Business

Joint Chambers urge govt to put Sri Lanka back on track

Published

5 years ago

2021/12/24

Sri Lanka’s Joint Chambers have issued a statement on the impact of the foreign exchange crisis on the businesses in the country and urged the government put Sri Lanka back on track to stage a strong post-pandemic recovery to reach vistas of prosperity and splendor as envisioned.

Read the full statement below:

We wish to draw the attention of the Government to the difficulties faced by our member companies and the broader private sector in obtaining foreign currency to finance much needed imports due to the prevailing situation with regard to the lack of availability of foreign currency. This will affect in maintaining the credibility of doing business with our suppliers and business associates with whom we transact in foreign currency. At present we face the difficulties in obtaining foreign currency to finance much needed imports due to the prevailing situation with regard to the lack of availability of foreign currency.

These range from not being able to obtain letters of credit to the inability to clear goods that have already arrived in the port due to delays experienced in honouring letters of credit. Further, this impact is also felt by indirect exporters and firms providing support services for exports. We are concerned that while the importers themselves will face immense financial costs in the form of demurrage and other logistics related costs, it will also affect longstanding relationships built with suppliers resulting in a serious and irreversible loss of confidence. Importers are also unable to secure orders due to the inability to agree on a firm payment schedule as required by suppliers. This will seriously impede the availability of essential products especially during the upcoming festive period during which consumer demand is typically high for most products. This can cause great hardship to the public at large and may result in a significant increase in the cost of living.

Further, the banking system will also face difficulties as a result of not being able to meet the needs of their longstanding customers and could eventually experience a serious loss of reputation if they are compelled to dishonor committed payments. The Government will also experience a loss of revenue due to a drop in import duties at a time when increasing government revenue is of paramount importance.

While appreciating the efforts being taken by the Government to mobilise short term funding from a number of sources by way of swaps and credit lines, we urge the Government to finalise the negotiations on some of these arrangements and announce them with certainty as soon as possible with a clear indication when such facilities will become available. If these actions as envisaged by the recently announced Roadmap by the Central Bank of Sri Lanka are not materializing within the anticipated time-frames, we earnestly request the Government to reconsider other alternative courses of action available to the country such as engaging with IMF to explore the funding options they can offer.

If these conditions that are critical for ease of doing business do not improve, we are concerned that it will result in many local companies looking to relocate their business operations overseas. It will also seriously constrain our ability to attract Foreign Direct Investment (FDI) into the country. Therefore, we wish to urge the relevant authorities in Government to take quick remedial action to avoid the negative consequences as outlined above and put Sri Lanka back on track to stage a strong post-pandemic recovery to reach vistas of prosperity and splendor as envisioned.

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Business

SLT-MOBITEL driving Sri Lanka’s economic resilience through digital infrastructure

Published

6 hours ago

2026/09/10

Sahan Weerasooriya

SLT-MOBITEL marks its triple triumph at the National Business Excellence Awards 2026

Corporate accolades underscore the alignment between its operational excellence and national development

In an era where national competitiveness is intrinsically tied to digital connectivity, strengthening the country’s digital backbone has become an urgent priority. Within this context, the evolving role of Sri Lanka’s leading telecommunications provider, SLT-MOBITEL, offers valuable insight into how technological infrastructure can underpin broader economic resilience.

Telecommunications and digital networks are foundational to economic transformation. By expanding high-speed broadband access, upgrading enterprise cloud capabilities, and bridging the urban-rural connectivity divide, SLT-MOBITEL helps reduce business transaction costs, streamline supply chains, and enable micro, small, and medium enterprises to reach global markets.

Recent corporate accolades further underscore this alignment between operational excellence and national development. SLT-MOBITEL’s triple triumph at the National Business Excellence Awards 2026 – winning in the Infrastructure and Utilities sector, Performance Management, and ICT Services categories – highlights its growing impact. Notably, the recognition of eChannelling’s contributions to digital healthcare reflects a broader strategic pivot toward integrated technology solutions.

“Institutional efficiency of this nature is critical for attracting foreign direct investment, as global partners increasingly assess a country’s digital maturity and systemic stability before committing capital,” noted industry observers.

Moreover, the company’s transition from a conventional telecom utility to a comprehensive digital solutions provider aligns seamlessly with Sri Lanka’s national digitalisation agenda. As the country pursues public sector modernisation, enhanced e-governance, and a competitive knowledge economy, the private sector must step up to deliver secure, scalable, and future-ready networks. Investments in data centres, cybersecurity frameworks, and advanced ICT infrastructure act as strategic buffers, ensuring that Sri Lanka’s economic apparatus remains agile and resilient amid future global uncertainties.

However, industry experts caution that while these achievements are commendable, SLT-MOBITEL still has a considerable distance to cover in fully enabling a truly digital economy.

Business

Port City Colombo strengthens Gulf investment ties at Dubai diplomatic engagement

Published

6 hours ago

2026/09/10

Sahan Weerasooriya

The panel discussion at the engagement

Port City Colombo (PCC) took a prominent role as Platinum Sponsor at the second edition of Sri Lanka Beyond Your Dreams, a high-level diplomatic and investment engagement hosted by the Consulate General of Sri Lanka in Dubai and the Northern Emirates. The event, held on 2nd September 2026 at the Hilton Dubai Al Habtoor City, brought together over 400 senior UAE-based business leaders, investors, diplomats, and institutional stakeholders, alongside Sri Lanka’s most senior government representatives.

The gathering was graced by Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of Foreign Trade, as Guest of Honour, and Vijitha Herath, Sri Lanka’s Minister of Foreign Affairs, Foreign Employment and Tourism. A high-level Sri Lankan delegation – including the Secretary to the Prime Minister, the Chairman of the Board of Investment, the Chairman of the Export Development Board, and the Director General of Commerce – underscored the government’s strong commitment to deepening economic diplomacy with the UAE.

In his keynote address, Minister Herath reaffirmed the centuries-old ties between Sri Lanka and the Arab region, emphasising the UAE’s vital role as a key economic partner. He stressed the urgency of finalising a Comprehensive Economic Partnership Agreement (CEPA) with the UAE, which would establish a robust framework to elevate trade, investment, and bilateral cooperation. Declaring Sri Lanka “open and ready for business,” he positioned Port City Colombo as the physical embodiment of this economic mission – a modern Special Economic Zone (SEZ) with a dedicated legal framework and competitive incentives, offering UAE investors a natural gateway to South Asia while maintaining strong Gulf connectivity.

Business

American Premium Water strikes Gold at Dragons of Sri Lanka 2026

Published

6 hours ago

2026/09/10

Sahan Weerasooriya

The achievements are particularly significant given that the company’s debut at the Dragons awards has resulted in four Dragons across four categories.

American Premium Water has secured four wins at Dragons of Sri Lanka Awards 2026, including three Gold Dragons and one Black Dragon, marking a significant milestone for the brand following its relaunch last year.

Part of the prestigious Dragons of Asia awards, Dragons of Sri Lanka brings the program’s regional platform to the local market, celebrating creative and effective marketing communications, with entries evaluated on strategic thinking, creativity, execution and impact. Established in 2000, Dragons of Asia is one of Asia’s premier results-driven marketing awards programs.

For American Premium Water, the achievements are particularly significant given that the company’s debut at the Dragons awards has resulted in four Dragons across four categories. In the distinction of Gold Dragons, American Premium Water was recognized across three categories including Product Launch or Re Launch, Cause, Environment or Sustainability and Creative Excellence while the Black Dragon was awarded in recognition of Small Budget.

Competing alongside leading brands and agencies in Sri Lanka, American Premium Water’s four wins demonstrate the strength and effectiveness of its recent work. Winning three Gold Dragons across three distinct categories highlights the breadth of the brand’s achievements, while the Black Dragon for Small Budget further emphasizes its ability to create meaningful impact through focused and efficient investment.