Business
German Ambassador hails ‘reliable partnerships’ that attract investments to Sri Lanka
Says both countries should brace for geopolitical risks in 2024
Opines restructuring external debt will be crucial for SL this year
Urges SL to fight corruption seriously and shore up investor confidence
By Sanath Nanayakkare
Reliable and trustworthy Sri Lankan businesses that share the same ethical and compliance standards with German industry leaders have the potential of attracting more German investments to Sri Lanka, Ambassador of the Federal Republic of Germany in Colombo, Dr. Felix Neumann said in Colombo recently.
“German investors are here in Sri Lanka for the long haul and have stood by Sri Lanka during good times and bad,” he noted.
“The other day, I was at the opening ceremony of the assembly plant between DIMO and Siemens. The two companies share the same ethical and compliance standards. As a result, they have built a trustworthy relationship over several decades, paving the way for an investment by Siemens in DIMO Sri Lanka,” he said elaborating on the point.
The German Ambassador made these comments during a New Year’s reception hosted by The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) at the Taj Samudra Hotel Colombo.
Addressing the industry leaders and professionals who took part in the annual AHK event, the German Ambassador said:
“I am pleased to address AHK Sri Lanka’s New Year reception 2024. This event is bringing together the community that is doing business in Sri Lanka with Germany. We must not forget that 2024 will be a challenging year too not only in Sri Lanka but also in Germany. Nevertheless, whilst geopolitical events may impact both countries and the global economy, we must remain optimistic and resilient in facing these challenges. Germany has been supportive of Sri Lanka’s economic recovery and debt restructuring efforts, however there is still more to be done.”
“Whilst good progress has been made, we are hopeful that Sri Lanka can secure the required MoUs that will provide concrete guarantees in restructuring its external debt. This will be a crucial aspect in 2024. One of the anticipated challenges may be a further decrease in global demand for consumer goods which will impact economies such as Sri Lanka.”
“Looking at the trade figures, in 2023, from January to October exports to the European Union (EU) decreased by approximately 12 % to nearly 2,3 million US$. During this period exports to Germany valued at approximately 500 million USD. A decrease of 23%. Imports from Germany had a volume of approximately 200 million USD. We realize that Sri Lanka is one of the few countries with a surplus making business with Germany. Yet, this surplus needs to be developed in 2024. And the decrease should turn into an increase.”
“Germany wishes to see a successful Sri Lanka reaching its full potential. For this, we need to have consistent policies, cut red tape, fight corruption seriously and shore up investor confidence. The expectation of a level playing field, respect for rule of law and anti-corruption measures will see more new investments coming into Sri Lanka.”
Making his concluding remarks, the Ambassador manifestly referring to the thriving partnership between Siemens and DIMO said,” These are the kind of success stories that I am hopeful of hearing more in 2024, and I would be very happy to support such success stories because a prosperous Sri Lanka is what Germany wants as much as you do.”
Business
Steps leading to the achievement of SL’s national interest in IOR
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
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’
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.
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