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Govt aims to make Sri Lanka a US$ 150bn economy in five years

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State Minister of Money, Capital Markets and State Enterprise Reforms Ajith Nivard Cabraal recently said that the government was aiming for Sri Lanka to become a US $ 150 billion economy which could be achieved through investments coming into the country over the next five years,

He said so speaking at the 41st National Conference of Chartered Accountants organised by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka).

 “We are developing laws to enable people to invest safely and a governance system which will provide the confidence and integrity for people to see Sri Lanka as a viable destination and we are developing the infrastructure which will enable people to do business better,” he said.

“I would like to see Chartered Accountants in Sri Lanka play a more active role in creating new opportunities for the country by connecting the right people to invest and spur growth,” he said.

 “Talk to your clients and your overseas partners and market Sri Lanka to ensure it is robust once again. We must make Sri Lanka a globally accessible workshop. If we make it a workshop, then I think we will have plenty of opportunities for our people,” he told over 2000 participants who had registered for the 3-day conference from 18th to 20th January 2021.

 For the first time in its history, the National Conference recognised as Sri Lanka’s biggest business summit adopted a hybrid model, with a combination of traditional physical and virtual sessions due to the prevailing global pandemic. The participants comprising of Chartered Accountants including business leaders and c-suite executives connected to the conference virtually from all over the world.

Cabraal said the government is taking steps to open up the Colombo Port City and the Hambantota Port Industrial Zone among many other new initiatives which, according to him, are tremendous opportunities for Chartered Accountants to promote to the world.



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A sustained wave of Indian assistance to Sri Lanka showcases defining shift in developmental diplomacy

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Transport Minister Bimal Rathnayake and Indian High Commissioner Santosh Jha at the plaque unveiling ceremony for the Moragahakanda Bridge project, supported by Indian grant assistance.

By Sanath Nanayakkare

An evolving approach to regional diplomacy was brought into sharp focus with the recent foundation-laying ceremony for the Moragahakanda Bridge in Matale.

Jointly launched by Indian High Commissioner Santosh Jha and Minister of Transport, Highways and Urban Development Bimal Rathnayake, this 175-metre span is far more than a routine civil engineering project. It serves as the physical manifestation of a broader USD 450 million reconstruction package deployed by India in the wake of Cyclone Ditwah, which severely fractured the island’s transport arteries.

Foreign aid is too often discussed in cold, macroeconomic abstractions. Yet, every so often, a consistent pattern of targeted assistance alters the landscape of bilateral relations, offering a clear window into how regional partnerships evolve out of necessity and goodwill.

Across the country today, a remarkable narrative of multi-layered cooperation is unfolding.

From critical post-disaster infrastructure and maritime routes to grassroots agricultural uplift and institutional capacity-building, India’s developmental footprint is shifting unmistakably toward an organic, people-centric model of shared resilience.

What distinguishes this latest wave of assistance is its deliberate pivot from emergency support to permanent, climate-resilient transformation. When Cyclone Ditwah initially paralysed regional connectivity, India’s immediate response was marked by the rapid deployment of temporary Bailey bridges.

Today, that swift humanitarian intervention has matured into a structural blueprint: the Moragahakanda project stands as the vanguard of 13 permanent bridges being built across Sri Lanka’s provinces by IRCON International Limited, complemented by upcoming railway upgrades and modern signaling systems backed by a USD 250 million Line of Credit.

The true signature of this diplomatic shift lies in its breadth, operating simultaneously across multiple tiers of society:

Institutional Governance: Delegations of Sri Lankan parliamentarians and senior administrative officers regularly travel to India to study public policy frameworks, legislative systems, and administrative practices.

Economic Lifelines: Financial mechanisms, such as viability gap funding for the Nagapattinam-to-Kankesanthurai passenger ferry service, continue to shrink geographical distances, reviving coastal commerce and tourism.

Grassroots Empowerment: Specialised capacity-building programmes tailored for local stakeholders – ranging from state officials to rural dairy farmers -ensure that development reaches deep into the island’s hinterlands.

By aligning immediate disaster relief with long-term infrastructure, institutional capacity, and human capital, India and Sri Lanka are demonstrating how neighbours can build safer, more connected futures together, grounded firmly in mutual respect and tangible progress.

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Bring your own bag to book fair, CEA urges

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By Ifham Nizam

The Central Environmental Authority (CEA) yesterday urged visitors to the Colombo International Book Fair to bring reusable bags to carry their purchases, as part of a drive to reduce single-use plastic waste at the event.

CEA Director General R. S. P. Kapila Rajapaksha said large quantities of plastic, particularly “sili sili” bags, had been used to carry books at previous book fairs.

“We urge visitors to bring an environmentally friendly, reusable bag when they come to buy books. This simple step can help reduce the use of single-use plastic and protect the environment,” Rajapaksha said.

The book fair opens on September 25, with the CEA and the Sri Lanka Book Publishers’ Association launching an awareness programme targeting book sellers, food vendors and visitors.

The programme will be conducted under the theme “Read Smart, Carry Smart”, focusing on reducing polythene and plastic use throughout the exhibition.

The CEA said the use of plastic bags is also subject to regulations issued under the Consumer Affairs Authority Act. Gazette Extraordinary No. 2456/41, dated October 1, 2025, prohibits the free distribution of handled “sili sili” bags to consumers. Where such bags are sold, the charge must be included in the customer’s bill.

The CEA said food outlets at the book fair would also be required to comply with regulations prohibiting a range of single-use plastic products.

These include plastic straws and stirrers, disposable plastic plates, cups, spoons, forks and knives, as well as polythene-based food wrappers commonly known as lunch sheets.

The CEA said it had discussed the requirements with relevant stakeholders and reached agreement to ensure that prohibited products are not used at food outlets within the exhibition premises.

The authority urged both traders and visitors to cooperate with the initiative and help make this year’s book fair a more environmentally responsible event.

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Japanese investor Yoshimichi Watanabe backs Hunas Holdings

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Yoshimichi Watanabe / Tanaka - Director Hunas Holdings PLC

Partnership signals renewed foreign investor confidence in Sri Lanka as a destination and in the long-term growth of its hospitality sector

Japanese investor Yoshimichi Watanabe has entered into a partnership with Colombo Stock Exchange-listed Hunas Holdings PLC, in a move that comes as the diversified conglomerate prepares a significant expansion of its hospitality and real estate interests in Sri Lanka.

The partnership brings foreign capital and international market experience into one of Sri Lanka’s fastest-diversifying listed groups at a point when the Group is actively building out its pipeline across both sectors. Hunas Holdings is currently evaluating a series of hospitality and real estate developments in Sri Lanka, with further announcements expected in the coming months.

Hunas Holdings PLC operates across hospitality and leisure, real estate, renewable energy and agriculture, with a hotel portfolio that includes Hunas Falls in Elkaduwa

For Sri Lanka, the significance of the partnership extends beyond the two parties. Inbound investment of this nature, from an investor with direct and sustained experience of the market, is a measure of returning confidence in the country as a destination and in the underlying fundamentals of its hospitality sector, at a time when the industry is repositioning towards higher-value, experience-led travel.

Watanabe brings investment experience across e-commerce, hospitality and real estate in Japan and in international markets including Bali, Indonesia. He has also maintained a relationship with Sri Lanka over many years, having made multiple investments in the country, giving him first-hand insight into its business environment, regulatory landscape and long-term potential.

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