Business
Historic Agreements strengthen ties between Sri Lanka and Thailand
In Sri Lanka’s pursuit of transforming into a high-income country by 2048 involving trade negotiations with countries like Thailand, the Sri Lanka Thailand Free Trade Agreement (SLTFTA), was signed, during the visit of Thai Prime Minister Srettha Thavisin and his delegation of business dignitaries today (03) at the Presidential Secretariat.
This move aims to enhance market opportunities, with negotiations covering various aspects such as Trade in Goods, Investment, Customs Procedure, and Intellectual Property Rights.
Minister of Trade, Commerce, and Food Security, Nalin Fernando, represented Sri Lanka by signing the agreement, while Phumtham Wechayachai, Deputy Prime Minister and Minister of Commerce, represented Thailand by signing the accord.
Thailand, the 37th exporting destination of Sri Lanka, holds significant economic importance, with a GDP of USD 495 billion in 2022 and is one of the largest outward investors in ASEAN. Thailand has brought over USD 92 Million worth of FDI to Sri Lanka during the period from 2005 to 2022. In 2018, it was anticipated tripling the existing bilateral trade value (USD 550 Mn) to USD 1.5 Billion within four years. One of the main objectives of entering into a Free Trade Agreement (FTA) with Thailand is to enhance market opportunities for Sri Lanka with possible expansion.
The SLTFTA, having undergone extensive negotiations, has received legal clearance and is set to further strengthen economic ties between the two nations.
In a related development, the Governments of Sri Lanka and Thailand signed a new Bilateral Air Services Agreement, providing for liberalized services between the two countries. The agreement, which supersedes the 1950 agreement, reflects the commitment to enhance aviation relations and regulatory frameworks.
On behalf of Sri Lanka, the Minister of Ports, Shipping, and Aviation, Nimal Siripala de Silva, signed the agreement, while representing Thailand, Jakkapong Sangmanee, Deputy Minister of Foreign Affairs, signed the document.
Meanwhile, the Gem and Jewellery Research and Training Institute (GJRTI) of Sri Lanka and the Gem and Jewellery Institute of Thailand (GIT) solidified their commitment to enhance bilateral cooperation by signing a Memorandum of Understanding (MOU) which also took place at the Presidential Secretariat.
Representing Sri Lanka, B.G.R.W. Gamlath, Director General (Actg) of the Gem and Jewellery Research and Training Institute (GJRTI), and representing Thailand,. Sumed Prasongpongchai, Director of the Gem and Jewellery Institute, signed the Memorandum of Understanding on behalf of the two countries.
The Gem and Jewellery industry, deeply rooted in Sri Lanka’s history, has flourished due to its production of high-quality gems, positioning the country uniquely in the global market. Thailand, currently holding a distinctive position in the international Gem and Jewellery industry, recognizes the importance of collaboration. With the shared goal of developing and promoting the industry in both nations, the MOU focuses on information exchange, scientific and technical research, and training activities.
The agreement stems from the 2018 strategic economic cooperation MOU between the governments of Sri Lanka and Thailand. GJRTI and GIT will collaborate on gem deposit and exploration research, value addition to gemstones, and jewellery manufacturing. The exchange of gem-related rock samples and minerals between the two institutes will be facilitated under the laws and regulations of both countries.
GIT will offer training courses in gemmology, jewellery designing and manufacturing, contributing to the skill development in Sri Lanka. The collaboration aims to increase economic returns from the Gem and Jewellery industry by sharing information on gem materials and deposits.
(PMD)
Business
HNB partners IDEAL Motors to drive financial freedom through vehicle leasing solutions
HNB PLC, the leading private bank in Sri Lanka, has partnered with IDEAL Motors (Pvt) Limited to provide customers with attractive leasing solutions for brand-new vehicles & generators .
The partnership introduces a range of benefits designed to support individuals, entrepreneurs, and businesses seeking reliable vehicle and power solutions. Through this collaboration, customers can access structured lease facilities, special interest rates, free life insurance coverage, and attractive discounts through HNB General Insurance.
Commenting on the partnership, HNB, Senior Vice President/ Head of Retail Banking, Kanchana Karunagama, said, “At HNB, we believe that the right financial support can help people and businesses move forward with greater confidence. This partnership with IDEAL Motors shows our commitment to creating meaningful solutions that make vehicle and power investments more accessible, while helping our customers achieve their personal and business aspirations. By combining HNB’s financial expertise with IDEAL Motors’ industry capabilities, we are creating opportunities that support the ambitions of Sri Lankans and contribute towards a stronger, more connected economy.”
Customers purchasing vehicles through IDEAL Motors will also benefit from exclusive offers including free registration, and discounts on Bolero Maxx Pik-Up, Alfa Plus Load Carrier, Mahindra Pik-Up Single Cab, Mahindra Pik Up Double Cab, XUV 3XO vehicles, creating greater value throughout their ownership journey.
IDEAL Motors (Pvt) Limited, Director Legal and Corporate Affairs, Nimesha Welgama, said, “Our collaboration with HNB represents a shared commitment to supporting Sri Lankans in achieving greater financial independence through accessible ownership solutions. By combining IDEAL Motors’ mobility and power solutions with HNB’s financial expertise, we aim to empower individuals and businesses with opportunities that contribute to economic progress and community development. This partnership highlights our vision of creating lasting value by enabling customers to confidently invest in their future.”
With IDEAL Motors recognised for its diverse portfolio of automotive and power solutions, and HNB’s extensive expertise in financial services, the partnership aims to provide a seamless experience from selection to ownership, supported by flexible financing options and customer focused solutions.
The partnership further strengthens HNB’s commitment to supporting economic progress by providing financial solutions that enable customers to invest in personal mobility, commercial growth, and business continuity. Through collaborations with leading industry partners, HNB continues to expand opportunities for Sri Lankans while delivering a banking experience built around accessibility, trust, and value.
Business
Sri Lanka Insurance Corporation General and the Ministry of Education committed to protect Sri Lanka’s schoolchildren
Sri Lanka Insurance Corporation General Ltd (SLICGL) and the Ministry of Education, Higher Education and Vocational Education share a commitment to protect Sri Lanka’s children throughout their school education. The pledge is delivered through the Suraksha Student Insurance Scheme, which protects over 4 million school children.
The Government of Sri Lanka, through the Ministry of Education, Higher Education and Vocational Education, provides the Suraksha Student Insurance Scheme free of charge to schoolchildren throughout the country. SLICGL is proud to partner with the Ministry in delivering this national initiative, which helps safeguard students against the financial impact of unforeseen circumstances.
Eligible students include those aged 5-21 years in Grades 1-13 from government schools, government-approved private schools, and Pirivena education, as well as students aged 4-21 years in assisted special schools.
The scheme provides hospitalisation, outpatient and critical illness cover, as well as personal accident cover for permanent and temporary disability, together with a life insurance benefit for children from low-income families on the death of a parent. Cover applies to incidents within and outside school premises.
For a child, an illness or accident can be far more than a temporary setback. It can place added pressure on a family and, in some circumstances, disrupt schooling. Suraksha acts as a safety net, giving children and their families greater peace of mind and helping them stay in school despite life’s uncertainties. The scheme is easily accessible through SLICGL’s islandwide network of 200 branches and customer service centres.
Children’s Day is a celebration of hope, the hope for every child to have the opportunity to learn, grow and build a better future. Celebrating children also means protection, not for a single day but for every day they spend in the classroom.
Commemorating Children’s Day, SLICGL extended support towards the educational needs of children at an underprivileged school. The project highlighted the company’s belief in protecting the future not only by being supportive when the unexpected happens, but also in helping create an environment in which children can learn, grow and fulfil their potential.
As Sri Lanka’s National Insurer, SLICGL’s role goes further than protecting people against risk. It is also about contributing to a stronger, safer and more resilient country as children’s education, wellbeing and aspirations contribute directly to help build the journey ahead.
Business
Vietjet launches Hanoi to Prague route via Almaty, expanding to Central Asia and Europe
Vietjet, which already flies between Colombo and Ho Chi Minh City, has officially launched new services connecting Hanoi with Almaty, Kazakhstan, and Prague, Czech Republic, as well as Almaty with Prague, expanding its intercontinental network and marking its entry into the European Union. The new air links offer more affordable travel options while fostering greater tourism, trade and cultural exchange between Asia and Europe.
For Sri Lanka, the new routes widen the network that Vietjet is building out of Colombo. The airline has operated non-stop flights between Colombo and Ho Chi Minh City since August 2026, three times a week on Tuesdays, Thursdays and Saturdays, while its new Ho Chi Minh City to Maldives service via Colombo is scheduled to begin on 5 December 2026. With Hanoi now linked to Central Asia and Europe, Sri Lankan travellers have a growing choice of destinations reachable through Vietjet’s extensive network.
The inauguration ceremonies took place at Almaty International Airport and Václav Havel Airport Prague on 10 October, amid a warm welcome from local leaders, residents and visitors. The inaugural flights were greeted with traditional water cannon salutes and performances showcasing local cultural heritage, marking the beginning of new journeys connecting the three regions and welcoming international travellers to Vietnam. Passengers on the inaugural flights also received commemorative gifts from Vietjet and the airports, adding a special touch to their journeys.
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