Business
CCI calls for 16-point policy plan for growth of construction industry
by Sanath Nanayakkare
Chamber of Construction Industry (CCI) of Sri Lanka Secretary General/CEO Eng. Nissanka N. Wijeratne points out that Sri Lanka construction industry in the first three quarters of 2024 recorded a growth of 14.2%, 15.5% and 23.8% respectively, and says that industry stakeholders are looking forward to brighter prospects in the Year 2025 and beyond.
“Growth numbers in the said period are a strong indication that we have overcome the recession the construction industry faced during 2020 – 2023. However, to place the country on a trajectory of rapid economic growth and to be able to service Sri Lanka’s foreign loans without further borrowings, the government has to take drastic policy measures, learning from the mistakes in the past. In that context, the following proposals related to the construction industry warrant the keen attention of the government and the policymakers. We kindly propose to the government to consider implementing the following measures and policies with the objective of uplifting the construction industry and transforming it to be a major contributor to the country’s economic growth”.
Projects above Rs. 200 million in value should commence only after undertaking a proper feasibility study. To ensure this a National Planning Commission (NPC) similar to that in India should be established and approval of the NPC should be mandatory for all projects exceeding Rs. 150 million.
Enacting a Public Procurement Law as recommended by the IMF. At present there are widespread violations of the Government Procurement Guidelines. Procurement should be only on competitive bids on BOQ’s based on completed designs and documentation, to ensure timely completion and to minimise cost overruns. There shall be no unsolicited proposals considered.
Procurement action should commence only if adequate funds have been allocated in the budget or secured.
Ensuring transparency in government procurement process, Procurement Committees on works contracts over Rs. 200 million shall have a senior professional nominated by the Chamber of Construction Industry of Sri Lanka, as an industry representative.
Enacting a Building and Construction Industry Security of Payment Act, similar to the law in Singapore.
Implementing the proposal of the Presidential Commission on Simplification of Laws and Existing Regulations to ensure the issue of development permits within 3 weeks by amending the UDA Act to establish a statutory committee with time limits for granting these permits. As a more effective solution, steps should be taken to introduce a fully online approval process within 12 months like in Singapore.
Establishing a development bank to promote innovations and development of projects. NDB and DFCC which were development banks earlier have now become commercial banks after privatising. It is often said that the development banks played a leading role in the growth of tiger economies in Asia.
Amending Arbitration Act to ensure that arbitration hearings and awards shall be concluded within 3 months from commencement similar to the practice in Singapore. Currently, this alternate dispute resolution mechanism takes a long period resembling normal court proceedings.
Adopting a Code of Ethics applicable to all stakeholders of the infrastructure and buildings development process. Already such a code has been developed by the Construction Industry Development Authority (CIDA) which can be adopted as a regulation.
Exempting housing and apartment developments from turnover taxes as such taxes will be an additional cost to the individual buyers of these units.
Introducing a housing loan scheme at a concessionary interest rate of 5% repayable over 40 years to the first-time home builders, similar to the two generations home loan schemes in Europe.
Promoting exportation of construction services by undertaking works contracts abroad whereby the government shall select 10 proven major contractors, in consultation with the Chamber of Construction Industry of Sri Lanka, and facilitate necessary bank guarantees in US$ for one contract each to these companies to undertake works contracts abroad. Each of these major companies shall award sub contracts to 2 local companies, so that through this process 30 local companies will venture out on overseas work.
Promoting the exportation of consultancy services by undertaking consultancy contracts abroad whereby the government shall select 15 proven consultancy firms registered with CIDA in consultation with the relevant professional institute and facilitate necessary bank guarantees and professional indemnity policies in US$ to these firms to undertake consultancy contracts abroad.
Harnessing the full potential of Sri Lanka’s graphite, rock phosphate and mineral sands deposits (in east coast and at Arawakkalu, Puttalam) with high-tech investments.
Enacting the amendments to Construction Industry Development Act, No.33 of 2014 and the regulations and rules thereunder including the Regulations for Contract Adjudication that were discussed at the National Advisory Council on Construction since 2016, without further delay.
Establishing a Standing Steering Committee on Construction (SSCC), chaired either by the President or the Secretary to the President, or a Senior Additional Secretary to the President to regularly monitor the development projects with the authority to give directions to solve any issues impeding progress. This SSCC shall have suitable representatives from the construction industry, appointed in consultation with the Chamber of Construction Industry of Sri Lanka and shall meet at least once every month.
In addition to that, he advocates for a number of policies to promote good governance and reduce corruption to attract more FDIs into the country. A summary of those proposals are as follows.
Changing the Executive Presidential system to Westminster type of governance. Changing the present PR system to a mixed system with the “first past the post” system, district PR and national PR, restricting the Cabinet to 25 members, CIABOC Commissioners to be appointed by the President on the recommendation of Constitutional Council, ethical dealing with any allegedly corrupt politicians, promoting a digital economy with all-round cashless transactions, taking action to recover allegedly ill-gotten assets and gains invested abroad through the Stolen Assets Recovery Initiative (StAR) implemented by the World Bank in collaboration with UN office on Drugs & Crime (UN ODC), and if necessary, introducing new laws.
Business
Ceylon Chamber Re-elects Chairperson Krishan Balendra at 187th AGM
The Ceylon Chamber of Commerce announced the re-election of Chairperson Krishan Balendra and the election of its Board for the Year 2026/27 at the Chamber’s 187 th Annual General Meeting on June 25. High Commissioner of Britain to Sri Lanka, Andrew Patrick, attended as Chief Guest.
The 2026/27 office-bearers are Chairperson Krishan Balendra, – Chairperson John Keells Holdings PLC, Vice Chairperson Bingumal Thewarathanthri – CEO, Standard Chartered Bank Sri Lanka, and Deputy Vice-Chairperson Vinod Hirdaramani – Chairman, Hirdaramani Group.
Jayanthi Dharmasena – Managing Director, Hayleys Agriculture Holdings Ltd., Kasturi Chellaraja Wilson – Chief Operating Officer, Head of APAC – 5Hour International Corporation Singapore, Shibani Thambiayah – Managing Director, Renuka Hotels PLC,Supun Weerasinghe – Director/Group CEO – Dialog Axiata PLC, and Shiran Fernando – Secretary-General and CEO will serve as Board Members. Rohana Dissanayake – Group Chairman and Managing Director of David Pieris Motor Company Pvt. Ltd. will also join the Board, replacing Bernhard Stefan – Managing Director – Nestlé Lanka PLC, who relocated overseas.
In his remarks, Balendra noted that over the past year, the Chamber adopted a more solutions-oriented approach to advocacy, focusing not only on identifying challenges but also on developing constructive recommendations in collaboration with government, industry stakeholders, and development partners, with this approach yielding stronger results. “Through our engagement in the Budget 2026 process, eighteen recommendations proposed by the Chamber were incorporated into the national budget, covering areas such as trade facilitation, investment promotion, digitalisation, infrastructure, and improving the ease of doing business.
This builds upon the strong momentum established in previous years and demonstrates the value of evidence-based, constructive engagement.
The Chamber also contributed to addressing emerging global trade challenges, including tariff-related issues affecting Sri Lankan exports. By representing private sector perspectives in Presidential Committees, we supported efforts to safeguard export competitiveness and strengthen trade resilience.”
Beyond advocacy, it significantly expanded its engagement footprint, strengthening bilateral partnerships across more than twenty countries, and supporting more than 1,800 SMEs through training, advisory services, and market access initiatives.
He added that over the next year, the Ceylon Chamber is committed to deepening engagement with members, strengthening global partnerships, enhancing support for SMEs, and accelerating efforts to promote exports and attract investment, and is committed to working with the Government and stakeholders to ensure a resilient and prosperous Sri Lanka.
Business
Kandy’s singing couple striking a harmonious chord
In the hill capital of Kandy, a husband-and-wife duo has won the admiration of music lovers with their shared passion for singing and their dedication to the art.
Vijitha Kingsley Bandara and Umesha Kalhari Navaratne have become familiar voices among audiences in Kandy, entertaining crowds with their musical talents while building a reputation as a versatile singing couple.
Kingsley began his musical journey at the age of 17, performing at outdoor musical shows before gaining opportunities to showcase his talent at several hotels in the Kandy area. His performances for local and foreign tourists further enhanced his reputation as a singer. He later took his musical talents overseas, entertaining audiences in several countries.
For the past 12 years, Kingsley has been engaged in singing at establishments operated by the Devon Group and The Grand Kandyan Hotel in Kandy, following an opportunity extended by Group Chairman Gamini Weeraratne.
Supporting him both in life and music, Umesha has also established herself as a singer, performing at Devon establishments. She also runs a home-based cake-making venture.
The couple, who continue to receive appreciation from music enthusiasts, said they are ready to accept invitations to perform at musical events across the country. They can be contacted on 071-1519130.
Text and Pic by SK Samaranayake
Business
ComBank unveils GIG+ for Lanka’s digital workforce
Recognising the rapid emergence of the gig economy in Sri Lanka, the Commercial Bank of Ceylon has introduced ‘ComBank GIG+’ – a specialised banking solution designed for freelancers, digital entrepreneurs, social media influencers, and individuals and businesses earning in foreign currency through overseas engagements to receive their foreign earnings, including PayPal-linked withdrawals, through a structured banking account.
ComBank GIG+ reflects a decisive shift in the country’s employment landscape, where a growing number of professionals are leveraging global digital platforms and remote work opportunities to build independent income streams. From freelance service providers operating on platforms such as Fiverr, Upwork and Freelancer.com, to content creators monetising audiences across YouTube, TikTok, Meta and X, this segment represents a dynamic and increasingly influential contributor to foreign exchange inflows.
ComBank GIG+ is tailored to meet the specific needs of these digital earners, offering account options in Sri Lanka Rupees as well as major foreign currencies including USD, EUR, GBP and AUD. The account is available to Sri Lankan citizens aged 18 and above residing in the country, as well as duly registered business entities, subject to verification of foreign currency income derived through recognised digital and remote work channels.
Commenting on the introduction of ComBank GIG+, Hasrath Munasinghe, Chief Operating Officer of Commercial Bank said: “The rise of independent digital earners represents a structural shift in how value is created and exported from Sri Lanka. With ComBank GIG+, we are establishing a banking framework that not only recognises this segment, but also integrates it more meaningfully into the formal financial system. This enables individuals and businesses operating beyond traditional employment models to build a verifiable financial track record, access formal financial services, scale their operations, and contribute more visibly to the country’s economic growth.”
The launch of ComBank GIG+ is particularly timely following Sri Lanka’s recent enablement of PayPal linked withdrawals, which has simplified the process of bringing overseas digital earnings into the country.
In addition to facilitating PayPal-linked withdrawals and foreign currency inflows, the Bank said the ComBank GIG+ account offers a range of value-added benefits including first-year fee waivers on credit cards and digital banking services, preferential foreign exchange rates for qualifying conversions into Sri Lanka Rupees, and the opportunity to establish a structured banking relationship that may support future access to financing and other financial solutions. These features are designed to enhance financial efficiency while supporting the day-to-day banking needs of digitally active customers.
By aligning its product innovation with evolving global work patterns, Commercial Bank continues to strengthen its position as a forward-looking, technology-driven institution. The introduction of ComBank GIG+ underscores the Bank’s commitment to supporting new economic segments, enhancing financial inclusion, and enabling Sri Lankan talent to participate more effectively in the global digital economy.
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