Business
Male Port relocation seen as opening vast opportunities for regional trade
By Ifham Nizam
Male Port is set to relocate to Thilafushi, a strategic move that is expected to enhance port operations in the Maldives. Meanwhile, Kulhudhuffushi, located in the northern part of the country, is actively seeking investors to support its growing industrial potential.
According to a leading industrialist, this development positions the Maldives’ ports in closer proximity to Sri Lanka, which could boost regional trade and economic growth.
Sri Lanka-Maldives Business Council president Sudesh Mendis, a key advocate for strengthening Sri Lanka-Maldives relations, called for decisive action to reclaim Sri Lanka’s diminishing presence in Maldivian markets.
Speaking to The Island Financial Review, Mendis outlined a roadmap to revive bilateral trade and cultural ties rooted in centuries of shared history.
He said that according to historical records, the first king of the Maldives, King Koimala, hailed from Sri Lanka. He emphasized how this connection shaped the Maldivian civilization. “Yet, despite these shared roots, the economic partnership between the two nations is on a concerning downward trend, he said.
Mendis further said. “Sri Lanka’s share in Maldivian imports has fallen to a mere 4.65%, a sharp decline from the 7% share held eight years ago. This is a wake-up call. While Sri Lanka’s export revenue has grown, it has failed to keep pace with the overall growth of the Maldivian market.”
Amid the challenges, he shed light on promising efforts to re-establish Sri Lanka’s presence in the Maldives. He highlighted the country’s participation in the Hotel Asia Exhibition, where the Sri Lankan Pavilion showcased 19 stalls, predominantly featuring small and medium enterprises (SMEs).
“This was Sri Lanka’s largest exhibition delegation ever, involving 22 companies and 42 representatives. Exhibitors secured up to 180 inquiries, including interest from other countries. This is the potential we need to build on,” he said.
The initiative, supported by the EDB, not only reduced costs for participants but also provided advanced marketing tools like QR codes, enabling SMEs to compete effectively on an international stage.
He also emphasized the importance of government-to-government engagement. During a recent delegation visit to the Maldives, representatives visited seven ministries to discuss trade and investment opportunities. The discussions addressed critical issues such as double taxation and garnered assurances of Maldivian support for bilateral growth.
“Other nations, such as Turkey, have already signed trade agreements with the Maldives. It’s time for Sri Lanka to do the same, Sudesh urged, noting the strategic importance of formalizing trade agreements to unlock greater opportunities.
Mendis unveiled an ambitious CSR initiative to develop Farishmaathoda, a remote fishing island located 445 kilometers from Malé. This untouched gem, equipped with a domestic airport but lacking basic infrastructure like eyewear facilities, has invited Sri Lankan investors to build resorts and guest houses.
“This island offers immense potential for Sri Lankan businesses. We are not just talking about investments; we are talking about fulfilling promises and creating lasting partnerships, he remarked.
Supported by sponsors such as Aitken Spence Travels, Milo, and Enviromec International, the project aims to demonstrate Sri Lanka’s commitment to inclusive growth in the Maldives.
The statistics are sobering. In 2018, over 17,000 Maldivians lived in Sri Lanka, contributing USD 67.2 million annually to the local economy. Today, that number has dropped to just 1,800, with an annual revenue loss of USD 59.2 million.
Adding to the challenge, high inflation, import duties, and exchange rate fluctuations in Sri Lanka are driving Maldivian businesses elsewhere. “If we fail to act now, we risk losing even more ground in this critical market,” he warned.
He urged policymakers and the business community to prioritize the Maldives as a strategic partner. “This is more than a trade issue. It’s about revitalizing a bond that has stood the test of time. The Maldives is looking to us for leadership and we must rise to the occasion, he said.
With innovative strategies, collaborative initiatives, and renewed focus, he believes Sri Lanka can not only reclaim but exceed its former position in Maldivian markets, fostering a future of shared prosperity for both nations.
Business
USD 50 mn battery storage investment expected to power SL’s renewable energy push
Sri Lanka has taken a major step towards modernising its power infrastructure with the arrival of the country’s first commercial-scale Battery Energy Storage System (BESS), part of a USD 50 million investment expected to transform the integration of renewable energy into the national grid.
The first shipment of battery units arrived at the Port of Colombo recently for the landmark Galle and Matara BESS projects being developed by Galilee BESS (Pvt) Ltd, a subsidiary of KHEN Energy Limited. The projects are expected to play a pivotal role in enhancing grid stability, reducing renewable energy curtailment and strengthening the country’s energy security.
The shipment comprised 25 containers, including 18 battery units weighing 42 metric tonnes each, making it one of the largest and most technically demanding renewable energy cargo movements handled in Sri Lanka to date.
Energy industry officials describe the project as a milestone investment that will help bridge one of the biggest challenges facing renewable energy development—storing electricity generated from intermittent sources such as solar and wind power for use when demand peaks.
Once operational, the BESS facilities will support the National System Operator by absorbing excess renewable energy during periods of high generation and releasing it when required, thereby improving efficiency and reliability across the power network.
The technology is being supplied by global energy storage leader Sungrow Power Supply Co., Ltd., reflecting growing international confidence in Sri Lanka’s renewable energy sector and its long-term clean energy ambitions.
Beyond its energy significance, the project also highlights the increasing scale and sophistication of infrastructure investments entering the country.
Expolanka Freight (Pvt) Ltd was entrusted with the end-to-end logistics operation, overseeing customs clearance, specialised transportation, storage, unloading and final placement of the battery units at the project sites.
Finance and Project Director Fazul Ansar said the operation required extensive engineering studies, route assessments and rigorous safety planning owing to the hazardous classification and extraordinary weight of the cargo.
Head of Project Logistics Mohamed Niyas said months of preparation had gone into route surveys, lifting studies and risk mitigation planning to ensure the successful execution of the project.
Project officials said specialised multi-axle trailers and cranes with lifting capacities ranging from 100 to 150 tonnes were deployed for the operation, while access modifications and last-mile transport solutions were implemented at both project locations.
By Ifham Nizam
Business
AI and Data Analytics Summit 2026 drives the nation’s digital future
The AI and Data Analytics Summit 2026 organised by the Sri Lanka Section of BCS, the Chartered Institute for IT was successfully held on 22nd May 2026 at Waters Edge, Colombo. The high-impact summit themed “Next Generation AI & Data Analytics: Skills & Thoughts for the Intelligent Future” brought together senior policymakers, global technology experts, industry leaders, academics, and innovators to explore how Artificial Intelligence (AI) and Data Analytics are reshaping the nation’s digital and economic future.
The event, endorsed by the Ministry of Digital Economy, was graced by Waruna Sri Dhanapala, Secretary to the Ministry of Digital Economy, who attended as the Guest of Honour, underscoring the government’s strong commitment to advancing AI adoption, digital innovation, and data-driven governance in support of Sri Lanka’s broader public sector transformation agenda. Dr. Sadeep Jayasumana, Chief Scientist at Octave, delivered the keynote address on Generative AI, sharing insights into its transformative potential.
Speaking on the significance of the summit, Prof. Lasith Gunawardena, Chairman the Sri Lanka Section of BCS, the Chartered Institute for IT noted that Artificial Intelligence and Data Analytics have become present-day enablers of innovation, economic growth, and societal progress. He emphasized that the summit was guided by BCS’s purpose of Making IT Good for Society and by the national need to bring together thought leaders, practitioners, policymakers, and industry experts to foster collaboration, knowledge sharing, and the responsible adoption of transformative technologies, thereby strengthening Sri Lanka’s digital readiness and supporting a resilient, inclusive, and globally competitive digital economy.
Ransith Fernando, Chair of the summit mentioned ” This year’s summit brought together 21 speakers who shared valuable insights, ideas, and experiences. We heard inspiring success stories, gained practical knowledge from industry practitioners, and explored strategic perspectives from business leaders. These conversations highlighted both the opportunity and the responsibility before us. While innovation is accelerating globally, Sri Lanka must align policy, talent, and industry readiness to truly operationalize AI at scale and ensure an inclusive and sustainable digital transformation.”
Deshan Liyanage, Co-Chair of the AI and Data Analytics Summit 2026 commented that this year’s summit was a fully sold-out event, reflecting the growing national momentum around Artificial Intelligence and Data Analytics in Sri Lanka. He extended heartfelt gratitude to all participants who joined and contributed to the success of the summit, as well as to the sponsors whose support made the event possible. Special appreciation was conveyed to Sysco LABS as the Strategic Partner, Linear Six as the Bronze Partner, InTalent Asia as the Resource Partner, and Motivista as the Event Partner. He also acknowledged the valuable collaboration of industry associations including SLASSCOM, FITIS, and CSSL, whose partnership helped strengthen and elevate the initiative.
Business
Eswaran Brothers empowers women through a transformative leadership journey
As part of its commitment to advancing women’s empowerment and building a stronger leadership pipeline, Eswaran Brothers Exports (EB), a leading tea manufacturer in Sri Lanka, launched its flagship women’s leadership initiative, She Transforms, a customized six-month leadership development journey. Developed with award-winning leadership expert Senela Jayasuriya and supported by Value for Women, the programme forms a key pillar of the Company’s wider gender agenda focused on leadership capacity building, inclusion and long-term institutional change.
Women make up 44% of Eswaran Brothers’ workforce, yet only 23% held senior roles at the time of an initial gender diagnostic conducted with Value for Women and supported by FMO, the Dutch Development Finance Bank. The assessment found that despite their potential, many women faced unclear career pathways and limited structural support at critical life stages.
In response, Eswaran Brothers introduced strategic mindset and policy interventions designed to remove barriers and create a more enabling environment for women to grow and lead. These efforts included mentorship opportunities, enhanced support for employees returning from maternity leave, coaching for managers, and initiatives aimed at strengthening inclusion and career progression across the organization.
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