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Lanka emerging as Asia’s next startup and innovation hub
Sri Lanka’s rapidly growing startup ecosystem is drawing increasing regional and global attention, positioning the country as a rising innovation hub in Asia. With a strong ICT sector, high literacy rates, and a growing pool of skilled professionals, Sri Lanka is primed to become a hotbed for technology startups and product innovation.
Key highlight this year is the arrival of over 35 global investors attending the Venture Engine Finale, alongside the Disrupt Asia conference, creating an unprecedented opportunity for Sri Lankan startups to connect with leading venture capitalists and industry experts from APAC, MENA, Europe, and the United States.
Marquee investors and organizations participating include Turtle Ventures, The Brenta Group, Accelerating Asia Ventures, Antler Nordics, Startup Grind Qatar, Angels Nest Global, Quest Ventures, Citigroup, Triliv Holdings, Dallas Venture Capital (DVC), House of Sri Lanka, Beyond The Dutch, Plug and Play, Sophia Business Angels, Storyboard Multimedia, Striders Corporation, Japan, Sultan Ventures, TiE Dubai, Momo VC, BOV Capital, Aavishkaar Group, Turtle Ventures, Gojek, Rasmal Ventures, Intellecap, ISA, Millennium Asset Management Saint Clair Advisory & Capital and Sri Lankan Business Council – UAE,,
Entrepreneurship is seen as a catalyst for economic growth, job creation, and innovation. However, the biggest challenge facing Sri Lanka’s startup sector remains access to sufficient funding. Currently, the country attracts only about USD 2.5 million in venture capital annually significantly below regional hubs where investment reaches nearly 0.5% of GDP.
Industry experts suggest that Sri Lanka should aim to increase venture funding to at least 0.1% of GDP, approximately USD 80 million, to foster the growth of startups capable of producing globally competitive products and intellectual property. Efforts are underway to create a conducive policy environment, including the establishment of a government-backed Fund of Funds along with tax pass thogh structures to catalyze institutional investments into local venture funds and startups.
“These policy reforms, combined with private sector initiatives like Venture Engine, are driving momentum in Sri Lanka’s ecosystem,” said Prajeeth Balasubramanian, Co-Founder of BOV Capital and Founder of the Lankan Angel Network. “Venture Engine is pivotal in connecting startups with international investors, providing mentorship, and catalyzing capital flows.”
Successful alumni from Venture Engine include Roar, InsureMe, Stripes & Checks, Zig Zag and Mint Pay, demonstrating the program’s effectiveness in scaling startups and attracting investor interest.
With ongoing regulatory relaxation, improved tax frameworks, and increased investor participation, Sri Lanka is steadily unlocking the funding needed to transform its startup landscape. The presence of top-tier international investors at upcoming events underscores the global confidence in Sri Lanka’s potential as a startup destination.
As Sri Lanka charts its path to becoming Asia’s next innovation hub, sustained collaboration between government, investors, and ecosystem players will be vital to unlocking enduring economic and social benefits for the country.
News
Govt. assures UN of readiness to introduce ‘vetting process’ for troops on overseas missions
Defence Secretary (retd.) Air Marshal Sampath Thuyakontha has discussed with UN officials in New York the deployment of Sri Lankan troops in Haiti, under a new UN authorised force, tasked with tackling heavily armed gangs operating in the violence ravaged country.
The UN is in the process of building up a force comprising approximately 5,500 officers and men for deployment in Haiti.
The Sri Lankan delegation included Sri Lanka’s Permanent Representative to the UN, former Chief Justice Jayantha Jayasuriya. The UN has tagged the deployment Gang Suppression Force (GSF).
According to the Defence Ministry, Sri Lanka negotiated a Memorandum of Understanding (MoU) regarding the GSF. Although Sri Lanka has contributed to UN-led missions, the proposed deployment differed due to the nature of the operation, sources told The Island.
The delegation has assured that all personnel, assigned for UN missions, including the proposed GSF deployment in Haiti, would be subjected to a comprehensive screening process, in line with UN standards. War-winning Sri Lanka has declared, in New York, that the country was in the process of developing, what the Defence Ministry here called, National Human Rights Vetting Mechanism in consultation with the UN Resident Coordinator in Colombo.
The US has backed the deployment of Sri Lankan troops under UN command. Various interested parties, over the years, protested against the deployment of Sri Lankan troops on the basis of unsubstantiated war crimes allegations.
Thuyakontha has assured that troops would maintain highest standards of discipline during overseas missions. Sri Lanka brought the war here to a successful conclusion in May 2009 against predictions of contrary outcome by so-called experts.
The US and Panama proposed the GSF to replace a Kenya-led multinational force undermined by a lack of funding. Its strength hovered around 1,000, rather than the desired 2,500. The U.N. Security Council authorised the 5,500 strong force on September 30, 2025, with the new power to arrest gang members.
By Shamindra Ferdinando
News
Lawyers cannot be denied right to represent a suspect – Udaya
Sallay’s case:
Attorney-at-law Udaya Gammanpila yesterday (27) said a lawyer could not be deprived of his or her right to represent a client.
The former Minister and leader of Pivuthuru Hela Urumaya (PHU) Gammanpila said so addressing the media at the party headoffice at Pita Kotte. Gammanpila was responding to recent media reports that he had been prohibited from representing retired State Intelligence Service (SIS) Chief Maj. Gen. Suresh Sallay. Therefore, there was absolutely no basis for claims that he had been barred from meeting the retired officer, now named the third suspect in the Easter Sunday case, the ex-parliamentarian said.
Gammanpila emphasised that in terms of the Constitution a suspect’s right to be represented by a lawyer was recognised as a fundamental right. The Criminal procedure Code, too, guaranteed the suspect’s right to consult a lawyer, the ex-lawmaker said, pointing out that the Judicial Organisation Act underscored the same.
Declaring that the retired officer’s wife had named him as Sallay’s lawyer in a letter addressed to Director, CID, Gammanpila said that the courts, police and the Attorney General’s Department couldn’t under any circumstances interfere with his right to represent Sallay.
The CID arrested Sallay on 25 February and detained him under Prevention of Terrorism Act (PTA) for a period of 90 days. Sallay has filed a writ petition before the Court of Appeal through his lawyers, challenging his arrest and detention by the CID under the PTA.
Former Minister Gammanpila said that even if a Magistrate had the power to prohibit a lawyer from representing a particular suspect, such a course of action couldn’t be resorted to without giving the lawyer concern an opportunity to explain his/her actions.
Declaring that in case of misconduct on the part of a lawyer only the Supreme Court could take disciplinary action, the PHU leader said, adding that he sought a certified copy of the proceedings of the day when a section of the media reported the Magistrate’s declaration of the purported ban. Gammapila said that he was really keen to know what happened during the proceedings on that day.
Sallay served as Director, Directorate of Military Intelligence (DMI) from 2012 to 2016 and received the appointment as head of SIS following the 2019 presidential election. Sallay held that appointment till early October, 2024.
Gammanpila said that he couldn’t be barred for speaking to the media after meeting Sallay, currently held under PTA, or for authoring a book on the 2019 Easter Sunday carnage. According to Gammanpila as long as the suspect had no objections to his lawyer sharing some information with the media it shouldn’t be an issue for Additional Solicitor General Dileepa Peiris.
By Shamindra Ferdinando
News
Police seek Interpol help to probe monks nabbed with narcotics at BIA
Police investigating the thwarted a bid made by 22 Buddhist monks to smuggle in narcotics, with a street value of Rs 660 mn via BIA, from Thailand, over the weekend, believe the monks who organised the clandestine operation had sent groups of monks to Thailand before.
Sources said that they had brought in narcotics on earlier occasions.
Police have seized the mobile phones used by the suspects and sought INTERPOL assistance.
Earlier, the Negombo Magistrate’s Court remanded those 22 monks, arrested in connection with the largest drug bust in the airport’s history.
The monks were produced before the Negombo Magistrate’s Court and ordered to be held in custody until 02 May, as investigations continue into the alleged smuggling operation and any wider networks involved.
However, other sources said that more than 110 kilogrammes of suspected Kush and Hashish, with an estimated street value exceeding Rs 1.1 billion, had been found, concealed in false-bottoms of their suitcases. The bags reportedly packed with school supplies and sweets are said to have contained over five kilogrammes of narcotics per individual.
The arrests followed a raid by the Police Narcotics Bureau on Saturday night. Investigators have also recovered mobile phone evidence indicating that the group had travelled to Bangkok on 22 April using airline tickets allegedly given by a sponsor. Authorities allege that the suspects were photographed in civilian clothing, while overseas, engaging in activities deemed suspicious.
Police say this marks the first reported instance of a large-scale narcotics operation via the airport involving Buddhist monks. The suspects are young monks from different parts of the country.
By Norman Palihawadana
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