Business
LKI hosts roundtable discussion with SAARC Secretary General Md. Golam Sarwar
The Lakshman Kadirgamar Institute of International Relations and Strategic Studies (LKI) hosted a roundtable discussion featuring Md. Golam Sarwar, Secretary General of the South Asian Association for Regional Cooperation (SAARC) on 13 June 2024, during his inaugural visit to Sri Lanka. The discussion which focussed on ‘SAARC’s prospects for the future’ was facilitated by Executive Director of LKI Ambassador Ravinatha Aryasinha, and attended by a group of eminent policymakers, scholars and stakeholders with past and current association with the developments of SAARC and South Asia.
Opening the discussion Amb. Aryasinha referred to the significant role played by the SAARC in its early years in bringing the region closer together, and that discussions held on the sidelines of SAARC meetings by the leaders had averted and even overcome bilateral challenges faced by member states, including those of Sri Lanka. Despite SAARC’s more limited visibility and role at present, he underscored the critical need to maintain the discourse on South Asia in a meaningful manner.
Addressing the gathering, Secretary General Sarwar commended Sri Lanka’s contribution towards regional cooperation, since it hosted the first-ever meeting of Foreign Secretaries of the member states in April 1981, which paved the way for the establishment of SAARC. Welcoming the opportunity of engaging with an eminent gathering, and acknowledging the challenges faced by the region and SAARC, Amb. Sarwar stressed the imperative for continued regional cooperation among South Asian nations, which is mutually beneficial, desirable and necessary to address the common problems, interests and aspirations of its people and elevate the quality of life. In this context, Amb. Sarwar noted that recently SAARC achieved a significant positive development with the successful convening of its Programme Committee Meeting at the Joint Secretary level on 6th and 7th March 2024 in Kathmandu, Nepal, attended by all member states except Afghanistan. Additionally, after extended intervals ranging from three to six years, SAARC successfully conducted joint governing board meetings of all seven regional centres and specialised boards, marking a notable advancement in regional cooperation efforts.
Emphasising the importance of engaging and cooperating with SAARC’s nine observer states, he said programmes such as JENESYS, a partnership with Japan, is set to continue, having signed a new MoU with the Japanese Government. Sharing a positive outlook for SAARC, he expressed his confidence in South Asia’s ability to look beyond any existing challenges and reach a better, more integrated region in the future.
During the open discussion that followed based on Chatham House rules, it was recognised that regional cooperation in priority areas identified by member states and its programmes should be result-oriented and completed in a time-bound manner as there has been apparent deficiency in SAARC in terms of setting targets and implementing them. It was noted that despite their deep cultural, geographical, and historical connections, South Asia remains one of the least integrated regions in trade and connectivity compared to the world. Pooling resources and expertise together, member states would be able to navigate challenges and achieve sustainability. While regretting the absence of a SAARC summit meeting since 2014, the recent meetings of the SAARC Programming Committee and the other Governing Bodies wer welcomed. Member states were encouraged to play a critical role to revive the SAARC, as the organization commemorates the 40th anniversary of its establishment next year.
Participants at the roundtable discussion included: Ambassador Esala Weerakoon, Former Secretary General of SAARC & Senior Additional Secretary to the President; Ambassador H.M.G.S. Palihakkara, Former Foreign Secretary ; Dharshana M. Perera, Senior Director General, Ministry of Foreign Affairs; Ms. T.P. Dharmasena, Director General, SAARC Division; Dr. D.K. Renuka Ekanayake, Director of the SAARC Cultural Centre; Ms. Irosha Cooray, Director ( Education, Security and Culture), SAARC; Dr. Ranee Jayamaha, Executive Director (interim) Regional Centre for Strategic Studies (RCSS); Colonel Nalin Herath, Director General and Acting Director (Research), Institute of National Security Studies (INSS); Professor Maneesha S. Wanasinghe-Pasqual, Lecturer, University of Colombo; Dr. George Cooke; Dr. Jehan Perera, Executive Director, National Peace Council; Ms. R. Kumarihamy, Research Associate of Pathfinder Foundation; Hemal Prashantha, Senior Superintendent of Police.
To catalyze bilateral trade and investment and drive regional economic integration, the Consulate General of Sri Lanka in Mumbai facilitated a series of high-level strategic engagements between The Ceylon Chamber of Commerce and leading Indian commercial institutions on May 13 and 14.
The delegation from The Ceylon Chamber of Commerce was led by its Chairman Krishan Balendra, CEO of John Keells Holdings Pvt Ltd and comprised a distinguished group of Sri Lankan industry leaders from Hirdaramani Group, Maliban Biscuit Manufactories (Pvt) Ltd, Sierra Cables PLC, A. Baur & Co. (Pvt) Ltd, Jetwing Travels (Pvt) Ltd, Ceylon Biscuits Ltd, Hayleys PLC, Vidullanka PLC, MAS India Clothing (Pvt) Ltd, Tudawe Brothers (Pvt) Ltd, David Pieris Holdings (Pvt) Ltd, Bank of Ceylon, Aitken Spence PLC, LTL Holdings Ltd. and Orel IT Pvt. Ltd.
On May 13, The Confederation of Indian Industry (CII) and The Ceylon Chamber of Commerce jointly hosted the ‘India–Sri Lanka Business Forum: Partnering in Sri Lanka’s Growth and Investment’ and an exclusive CEO interaction in Mumbai. The forum convened senior government officials, policymakers, and industry leaders from both countries.
These included, among others, High Commissioner of Sri Lanka to India Mahishini Colonne; Consul General of Sri Lanka in Mumbai Priyanga Wickramasinghe; Senior Economic Advisor to the President of Sri Lanka Duminda Hulangamuwa; Secretary (Protocol, FDI, Diaspora & Outreach) and Chief of Protocol Government of Maharashtra Rajesh Ravindra Gawande; Co-chairman, CII Western Region Sub-committee on International Trade & Investment and Chief Executive Officer, Polycab India Ltd. Anurag Agarwal; Chairman, CII Western Region Sub-Committee on Tourism and Hospitality and Executive Director, Kamat Hotels India Ltd Vishal Kamat and Secretary General & CEO of The Ceylon Chamber of Commerce Shiran Fernando.
Conversations centered on accelerating cross-border cooperation across high-priority sectors, including technology, manufacturing, healthcare, renewable energy, and digital transformation.
On May 14, the delegation engaged in productive Business-to-Business sessions with the IMC Chamber of Commerce and Industry, culminating in the formal renewal of the Memorandum of Understanding between The Ceylon Chamber of Commerce and IMC. The delegation also participated in an interactive session hosted by the World Trade Center (WTC) Mumbai and the All India Association of Industries (AIAI).
The two-day mission concluded with a robust exchange of views cementing a strong foundation for sustained bilateral collaboration and paving the way for a new era of industrial synergy between Colombo and Mumbai. (Consulate General of SL, Mumbai)
Demonstrating its commitment to supporting the nation’s next phase of economic transformation, Commercial Bank of Ceylon has become one of the first banks in Sri Lanka to enter into an agreement to establish a fully-fledged branch at Port City Colombo, marking a significant step in the Bank’s strategic expansion into the country’s emerging international financial hub.
The agreement was signed by Sanath Manatunge, Managing Director/CEO of Commercial Bank, and Xiong Hongfeng, Managing Director of CHEC Port City Colombo (Pvt) Ltd. The partnership further reinforces Commercial Bank’s position at the forefront of Sri Lanka’s evolving financial landscape.
The proposed branch will function as a fully-fledged banking branch, offering a full spectrum of products and services tailored to the needs of corporates, investors, businesses and retail customers operating within the Port City Colombo ecosystem. These will include digital banking facilities, trade services, foreign currency transactions, corporate banking solutions, deposits, lending, card services and remittance facilities.
By establishing a presence within Port City Colombo, the Bank said it aims to further strengthen its ability to support cross-border business and investment flows while positioning itself to meet the sophisticated requirements of global investors, multinational corporates and high-net-worth individuals expected to operate within the Special Economic Zone.
Commenting on this ground breaking initiative, Sanath Manatunge, Managing Director/CEO of Commercial Bank said the Bank’s decision to establish a fully-fledged branch within Port City Colombo reflects both its long-term confidence in the project and its readiness to support the evolving needs of a globally integrated financial ecosystem.
“As Sri Lanka’s largest private sector bank with a strong track record in serving corporates, international clients and high-value businesses, we see Port City Colombo as a pivotal development in the country’s economic future,” he said. “Our presence within this Special Economic Zone will enable us to seamlessly support cross-border transactions, facilitate international trade and investment, and deliver world-class banking solutions backed by advanced digital capabilities. Being one of the first banks to formalise plans for a full-service branch within Port City Colombo reaffirms our role as a pioneer in driving financial innovation and supporting national development.”
A 269-hectare extension of Sri Lanka’s central business district, Port City Colombo is being developed as a multi-service Special Economic Zone designed to serve as a regional financial centre, business and lifestyle hub. One of the largest public-private partnership projects in the country, it is envisioned as a catalyst for high-value investments, underpinned by advanced infrastructure, cutting-edge technology and a progressive regulatory framework.
“Our role as master developer goes beyond building the city itself. It is about creating the foundations for a functioning international business and financial hub,” said Mr Xiong Hongfeng, Managing Director of CHEC Port City Colombo (Pvt) Ltd. “The establishment of institutions such as Commercial Bank within Port City Colombo is an important part of that process, because it brings real operational depth and credibility into the ecosystem from an early stage. It reflects the broader momentum behind the project and the growing shift towards a more globally connected, investment-driven economy in Sri Lanka.”
Sri Lanka’s renowned specialty tea brand “Singharaja Wiry Tips,” produced by Lumbini Tea Valley Ceylon, has won two major accolades at the prestigious “The Leafies International Tea Awards” held recently at Fortnum and Mason in the United Kingdom.
The award-winning low-grown Ceylon tea secured the titles of “Best Ceylon Black Tea” and the overall “Best of All Black Teas,” emerging as the top black tea entered at the international competition.
With these latest honours, “Singharaja Wiry Tips” has now earned its 43rd and 44th international awards, further strengthening its reputation as one of the world’s most highly awarded black teas.
Classified as FBOPF EX SP (Flowery Broken Orange Pekoe Fannings Extra Special), the tea is named after its distinctive golden-tipped wiry leaves and unique flavour profile derived from the ecosystem surrounding the UNESCO World Heritage-listed Singharaja Rainforest, which borders the Lumbini plantation.
Lumbini Tea Valley’s latest innovation, “Lumbini Screw Buds,” also received high commendation at this year’s competition, highlighting the company’s continued excellence in producing premium Ceylon teas.
Chairman and Managing Director Chaminda Jayawardena, who accepted the awards in London, credited the achievement to the dedication of the Lumbini workforce and the support of nearly 1,800 tea farmers supplying high-quality green leaf harvested using the traditional “two leaves and a bud” method.
by SK Samaranayake
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