Business
‘Pharmaceutical sector of Sri Lanka has increasing potential to penetrate Vietnamese market’
The embassy of Sri Lanka in collaboration with Export Development Board (EDB) organized a webinar on “Sri Lankan Pharmaceutical Industry” for Vietnamese pharmaceutical companies a couple of days before the Medipharm Expo 2024 in Ho Chi Minh (HCM) city. This was organized in order to raise the awareness as well as stress the potential of the Sri Lankan pharma sector to leading importers and manufacturers of pharma in Viet Nam. The webinar was attended by over 100 pharma companies in Viet Nam, the Drug Authority of Viet Nam and the Viet Nam Pharmaceutical Association, along with Sri Lankan pharma companies which are participating in the aforementioned Medipharma Expo 2024.
Ambassador A. Saj U Mendis, delivering the welcome remarks, mentioned that although pharmaceutical manufacturing in Sri Lanka is modest in its scale and scope when compared with Viet Nam, the quality of drugs produced in Sri Lanka is quite high and impressive, adhering to international standards such as those of ISO, WHO and EU GMP requirements. Ambassador Mendis further stated that the Sri Lankan pharma companies are much eager and keen to associate with, engage with and form joint ventures and to export to the Vietnamese market. He further stated that Viet Nam boasts a large pharma market in excess of USD 10 billion and envisages reaching USD 16 billion within the next couple of years. Mendis further added that Viet Nam is a rapidly developing economy, which could be described as being among the fastest growing economies in the world, with a population of 100 million.
On the same note, ambassador Mendis said that Sri Lanka’s pharmaceutical market is around USD 750 million, of which 85% is imported and the remaining 15% locally produced. Government has allocated pharma-making zones in Hambantota within 200 acres with the intention of attracting FDIs and joint ventures in order to increase domestic production of medicines and pharma. Further, generous tax holidays for exports, 0% duty & taxes on imported capital goods & raw materials, 100% repatriation of capital and profits, dividends exempt from income and withholding taxes to non-resident entities are some of the compelling incentives extended to foreign pharma companies in this specifically identified and dedicated zone.
Mendis earnestly implored and urged Vietnamese companies to seriously consider investing and engaging in the pharma sector of Sri Lanka, given a number of efficacious trade agreements and FTAs with many countries in the region. This would enable select Vietnamese pharma companies to manufacture pharma products in Sri Lanka at competitive cost and to market not only in Sri Lanka but also to export to the region consisting of well over 40% of the global population.
Dr Kingsley Bernard, chairman & CEO of EDB stated that the pharmaceutical sector has been identified as one of the most promising and emerging sectors of Sri Lanka, not only to be developed as an import substitution industry but also as an export-oriented industry which could not only earn but could save a large quantum of foreign exchange, thus mutually benefiting Sri Lanka and pharma corporates of Viet Nam. In Sri Lanka, around 25 pharmaceutical manufacturing companies are currently engaged in the manufacturing of a variety of pharmaceutical products.
A customized video was played on the “Sri Lankan Pharmaceutical Industry”, which embraced attention and enhanced interest of the Vietnamese audience as it provided first-hand experience of the industry. Kalana Hewamallika, president, Sri Lanka Pharmaceutical Manufacturers’ Association (SLPMA) making a presentation on “Pharmaceutical Industry of Sri Lanka”, mentioned that by 2030 SLPMA intends to produce 40% of local market requirements. While enlightening on the pharmaceutical products manufactured by different companies in Sri Lanka, he mentioned that at present, Sri Lanka exports medicines to Myanmar, Cambodia, Maldives, Seychelles, Japan and Philippines and Viet Nam is a new market they wish to penetrate.
Rohan Karunathilake, General Manager of Astron Ltd and Dinesh Kumar Athapaththu, Managing Director of Morison Ltd, presented in detail about their respective companies and products and their meticulous objectives in the Viet Nam market. This was followed by a Q&A session, which clarified questions and elucidated issues to the Vietnamese audience.
(Embassy of Sri Lanka in Viet Nam)
Business
Ceylon Chamber Re-elects Chairperson Krishan Balendra at 187th AGM
The Ceylon Chamber of Commerce announced the re-election of Chairperson Krishan Balendra and the election of its Board for the Year 2026/27 at the Chamber’s 187 th Annual General Meeting on June 25. High Commissioner of Britain to Sri Lanka, Andrew Patrick, attended as Chief Guest.
The 2026/27 office-bearers are Chairperson Krishan Balendra, – Chairperson John Keells Holdings PLC, Vice Chairperson Bingumal Thewarathanthri – CEO, Standard Chartered Bank Sri Lanka, and Deputy Vice-Chairperson Vinod Hirdaramani – Chairman, Hirdaramani Group.
Jayanthi Dharmasena – Managing Director, Hayleys Agriculture Holdings Ltd., Kasturi Chellaraja Wilson – Chief Operating Officer, Head of APAC – 5Hour International Corporation Singapore, Shibani Thambiayah – Managing Director, Renuka Hotels PLC,Supun Weerasinghe – Director/Group CEO – Dialog Axiata PLC, and Shiran Fernando – Secretary-General and CEO will serve as Board Members. Rohana Dissanayake – Group Chairman and Managing Director of David Pieris Motor Company Pvt. Ltd. will also join the Board, replacing Bernhard Stefan – Managing Director – Nestlé Lanka PLC, who relocated overseas.
In his remarks, Balendra noted that over the past year, the Chamber adopted a more solutions-oriented approach to advocacy, focusing not only on identifying challenges but also on developing constructive recommendations in collaboration with government, industry stakeholders, and development partners, with this approach yielding stronger results. “Through our engagement in the Budget 2026 process, eighteen recommendations proposed by the Chamber were incorporated into the national budget, covering areas such as trade facilitation, investment promotion, digitalisation, infrastructure, and improving the ease of doing business.
This builds upon the strong momentum established in previous years and demonstrates the value of evidence-based, constructive engagement.
The Chamber also contributed to addressing emerging global trade challenges, including tariff-related issues affecting Sri Lankan exports. By representing private sector perspectives in Presidential Committees, we supported efforts to safeguard export competitiveness and strengthen trade resilience.”
Beyond advocacy, it significantly expanded its engagement footprint, strengthening bilateral partnerships across more than twenty countries, and supporting more than 1,800 SMEs through training, advisory services, and market access initiatives.
He added that over the next year, the Ceylon Chamber is committed to deepening engagement with members, strengthening global partnerships, enhancing support for SMEs, and accelerating efforts to promote exports and attract investment, and is committed to working with the Government and stakeholders to ensure a resilient and prosperous Sri Lanka.
Business
Kandy’s singing couple striking a harmonious chord
In the hill capital of Kandy, a husband-and-wife duo has won the admiration of music lovers with their shared passion for singing and their dedication to the art.
Vijitha Kingsley Bandara and Umesha Kalhari Navaratne have become familiar voices among audiences in Kandy, entertaining crowds with their musical talents while building a reputation as a versatile singing couple.
Kingsley began his musical journey at the age of 17, performing at outdoor musical shows before gaining opportunities to showcase his talent at several hotels in the Kandy area. His performances for local and foreign tourists further enhanced his reputation as a singer. He later took his musical talents overseas, entertaining audiences in several countries.
For the past 12 years, Kingsley has been engaged in singing at establishments operated by the Devon Group and The Grand Kandyan Hotel in Kandy, following an opportunity extended by Group Chairman Gamini Weeraratne.
Supporting him both in life and music, Umesha has also established herself as a singer, performing at Devon establishments. She also runs a home-based cake-making venture.
The couple, who continue to receive appreciation from music enthusiasts, said they are ready to accept invitations to perform at musical events across the country. They can be contacted on 071-1519130.
Text and Pic by SK Samaranayake
Business
ComBank unveils GIG+ for Lanka’s digital workforce
Recognising the rapid emergence of the gig economy in Sri Lanka, the Commercial Bank of Ceylon has introduced ‘ComBank GIG+’ – a specialised banking solution designed for freelancers, digital entrepreneurs, social media influencers, and individuals and businesses earning in foreign currency through overseas engagements to receive their foreign earnings, including PayPal-linked withdrawals, through a structured banking account.
ComBank GIG+ reflects a decisive shift in the country’s employment landscape, where a growing number of professionals are leveraging global digital platforms and remote work opportunities to build independent income streams. From freelance service providers operating on platforms such as Fiverr, Upwork and Freelancer.com, to content creators monetising audiences across YouTube, TikTok, Meta and X, this segment represents a dynamic and increasingly influential contributor to foreign exchange inflows.
ComBank GIG+ is tailored to meet the specific needs of these digital earners, offering account options in Sri Lanka Rupees as well as major foreign currencies including USD, EUR, GBP and AUD. The account is available to Sri Lankan citizens aged 18 and above residing in the country, as well as duly registered business entities, subject to verification of foreign currency income derived through recognised digital and remote work channels.
Commenting on the introduction of ComBank GIG+, Hasrath Munasinghe, Chief Operating Officer of Commercial Bank said: “The rise of independent digital earners represents a structural shift in how value is created and exported from Sri Lanka. With ComBank GIG+, we are establishing a banking framework that not only recognises this segment, but also integrates it more meaningfully into the formal financial system. This enables individuals and businesses operating beyond traditional employment models to build a verifiable financial track record, access formal financial services, scale their operations, and contribute more visibly to the country’s economic growth.”
The launch of ComBank GIG+ is particularly timely following Sri Lanka’s recent enablement of PayPal linked withdrawals, which has simplified the process of bringing overseas digital earnings into the country.
In addition to facilitating PayPal-linked withdrawals and foreign currency inflows, the Bank said the ComBank GIG+ account offers a range of value-added benefits including first-year fee waivers on credit cards and digital banking services, preferential foreign exchange rates for qualifying conversions into Sri Lanka Rupees, and the opportunity to establish a structured banking relationship that may support future access to financing and other financial solutions. These features are designed to enhance financial efficiency while supporting the day-to-day banking needs of digitally active customers.
By aligning its product innovation with evolving global work patterns, Commercial Bank continues to strengthen its position as a forward-looking, technology-driven institution. The introduction of ComBank GIG+ underscores the Bank’s commitment to supporting new economic segments, enhancing financial inclusion, and enabling Sri Lankan talent to participate more effectively in the global digital economy.
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