Business
IFC and Colombo Stock Exchange Ring the Bell for Gender Equality in Sri Lanka
For the seventh consecutive year, IFC partnered with the Colombo Stock Exchange (CSE) to ‘Ring the Bell for Gender Equality.’ Celebrated in line with the International Women’s Day, the annual global initiative highlights how greater participation of women in the economy can spur sustainable and inclusive growth, shaping a more equal future.
IFC’s commitment to the initiative is part of its strong focus on gender equality, which includes leveraging relationships with financial institutions to expand access to finance for female entrepreneurs and increase the number of women in leadership roles.
“The Colombo Stock Exchange (CSE) joined this initiative in 2016 as one of the initial stock exchanges, and we believe this is the platform to convene business leaders, investors, and other key parties at the national level to highlight the growing business and economic case for gender equality,” said Dumith Fernando, Chairman of the CSE. “We at the CSE are encouraged to note that more of our listed companies have welcomed the participation of strong, independent women on their boards. This is evident by a steady increase over the years in the number of listed companies with women holding corporate board seats. There are 96 new board positions that have been occupied by women since 2018. Even though we see a positive trend, we are still short of the regional markets. So, all of us, as policymakers in our respective corporates, are vested with the duty to encourage gender equality in our establishments.”
In Sri Lanka, the female labor force participation rate remains stagnate at around 35 percent, compared with a steady male participation rate of 74 percent. Similarly, the average female unemployment rate (7 percent) remained more than double that of men (3 percent) between 2011 and 2019. By improving female labor participation, McKinsey Global Institute estimates, Sri Lanka can potentially add $20 billion a year to its gross domestic product (GDP) by 2025 — increasing economic growth by about 14 percent.
Accelerating the pace of gender parity could generate financial returns in the private sector, leading to significant economic, environmental, social, and governance gains in emerging markets.
“Pushing for gender equality today is needed for a sustainable tomorrow. Research – including IFC’s – continues to demonstrate that gender diversity in the boardroom boosts financial performance, promotes better decision-making processes and improved environment, social and governance (ESG) practices,” said Lisa Kaestner, Country Manager for IFC Sri Lanka and Maldives. “We need more women business leaders for an inclusive and resilient recovery in the country. I hope that companies and policy makers continue to commit toward accelerating the progress made to date.”
According to IFC research — under the IFC-DFAT Women in Work program — the number of women on CSE-listed boards increased from 8.2 percent in 2018 to 10.1 percent in 2022 (from 144 to 240). However, this remains well below the global average of 20 percent. Among the top 30 CSE-listed companies – as highlighted by IFC report ‘Realizing Sustainability through Diversity: The Case for Gender Diversity Among Sri Lanka’s Business Leadership’ – the correlation between increased board diversity and financial performance is clear, with positive trends being reported in line with indicators such as return on total assets and price-to-earnings ratio.
IFC’s ‘Women on Boards’ program in Sri Lanka is part of the broader efforts to increase women’s private sector participation and leadership by promoting the adoption of corporate governance practices among Sri Lankan companies. IFC’s work in this area is supported by the government of Australia under the IFC-DFAT Women in Work program.
“The Women in Work partnership is integral to the Australian government’s commitment towards advancing opportunities for women and boost economic growth in Sri Lanka. It is based on global evidence that greater diversity is good for business and the economy,” said David Holly, the Australian High Commissioner for Sri Lanka.
Business
SIA warns of 1,000 SME collapses, urges fair policies to protect Sri Lanka’s rooftop solar sector
By Sanath Nanayakkare
The Solar Industries Association (SIA), representing over 1,000 companies and employing 40,000 workers in Sri Lanka’s rooftop solar sector, issued a stern warning recently regarding threats to the industry’s survival and the nation’s renewable energy ambitions. The association condemned recent regulatory instability and called for urgent policy reforms to avert economic and social crises.
The SIA categorically rejected the Ceylon Electricity Board’s (CEB) claim that rooftop solar installations caused the recent island-wide power outage, calling the accusation “baseless and misleading.”
“Public trust is eroded when accountability is misdirected,” the SIA stated. “We demand an independent, transparent investigation led by experts appointed by the Ministry or the Public Utilities Commission (PUCSL). The CEB’s unilateral statements disregard the sector’s contributions and jeopardize Sri Lanka’s renewable energy transition,” they said.
“While acknowledging the formation of a tariff determination committee, the SIA criticized its narrow focus on financial parameters, ignoring the sector’s socioeconomic value. Rooftop solar empowers businesses and households with energy independence, reduces grid strain, and supports climate goals. However, proposed volatile tariff structures risk destabilizing over 100,000 installations—primarily owned by middle-class families—and deter future investment,” they noted.
“A rigid, equation-based tariff system is unsustainable,” the association warned. “Sri Lanka needs a stable policy framework to attract long-term investments. For instance, retirees could invest EPF savings into solar projects, securing income while advancing national energy targets. Without urgent action, 1,000 SMEs and 40,000 jobs face collapse, with dire consequences for employment, energy security, and economic stability,” they pointed out.
SIA urged policymakers to establish an independent committee to investigate the power outage fairly, expand the tariff committee’s mandate to include socioeconomic and environmental benefits and implement predictable policies to safeguard SMEs, households, and investor confidence.
“Sri Lanka stands at a crossroads,” the SIA emphasized. “Protecting rooftop solar isn’t just about energy—it’s about livelihoods, economic resilience, and a sustainable future. We urge stakeholders to collaborate on solutions that prioritize both people and progress,: they emphasized.
SLT-MOBITEL has entered into a strategic partnership with Rush Lanka Group to provide exclusive SLT-MOBITEL Fibre connectivity solutions to their portfolio of luxury apartment developments in Colombo and the suburbs, enhancing the digital experience of all residents.
The agreement was signed between Imantha Wijekoon, Chief Business Officer of Consumer Business at SLT, and Zaid Ariff, Director of Construction at the Rush Group headquarters. Representatives from both companies also attended the ceremony.
Under the partnership, SLT-MOBITEL will serve as the exclusive digital service provider for five prestigious Rush Lanka developments including Street Rush Residencies and Rush Court 4 in Mt. Lavinia, Rush Tower 2, Rush Metropolis in Dehiwala, and Rush Court 5 in Colombo 14. The collaboration ensures residents will enjoy superior fibre connectivity speeds, enabling seamless digital experiences in modern smart homes. The partnership with the Rush Lanka Group aligns with SLT-MOBITEL’s commitment to offer ultra-fast, reliable connectivity solutions to residential developments. Delivering exclusive fibre connectivity to luxury apartments, SLT-MOBITEL ensures residents have access to world-class digital services that complement the living experience promised by Rush Lanka Group.
Powered by advanced fibre technology, SLT-MOBITEL network will provide the residences with seamless performance across digital activities. The SLT-MOBITEL Fibre backbone ensures lag-free experiences whether tenants are gaming online, attending virtual classes, working remotely, or streaming high-definition entertainment. SLT-MOBITEL Fibre will transform the lifestyles of all apartment users bringing greater convenience and superior quality of life.
Rush Lanka Group, established in 1992, is a property developer specializing in luxury and semi-luxury apartments.
Starting its promotional work for 2025, Sri Lanka Tourism Promotion Bureau (SLTPB) added another feather into its cap of endorsements, by being recognized as the most innovative Tourism Board promotion in Outbound Travel Mart (OTM) . In parallel to that, several other sub events were held. The OTM was held in Jio World Convention Centre, Mumbai—India, from 30th January to 01st February 2025.Before OTM, the Global Village – Global Exchange & Trade Exhibition was held at the Surat International Exhibition & Convention Centre , Sarsana, Surat (Gujarat – India , from 25th to 27th January 2025. This travel fair was organized by Southern Gujarat Chamber of Commerce and Industry (SGCCI).
Sri Lanka participated in both OTM and South Asia’s Travel & Tourism Exchange (SATTE), held from 19th – 21st Feb 2025, in New Delhi, India . This was an excellent opportunity for Sri Lanka to promote it’s potential as a unique travel destination, especially for the Indian counterparts, as SLTPB has identified India as the number one source market for Sri Lanka, tourism bringing the largest number of tourist arrivals to the destination.
Our government has reaffirmed its commitment to breaking barriers that limit women’s full participation in the economy, recognizing their vital role in national development. – Dr. Harini Amarasuriya
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