Business
Dialog Axiata powers Venture Engine startup acceleration programme
Supporting the viability of entrepreneurs against the backdrop of the pandemic and the challenging economic and operating environments posed by it, Dialog Axiata PLC, Sri Lanka’s premier connectivity provider, once again powered the 2021 edition of the Venture Engine start-up acceleration programme as it has done since inception, with Dialog Television joining hands as the Pay TV Partner.
Founded by BOV Capital and the Indian Angel Network, Venture Engine is partnered by the Lankan Angel Network (LAN) and supported by Dialog Axiata PLC. Venture Engine has returned for its tenth year with plans to help innovative and scalable start-ups solve a genuine pain point. While the programme will look at Seed and Growth stage start-ups that are interested in scaling, it will also cater to entrepreneurs opting to submit new, early-stage business ideas with large addressable markets. Registrations are open for applicants until 12th November 2021 via www.ventureengine.lk.
This year’s Venture Engine programme will, for the fourth time, offer a special Impact Entrepreneurship Award that highlights for-profit Social Enterprises that are tackling pressing social, environmental, and economic issues in Sri Lanka. The programme is sponsored by promoted by Ford Foundation and Indian Venture Capital firm Aavishkaar. Other sponsors and partners for 2021 include Dialog Axiata PLC, ICTA, SL@100, Council for Start-ups, SLASSCOM, HATCH, KPMG, PwC, AOD, Shift and CPP.
Commenting, Group Chief Executive of Dialog Axiata PLC, Supun Weerasinghe said, “Dialog Axiata PLC, Sri Lanka’s premier connectivity provider, has been a long-term partner of the Venture Engine programme and is pleased to once again join hands with the platform as the official Telecommunication and Pay TV Partner in our shared vision of nurturing and strengthening the Sri Lankan start-up ecosystem.”
Speaking on the initiative, Prajeeth Balasubramaniam, Co-Founder/Managing Partner of BOV Capital said, “Venture Engine has been a catalyst in helping start-ups raise funding over the past 10 years. As a foremost funding platform in Sri Lanka, Venture Engine has funded over Rs. 2Bn investments into 35+ start-ups. We are proud that Dialog has continued to support venture engine since inception and shares our vision and goal to create exceptional companies in Sri Lanka.”
Business
EU’s new anti-greenwashing rules pose major challenge for Sri Lankan exporters
Countdown to September 2026 begins
Sri Lankan exporters selling into Europe may soon face one of the most significant regulatory shifts in recent years as the European Union prepares to enforce sweeping new rules aimed at eliminating ‘misleading’ environmental and sustainability claims.
The regulation, known as the Empowering Consumers for the Green Transition Directive (EmpCo) – Directive (EU) 2024/825, will become fully enforceable across all EU member states from September 27, 2026. While the directive is primarily designed to protect European consumers from so-called ‘greenwashing,’ and it carries important implications for exporters worldwide, including those in Sri Lanka.
Compliance experts warn that many local businesses remain largely unaware of the new requirements despite their potential impact on market access, brand reputation, and regulatory compliance.
The directive introduces a simple but demanding principle: companies must be able to substantiate environmental and sustainability claims with credible evidence. Generic descriptions such as ‘eco-friendly,’ ‘green,’ ‘sustainable,’ ‘responsible,’ ‘carbon neutral,’ or ‘climate friendly’ may no longer be used freely unless they can be verified through reliable data and supporting documentation.
For Sri Lankan exporters, this represents a significant shift. Sustainability claims increasingly appear on product packaging, websites, social media campaigns, annual reports, tourism marketing materials, and corporate communications. Under the new framework, such claims could face scrutiny from regulators, consumers, retailers, and civil society groups.
The directive also places particular emphasis on future environmental commitments. Claims such as ‘Net Zero by 2040’ or ‘Carbon Neutral by 2030’ may require businesses to demonstrate clear implementation plans, measurable milestones, and systems for monitoring progress rather than relying on aspirational statements alone.
An environmental compliance expert told The Island Financial Review that this transforms sustainability from a communications exercise into a governance issue. “Responsibility will no longer rest solely with sustainability departments. Company directors, senior executives, marketing teams, procurement professionals, and compliance officers will all have roles to play in ensuring that public claims can withstand regulatory scrutiny. The potential costs of non-compliance are considerable. Under the directive, penalties may include fines of up to four percent of annual turnover generated within the relevant EU member state, restrictions on marketing activities, increased regulatory investigations, and challenges from consumer organisations and commercial partners.”
“The reputational consequences may prove even more damaging. In highly competitive export markets, trust has become a critical business asset. Companies found to be making unsubstantiated environmental claims could face long-term damage to relationships with buyers, retailers, and consumers.”
“The timing is particularly important for Sri Lankan businesses because compliance preparations, reporting frameworks and adjustments are needed before the enforcement date arrives.”
“Businesses supplying European markets are therefore being encouraged to begin assessing their exposure now rather than waiting until the last minute. Early preparation could help exporters safeguard market access, maintain buyer confidence, and strengthen their competitive position in an increasingly sustainability-conscious global economy.”
“For Sri Lanka’s export sector, the message from Europe is becoming increasingly clear: sustainability claims will no longer be judged by how compelling they sound, but by how convincingly they can be proven,” he said.
As the countdown to September 2026 begins, exporters may need to ask themselves a critical question: Are their sustainability claims ready for a new era of accountability?
By Sanath Nanayakkare
Business
University of West London opens Sri Lanka’s first full UK university branch campus
The University of West London (UWL) has formally opened the University of West London Sri Lanka Branch Campus, the country’s first full UK university branch campus, marking a landmark development in Sri Lanka’s higher education sector.
The University of West London Sri Lanka Branch Campus is designed to bring a UK university learning experience closer to students in Sri Lanka. The campus is operated by ANC Campus, a pioneer in the higher education sector in Sri Lanka with over two decades of experience in delivering internationally recognised education.
The University of West London Sri Lanka Branch Campus gives students the opportunity to study towards world-class UK degrees while remaining close to home. Academic delivery, assessment and quality assurance will be aligned with University of West London standards, with the University maintaining academic oversight of its courses and awards. Students will have access to UWL-approved programmes, academic support, learning resources and a campus environment designed to promote academic success, confidence and employability.
Business
Xiaomi Store powered by Abans opens at One Galle Face Mall
Xiaomi Sri Lanka, marked a significant day in the brand’s local journey with the launch of the all-new Xiaomi 17T and the grand opening of the new Xiaomi Store powered by Abans at One Galle Face Mall, Lower Ground.
This occasion reflects the brand’s growing presence in the country and its commitment to bringing smarter technology, connected devices and immersive customer experiences closer to Sri Lankan consumers.
Held under the theme “Step into a smarter world with Xiaomi,” the launch event welcomed media, partners, technology enthusiasts and customers to experience Xiaomi’s latest innovation and wider smart ecosystem. The new store at One Galle Face Mall powered by Abans has been designed to give customers a hands-on experience across Xiaomi smartphones, smart home products, lifestyle technology and connected devices, supported by Abans’ strong retail presence and customer service network.
Commenting on the milestone, Kain Wang, Country Head, Xiaomi Sri Lanka, said, “17th June is a significant day for Xiaomi in Sri Lanka as we celebrate two important milestones together: the launch of the Xiaomi 17T and the opening of our new Xiaomi Store powered by Abans at One Galle Face Mall. This reflects the strength of Xiaomi’s journey in Sri Lanka and our continued commitment to offering innovation, performance and smarter lifestyle experiences to local consumers. With Xiaomi 17T, we are bringing advanced Leica imaging, powerful performance and long-lasting battery life to users who want to do more with their smartphones. At the same time, our new store creates a dedicated space for customers to experience the Xiaomi ecosystem in a more personal and engaging way.”
-
News7 days agoBeijing Capital Airlines to resume flights to Colombo signalling boost to tourism
-
Features6 days agoKilling of Colombo’s ancient trees — a warning on UN’s World Desertification Day – 17 June
-
News4 days agoCreditor receives USD 2.5 mn as Lankan public bears loss from theft of Treasury funds
-
News3 days agoCreditor not yet paid
-
News3 days agoConsumers bearing 22% tax burden despite 18% VAT claim: Dr. Harsha de Silva
-
Opinion5 days agoBeyond diagnosis: A strategic design for 7% growth by 2029 (Part I)
-
Opinion7 days agoFifty years after Soweto uprising
-
News6 days agoIndia provides military stores worth USD 5.5 mn to SL
