Business

JAAF says its membership strictly abides by CBSL laws on repatriating export income

Published

4 years ago

2022/12/12

Thilina Walpola

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.

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Business

SLEIS 2026 to examine how Sri Lanka can strengthen its place in Asia’s growth networks

Published

3 hours ago

2026/09/16

Sahan Weerasooriya

Ambassador Akio ISOMATA / Chathuranga Abeysinghe / P.D. Singh

As Asia continues to account for a growing share of global economic activity, Sri Lanka faces an important opportunity to strengthen its links with regional trade networks, supply chains and economic corridors. How the country can make better use of these connections to attract investment, expand trade and strengthen its position in regional value chains will be among the key questions at the Sri Lanka Economic & Investment Summit 2026, organised by The Ceylon Chamber of Commerce on 12-13 October 2026.

Titled “Linking Sri Lanka to Asia’s Growth Networks: Trade, Corridors, and Value Chains,” the session will examine the opportunities for Sri Lanka to deepen its integration with the wider Asian economy and build stronger connections with regional and global markets.

The session keynote will be delivered by P.D Singh – Chief Executive Officer, India and South Asia, Standard Chartered Bank. He will be joined for a panel discussion by Chathuranga Abeysinghe – Deputy Minister of Industry and Entrepreneurship Development, Akio ISOMATA – Ambassador of Japan to Sri Lanka, MASAAKI Kawabata – Chairman – Toyota Lanka (Private) Limited, and Ravi Jayawardena – Group Chief Executive Officer-Maliban Biscuits (Private) Limited. The session will be moderated by Ms. Subhashini Abeysinghe – Research Director- Verité Research.

For Sri Lanka, stronger regional integration can open opportunities beyond traditional export markets. Greater participation in regional supply chains, improved trade connectivity and closer links to economic corridors can support investment in areas such as logistics, manufacturing, export services and other sectors connected to international production networks.

The discussion will consider what Sri Lanka needs to do to strengthen its position within these networks, including improving trade connectivity, attracting investment and creating a business environment that enables companies to participate more effectively in regional and global value chains.

It will also look at the experience of businesses and international institutions operating across the region, providing perspectives on how companies assess markets, build supply chains and identify locations for investment. With supply chains and investment flows increasingly shaped by regional connectivity, the session will also consider the partnerships and strategies needed to position Sri Lanka as a more competitive participant in Asia’s growth networks, while creating opportunities for trade, investment, innovation and economic growth.

The session will form part of the second day of SLEIS 2026, held under the theme “Positioning Sri Lanka in a Changing Global Economy: Resilience, Reform, and the Future of Economic Policy.”

The Sri Lanka Economic & Investment Summit 2026 is supported by its valued sponsors and partners. Platinum Sponsor – Standard Chartered Bank Sri Lanka, Gold Sponsor – VISA Worldwide (Pvt) Ltd., Bronze Sponsor – South Asia Gateway Terminals (Pvt) Ltd., Strategic Development Partner – Asian Development Bank, Telecommunication Partner – Dialog Telecommunication, Television Partner – Dialog Television, Session Sponsors – David Pieris Motor Company (Pvt) Ltd., Hemas Holdings PLC, Sunshine Holdings PLC, International Construction Consortium (Pvt) Ltd., Official Logistics Partner – Hayleys Advantis Limited, Official Airline – SriLankan Airlines Ltd., Official Hospitality Partner – Shangri-La Colombo, Airline Partner – China Eastern Air Holding Co. Ltd.

Registrations are now open at https://sleis.chamber.lk/. For more information, contact Alikie on 011 558 8805 (alikie@chamber.lk) or Shanuka on 0701082541 (events.division@chamber.lk).

Business

AAC launches seat belt safety awareness initiative with RDA Colombo

Published

3 hours ago

2026/09/16

Sahan Weerasooriya

The Automobile Association of Ceylon (AAC), in collaboration with the Road Development Authority (RDA) and Police – Traffic Division, will conduct a special Road Safety Awareness Programme to promote the importance of wearing seat belts in vehicles specially on the express highways in order to reduce road fatalities and serious injuries.

The official handing-over ceremony took place at the Chairman’s Office of the Road Development Authority on 14th September 2026, where specially designed Seat Belt Safety Hanging Tags & Stickers prepared by the Automobile Association of Ceylon were handed over to the RDA for distribution to motorists at entry points to the expressways.

The initiative is being conducted in connection with the seat belt law coming into effect on 19th September 2026 and is intended to create greater public awareness of the importance of wearing seat belts in both the front and rear seats of vehicles.

Representing the Automobile Association of Ceylon at the ceremony Dhammika Attygalle, President; Prasanna De Zoysa, Sectional Chairman – Road Safety; and Devapriya Hettiarachchi, Secretary, Senior Superintendent of Police -Traffic Sisira Peththrathanthri, participated in the programme.

The Automobile Association of Ceylon has consistently maintained that road safety is one of its foremost priorities. Through awareness campaigns, educational programmes and collaboration with government authorities and other stakeholders, the Association continues to encourage responsible driving and safer behaviour among all road users.

AAC believes that the proper use of seat belts, including by rear-seat passengers, is a simple but vital safety measure that can help reduce serious injuries and save lives in the event of a road crash.

The programme further strengthens the cooperation between the Automobile Association of Ceylon, the Road Development Authority and the Police in their shared commitment towards safer roads and saving lives in Sri Lanka.

Business

Sanath Jayasuriya as Brand Ambassador

Published

3 hours ago

2026/09/16

Sahan Weerasooriya

Mr. Dasun Wickramarathna, Chairman Global Housing & Real Estate (Pvt) Ltd with Sanath Jayasuriya, World Renown Personality & Brand Ambassador

Global Housing & Real Estate (Pvt) Ltd (GHR) has announced a landmark partnership with Sri Lankan cricket legend Sanath Jayasuriya, as its Brand Ambassador as GHR enters a new chapter in its journey within Sri Lanka’s luxury real estate sector.

The partnership was officially unveiled at a press conference held at Cinnamon Life, Colombo, on 14 September 2026, bringing together industry leaders, investors and members of the media under the theme “Two Gamechangers, A New Beginning.”

The collaboration brings together two names associated with challenging convention in their respective fields: Sanath Jayasuriya, whose fearless approach transformed the dynamics of international cricket, and GHR, which has sought to introduce new approaches to property investment and luxury living in Sri Lanka.

Over the past two decades, GHR has built its presence in Sri Lanka’s real estate sector with a focus on quality, structural integrity and long-term investment value.

A significant milestone in the company’s journey came in 2016, when GHR introduced the hotel residency concept to the Sri Lankan market. The model brought together luxury hospitality and real estate investment, creating opportunities for property ownership with the potential to generate investment returns while contributing to the growth of the country’s high-end tourism offering. GHR has since continued to expand its portfolio across key destinations in Sri Lanka.

Speaking at the announcement, Dasun Wickramarathna, Chairman of Global Housing & Real Estate (Pvt) Ltd, said, “For over twenty years, Global Housing & Real Estate has strived to push the boundaries of what property development can achieve in Sri Lanka. As pioneers who introduced the hotel residency concept back in 2016, our mission has always been clear: to provide high-yield investment opportunities for our clients while taking Sri Lanka’s condominium industry into a new frontier.”

Commenting on the decision to partner with Sanath Jayasuriya, he added, “When looking for a voice to represent GHR’s ethos, Sanath Jayasuriya was the natural choice. Just as Sanath disrupted traditional international cricket and redefined how the world viewed the opening overs, GHR challenged traditional approaches to real estate and established a new benchmark in luxury living. This partnership represents a true convergence; Two Gamechangers, A New Beginning.”