Business
President signals priority for domestic economic policy autonomy
Govt. in ‘Consideration Mode’ over next IMF programme:
By Sanath Nanayakkare
President Anura Kumara Dissanayake revealed that the government remains in “consideration mode” regarding whether Sri Lanka will enter into a follow-up Extended Fund Facility (EFF) programme with the International Monetary Fund (IMF) once the active facility concludes in March 2027.
Participating in an engaging Fireside Chat at the inauguration of the Sri Lanka Economic and Investment Summit 2026, organised by the Ceylon Chamber of Commerce at the Shangri-La Colombo on October 12, the President emphasised that any future engagement with the IMF must afford adequate policy space for his administration to execute its own sovereign economic vision.
The session, moderated by Bingumal Thewarathanthri, Vice Chairperson of the Ceylon Chamber of Commerce and CEO of Standard Chartered Bank Sri Lanka, saw the Head of State outline a comprehensive roadmap spanning macro-fiscal discipline, port infrastructure expansion, energy sector restructuring, fuel pricing dynamics, and technology training.
Addressing a packed hall of top-tier business leaders, diplomats, and international investors, President Dissanayake noted that while the current IMF arrangement has proceeded without impeding the government’s core economic strategy, a prospective post-March program will undergo rigorous evaluation.
“Our foreign reserve levels are satisfactory for paying our way through the world. However, there is global uncertainty amid the current geopolitical situation. No indicators can say when the war will end or what weather-related disasters could happen,” the President remarked, referencing external vulnerabilities such as Middle Eastern tensions and local climate disruptions like Cyclone Ditwah.
He stressed that while macro-fiscal parameters – including progressive revenue targets and debt-ceiling management – remain fundamental to national stability, the government is acutely conscious of the tax burdens and social costs borne by citizens. Therefore, any future framework proposed by the IMF will be examined through the lens of domestic policy autonomy and social protection.
Turning to critical national assets, President Dissanayake announced bold restructuring plans for the Port of Colombo aimed at elevating Sri Lanka’s position as a dominant regional maritime hub.
East Container Terminal (ECT): The government intends to grant management and operating rights of the ECT to a private sector partner while retaining 100% state ownership. Operating under the Sri Lanka Ports Authority (SLPA), the terminal currently handles approximately 500,000 TEUs against a potential capacity of 3.2 million TEUs. Five to six major global shipping lines have already expressed preliminary interest.
West Container Terminal II (WCT II): A funding requirement of approximately $1.4 billion for breakwater infrastructure is being sought from multilateral development institutions. Preliminary design work, assisted by the Asian Development Bank (ADB), is slated for completion by April 2027, adding another 3.2 million TEUs in annual throughput capacity upon full buildout.
Logistics Hub & Custom Clearance: The SLPA will call fresh tenders for a dedicated logistics center within the Port of Colombo following the resolution of land disputes. Additionally, Cabinet approval has been granted for a Public-Private Partnership (PPP) to establish a 150-container examination facility in Kerawalapitiya to streamline Customs clearance.
Addressing energy security and domestic distribution, the President indicated that existing petroleum agreements with private market participants – including Lanka IOC and Sinopec – would undergo formal review involving the Attorney General.
Expressing concern over distribution bottlenecks in outstation areas where private outlets dominate, President Dissanayake called on private players to balance profit margins with social responsibility during times of price volatility. To guarantee uninterrupted national supply, the Ceylon Petroleum Corporation (CPC) plans to add 75 new filling stations across the island.
Furthermore, to enhance maritime competitiveness, the government is considering lowering the 2.5% tax/levy on bunkering services in Budget 2027 and exploring CPC-private partnerships for bunker fuel storage expansion at the JCT Oil Bank.
In renewable energy, the government will open four major grid transmission lines for private-sector participation and transition away from fixed feed-in tariffs set by the Public Utilities Commission of Sri Lanka (PUCSL) toward competitive bidding to drive down generation costs. Floating solar projects, such as the Ibbankatuwa model, will be prioritised to overcome land availability constraints.
In a bid to address structural workforce shortages in high-tech sectors, the President revealed that Sri Lanka will sign an agreement with Singapore next week to establish a specialized training institute on Wijerama Mawatha in Colombo. The center will focus on rapidly expanding local capacity in Information Communications Technology (ICT) and Artificial Intelligence (AI).
He also highlighted plans to restructure public sector remuneration for highly skilled professionals and proposed an outcome-based procurement model for international promotional campaigns, such as global tourism marketing, where agencies are compensated based on verified growth in tourist arrivals.
Business
Indian business leader urges SL entrepreneurs to tap into India’s rapidly expanding consumer market
By Sanath Nanayakkare
Speaking at the Sri Lanka Economic and Investment Summit 2026, T. Krishnakumar, Chief Executive Officer of Reliance Consumer Products Ltd (RCPL), emphasised that local enterprises can unlock substantial economic benefits by strategically aligning with India’s booming consumer base.
Addressing business leaders and policymakers at the Shangri-La Hotel in Colombo, Krishnakumar highlighted that geographical proximity and rich cultural ties provide a natural foundation for deeper commercial collaboration.
He noted that instead of viewing bilateral trade narrowly, regional partnerships should act as conduits to build robust, scalable enterprises capable of plugging into wide-reaching regional value chains.
“For Sri Lankan exporters dealing in traditional staples as well as value-added goods, accessing India’s rising middle class presents a phenomenal growth window,” he said.
Drawing insights from Reliance Consumer Products’ rapid expansion – which scaled efficiently to thousands of employees and multi-billion-dollar metrics – Krishnakumar stressed that modern corporate success relies on disciplined execution, localised consumer understanding, and smart technology integration.
Furthermore, he underscored that while rapid growth is critical, businesses must consistently anchor their models in affordability and consumer trust.
Concluding his address at the summit, the RCPL chief noted that pairing regional trade integration with resilient business practices and predictable regulatory frameworks will be vital as Sri Lanka transitions firmly toward accelerated economic development.
Addressing the Summit during a subsequent fireside chat, President Anura Kumara Dissanayake underscored that a core concern currently being targeted by the government is developing a critical mass of local entrepreneurs equipped to engage with international enterprise counterparts.
Business
SriLankan Airlines wins prestigious SATA 2026 Visitors’ Choice Award for Leading International Airline
SriLankan Airlines has once again been honoured with the prestigious Visitors’ Choice Award for Leading International Airline at the South Asian Travel Awards (SATA) 2026, reaffirming its continued recognition in the regional travel and tourism industry. The airline, which has received this award in previous years, was the only international airline to be recognised in this category at this year’s event. The 10th anniversary edition of the awards ceremony was held earlier this month at Hotel Barcelo Nasandhura in Male, Maldives.
Recognised as one of the key events on the Maldivian tourism and travel industry calendar, SATA celebrated its 10th anniversary on a grand scale, bringing together prominent industry stakeholders, including Government Ministers, distinguished dignitaries, diplomats and senior representatives from leading airlines and their respective head offices.
Commenting on the achievement, Dimuthu Tennakoon, Head of Commercial, SriLankan Airlines, stated, “We are honoured to receive this recognition at the South Asian Travel Awards 2026. Being named the Leading International Airline in the Visitors’ Choice Awards once again is a meaningful acknowledgement of our commitment to serving our passengers and strengthening our presence in the region. This award inspires us to continue enhancing the travel experience we offer and to build stronger connections with the markets and communities we serve.”
Complementing its commitment to service excellence, SriLankan Airlines offers an extensive flight network with convenient connections to destinations across the globe. In South Asia, the airline operates nearly 130 flights each week to 15 destinations across India, Pakistan, the Maldives, Nepal, and Bangladesh. With schedules thoughtfully designed to suit the needs of travellers, SriLankan Airlines provides seamless connectivity for those visiting Colombo for business or leisure, as well as passengers travelling onwards to destinations worldwide.
Business
JXG enters LMD’s Most Respected Entities in Sri Lanka 2026 for the first time, securing a place among the first 50
JXG (Janashakthi Group), Sri Lanka’s leading financial conglomerate, has been ranked 44th in LMD’s Most Respected Entities in Sri Lanka 2026, marking the Group’s first appearance in the prestigious listing. The recognition places JXG among Sri Lanka’s most respected companies and marks an important milestone in the Group’s master-brand journey.
As the holding company, JXG was also recognised across key attributes including Aspirational Workplace, Business Expansion, Business Innovation, Corporate Culture, Corporate Dynamism, Crisis Management, Employee Wellbeing, Honesty and Integrity, and Leadership Profile. The recognition reflects the growing strength of the JXG brand and the collective contribution of its businesses and people in building trust and confidence among its stakeholders.
JXG’s subsidiaries, including Janashakthi Life and First Capital, have also been recognised in the main table of LMD’s Most Respected Entities 2026 rankings, while Janashakthi Finance has been recognised under the Business Expansion attribute, reflecting the strength of the Group’s individual businesses alongside its growing master brand.
Conceptualised and commissioned by LMD and conducted by PepperCube Research Consultants, the Most Respected Entities special edition recognises companies based on an independent survey of Sri Lanka’s business community.
Commenting on the recognition, Gamika de Silva, Group Chief Marketing Officer at JXG, said, “This is a proud moment for all of us at JXG. We set out to build a Group brand that is not just seen but lived by our people and reflected in everything we do. Ultimately, the true testament to any brand lies in its people, and the credit for this recognition goes to everyone across JXG who brings our values to life every day. This recognition is an encouraging milestone for us, while also reminding us to keep raising the bar and earning the respect of our stakeholders through what we do.”
JXG’s approach to building trust is anchored in its core values of Integrity, Collaboration, Respect, Performance Driven and Innovation. These values guide how its businesses operate, how its people engage with one another and how the Group serves its customers and wider stakeholders.
As JXG continues to expand its businesses, the Group remains focused on strengthening its market presence, creating long-term value and contributing to the growth of Sri Lanka’s financial services sector, guided by its purpose, Breaking Barriers, Forging Futures.
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