Business
JAAF says its membership strictly abides by CBSL laws on repatriating export income
Reiterates that apparel sector brings back entirety of its export proceeds to Sri Lanka
Commends Governor’s remarks on the need to periodically relax repatriation and conversion requirements
The Joint Apparel Association Forum (JAAF) asserts that its membership strictly abides by the Central Bank laws on repatriating export income, reiterating that the apparel sector brings back the entirety of its export proceeds to Sri Lanka. Issuing a press statement JAAF said that Governor of the Central Bank of Sri Lanka (CBSL) Dr Nandalal Weerasinghe affirmed this in an interview on December 08th stating, “Of the exports in September and October, exporters have repatriated or brought 100% of export earnings into our banking system. I want to make it very clear that based on the data for those two months, exporters are not keeping money abroad”.
The Governor went on to say that in the case of the apparel sector, the industry refers to a local value addition of 50%. The CBSL investigations have confirmed that 25% of export proceedings in average have been directly converted to rupees by the exporters, and that the CBSL was looking into the remaining 25% of export proceedings. He acknowledged, however, that this may be due to exporters utilizing these dollars for approved local purchases. These would include the purchase of both diesel from CPC and LIOC, and domestically produced raw materials which are required for the industry.
In light of the above, JAAF wants to reiterate that under the existing regulations set out by CBSL, exporters are permitted to make outward payments for purchases of raw materials, and the remaining proceeds are converted automatically by the respective commercial banks on the seventh day of the following month.
In addition to payments made to overseas suppliers, the growth of the local supply chain also means that apparel companies could pay up to 25% of their inward foreign currency remittances to indirect exporters in Sri Lanka. As mentioned by the Governor, these additional dollar payments may not be accounted for properly which has led to misconceptions surrounding the industry’s foreign exchange conversions.
Given the current economic milieu in the country, companies use a considerable portion of export proceeds to purchase raw materials, fuel and other items essential for seamless operations in the event of unforeseen crises. This is aligned with a preparedness formula which nearly all exporters have implemented, having learned lessons from crises experienced in the last three years.
Reiterating that the industry has been a mainstay in contributing towards vital essentials for the country including fuel, medicine and food during the worst of the financial crisis, JAAF members are acutely conscious of the crucial role they play in keeping the economic wheels turning. The Governor also placed on record his appreciation to the apparel sector for their continued support.
“We are confident that companies in our membership have been abiding by the law, ensuring that export proceeds are repatriated for the economic benefit of the country. JAAF member companies have and will continue to comply with the existing regulations and will strive to complement all efforts taken by the Central Bank of Sri Lanka and the Government in providing much-needed assistance to all stakeholders of the economy, to redirect Sri Lanka’s economy to a path of recovery and growth.”
The Governor also spoke of reconciling the exports of the top 100 exporting companies to establish both the direct conversion and the amounts paid in foreign currency to local suppliers. JAAF is committed to working with CBSL to ensure that this reconciliation is done at the earliest.
JAAF member companies acknowledge the Governor’s remarks on the need for strict foreign exchange repatriation and conversion requirements over the short term to tide over current economic hardships. JAAF similarly commends the Governor’s remarks on the need to periodically relax the repatriation and conversion requirements “as it does not work” and move towards creating a suite of positive incentives that will encourage the voluntary repatriation and conversion in line with global standards and practices.
Business
Malaysia courts more Sri Lankan travelers as ‘Visit Malaysia 2026’ gathers steam
Malaysia is intensifying efforts to attract more Sri Lankan travelers by promoting its diverse tourism offerings, strong air connectivity, Muslim-friendly facilities and expanding business partnerships ahead of the ‘Visit Malaysia 2026’ (VMY2026) campaign.
Addressing the Tourism Malaysia product presentation yesterday in Colombo, Malaysian High Commissioner to Sri Lanka Badli Hisham Adam said tourism remains one of the strongest pillars of the long-standing bilateral relationship between Malaysia and Sri Lanka, helping strengthen cultural understanding, business links and people-to-people ties.
The event, organised by Tourism Malaysia Chennai in collaboration with the High Commission of Malaysia in Colombo, brought together Malaysian tourism stakeholders, airline representatives, Sri Lankan travel industry professionals and members of the media to explore new business opportunities.
The High Commissioner said Sri Lanka continues to be an important source market for Malaysia, with growing numbers of Sri Lankan travelers seeking destinations that combine diversity, affordability, quality experiences and convenient connectivity.
“As part of ‘Visit Malaysia 2026’, we warmly invite Sri Lankan travelers to discover the richness of Malaysia, he said.
Highlighting Malaysia’s tourism strengths, the envoy said the country offers a wide range of attractions, including multicultural cities, UNESCO World Heritage Sites, pristine beaches, tropical rainforests, cool highlands and unique wildlife.
These are complemented by world-class shopping, family-friendly attractions, educational opportunities, wellness and medical tourism, business events and internationally renowned hospitality.
He also stressed Malaysia’s position as the world’s leading Muslim-friendly destination, supported by an extensive halal ecosystem with internationally recognised certification, halal-certified restaurants, easily accessible prayer facilities and family-oriented amenities across the country.
Despite ongoing geopolitical uncertainties around the world, the High Commissioner said Malaysia remains a stable, peaceful and welcoming destination for international travelers.
He urged Sri Lankan travel agents to strengthen collaboration with Malaysian tourism providers by developing innovative travel packages targeting leisure travelers, business visitors and event participants.
The presentation featured leading Malaysian tourism partners, including Wyndham Ion Majestic, Lotus Desaru, Key Term Holidays representing the Sabah Tourism Board and Asian Overland representing The PULSE Group, showcasing Malaysia’s diverse tourism experiences and investment in the Sri Lankan market.
The envoy also acknowledged the contribution of airline partners and the media in enhancing Malaysia’s visibility and improving travel connectivity between the two countries.
Looking ahead to ‘Visit Malaysia 2026’, he said the future growth of tourism would depend on stronger collaboration, innovation and meaningful partnerships between industry stakeholders.
He expressed confidence that closer cooperation between Malaysia and Sri Lanka would generate fresh business opportunities while encouraging more Sri Lankan visitors to experience Malaysia’s culture, diversity and hospitality.
The High Commissioner concluded by expressing hope that the networking session would lead to stronger commercial partnerships and contribute to the success of ‘Visit Malaysia 2026’, further deepening tourism and economic ties between the two friendly nations.
By Ifham Nizam
Business
Women Empowered Global launches ‘Leadership Lab’
Women Empowered Global (WEG), a network of award‑winning female leaders, corporate CXOs and entrepreneurs, experts and thought leaders dedicated to empowering women from six continents, unveiled the ‘WEG Leadership Lab’, a 24‑week virtual intensive programme, commencing 26 September. The programme is designed exclusively for women leaders who are ready to accelerate their careers, amplify leadership visibility, and drive transformational growth.
The women‑only leadership experience breaks the mould of conventional training, offering a powerful blend of masterclasses, mentorship, and practical leadership tools tailored for rising leaders, managers, and senior professionals. Participants will gain international exposure, sharpen essential skills, and the opportunity to join a vibrant knowledge‑sharing community which fosters confidence, resilience, and impact.
“The WEG Leadership Lab is not for casual growth. It is for women who are serious about transforming their leadership journey,” said Senela Jayasuriya, Founder/CEO, Women Empowered Global. “By combining global expertise with local delivery, we are creating pathways for women across manufacturing, trading, finance, marketing, technology, and management, as entrepreneurs, business owners, fractional executives, or corporate leaders, to thrive and build a more inclusive leadership landscape.”
WEG’s platform facilitates international exposure and career development for professionals and connects more than 4,000 members worldwide. The Leadership Lab builds on WEG’s flagship initiatives, including the 1 Million Women in Power campaign, the African Women Leadership Forum, the Business Hub, and the Global Online Academy. The programme aims to deliver a transformative journey equipping women to step boldly into leadership roles locally and internationally.
Led by Senela Jayasuriya (MBA, UK), an internationally recognized and awarded leadership & empowerment coach and innovation partner, keynote speaker, and certified expert, WEG collaborates with DEI specialists, corporate boards, Business and HR leaders, to design programmes which advance women’s careers, leadership visibility, equity, and inclusion. To date, she has successfully delivered leadership development programmes to more than 20,000 professionals.
Business
JKCG Auto and Green EV join forces to build Sri Lanka’s most expansive EV charging network
John Keells CG Auto (JKCG Auto), the authorised distributor of BYD and Denza in Sri Lanka, has launched a strategic partnership with Green EV on 26th June 2026 to significantly expand the charging infrastructure available to its customers across the island. The collaboration, formalised through a Memorandum of Understanding (MOU), marks a pivotal step in JKCG Auto’s ongoing commitment to building a comprehensive and reliable New Energy Vehicle (NEV) ecosystem in Sri Lanka.
Through this partnership, BYD and Denza owners will gain seamless access to Green EV’s public charging network of 100+ DC fast chargers and 70 AC chargers, spanning 20 districts and all nine provinces of Sri Lanka, from Jaffna in the north to Hambantota in the south, and from Puttalam on the northwest coast to Trincomalee and Ampara on the eastern seaboard, encompassing a mix of 40kW, 60kW, and 120kW fast-charging infrastructure. The network has been designed to ensure that customers can charge conveniently and confidently, whether in the heart of Colombo or in suburban and outstation communities, removing one of the most commonly cited barriers to EV adoption in Sri Lanka. Further strengthening customer confidence, Green EV has partnered with SLIC to provide a comprehensive insurance cover of LKR 100 million for every Green EV charging station, offering protection against potential damages and ensuring complete peace of mind for every user.
The initiative reflects JKCG Auto’s broader strategy to invest in the foundations of sustainable mobility, ensuring that the transition to electric vehicles is supported not only by world-class vehicles, but by a dependable ecosystem that addresses the practical needs of everyday ownership.
“If the future of mobility in Sri Lanka is going to be electric, success will hinge on how accessible we are able to make the actual vehicles, as well as the enabling infrastructure around them. JKCG Auto is proud to partner with other visionaries like Green EV to ensure that we eliminate range anxiety, so that every customer – whether in Colombo or anywhere in Sri Lanka will have the confidence to go electric,” JKCG Auto Chief Executive Officer, Charith Panditharatne.
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