Business
Academic says there’s a ‘silver lining’ in brain drain
-
SL diaspora is privy to most updated technologies in advanced economies
-
Govt can take a cue from India and introduce a special visa category for them
-
Diaspora entrepreneurs’ linkage with global networks should be harnessed
by Sanath Nanayakkare
Policymakers can encourage the Sri Lankan talent pool which is spread across the developed countries to shift their base back home if they pull the right policy levers, said the head of department of a leading university in Sri Lanka.
Dr. Janaka Fernando, Head of Department of Business Economics, Faculty of Management Studies and Commerce at the University of Sri Jayewardenepura said so in the backdrop of widely spreading fear that skilled migration will have overwhelmingly negative effects on Sri Lanka.
Exclusively speaking to The Island, he said,” The Sri Lankan talent pool which has found stable doing business and improved living conditions in developed countries can be lured to shift or relocate their operations in Sri Lanka if the policymakers correctly identify their capacities, interests and their patriotism.”
“A fair share of this Sri Lankan talent pool in those countries would come back home to start new businesses in their motherland if the authorities make the domestic environment conducive to professionalism, startups, incubator nest hubs, industrial parks etc.,” he said.
The following are some excerpts from the interview with Dr. Fernando.
“Brain drain isn’t a new phenomenon in Sri Lanka. It has been in existence for more than six decades and it occurred in different ways at different stages of our history. The diaspora includes all communities of the country, not only Tamils as erroneously interpreted very often. With the gaining of Independence from the colonial masters in 1948 and with the advent of the Sinhala Only Act in 1956, economically and administratively active European descendants who had made Sri Lanka their second home left the country for good.
Subsequently, in the first few years of 1970s when the features of a closed-economy were dominant in the country, many professionals including doctors, engineers and lawyers left Sri Lanka to live and work the in the West. I would be remiss if I didn’t mention the legacy of what came to be known as Black July in 1983 where Tamil separatists had stepped up militant attacks in the North killing 13 soldiers, and over the next few days, some members of the Sinhalese majority took revenge causing havoc around the country. This unfortunate turn of events led to a mass exodus of educated members of the Tamil community to other countries.
And in the 1990s-2000s when bomb blasts were taking place and the country engaged in a war to crush terrorism, another wave of Tamil professionals departed from Sri Lanka. Around this time, universities had been closed for three consecutive years from 1986 to 1989 due to political unrest and many students from affluent families left the country to pursue their higher education in foreign countries. So, this is a brief overview of how migration happened in the past. And today, we are witnessing the largest-ever exodus of qualified professionals as a result of the deeper implications and consequences of the current economic crisis.”
“You see, this time the brain drain is starkly different from the past scenarios and you cannot really blame the people going out because who does not want to improve standard of life? However, I think this situation has a silver lining too. If the policymakers take advantage of the often-overlooked aspects, the brain drain could be turned into a win-win situation for the country as well as the skilled migrants in the medium to long term.”
“Not only in Sri Lanka, the migration of skilled workers is a persistent trend in many developing countries, and therefore, as a country we need to look at how we can strategically attract skilled migrants to come back after some time and make Sri Lanka more attractive to international capital investment as well as an oasis for knowledge industries which are based on intensive use of technology and human capital.”
“We need to understand that migration takes place because of push factors in Sri Lanka and pull factors in the receiving countries. So, the authorities must avoid measures to limit or tax skilled migrants’ decisions to leave the country because it goes against the democratic norms of the country and the fundamental freedom of choice. Instead, the authorities should facilitate them to migrate because these skilled professionals are privy to most updated technologies and best work practices in those countries.”
“Let’s not forget that many of our professionals abroad have built purposeful connections and networks in these advanced economies, therefore, Sri Lanka can leverage this ‘brain circulation’ for its rapid development and economic growth. If we harness it properly, it can trigger a flow back of knowledge, new technologies and foreign direct investments (FDI) to the country.
If we can entice at least a small percentage of the Sri Lankan diaspora to come back and operate from Sri Lanka, they will have the capacity to form the back bone of a new economic order especially by innovating lucrative products for the global ICT marketplace. So the government must work towards the goal of providing them with amenities similar to what they would get in the foreign lands they go to. If we can do this, we will be able to attract back at least a few of them who have the true transformative capacity to help Sri Lanka in its growth journey.”
“Already without any government intervention, a few individuals of Sri Lanka’s patriotic diaspora have shifted their base back home because they identified the favourable opportunities in Sri Lanka. Virtusa Corporation founded by Kris Canekeratne, WSO2 founded by Dr.Sanjiva Weerawarana, CodeGen founded by Dr. Harsha Subasinghe, Orion City founded by Jeevan Gnanam, for example, have earned a lot of name and fame for what they are specialized in and have become foreign currency revenue earners to reckon with, in their respective fields.
They interconnected their operations to Sri Lanka driven by their own passion and passed the benefit to the county regardless of little support from the policymaking side. But such passionate volunteering by the Sri Lankan diaspora needs to be spurred by the government without much delay. The government can take a cue from India in this regard and introduce a special visa category for the diaspora members, and create tech hubs and science parks to facilitate them to bring their operations to Sri Lanka. When such visionary entrepreneurs come, other professionals also will see that the country is doing all the right things to achieve its full growth potential, and they will also jump on the growth bandwagon,” Dr. Janaka Fernando said.
Business
Landmark IPO by Janashakthi Group; the largest in last 14 years
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
Business
HNB Life hosts first sales convention under new brand
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.”
Business
Group Country Manager for India and South Asia
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.
-
News7 days agoWhistleblowers ask Treasury Chief to resign over theft of USD 2.5 mn
-
News7 days agoNo cyber hack: Fintech expert exposes shocking legacy flaws that led to $2.5 million theft
-
News4 days agoBIA drug bust: 25 monks including three masterminds arrested
-
Business5 days agoNestlé Lanka Announces Change in Leadership
-
News2 days agoTreasury chief’s citizenship details sought from Australia
-
News4 days agoBanks alert customers to phishing attacks
-
News5 days agoHackers steal $3.2 Mn from Finance Ministry
-
Business7 days agoDialog Enterprise partners Star Garments: Pioneering 5G innovation in Sri Lanka’s apparel industry
