – Headlines
-
News6 days agoNamal Rajapaksa Buddhist gambit fails, bail denied
-
Features6 days agoWhy the spelling Sri Lankan names in English vary
-
Features6 days agoThree bands, a new identity: Sri Lankan wolf snake recognised as distinct species
-
Business6 days agoSLIIT holds largest-ever convocation
-
News6 days agoVehicle prices drop by up to Rs. 1 mn, says importers’ body
-
News6 days agoGovt monitors reported Saudi death sentence – Foreign Ministry
-
Business6 days agoAll-new Bolero MaXX Pik-Up unveiled in Lanka
-
Business6 days agoLanka’s famed beach shack battles demolition