Business
Development deficit getting in the way of SL joining RCEP – Trade Ministry Secretary
Sri Lanka is not quite ready to join the Regional Comprehensive Economic Partnership (RCEP), since it is lacking sufficient development, Trade Ministry Secretary K.A. Vimalenthirarajah said.
‘At present the Trade Ministry is establishing Sri Lanka’s readiness to join RCEP, which consists of 15 countries, through several channels, Vimalenthirarajah said at a recent round table discussion titled, ‘Sri Lanka’s Pathway to RCEP and the Emerging Global Trading Order’, organized by the Pathfinder Foundation and held at the Colombo Club, Taj Samudra.
‘Sri Lanka is actively accelerating its compliance efforts to join the 15-nation RCEP having submitted its required accession questionnaire in early 2026, he explained.
Vimalenthirarajah added: ‘The Cabinet has established a high-level policy and working committee and also obtained some technical assistance from multilateral partners because complying with RCEP requirements is challenging. Subsequently, this body responded to the follow-up questions that came up and had discussions with RCEP representatives and it expects more follow-up questions with regard to Sri Lanka’s readiness to join RCEP.
‘Sri Lanka has also secured political and diplomatic support from current RCEP members, including Australia, New Zealand, and Indonesia, to facilitate its entry process.’
Meanwhile, state officials, including Industries and Entrepreneurship Development Deputy Minister Chathuranga Abeysinghe, are implementing key economic structural reforms, a new tariff policy, and transparent investment criteria required by the bloc. Because formal accession protocols for RCEP are still being finalized, Sri Lanka is also simultaneously negotiating bilateral trade and investment agreements with regional members to accelerate integration.
Abeysinghe, participating virtually in the event said that Sri Lanka cannot achieve sustained export growth and attract large-scale investment by relying solely on its domestic market. ‘As a small economy, the country’s future lies in deeper integration with regional and global value chains. RCEP connects 15 economies, including Japan, South Korea, Australia, New Zealand, China and ASEAN member states, collectively accounting for nearly 30% of global trade, he explained.
Abeysinghe added: ‘Access to such a market would create new opportunities for Sri Lankan businesses, particularly the country’s Small and Medium Enterprises (SMEs), which currently contribute only around 10 percent to national exports.
‘However, Sri Lanka is at least a decade behind in implementing many of the reforms required to fully participate in modern global trade. Recognizing this challenge, the government is now moving forward with several critical reforms: A new tariff policy to improve competitiveness and eliminate barriers to trade, transparent and predictable investment criteria, investment facilitation reforms to improve the ease of doing business, new legislation including the Public-Private Partnership (PPP) Act and SOE reforms to strengthen investor confidence and measures to improve investment protection and unlock new sources of capital, including venture capital and angel investment funds.
‘Sri Lanka’s exports currently stand at approximately US$ 17 billion and have grown only gradually over the years. Expanding market access through bilateral and multilateral agreements, while continuing domestic reforms, is essential if the country is to achieve its long-term economic ambitions.’
By Hiran H Senewiratne
Business
ComBank hands over fully refurbished wards at De Soysa Hospital for Women
The Commercial Bank of Ceylon recently handed over Wards No. 03 and 04 of the De Soysa Hospital for Women, after the completion of a comprehensive renovation project launched in March this year to mark International Women’s Day.
Wards 03 and 04 handle a substantial share of the hospital’s patient load, and account for approximately 2,500 to 3,000 deliveries and 4,000 to 5,000 admissions annually. Their refurbishment was designed to significantly enhance patient care, safety and comfort, and directly benefit thousands of mothers and newborns.
Five Trustees of the Commercial Bank’s Corporate Social Responsibility Trust participated in the formal handing over of the refurbished wards to the hospital authorities. They were Sharhan Muhseen, the Bank’s Chairman, Raja Senanayake, Deputy Chairman, Sanath Manatunge, Managing Director/CEO, Hasrath Munasinghe, Chief Operating Officer, and Prasanna Indrajith, Chief Financial Officer.
Established in 1879, the De Soysa Hospital for Women is the first maternity hospital in Sri Lanka and the second oldest in Asia and is credited with, among others, performing the country’s first caesarean section in 1905 and establishing one of its earliest organised operating theatres in 1907.
The Commercial Bank’s Corporate Social Responsibility Trust, through which this project was implemented, has via its healthcare-related interventions supported more than 100 government hospitals with essential equipment and infrastructure, contributed to emergency medical services through the ‘Adopt an Ambulance’ initiative, and implemented targeted community health interventions such as water storage solutions for families affected by kidney disease.
Business
IIHS expands global nursing pathways
The International Institute of Health Sciences (IIHS) Multiversity is expanding its international education programmes with the aim of creating overseas employment opportunities for Sri Lankan nurses and allied health professionals while contributing to foreign exchange earnings.
Speaking to the media during a conference at IIHS Multiversity in Kerawalapitiya, Dr. Kithsiri Edirisinghe, CEO, Co-Founder and Dean of IIHS aid that the institute has established academic partnerships with overseas universities and higher education institutions, including the University of Surrey in the UK, Deakin University in Australia, Metropolia University of Applied Sciences in Finland, Asia e University in Malaysia and SUNY Canton in the United States.
Under its ‘Study in Sri Lanka, Graduate to the World’ model, students can complete foundational and diploma-level qualifications locally before progressing to international top-up degrees or overseas employment.
Dr Edirisinghe said the model could substantially reduce the cost of obtaining internationally recognised qualifications. It estimates that completing a four-year bachelor’s degree at the University of Surrey in the UK would cost about USD 145,700, including tuition and living expenses, compared with about USD 27,750 through the IIHS pathway in Sri Lanka.
Dr Edirisinghe said the institute’s focus on overseas deployment addressed both Sri Lanka’s economic needs and the growing global demand for healthcare workers.
“Our winning model is producing job-ready, registration-ready healthcare professionals who can seamlessly enter foreign healthcare systems,” he said.
IIHS, which began operations in 2002 as the American College of Health Sciences, established its institutional base in Welisara in 2008 and launched its purpose-built greenfield multiversity campus in 2023.
The institute said it has upgraded the qualifications of more than 5,000 government nurses, supported over 2,500 youth on international employment pathways and trained more than 1,000 allied health professionals. It has also carried out over 250 community health projects.
The institute has identified Germany and Japan among its target markets, with pathways planned for 2,000 nurses for Germany and a one-year preparation programme linked to around 4,000 healthcare positions in Japan.
Dr. Renuka Jayatissa, Vice-Chancellor and a specialist medical doctor, said demographic changes and the growing burden of non-communicable diseases were changing healthcare requirements in Sri Lanka.
Business
Sampath Bank launches Sri Lanka’s first community-powered book discovery platform at Colombo International Book Fair
Sampath GPay customers can enjoy 25% cash back on Book Fair purchases
Sampath Bank PLC has launched Sampath Book Finder, Sri Lanka’s first community-powered book discovery platform, giving visitors to the Colombo International Book Fair a faster and more seamless way to find the books they are looking for across the fair’s 150+ stalls, while also opening up new opportunities to discover titles recommended by fellow readers.
Introduced on the opening day of the Colombo International Book Fair on 25 September, Sampath Book Finder brings together digital innovation and the collective knowledge of readers to address a familiar challenge at one of Sri Lanka’s largest literary gatherings, where the scale of the fair can make locating a particular title a time-consuming exercise. When a book proves difficult to locate, visitors can access bookfairtracker.com or scan the designated QR code and submit a request to the community, allowing readers who have already spotted the title to share its location and help others find it without having to search stall after stall.
Commenting on the initiative, Milinda Weerasinghe, Chief Marketing Officer, Sampath Bank PLC, said, “At Sampath Bank, we believe meaningful innovation begins by identifying everyday challenges and creating solutions that make a real difference. Sampath Book Finder brings this thinking to the Colombo International Book Fair by turning the collective knowledge of readers into a real-time digital solution, empowering them to find what they are looking for, discover something new and help others do the same, while making the overall experience more convenient and connected.”
The platform also turns book discovery into a shared experience, allowing visitors to recommend books they encounter by sharing the title, publisher, hall and stall number, which enables fellow readers to discover sought-after titles and recommendations while making it easier to locate them within the fair.
Sampath Bank’s longstanding association with the Colombo International Book Fair also continues in 2026, marking more than 20 years of partnership, with the Bank serving as the Official Banking Partner for this year’s fair. As part of its presence at the event, SampathCards offer 25% cashback for Sampath GPay customers on their purchases and 3 months 0% instalment plans for book purchases via Sampath credit cards, while visitors can also access banking services through the Bank’s physical presence at the fair. Customers registering to open selected Fixed Deposits at the premises will receive an additional 0.25%, adding further value and convenience for visitors.
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