Business
Public support vital for SL’s economic recovery process – CBSL Governor
By Lynn Ockersz
The duration of Sri Lanka’s economic recovery process depends on how successfully the governing authorities implement the relevant reforms and restructuring programme currently under discussion. Moreover, without public support for these recovery efforts, they would not prove fully successful, Central Bank Governor Dr. Nandalal Weerasinghe said.
Making the keynote address yesterday on the occasion of the launching of its 2022 ‘State of the Economy’ report titled, ‘Driving Policy Action from Crisis to Recovery’, by the Institute of Policy Studies, Sri Lanka, at its Dr. Saman Kelegama Auditorium, in Colombo Dr. Weerasinghe expressed optimism that Sri Lanka could achieve economic stability going forward.
However, public support is vital for the successful implementation of Sri Lanka’s economic recovery process, the Governor observed. Underscoring the importance of the media in this regard he said that it is up to the media to convey clearly to the public the issues at the heart of the economic recovery effort. Right now, this is not occurring to the desired extent. He said a vital requirement is responsible reporting and commentary by the media on the questions at hand.
The following are some extracts from Dr. Weerasinghe’s address: ‘The ongoing economic stabilization effort is a painful one, but whether there is an alternative to it is the question. It is up to those criticizing the state’s decision to go to the IMF to come out with a viable alternative programme and this is not easy to formulate. Conspiracy theories are also being aired in some quarters to the effect that the state announced a debt default prematurely to bring the country under IMF control. There is no truth in this allegation. Going forward, the recovery process is going to be difficult for the country but there are some improvements in the local economy currently.
‘Recovery is possible through Sri Lanka’s debt restructuring effort but we need to have a stable banking system which our creditors could believe in. Currency and banking crises need to be averted as we forge ahead and we need to establish market access for our export products sooner rather than later.’
Answering a question from the audience with regard to the fairness of some stipulations in the envisaged tax reforms, Dr. Weerasinghe said that taxation is only a short term solution to the country’s economic worries. While it is true that very many sections could be affected negatively by some of the income criteria that would be guiding the paying of taxes from the better-off sections of the public, people living below the poverty line, who are numerous, are more gravely affected than the middle classes. The contemplated taxation measures would help in extending and sustaining welfare measures to these poverty-stricken sections.
‘But there is no denying that there is a need to widen the tax net in an equitable manner. Burden-sharing in taxation is of vital importance. Fiscal transparency is important and the same goes for corruption-reduction, the Governor said.
Speaking earlier, Secretary to the Treasury/Ministry of Finance, Economic Stabilization and National Policies K.M. Mahinda Siriwardana said, among other things, that it is vital that the ‘political will’ be demonstrated by the authorities to take necessary but unpopular decisions to take the country on the recovery track. He underscored the importance of debt restructuring and pointed out that in the short term, monetary and fiscal policy improvements are vital. Likewise, it is important to adopt consistently, monetary and fiscal policy measures in the long term.
Pointing out the importance of revenue-based fiscal consolidation, Mr. Siriwardana stressed the need to reduce the budget deficit. In this effort the raising of enhanced corporate income tax becomes important.
The same applies to personal income tax. Some proposals under the latter head when implemented, could prove very painful to some sections, but there is no alternative. Such taxation measures could go a long way in assisting the poor. He focused on the need for short term sacrifices.
Initially, IPS Executive Director, Dr. Dushni Weerakoon, flagged off the event by making a wide-ranging analysis of the state of the Sri Lankan economy. In the course of her presentation she drew attention to the risks of ‘shallow restructuring’ that could prove counter-productive to countries such as Sri Lanka. Minimizing output loss, she said, is essential. ‘Bringing inflation under control is critical to economic stabilization, she stressed. These and other issues raised by the IPS Head set the stage for the presentations by the key speakers of the morning’s session of the forum.
By Ifham Nizam
Australian High Commissioner to Sri Lanka Matthew Duckworth described Omega Traders’ latest investment in a modern dhal-processing facility as a strong example of how cross-border supply chains can translate into productive investment, local value addition and new business opportunities in Sri Lanka.
The investment, which adds a 150-metric-tonne-per-eight-hour-day processing capacity to Omega Traders’ operations, marks a significant expansion of the company’s manufacturing footprint as it celebrates 45 years in Sri Lanka’s food commodity industry.
Speaking at the inauguration of the new Lentil and Orid Dhal Processing Factory in Wattala, last Friday, H.C. Duckworth said the facility represented more than an increase in production capacity, pointing to the wider economic value created when Australian agricultural production is connected with Sri Lankan processing and distribution.
‘This facility is not operating on its own. It is part of a long supply chain and a trade partnership between Sri Lanka and Australia, Duckworth said.
His comments placed the Omega Traders’ investment within a broader commercial context: Australia brings agricultural production and established export capabilities, while Sri Lanka provides processing capacity, labour, market access and opportunities for further value addition.
The investment comes as Sri Lanka continues to look towards greater domestic processing and value-added manufacturing rather than relying solely on the import and distribution of finished commodities.
Dr. (Mrs.) Siddhika G. Senaratne, Director General/CEO of the Sri Lanka Standards Institution (SLSI), who attended the inauguration as Guest of Honour, highlighted the importance of quality assurance in food processing and the role of standards in maintaining confidence across the supply chain.
The facility is equipped with new-generation cleaning, processing, sorting and quality-control machinery, including advanced colour-sorting technology, automated systems and an in-house quality-control laboratory.
The additional capacity will support Omega Traders’ three principal Mysoor Dhal brands — Rainbow Jumbo Dhal, Komas Dhal and Rozanna Dhal — which serve different segments of the Sri Lankan market.
But the investment also has a distinctly local agricultural dimension.
Through its Orid Dhal operation, Omega Traders plans to source locally grown black matpe from Sri Lankan farmers and process it at the new facility.
That creates a domestic value chain linking farmers to industrial processing and consumers, while potentially increasing demand for locally produced agricultural commodities.
Duckworth said this type of business partnership could generate benefits for both countries.
‘Australia produces some of the world’s best agricultural products and we are very efficient and very capable at trading them. But that alone is not going to bring success to Australia. Just as building a factory like this is not going to bring success to Sri Lanka, he said.
‘It’s when we bring these entities together that our products produced in Australia can be processed in excellence here in Sri Lanka that enables this to be a success, the H.C. explained.
The investment therefore combines two complementary supply streams: imported agricultural commodities, including Australian-origin products, and locally produced black matpe for the Orid Dhal operation.
For Sri Lanka, the business significance extends beyond Omega Traders itself. Increased processing capacity creates demand for logistics, packaging, distribution, services and agricultural inputs, while supporting employment within the food-processing ecosystem.
HR-led transformation places people, culture and business performance at the heart of the organisation
Ideal Motors (Pvt) Ltd,has achieved a significant milestone by securing multiple prestigious workplace and organisational culture accolades in 2026, reinforcing its position as an employer of choice in Sri Lanka’s automotive sector.
Among its latest achievements, Ideal Motors has been recognised as one of the 20 Great Workplaces for Young Talent in Sri Lanka 2026, ranked No. 1 and awarded the Gold Medal in the Small and Medium category of Best Workplaces™ in Sri Lanka 2026, and ranked No. 18 among Best Workplaces™ in Asia in the Medium Scale category—the highest-ranked Sri Lankan organisation in the category. The company also received Industry Excellence for Workplace Culture – Trading Industry.
The Young Talent recognition was presented at the Great Place To Work® CXO Forum 2026 held on 10 September 2026 at Cinnamon Life, Colombo. The recognition followed an evaluation of more than 100 certified organisations and highlights workplaces that create meaningful opportunities for employees under 35 to develop, contribute and grow.
At the Best Workplaces™ in Sri Lanka Awards Gala 2026, held on 11 September 2026 at Cinnamon Life, Colombo, Ideal Motors achieved another historic milestone by entering the Best Workplaces Sri Lanka list for the first time and securing the No. 1 Gold Medal in the Small and Medium category. The company also achieved No. 18 in Best Workplaces™ in Asia, reflecting the strength of its workplace culture beyond Sri Lanka.
These achievements represent more than a collection of awards. They reflect the transformation taking place within Ideal Motors, where people, culture and business performance are increasingly viewed as interconnected drivers of sustainable growth.
Over the past few years, the organisation’s HR function has evolved from a predominantly administrative role into a strategic business partner, with greater emphasis on employee experience, capability development, engagement, performance, communication, wellbeing, diversity and inclusion, and data-driven HR practices.
The Automobile Association of Ceylon (AAC) conducted a seat belt safety awareness programme in front of its headquarters and along Galle Face Centre Road, encouraging motorists and passengers to make seat belt use a habit on every journey.
AAC staff, working alongside officers of the Sri Lanka Police Traffic Division, distributed specially designed hanging tags and stickers to drivers. The material carries a clear reminder that seat belts protect drivers as well as passengers in both the front and rear seats.
The public awareness drive was held ahead of the requirement taking effect on 20 September 2026, under which seat belt use becomes mandatory for every occupant of a vehicle travelling on an expressway.
AAC emphasized that the regulation should be understood as a life-saving measure rather than only a legal obligation. Wearing a seat belt can help prevent occupants from being thrown inside or from a vehicle during a collision and can lessen the severity of injuries.
The Association said road safety legislation must be supported by sustained public education, visible enforcement and responsible behaviour by all road users. The participation of the Traffic Police helped the campaign reach motorists directly in a busy part of central Colombo.
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