Business

Indian HC brings up hot topics to the attention of SL authorities

Published

2 years ago

2024/10/21

Thilina Walpola

Santosh Jha, High Commissioner of India

Connectivity corridor between India and Sri Lanka, cheaper energy production and grid interconnection

By Sanath Nanayakkare

Santosh Jha, the High Commissioner of India while delivering the keynote at the 45th National Conference of CA Sri Lanka on 14 October 2024, brought up a topic that the previous government was keen to implement amid protests from various quarters including the Buddhist prelates.

The 23-kilometer Palk Strait Bridge and Tunnel first proposed between 2002-2004 by then prime minister Ranil Wickremasinghe was renewed while he was president between 2022-2024, and it resurfaced last week when the Indian High Commissioner put his finger on the proposal before the new government of Sri Lanka has completed its first month in office.

In addition to that the Indian HC mentioned many other collaborative efforts that Sri Lanka could pursue to benefit from India’s accelerated growth story including cheaper energy production and grid interconnection.

The following are a few excerpts from his speech.

I am truly delighted to have this opportunity to address the 45th National Conference of the Institute of Chartered Accountants of Sri Lanka. I am truly honored and privileged to have received this invitation.My guess is that it is perhaps also a reflection of a growing desire in Sri Lanka to look at India afresh – and to seek advantages from the Indian growth story. If so, this is a legitimate aspiration. We must work hand-in-hand and grow and prosper together. Like it or not, we are naturally intertwined and interlinked – by geography, history, tradition and by our future. We are irreplaceable, indispensable and inextricable as partners. Any attempt to drive a wedge can only be detrimental to our shared future and for our shared aspirations. It will be a negative not just for one side alone but to the other as well – and that too in equal measure. We must, therefore, transcend old mindsets and overcome past hesitations. We must actively work together for our shared goals, objectives and aspirations.

Within the G20, the Indian economy has been a star performer. It is the world’s fastest growing major economy. Its solid fundamentals will ensure that India’s high growth is likely to continue for decades to come. Just to elaborate, ten years ago, India was the 10th largest economy in the world; we are now the fifth largest; and we will soon be the third largest before the end of this decade. Many global experts predict that India could emerge as the second largest economy by 2050.

So, India is clearly emerging as a key player in this ongoing rebalancing. Our share of the global GDP growth, too, is rising exponentially. Sri Lanka, as our closest maritime neighbor, has an obvious opportunity in this context. To plug in to the regional growth engine that is India and to leverage it to rebuild its own growth and prosperity.

The ongoing shifts in global power also implies that the traditional institutions that had managed the global order are increasingly inadequate to deal with them. This includes the UN, the WTO, the WHO and others. They are today completely out of sync with contemporary realities, unrepresentative in terms of emerging global power configurations, and unable to address global challenges. This was most ominously evident during the Covid pandemic, when the UN was mostly a bystander. Metaphorically speaking, their software is not only outdated but also in need of an urgent update.

Ineffectual global institutions have given rise in turn to the phenomenon of plurilateralism. This refers to a group of countries taking recourse to mechanisms that serve their limited agenda and shared interests in an agreed theater. The QUAD, BRICS, BIMSTEC or IORA or the more recent Colombo Security Conclave are best examples. Sri Lanka is already a part of the BIMSTEC, IORA and Colombo Security Conclave. Recently, it has also announced its intention to seek membership of the BRICS. These enable Sri Lanka a role in designing and shaping regional structures and to leverage them to benefit from security and economic structures that are set up within these groupings. Obviously, India as a member of these groupings provide Sri Lanka with another vector for engagement with India. Another example of such plurilateral mechanisms, which is interesting from Sri Lanka’s perspective, is the IMEC – or the India-Middle East-Europe Economic Corridor. This initiative aims to connect India, Middle East, and Europe.

A connectivity corridor between India and Sri Lanka, therefore, can open doors to Sri Lanka to connect with the rest of the world and to access markets and opportunities beyond India that are presently not leveraged.

As India attracts more foreign investors, there is a potential for Sri Lanka to attract business from those who are seeking to enter India. Sri Lanka can position itself as India plus one, in several areas – from services to manufacturing. It can leverage its location, and of course, its strong bilateral business and commercial links with India.

After the Presidential Elections in Sri Lanka, External Affairs Minister Dr. S. Jaishankar became the first foreign dignitary to visit Sri Lanka. This is indicative of the priority we accord to the bilateral partnership with Sri Lanka. In his meetings with the Sri Lankan leadership, EAM discussed ongoing initiatives in the field of cheaper energy production and grid interconnection, low-cost fuel and LNG supply, solar electrification of religious places, connectivity, DPI, health and dairy development. Our approach is closely linked to Sri Lanka’s priorities and seeks to strengthen the effort of the Sri Lanka Government to fulfill the growing aspirations of its people. Like in the domestic domain, our foreign policy towards Sri Lanka, too, is people-centric – the benefits to them are the only benchmark of our efforts.

For this reason, India is looking at assisting development of Sri Lanka through investments and grants, and relatively less through debt instruments. This, we believe, serves Sri Lanka better given its recent experiences with debt burdens. For this reason, EAM Jaishankar announced that payments for 07 completed Lines of Credit projects to the tune of 20 million US dollars would be converted into Grant assistance.

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Business

Fifty ninth ADB Annual Meet opens in Samarkand amid global uncertainty

Published

19 hours ago

2026/05/4

Thilina Walpola

Guests from member countries of the ADB arrive at the venue for the 59th Annual Meeting of the Bank in Samarkand, Uzbekistan, yesterday

The 59th Annual Meeting of the Board of Governors is set to commence this week, bringing together finance ministers, central bank governors, policymakers and development leaders from across Asia and beyond at a time of mounting global economic and geopolitical uncertainty.

Addressing journalists ahead of the opening sessions, Bernard Woods, Principal Director of the Department of Communications, said the meetings were beginning at a pivotal moment for the world, with fuel markets, food security and fertilizer supply chains coming under strain due to tensions in the Middle East.

He noted that amid rising political and economic fragmentation, regional connections and stronger collaboration have become more important than ever. Against that backdrop, the key sessions and high-level discussions in Samarkand will focus on building collective resilience and strengthening cooperation among member countries.

Among the major themes expected to dominate the agenda are cross-border digital connectivity, cyber security, energy integration, capital market development, transport corridors and the responsible adoption of artificial intelligence to improve resilience and productivity in member economies. Woods also said discussions would examine how resources can be distributed more effectively to meet the unique development priorities of each country.

The official programme features a series of strategic seminars and media events over four days. The opening session of the Board of Governors will include addresses by high profile authorities and subject experts.

Other key sessions include discussions on how capital markets can drive development across Asia and the Pacific, scaling up investments for critical minerals and manufacturing value chains, digital highways for inclusive growth, and pan-Asia transport and power connectivity initiatives.

ADB President Kanda is also scheduled to hold a press conference to announce major new initiatives, while several technical briefings will examine global value chains, private sector operations, digital transformation and regional energy cooperation.

With global shocks increasingly spilling across borders, the Samarkand meeting is expected to underline a central message: that regional cooperation, practical partnerships and timely investment remain essential for sustaining growth and stability across Asia and the Pacific.

By Sanath Nanayakkare in Samarkand, Uzbekistan

Business

Nations Trust Bank completes transfer of HSBC Sri Lanka’s Retail Banking Business to its portfolio

Published

20 hours ago

2026/05/4

Thilina Walpola

Nations Trust Bank PLC (NTB) has announced that the transfer of Hongkong and Shanghai Banking Corporation’s (HSBC) Retail Banking business in Sri Lanka to NTB has officially been completed, with the acquired portfolio transitioning to NTB effective 1st May 2026.

NTB has integrated HSBC Sri Lanka’s retail banking customers into its operations, ensuring continuity of service and relationship management. The transition also includes the onboarding of HSBC Sri Lanka staff as part of the integration process. The transition has been carried out with a focus on operational stability and minimal disruption, with ongoing support in place as customers familiarise themselves with their banking arrangements at NTB.

The migration brings approximately 200,000 retail customer accounts under NTB, encompassing savings and current accounts, fixed deposits, credit and debit cards, retail loans and a high‑net‑worth customer segment that now joins Nations Trust Bank Private Banking. Through this transfer, Nations Trust Bank’s countrywide network expands to 96 branches. The transition adds seven branches to the network, with locations in Bambalapitiya, Flower Road, Union Place, and Pelawatte operating as dedicated Private Banking Centres, while three other branches are located in Nugegoda, Jaffna, and Kandy.

To support customers during the transition period, NTB has ensured that multiple access points and support channels remain available. Customers may continue to bank through the nearest NTB branch, contact NTB’s 24-hour Help Desk via +94 11 441 4151, and access digital banking services through the Nations Direct mobile app. Dedicated transfer‑related information and FAQs are also available at https://migration.nationstrust.com

Additionally, arrangements were made to extend branch support across two weekends as part of the transition programme.

Business

Amana Takaful named Sri Lanka’s Most Awarded Insurance Company

Published

20 hours ago

2026/05/4

Thilina Walpola

(L) Siva Karthigun, Chief Executive Officer – General and Gehan Rajapakse, Chief Executive Officer – Life

Amana Takaful Insurance has been recognized as Sri Lanka’s Most Awarded Insurance Company for 2026 by LMD Magazine, marking its third consecutive year of achievement. This recognition reflects the company’s consistent focus on delivering value across both its Life and General businesses, supported by customer-centric solutions, operational discipline, and continued innovation.

Over the years, Amana Takaful has strengthened its market position by enhancing service delivery, investing in digital capabilities, and expanding access to insurance solutions for a wider segment of Sri Lankans.

Commenting on the recognition, Siva Karthigun, Chief Executive Officer – General, stated: “This recognition reflects the discipline and focus we maintain across our operations to deliver consistent outcomes for our customers. Our continued investments in process improvements, digital capabilities, and service excellence have enabled us to strengthen our responsiveness and reliability, ensuring we meet the evolving expectations of our customers across all touchpoints.”

Commenting further, Gehan Rajapakse, Chief Executive Officer – Life, stated: “This recognition reflects the consistency of our efforts in delivering meaningful value to our customers, while continuously strengthening our capabilities across both Life and General businesses. As we move forward, our focus remains on enhancing accessibility, leveraging digital innovation, and ensuring our solutions remain relevant to the evolving needs of Sri Lankans, while maintaining the highest standards of service and reliability.”

Notably, a significant portion of these awards were received for digital excellence, underscoring the company’s continued progress in its digital transformation journey. Amana Takaful’s investments in technology-driven solutions, process automation, and enhanced digital customer experiences have played a key role in strengthening accessibility, efficiency, and service delivery across both Life and General businesses.

The recognition further reinforces Amana Takaful’s standing within the industry, highlighting its ability to sustain performance and adapt in a dynamic environment. For Every Sri Lankan, as one.