Business

A strong case for classroom education linked to hands-on workplace experience

Published

1 year ago

2024/12/5

By Ifham Nizam

Highlighting Switzerland’s role in driving Sri Lanka’s economic prosperity, ambassador for Switzerland in Sri Lanka and the Maldives, Dr. Siri Walt shared insights into the success of Switzerland’s dual educational system.

Speaking at the launch of Cinnamon Hospitality Academy, a pioneering initiative by Cinnamon Hotels & Resorts and the Swiss Hotel Management Academy (SHMA), which officially commenced operations on Tuesday by welcoming its inaugural batch of 43 students, the ambassador outlined the importance of combining classroom education with hands-on training in the workplace.

This partnership is set to redefine hospitality education in Sri Lanka by offering the globally acclaimed Vocational Education and Training (VET) by Ecole hôtelière de Lausanne (EHL) Professional Diploma program. EHL, ranked as the world’s number one university for hospitality management, brings exceptional expertise to this collaborative initiative, to ensure students will gain a globally recognised qualification, said Deputy Chief Executive Officer and Chief Operating Officer of Cinnamon Hotels & Resorts, Hishan Singhawansa.

Speaking to a gathering of industry leaders and educators, the ambassador outlined the importance of combining classroom education with hands-on training in the workplace.

Walt said Switzerland’s dual education system is renowned for its effectiveness, with about two-thirds of Swiss youth opting for this pathway each year. “The system offers students an opportunity to acquire both theoretical knowledge and practical skills, making them well-prepared for careers in sectors such as healthcare, IT, and hospitality.”

The ambassador highlighted that businesses play an active role in this process, offering apprenticeships that provide students with real-world experience and the opportunity to hone their skills in actual work environments.

She added a key feature of the Swiss model is the collaboration between educational institutions and businesses. Vocational schools provide classroom-based education, while companies host students for on-the-job training. This integration ensures that students graduate with the competencies demanded by the job market, making the transition from education to employment seamless and efficient.

The ambassador noted that this approach has contributed to low youth unemployment rates, a highly skilled workforce and a strong, innovative economy.

“One of the key examples of the dual education system’s success is the renowned EHL Hospitality Business School in Lausanne. Founded in 1893, EHL has become the world’s leading hospitality school, combining academic excellence with rigorous industry training. Students not only learn hospitality management but also gain valuable internship experience that prepares them to lead and innovate in the global hospitality sector, she said.

Walt added that a notable initiative in Sri Lanka is the partnership between the Cinema and Hospitality Academy, the Swiss Hotel Management Academy, and the EHL Vocational Education and Training Programme. The ambassador praised this collaboration, which he believes will offer new learning opportunities for Sri Lankan youth and contribute to the development of a highly skilled workforce in the hospitality sector.

Speaking to The Island Financial Review Singhawansa said Sri Lanka’s hospitality industry is poised for growth, and local leaders are focusing on initiatives to drive sustainable development, attract investment, and empower a diverse workforce. “Central to this ambition is the Cinnamon Hospitality Academy, an initiative that is not only set to elevate the quality of Sri Lankan students but also aims to reshape the local tourism landscape,” he added.

`The academy, which was conceptualized nearly three years ago, was delayed due to the country’s economic crisis. However, with a strategic partnership with the prestigious École hôtelière de Lausanne (EHL), the project has gained traction over the past 12 months. Its focus is to address a pressing issue in the hospitality industry: the underrepresentation of women. With only 12% of women currently working in Sri Lanka’s hospitality sector, the academy aims to change the narrative by encouraging more women to join the industry and contribute to its growth,

He added that the Cinnamon Hospitality Academy’s vision extends beyond Sri Lanka. It hopes to attract students from neighboring regions, including India, Pakistan, and the Maldives, capitalizing on the growing interest in hospitality careers across the Indian subcontinent and the wider Arab market. The strategic goal is to create a sustainable pipeline of talent that can meet the increasing demand from the tourism sector.

Despite challenges such as the need for a clear countrywide policy framework for tourism promotion, he said that the government has recognized the importance of the tourism sector for Sri Lanka’s economic recovery.

“The tourism industry, seen as a low-hanging fruit for economic growth, is expected to play a vital role in boosting the country’s GDP and employment rates. The country aims to double its tourist arrivals from two million to four million, an increase that would necessitate major infrastructure investments, including the expansion of airport terminals and hotel room capacities.”

He also said that on the investment front, Cinnamon Life, a billion-dollar hotel investment, recently opened its doors in October, marking one of the largest private-sector investments in Sri Lanka’s hotel industry. “This investment aligns with Cinnamon’s broader strategy to grow its presence in Sri Lanka, with plans to expand from 12 to 16 properties in the near future.”

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Business

Fifty ninth ADB Annual Meet opens in Samarkand amid global uncertainty

Published

15 hours ago

2026/05/4

Thilina Walpola

Guests from member countries of the ADB arrive at the venue for the 59th Annual Meeting of the Bank in Samarkand, Uzbekistan, yesterday

The 59th Annual Meeting of the Board of Governors is set to commence this week, bringing together finance ministers, central bank governors, policymakers and development leaders from across Asia and beyond at a time of mounting global economic and geopolitical uncertainty.

Addressing journalists ahead of the opening sessions, Bernard Woods, Principal Director of the Department of Communications, said the meetings were beginning at a pivotal moment for the world, with fuel markets, food security and fertilizer supply chains coming under strain due to tensions in the Middle East.

He noted that amid rising political and economic fragmentation, regional connections and stronger collaboration have become more important than ever. Against that backdrop, the key sessions and high-level discussions in Samarkand will focus on building collective resilience and strengthening cooperation among member countries.

Among the major themes expected to dominate the agenda are cross-border digital connectivity, cyber security, energy integration, capital market development, transport corridors and the responsible adoption of artificial intelligence to improve resilience and productivity in member economies. Woods also said discussions would examine how resources can be distributed more effectively to meet the unique development priorities of each country.

The official programme features a series of strategic seminars and media events over four days. The opening session of the Board of Governors will include addresses by high profile authorities and subject experts.

Other key sessions include discussions on how capital markets can drive development across Asia and the Pacific, scaling up investments for critical minerals and manufacturing value chains, digital highways for inclusive growth, and pan-Asia transport and power connectivity initiatives.

ADB President Kanda is also scheduled to hold a press conference to announce major new initiatives, while several technical briefings will examine global value chains, private sector operations, digital transformation and regional energy cooperation.

With global shocks increasingly spilling across borders, the Samarkand meeting is expected to underline a central message: that regional cooperation, practical partnerships and timely investment remain essential for sustaining growth and stability across Asia and the Pacific.

By Sanath Nanayakkare in Samarkand, Uzbekistan

Business

Nations Trust Bank completes transfer of HSBC Sri Lanka’s Retail Banking Business to its portfolio

Published

15 hours ago

2026/05/4

Thilina Walpola

Nations Trust Bank PLC (NTB) has announced that the transfer of Hongkong and Shanghai Banking Corporation’s (HSBC) Retail Banking business in Sri Lanka to NTB has officially been completed, with the acquired portfolio transitioning to NTB effective 1st May 2026.

NTB has integrated HSBC Sri Lanka’s retail banking customers into its operations, ensuring continuity of service and relationship management. The transition also includes the onboarding of HSBC Sri Lanka staff as part of the integration process. The transition has been carried out with a focus on operational stability and minimal disruption, with ongoing support in place as customers familiarise themselves with their banking arrangements at NTB.

The migration brings approximately 200,000 retail customer accounts under NTB, encompassing savings and current accounts, fixed deposits, credit and debit cards, retail loans and a high‑net‑worth customer segment that now joins Nations Trust Bank Private Banking. Through this transfer, Nations Trust Bank’s countrywide network expands to 96 branches. The transition adds seven branches to the network, with locations in Bambalapitiya, Flower Road, Union Place, and Pelawatte operating as dedicated Private Banking Centres, while three other branches are located in Nugegoda, Jaffna, and Kandy.

To support customers during the transition period, NTB has ensured that multiple access points and support channels remain available. Customers may continue to bank through the nearest NTB branch, contact NTB’s 24-hour Help Desk via +94 11 441 4151, and access digital banking services through the Nations Direct mobile app. Dedicated transfer‑related information and FAQs are also available at https://migration.nationstrust.com

Additionally, arrangements were made to extend branch support across two weekends as part of the transition programme.

Business

Amana Takaful named Sri Lanka’s Most Awarded Insurance Company

Published

15 hours ago

2026/05/4

Thilina Walpola

(L) Siva Karthigun, Chief Executive Officer – General and Gehan Rajapakse, Chief Executive Officer – Life

Amana Takaful Insurance has been recognized as Sri Lanka’s Most Awarded Insurance Company for 2026 by LMD Magazine, marking its third consecutive year of achievement. This recognition reflects the company’s consistent focus on delivering value across both its Life and General businesses, supported by customer-centric solutions, operational discipline, and continued innovation.

Over the years, Amana Takaful has strengthened its market position by enhancing service delivery, investing in digital capabilities, and expanding access to insurance solutions for a wider segment of Sri Lankans.

Commenting on the recognition, Siva Karthigun, Chief Executive Officer – General, stated: “This recognition reflects the discipline and focus we maintain across our operations to deliver consistent outcomes for our customers. Our continued investments in process improvements, digital capabilities, and service excellence have enabled us to strengthen our responsiveness and reliability, ensuring we meet the evolving expectations of our customers across all touchpoints.”

Commenting further, Gehan Rajapakse, Chief Executive Officer – Life, stated: “This recognition reflects the consistency of our efforts in delivering meaningful value to our customers, while continuously strengthening our capabilities across both Life and General businesses. As we move forward, our focus remains on enhancing accessibility, leveraging digital innovation, and ensuring our solutions remain relevant to the evolving needs of Sri Lankans, while maintaining the highest standards of service and reliability.”

Notably, a significant portion of these awards were received for digital excellence, underscoring the company’s continued progress in its digital transformation journey. Amana Takaful’s investments in technology-driven solutions, process automation, and enhanced digital customer experiences have played a key role in strengthening accessibility, efficiency, and service delivery across both Life and General businesses.

The recognition further reinforces Amana Takaful’s standing within the industry, highlighting its ability to sustain performance and adapt in a dynamic environment. For Every Sri Lankan, as one.