Business
BIMSTEC Secretary-General discusses regional cooperation in the Bay of Bengal region at LKI
Ambassador Indra Mani Pandey, Secretary-General of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) was hosted by the Lakshman Kadirgamar Institute (LKI) for a special guest lecture and interactive session titled “Regional Cooperation through BIMSTEC” on 09 April 2024 at the Lighthouse Auditorium. The programme provided an opportunity for the gathering of Sri Lankan policymakers, academics, researchers, and university students to engage directly with the Secretary-General who was on his first official visit to Sri Lanka, in evaluating topics and concerns related to the region and BIMSTEC, in the context of global politics and Sri Lanka’s foreign policy interests.
Welcoming Secretary-General Pandey, Executive Director of the LKI Ambassador Ravinatha Aryasinha highlighted the contribution Sri Lanka has made to BIMSTEC as a founding member, in fielding its first Secretary-General, and the role played during Sri Lanka’s chairmanship of BIMSTEC during 2018-2021 in revitalising the organization through the adoption of the BIMSTEC Charter and the rationalisation of the areas of cooperation, as well as the streamlining of related institutes. He added that during bilateral consultations with the Secretary-General, the LKI as the Sri Lankan focal point of the BIMSTEC Network of Policy Think Tanks, had expressed its continued support towards future collaboration with BIMSTEC, with special emphasis on the thematic domain of science, technology and innovation which is Sri Lanka’s focussed area of responsibility, along with the sub-areas of Technology, Health, and Human Resource Development.
Delivering opening remarks, Additional Secretary (Economic Affairs) of the Ministry of Foreign Affairs, Ms. Shanika Dissanayake noted that the seven-member states – Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand accounted for 1.7 billion people and a combined GDP of 5.2 billion dollars. Describing the organization as a vibrant and progressive intergovernmental organization, Ms. Dissanayake noted BIMSTEC’s relevance in creating a more interconnected region, especially in the fields of transport, security, and energy.
Delivering his guest lecture, Secretary-General Pandey outlined the role and functions of BIMSTEC and the new measures being operationalised to create a more effective and active organisation. Outlining each of the seven sectors of BIMSTEC’s sectors of cooperation, he emphasised Sri Lanka’s continuing critical role as a founding member, and thanked the Government of Sri Lanka and its leadership for their continued support in building regional cooperation in the region. Sharing that the sixth summit is set to take place in Thailand later this year, he added that BIMSTEC nations are set to meet every two years. Noting that he had already paid first visits to several member states, he said there is political commitment to further strengthen regional cooperation through BIMSTEC. He also highlighted the relevance of BIMSTEC as a platform for development, building towards a more integrated region in terms of economics, transportation, technology, and communication, leveraging the region’s geographic placement, along with its population, and GDP among other factors. He added that BIMSTEC is now ready to open its doors to new member and observer states and expressed a positive outlook for the organisation’s future.
During the interactive session that followed the audience expressed their appreciation for the opportunity to engage in a dialogue with the Secretary-General. The discussion covered a wide array of topics. On the possibility of a shared energy grid and regional collaboration in the energy sector, the Secretary-General revealed that they are hopeful to make more progress and emphasised the importance of transitioning into renewable energy sources at a regional level. On intra-regional trade which remained low at present, the Secretary-General noted that there are some developments on the subject and more progress could be expected. He said finding projects to build a more connected region would not be easy given that some nations in BIMSTEC are still in the process of development. The importance of human resource development was also emphasised during the discussion. Additional Secretary Dissanayake further underlined the importance of involving youth in BIMSTEC plans. On cooperation and collaboration between regional organisations, she said the Indian Ocean Rim Association (IORA) had approached the BIMSTEC to sign an MoU for the common purpose of greater regional cooperation. Emphasising sustainability and ocean concerns, she said both organisations prioritise connectivity, and regarding funding constraints noted IORA’s success in adopting more dialogue partners like the European Union (EU), which could also help BIMSTEC.
Responding to a question on the future of multilateral organisations such as IORA or BIMSTEC, in the context of growing minilaterals, the Secretary-General said it was difficult to find convergence even in bilateral negotiations, and it is that much harder in multilaterals. He said each of these mechanisms have a role to play and we should not give up because there are challenges in finding convergences or in implementing our decisions. It’s important to persist because regional and sub-regional organisations present huge opportunities for countries to come together and work together. Citing the EU and Association of Southeast Asian Nations (ASEAN), he said we find that under very difficult circumstances, regional organisations have been able to deliver. Ambassador Aryasinha, responding on this issue, acknowledged that the priorities of individual countries within regional organisations such as IORA and BIMSTEC might have changed from its founding to the present day depending on the new minilateral alignments some of them might have entered into and the changing global power dynamics. However, rather than being over ambitious, the safe bet for such organisations is to focus on ‘functional’ areas that are politically less contentious on which to initially cooperate, and to allow the confidence built through this to help move on to the more complex issues.
Business
Ceylon Chamber’s Investment Summit 2026 to steer Sri Lanka beyond stabilisation
Sri Lanka’s national economic discourse takes center stage today as the country’s premier private-sector body, The Ceylon Chamber of Commerce, hosts the Sri Lanka Economic & Investment Summit 2026 at the Shangri-La Colombo.
Convening on October 12 and 13, the two-day summit brings together an influential gathering of senior policymakers, international financiers, multilateral development partners, and private-sector captains to chart the island’s next phase of macroeconomic growth.
Held under the theme “Positioning Sri Lanka in a Changing Global Economy: Resilience, Reform, and the Future of Economic Policy,” this year’s forum marks a critical inflection point in the nation’s post-crisis trajectory.
As Sri Lanka shifts its emphasis from immediate financial stabilization toward sustainable, long-term expansion, the summit aims to address the structural imperatives necessary to secure high-impact foreign direct investment (FDI), deepen regional trade integration, and unlock emerging sectors of economic activity.
The core agenda over the two days focuses on building resilience across volatile global market cycles while executing targeted policy reforms. Key working sessions will examine:
Regional Value Chains & Trade Integration: Leveraging Sri Lanka’s strategic Indian Ocean geography to capture higher-value export flows and commercial linkages.
Energy & Infrastructure Transformation: Accelerating renewable energy integration and modernizing national utility policy.
Digital Economy & Public Modernization: Deploying digital technologies across public administration and financial services to enhance operational efficiency and transparency.
Sectoral Priorities: Modernizing healthcare infrastructure and agricultural value-addition to build a robust domestic economic base.
A defining feature of this year’s summit is the strong convergence between state policy and global commercial expertise. Keynote addresses and panel discussions will feature prominent leaders, including Prime Minister Dr. Harini Amarasuriya and T. Krishnakumar, Chief Executive Officer of Reliance Consumer Products Ltd.
They will be joined by senior delegations and policy experts from major global institutions, including:
= The Asian Development Bank (ADB)
= The International Finance Corporation (IFC)
= Standard Chartered Bank
= Zydus Lifesciences
The active participation of the country’s highest executive and legislative leadership across both days underscores a clear policy commitment to private-sector-led growth. By establishing a direct, high-level platform for dialogue between investors and policymakers, the Ceylon Chamber’s summit seeks to refine regulatory frameworks, improve the ease of doing business, and establish a clear, predictable environment for capital formation in the years ahead.
Business
White House blocks Microsoft from foreign worker hiring programme
Microsoft and several other technology firms have been barred by the White House from hiring skilled international workers on a permanent basis through a widely used visa programme.
US Vice-President JD Vance on Thursday accused Microsoft alongside other firms of committing fraud through the use of the H-1B visa programme and a related process for workers from abroad to become permanent US residents.
Vance claimed that Microsoft, one of the most valuable companies in the US, has been effectively replacing American workers with “foreign indentured servants.”
Microsoft said most of the H-1B visas filed over the last financial year were for existing workers, who are paid the same as local staff.
“No company in the US has abused this system more than Microsoft,” Vance said.
He also made similar accusations about Adobe, Cognizant, Infosys, Tata, Wipro, HCL and Capgemini.
The US government will not process any new or pending Permanent Labor Certification Program (PERM) applications from Microsoft or the seven other companies, Secretary of Labor Keith Sonderling said during the same conference.
Sonderling said companies like Microsoft, as well as US universities, have turned into “visa mills” that were “flooding” the US with foreign workers.
The BBC has contacted all of the companies for comment.
The total number of H-1B visas, a precursor to anyone seeking to go through the PERM process, is capped at 85,000 per year.
A spokeswoman for Microsoft noted to the BBC that “the vast majority of Microsoft employees in the United States are Americans.” The company employs more than 200,000 people worldwide.
Business
ComBank unites stakeholders to prepare agri sector for El Niño
In response to emerging climate risks, the Commercial Bank of Ceylon has launched a proactive initiative through its Development Credit Department, to equip Sri Lanka’s agricultural sector against the potential impacts of the 2026 El Niño climate pattern.
Seeking to move the industry from reactive loss management to early climate preparedness, the Bank partnered with leading state universities to execute a two-part educational and technological intervention in September 2026.
The initiative comes at a critical juncture. Sri Lanka’s Department of Meteorology reported an 80% probability of El Niño conditions emerging between June and August 2026, with effects expected to persist through November and beyond. As highlighted by the Food and Agriculture Organization (FAO), El Niño acts as a risk multiplier for rural livelihoods, food production, and water supply.
To mitigate these threats, the Bank’s initiative creates a collaborative network uniting academic institutions, agricultural extension services, technology providers, farming communities, and the financial sector. The awareness programme on El-Niño and its impact on agriculture was supported by 12 Commercial Bank branches, and engaged with more than 1,100 farmers at 15 diverse locations, including Vattapalai, Muththajankaddu, Palampas, Oddusuddan, Siyambalanduwa, Lindula, Neluwa, Kalawana, Pannala, Madampe, Mannar, Vavuniya and Kumalamunai.
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