Business

Common man doesn’t want to see country jumping from the frying pan into the fire, says EDB chief

Published

4 years ago

2022/07/15

By Sanath Nanayakkare

The common man doesn’t want to see the country jumping from the frying pan into the fire, so whatever we do, it needs wider consensus among the public, normalized behavior and intelligent thinking, Suresh Dayanath de Mel, chairman and Chief Executive, Sri Lanka Export Development Board said during an exclusive interview with The Island Financial Review yesterday.

Excerpts from the interview with the EDB chief:
“Despite the ongoing crisis, Sri Lankan exporters have been very resilient. The export market is very good. The orders are steady. However, we are concerned that the persistent negative publicity about Sri Lanka in the foreign media could tarnish our international image. Our buyers overseas are getting anxious whether Sri Lankan exporters will be able to deliver their orders with the same firmness as they did before. This is a great concern for the EDB and all businesses that bring in foreign exchange to the country.

“We have been able to sort out the fuel shortage faced by the exporters because they pay in US dollars. The Ceylon Petroleum Corporation (CPC) and Lanka IOC both deliver fuel to exporters. The challenge here is, these institutions issue fuel to us in browser loads. So it’s difficult for small and medium enterprises (SMEs) to store fuel due to lack of storage facilities. They are getting fuel in the normal way by waiting in queues with other vehicles at filling stations across the country. So, a number of SMEs are going to be affected by this situation because they don’t have storage facilities, therefore, we are encouraging SMEs to come together, buy a bowser load of fuel and then share it among them. That’s happening now. Up to now, many exporters have managed the fuel crisis well. But honestly, some of them are struggling to find fuel for their operations. Last week was a bit of a mess. The logistics sector also experienced the shortage of fuel which was also sorted out. With all that said, the good news is; Sri Lanka’s export trade remains resilient with US$ 6 billion of export earnings in the first-half of the year.”

When asked about the current social unrest, he said,” Anything we do, shouldn’t be radical in a negative way. Most importantly, a peaceful transition of administration needs to happen in a non-violent manner and it needs to happen as quickly as possible because exporters need a government which has the capacity to solve the economic crisis. Shortage of fuel, LP gas, food, medicine etc. occurred with the depletion of our foreign exchange reserves. So we have to restore political stability to address the economic crisis. Exporters earn foreign exchange for the country and the right conditions need to be created soon to facilitate their operations.”

When asked about the IMF programme, he said, “An extended fund facility programme from the IMF will be favourable for Sri Lanka to regain confidence of the international financial markets and that will be a boon to the export sector as well. There are some citizens who think that we can do without the IMF. I think we should be able convince them that we need assistance from the IMF, increased export earnings and other fiscal consolidation moves, to put the economy back on track and shift it to a growth path subsequently. The thing is, if the country continues to project a negative outlook in the foreign media, our buyers will lose confidence in our ability to deliver in time and it could have repercussions on our export trade.”

He went on to mention that there have been some export order cancellations.

“However, in most cases, our overseas buyers have been watching the situation in Sri Lanka with patience. They follow each and every news alert on Sri Lanka hoping that we will get over the crisis as a collective nation and get back to normalcy rather quickly. So we need to project the image and perception to the world that we are stabilizing. If the current situation persists, they may run out of patience and decide that they can no longer depend on Sri Lanka as a reliable supplier and exporter. We all know that Sri Lanka has successfully emerged from its previous crises such as its protracted war in the North, tsunami, Easter Sunday attack and Covid-19 pandemic, during which our exporters showed great resilience and their ability to deliver the goods. We need to keep in mind that our exporters are operating in a highly competitive global business environment today. Buyers have access to alternative exporters in other countries. This is true for all sectors in the export trade. For example, the apparel sector is receiving new orders around this time of the year and we shouldn’t let that business go elsewhere. That’s a concern for us. Not only apparel, all other sectors in the export trade may face a similar situation. Another example is; agri products portfolio in our export basket is growing and we have to ensure that it accelerates its expansion momentum”.

Responding to a question on political stability, the EDB chief said, “Whatever we do, we need consensus from the wider public. Protestors also now have to normalize and be seen as intelligent. If they become violent, then people won’t tolerate that because at the end of the day the common man is watching. They want to see that the country doesn’t jump from the frying pan into the fire.”

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Business

Steps leading to the achievement of SL’s national interest in IOR

Published

9 hours ago

2026/02/24

Sahan Weerasooriya

Prof. Nobukatsu Kanehera: ‘Rulesbased order violated.’

Sri Lanka needs to build awareness, effective policies and encourage regional multilateral frameworks to develop a multi-pronged approach to secure its national interest and safeguard regional stability in the Indian Ocean Region (IOR), as the region together with its seabed have become an area of strategic competition, former Assistant Chief Cabinet Secretary to former Japanese Prime Minister Shinzo Abe, Prof Nobukatsu Kanehara said.

“The Indian Ocean has been a maritime highway for millennia, with Sri Lanka being a midway point of the flow of trade, culture, technology and intellectual progress, Prof Kanehara said at the 4th Pathfinder Foundation Sri Lanka Indian Ocean Security Council Conference held recently at the Cinnamon Grand Hotel. The forum was presided over by Pathfinder Foundation Sri Lanka Chairman Ambassador (retd.) Dr. Bernard Goonetilleke.

The forum’s purpose was to obtain expert commentary regarding the need for Sri Lanka to ‘up its game’ in the IOR.

Abe said that from the 1870s onwards, the Indian Ocean had become the global communications highway, with the British Empire laying submarine cables from Aden to Mumbai, linking Europe to South Asia.

‘Since then, with the passage of time, Ceylon, and later Sri Lanka, has seen the bulk of the global digital communications umbilical laid through its maritime domain of influence, with over a dozen such cables laid over the island’s Exclusive Economic Zone (EEZ) thus far, he said.

Prof. Kanehera added: ” With the rise of Artificial Intelligence (AI) and increasing digitisation, such submarine cables have become critical strategic infrastructure for the island nation as well as the region.

‘This timely conference came as world powers rushed to secure critical minerals needed to maintain a technology edge over rivals, both militarily and economically, disrupting the longstanding rules-based order, especially at sea and in trade.

‘The lack of cognition regarding how to understand and navigate the return to a near Cold War era strategic competition in the Indian Ocean, and increasingly in the sub-surface domain and the seabed, among Sri Lanka’s policy making community, bureaucrats and public leaves the economically weakened island nation more vulnerable to geopolitical coercion, shocks and tug-o-war, which will likely increase in the coming decade.’

By Hiran H Senewiratne

Business

Automobile Association of Ceylon donates towards Disaster Relief Support Fund

Published

9 hours ago

2026/02/24

Sahan Weerasooriya

Automobile Association of Ceylon (AAC) donated Rs. 25 Million towards the Disaster Relief Support Fund to assist the Ditwah Cyclone victims.

A donation was handed over to Dr. S N Kumanayake, Secretary to the President of Democratic Socialistic Republic of Sri Lanka by Dhammika Attygalle, President – AAC at the Presidential Secretariat on the 19th February 2026 in the presence of Executive Committee members.

Dhammika Attygalle President AAC (third from Left) handing over the cheque to Dr S N Kumanayake, Secretary to the President of Democratic Socialistic Republic of Sri Lanka.

In the picture L-R Lasitha Gunaratne- EXCO Member – AAC, Devapriya Hettiarachchi – Secretary -AAC, P H Liyanage, P B Kulatunga & Indunil Udaya – Members of the EXCO – AAC

Business

‘Sri Lanka’s first AI-powered digital trainer for Banca partners’

Published

9 hours ago

2026/02/24

Sahan Weerasooriya

A few highlights from the NAVI Launch event.

HNB Assurance PLC recently introduced NAVI, The Digital Trainer, a new AI-powered training companion designed to support its banca staff with instant, reliable access to knowledge, whenever they need it. The solution was unveiled at Partnership Life, the company’s annual forum dedicated to celebrating the performance of its Partnership Channel.

Built to make learning simpler and more accessible, NAVI is a voice-enabled AI chatbot that helps banca staff quickly find product information, policy details, and process-related guidance by drawing from a centralized knowledge bank. Whether on the go or at the point of customer interaction, NAVI ensures that answers are never out of reach.

Sharing his thoughts, Sanesh Fernando, Chief Business Officer / GM – Partnership Channel at HNB Assurance, opined, “With NAVI, our intention is to make learning a part of everyday conversations. By combining chat and voice capabilities, we are making it easier for our officers to learn on demand and perform with greater confidence.” He further noted that it is this continuous focus on meaningful innovation that has consistently set HNB Assurance apart within the bancassurance space. “Solutions like NAVI reflect the way we think and operate as a Partnership Channel. This commitment to enabling our partners and bancassurance officers through practical, forward-thinking initiatives has been a key driver in our journey, one that has seen us being recognized as the Best Life Bancassurance Provider for five consecutive years, while also delivering strong and sustained growth year after year.”

Commenting on the launch, Suneth Jayamanne, Chief Information Officer / GM of HNB Assurance, said, “We see NAVI as a support system rather than a piece of technology. Our Bancassurance officers operate in fast-paced environments and having instant access to the right information can make all the difference. NAVI is about helping our people feel more prepared, more confident, and more connected to the knowledge they need to serve customers better.”

The launch of NAVI was marked by an engaging reveal featuring an AI-generated avatar that introduced the digital trainer and its capabilities, symbolizing a shift towards a more intuitive and people-friendly approach to learning.

As HNB Assurance continues to expand its Partnership Channel, innovations such as NAVI highlights the company’s focus on building strong, well-supported partnerships, blending technology with a deep understanding of how people learn, and work.

HNB Assurance PLC (HNBA) is one of the fastest growing Insurance Companies in Sri Lanka with a network of 79 branches. HNBA is a Life Insurance company with a rating of ‘A’ (lka) by Fitch Ratings Lanka for ‘National Insurer Financial Strength Rating’. Following the introduction of the segregation rules by the Insurance Regulator, HNB General Insurance Limited (HNBGI) was created and commenced its operations in January 2015; HNBGI continues to specialize in motor, non-motor and Takaful insurance solutions and is a fully owned subsidiary of HNB Assurance PLC. HNB General Insurance has been assigned a ‘National Insurer Financial Strength Rating’ of ‘A’ (lka) by Fitch Ratings Lanka Limited. HNBA is rated within the Top 100 brands and Top 100 companies in Sri Lanka by LMD and HNB Assurance has won international awards for Brand Excellence, Digital Marketing and HR Excellence including the Great Place To Work® Certification, and won many awards for its Annual Reports at award ceremonies organized by the Institute of Chartered Accountants of Sri Lanka.