Business
Lanka Leather Fashion optimistic & confident in Sri Lanka despite domestic turmoil
Manufacturing high-end leatherwear since 1982; asserts country remains top spot for investors
When Sri Lanka opened its Free Trade Zones in Katunayaka, Biyagama and Koggala in the mid ‘70s and ‘80s, the country’s unique geographic location proved to be the biggest advantage to prospective foreign investors who saw immense potential in the tiny island. Being one of the first countries to establish FTZs in the South Asian region located at the crossroads of the major shipping routes to South Asia, the Far East and the European and American continents, major shipping lines and airfreight services used Sri Lanka as a convenient port of call en-route to major trading hubs.
Lanka Leather Fashion (Pvt) Limited was amongst those investors who envisaged the potential of Sri Lanka and was one of the first to establish operations in the Katunayake FTZ in 1982. Being the oldest leading manufacturers of high-end leather apparel, Director of Lanka Leather Fashion Marco Weidemann remembers his father setting up operations in Sri Lanka with unbridled conviction as Sri Lanka had no import or export restrictions and operated well within a liberalized trading economy.
“The talent pool in the 1980s and the high literacy rate compared to other regions were the other advantages, which also meant a win-win formula for both Sri Lanka and our company,” says Marco Weidemann. “We were able to assist in meeting the high demand for employment, while the Sri Lankan workforce, macro operating environment and strategic location was the foundation for operating a large scale manufacturing plant which met the high standards demanded by the European fashion industry.”
Director Duncan Fraser adds that at the time, “Manufacturing in neighbouring countries like India and Pakistan were not options for Lanka Leather Fashion as FDIs were not favoured in those regions. What we did however was work on a seamless supply chain by sourcing our leather from those countries and manufacture our products in Sri Lanka. Because Sri Lanka had less bureaucracy compared to the rest of South Asia, it made sense for us to establish operations because of our proximity to the leather sourcing regions.”
However, the war began a year later and dragged on for three long decades in which, Marco Weidemann says financial and manufacturing entities including FDIs were left well alone to continue their operations. Being in close proximity to both the port and airport, he says at no time were they in any fear of not meeting orders as the entire process from sourcing to shipping was implemented without any interruption.
Lanka Leather has been manufacturing high-end leatherwear since 1982
“Sri Lanka has generally been fully supportive towards operational businesses, but successive governments have made ad-hoc policy decisions and continually changed taxation structures which doesn’t argue well from an FDI perspective. Any FDI requires stability and continuity and those are two focal points that any government should remember when reaching out to FDIs.”
‘Marco Weidemann remains absolutely confident and optimistic about Sri Lanka. “The core reasons for us being here have not changed.’
Some of the country’s strong suites including the workforce and their literacy, easy access to markets and the ease and efficiency of importing and processing raw materials continue to be in place. Even with the price hikes in the overall logistics industry during the pandemic which was a global crisis and Sri Lanka’s more recent economic crisis, manufacturers continue to operate without hindrance.”
He added that the government making arrangements to ensure smooth operations for exporters by providing facility to purchase diesel direct from oil companies in USD augmented the confidence the company felt in operating in Sri Lanka.
With a 650 strong workforce and notwithstanding the unprecedented challenges Sri Lanka was going through, Lanka Leather retained its workforce, paid full remuneration and gave bonuses in full. “We are well aware of the spiralling inflation translating into considerable increase in the cost of living”. To assuage some of the daily problems our employees face including sourcing essential requirements, we introduced a cost of living allowance over the basic salary each month and added transport solutions to ensure they are able to report for work.”
While Sri Lanka continues to climb an uphill battle to achieve economic stability and boost social prowess, it is foreign investors who have seen the promise of the country and remained in situ for decades who will write that testament of confidence on behalf of Sri Lanka. The country is not just about a strategically advantageous location but also about higher literacy rates and a highly trainable workforce and as Lanka Leather Fashion have mentioned, “being able to run operations smoothly despite a troubled environment is truly gratifying.”
Senior business leaders, economists and international development experts, alongside the Prime Minister of Sri Lanka, will headline the Sri Lanka Economic & Investment Summit 2026, organised by The Ceylon Chamber of Commerce on 12 and 13 October at the Shangri-La Colombo.
The Summit will open with a keynote address by T. Krishnakumar, Chief Executive Officer, Reliance Consumer Products Ltd, who brings more than four decades of experience in the consumer brands and FMCG sectors. Having previously served as President of Coca-Cola India and Southwest Asia, with extensive experience in building businesses and driving growth across emerging markets, Krishnakumar, more popularly known as Kk, now leads Reliance Consumer Products as it expands across categories and builds new customer, partnership and market opportunities.
Day 2 will bring together four international perspectives across discussions on economic resilience, regional connectivity, sector growth and digital transformation.
Lilia Aleksanyan, Senior Country Economist for Sri Lanka at the Asian Development Bank, will open the day’s discussions with a focus on Sri Lanka’s economic resilience. Her work covers the country’s macroeconomic outlook, policy advice and macro-fiscal and financial-sector reform. Her international policy experience also includes roles at the French Ministry of Finance and the French Central Bank.
The Summit will then turn to Sri Lanka’s connections with regional markets, with P. D. Singh, Chief Executive Officer, India & South Asia, Standard Chartered Bank, delivering the keynote for the session on trade corridors and value chains. Singh counts close to three decades of experience in banking and finance, with senior leadership roles spanning Standard Chartered, JPMorgan Chase Bank and HSBC.
The Sector Deep Dives will bring international perspectives to discussions on healthcare and energy.
Tushar Shroff, Chief Financial Officer, Zydus Lifesciences Ltd, will deliver the keynote for the healthcare discussion, drawing on more than three decades of experience in corporate finance, strategic investment and financial transformation. His career spans senior finance and leadership roles with ABB, Piramal Healthcare, Intas Pharmaceuticals and Vedanta Group, giving him a broad perspective on the business and investment decisions shaping the healthcare sector.
For the energy-focused deep dive, Edore Onomakpome, Regional Infrastructure Industry Manager for Bangladesh, Sri Lanka and Nepal at the International Finance Corporation, will bring extensive experience in infrastructure investment and project finance across emerging markets. Since joining IFC in 2013, she has held senior roles across Africa and South Asia, including managing IFC’s infrastructure portfolio across 16 countries.
The Summit will conclude its keynote programme with Prime Minister Dr. Harini Amarasuriya, who will deliver the keynote for “Nation Building in the Digital Age.” The Prime Minister also oversees the Ministry of Education, Higher Education and Vocational Education, bringing a direct policy perspective to discussions on digital transformation, innovation, education and the skills needed for a changing economy.
Together, these perspectives will bring regional, international and policy insight to SLEIS 2026 as Sri Lanka considers how to strengthen economic resilience, attract investment, deepen regional connections and develop new sources of growth.
Held under the theme “Positioning Sri Lanka in a Changing Global Economy: Resilience, Reform, and the Future of Economic Policy,” SLEIS 2026 will take place on 12 and 13 October 2026 at the Shangri-La Colombo.
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., Microsoft Sri Lanka (Pvt) Limited, 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 for SLEIS 2026 are now closed. The Ceylon Chamber looks forward to welcoming participants to the discussions on Sri Lanka’s future trajectory on 12 and 13 October.
Commercial Bank of Ceylon has launched ‘Prestige’, a three-tier banking proposition aimed at high-net-worth (HNW) clients, combining wealth management, advisory services and lifestyle benefits.
The initiative replaces the bank’s existing ‘Elite’ private banking brand with Ruby, Sapphire and Diamond tiers, designed to cater to customers according to their wealth profiles and banking relationships.
The bank said Prestige would provide dedicated relationship managers, priority branch services, preferential rates on loans and deposits, enhanced card privileges, family banking programmes and offshore account solutions.
Its wealth and investment management services include access to capital-protected income solutions, dual-currency investments, institutional deals and estate and portfolio governance.
Clients will also have access to specialist financial and corporate advisory services, including assistance with international relocation, overseas property and capital repatriation.
The programme includes lifestyle benefits such as VIP airport lounge access, travel concierge services, property management and medical coordination, as well as access to selected art and culinary events.
The bank said its flagship Prestige banking residence at R.G. Senanayake Mawatha, Colombo 07, had been refurbished, with the service to be extended to other economically important cities.
Commercial Bank Managing Director/CEO Sanath Manatunge said Prestige was intended to support customers in managing their wealth, business interests, family needs and long-term legacy.
Existing Elite clients are being transitioned to the new programme, the bank said.
Ceylinco Life has rewarded 80 members of its sales force with overseas tours to Vietnam and China for their outstanding performance in the company’s 2025 sales competitions.
The group comprised 62 sales achievers who travelled to Vietnam and 18 who visited China.
The Vietnam tour included visits to Hanoi’s Ho Chi Minh Complex, One Pillar Pagoda, Tran Quoc Pagoda and Hoan Kiem Lake. The group also travelled to Ha Long Bay, where they went on an Aurora Cruise and explored attractions including Sung Sot Cave, Luun Cave and Titop Island.
The tour also featured a sunset party aboard the cruise, with music and refreshments.
The 18 achievers who travelled to China visited several of Beijing’s major historical and cultural attractions, including Tiananmen Square, the Forbidden City and the Summer Palace. They also took a boat ride on Kunming Lake.
A highlight of the China tour was a visit to the Mutianyu section of the Great Wall, including a round-trip cable car ride. The group also attended an acrobatic show at Chaoyang Theatre and visited the Panda Garden at Beijing Zoo.
The company said the tours were organised to recognise and reward sales personnel for their performance and achievements.
Showers above 75 mm are likely at some places in the Western, Sabaragamuwa, Central, Uva and North-Western provinces and in Galle, Matara, Anuradhapura and Mannar districts.
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