News
Lanka–Canada trade ties get major boost
A Sri Lankan business delegation, organised by the Sri Lanka–Canada Business Council (SLCBC) of The Ceylon Chamber of Commerce, with support from the Canada–Sri Lanka Business Convention (CSLBC), the Canadian High Commission in Sri Lanka, and the High Commission of Sri Lanka in Canada, concluded a trade and investment mission in Canada from 28th October to 14th November 2025.
The delegation represented the agriculture, IT, finance, tourism, education, and investment consultancy sectors, engaging Canadian business and government leaders across Toronto, Quebec, Montreal, Saskatchewan, and Vancouver.
The mission commenced in Toronto with a courtesy call on the Consulate and CSLBC leadership. Discussions centered on expanding opportunities in banking, financial services, insurance, agri-tech, and medical tourism, as well as the role of the Consulate in facilitating trade and Canada’s growing interests in Indo-Pacific markets. Plans for an investment forum in Colombo and closer alignment on Canada–Sri Lanka diaspora-led trade and investment initiatives were also explored. Delegates participated in a Business Forum and sectoral sessions covering tourism, agriculture, IT, education, and women’s entrepreneurship, while the proposed Overseas Citizens of Sri Lanka (OCSL) special visa scheme was also discussed. A networking reception featured the soft launch of the “Asia’s Emerging Economies Expo 2026”, along with recognition from the Legislative Assembly of Ontario for the delegation’s contribution.
In Montreal, discussions with the Honorary Consul of Sri Lanka and Sri Lankan business leaders focused on investor facilitation and promoting the upcoming “Gateway to Growth” trade fair.
In Quebec, delegates representing the education sector attended the Quebec Immigration and Integration Fair 2025, engaging with key stakeholders in international education and talent mobility.
Engagements in Saskatchewan highlighted opportunities for collaboration in food security, agriculture, and resource development. At the Global Institute for Food Security, SLCBC appointed Dr. Ruben Rajkumar as the Goodwill Ambassador for Saskatchewan, recognising his efforts in strengthening ties with Sri Lanka. Visits to Bioriginal and the University of Saskatchewan revealed promising opportunities in value-added processing, smart agriculture, post-harvest technology, joint research initiatives, and strengthening export capabilities. Further discussions were held with the University of Regina on scholarships, joint degrees, and student mobility programmes.
The delegation also met with Toronto city officials on potential collaboration in venture capital, trade exhibitions, and education partnerships.
The mission concluded with clear pathways for expanded economic, academic, and research cooperation, including diaspora-led initiatives, joint innovation projects, and sector-based partnerships. Leader of the delegation and President of SLCBC, M.H.K.M. Hameez, noted that the visit reinforced Canada’s growing interest in Sri Lanka’s strengths and created practical openings for long-term collaboration. He also emphasized that Sri Lanka is the best destination in Asia to grow Canadian businesses in the region. SLCBC will now work closely with stakeholders in both countries to advance these opportunities toward implementation.
News
Sri Lanka, India caught in US-Iran ship crisis
By Shamindra Ferdinando
Iran has sought the Indian intervention, at the highest level, to provide lifesaving support to the crews of empty Iranian vessels stranded just outside Sri Lanka’s 12-nautical mile territorial waters off Galle.
Sources familiar with the issue said that Iran had brought the developing situation to the attention of New Delhi as the crews of almost 20 vessels, included Indian nationals. Sources stressed that the group of vessels that unloaded crude oil a couple of months back were now stranded within Sri Lanka’s Exclusive Economic Zone (EEZ).
The US Navy torpedoed an unarmed Iran frigate, returning from India, on 04 March, 2026, about 19 nautical miles off the Galle coast. The unprovoked attack killed nearly 100 Iranians.
The Iranian Embassy in Colombo has inquired from the Indian High Commission of their response to the situation, sources said. The US has issued a global warning against providing food, water, medicine and other services to the Iranian vessels. The outcome of Iran-India talks on the issue at hand was not known, though sources asserted India may not throw its weight behind Iranian efforts to address the issue.
Responding to The Island queries, sources said both Sri Lanka and India were in a dilemma due to the US warning. India couldn’t ignore the plight of the Indian crew members and the Iranian vessels in its backyard.
The Sri Lankan government remains tight-lipped about the vessels stranded in its EEZ. Our efforts to elicit a response from relevant authorities were in vain. In addition to Indians, there are Bangladeshis among the crew members. Iran has explicitly stated the responsibilities of the countries concerned to provide assistance in terms of international law.
The Iranian position was articulated by its Ambassador to Sri Lanka, Dr.Alireza Delkhosh, recently. In a special statement, Ambassador Delkhosh emphasised that in terms of the Convention on the Law of the Sea (Article 98) as well as SOLAS and SAR
Conventions, Sri Lanka couldn’t refrain from providing the needs of the Iranian vessels stranded in its EEZ.
SLMC leader Rauff Hakeem lambasted the NPP government in Parliament for failing to provide assistance to the Iranian ships. The former Minister alleged that the government was simply carrying out dictates of the US. He strongly criticised the way Foreign Minister Vijitha Herath was handling the issue.
News
Namal further remanded
MP Namal Rajapaksa, who is in remand custody over the controversial Airbus deal, was further remanded until October 27 by the Colombo Magistrate’s Court yesterday (13).
Colombo Chief Magistrate Asanga S. Bodaragama made the order after considering submissions by officers of the Commission to Investigate Allegations of Bribery or Corruption and lawyers representing Rajapaksa.
News
IMF projects Lankan economic growth to moderate amidst mounting global uncertainties
Sri Lanka’s economy is expected to sustain its recovery over the next two years, although growth is projected to moderate amid mounting global uncertainties, according to the International Monetary Fund’s (IMF) latest World Economic Outlook.
In its World Economic Outlook 2026: Resilience Under Strain, Urgent Choices, the IMF projects Sri Lanka’s economy to expand by 4% in 2026, slowing to 3.7% in 2027, following estimated growth of 5% in 2025.
Inflation, meanwhile, is forecast to rise to 5.3% in 2026 and 5.4% in 2027, reversing the average deflation rate of 0.5% recorded in 2025.
Unemployment is expected to remain steady at 3.9% throughout the forecast period.
The projections come amid growing pressure on the global economy from the ongoing conflict in the Middle East, elevated energy prices, geopolitical tensions and trade disruptions.
Sri Lanka’s external position is also expected to weaken, with the current account balance projected to shift from a surplus of 1.6% of gross domestic product (GDP) in 2025 to deficits of 0.5% in 2026 and 0.3% in 2027.
The IMF’s outlook points to continued economic expansion in Sri Lanka, but with slower growth, rising inflation and a narrowing external surplus giving way to current account deficits over the forecast period.
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