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Quality of capital formation seen as key to economic growth

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Minister Dr. Anil Jayantha Fernando

The quality of capital formation is critical for Sri Lanka’s economic growth trajectory and the next take-off would be nothing but investment because without investments the country can’t expect rapid economic growth, Labour Minister and Economic Development Deputy Minister Dr. Anil Jayantha Fernando said.

“The capital market is a vital platform for national development and scattered, insignificant capital throughout the country cannot make a big push for the economy. Therefore, we need to pull them together, and the stock market is the ideal platform for the market’s functioning. The public duty is to channel savings into productive investments that would enable us to achieve the target, Dr Fernando said recently at the launching of the Securities and Exchange Commission of Sri Lanka’s (SEC) comprehensive strategic roadmap aimed at transforming the nation’s capital market into a resilient, innovative and globally competitive hub.

Themed ‘12 Pillars One Vision for a Resilient Market’, the plan outlined a series of transformative projects designed to revitalise the economy, enhance investor confidence, and mobilise capital for long-term development.

Fernando urged regulators and industry players to lower entry barriers and attract grassroots savers, arguing that broader participation is key to boosting liquidity and efficiency. “If you really want robust capital formation and exponential growth, we need to bring them together to the capital market and close the gaps, the minister said.

SEC’s roadmap is structured around twelve key projects that address market infrastructure, product diversity, regulatory frameworks and investor engagement. The ambitious reform agenda is built to deliver three core outcomes over the next decade. “Over the next decade our strategy will be driven by twelve key developmental and regulatory priorities, Fernando said.

“Our ultimate goal is to build a dynamic and resilient market that fosters long term stability, ensuring sustainable prosperity for generations to come, SEC chairman Prof. Hareendra Dissabandara said at the launch.

He noted that the aim is to foster continuous innovation in the capital market to ensure its relevance and responsiveness to the evolving needs of the economy and investors; enhance infrastructure and services to be more efficient, accessible and reliable; and to develop a diverse market ecosystem that strengthens the competitiveness and resilience of overall capital market.

Secretary to the Ministry of Finance Dr. Harshana Suriyapperuma said that improved governance has contributed to stability, which had paved the way to achieve five percent GDP growth this year.

“Transformation effect created stability in the country which began the journey of heading to economic growth and this twelve pillar programme would be an impetus to that target, Suriapperuma said.

Key structural reforms include the demutualisation of the CSE, which will transition it from a member-owned entity to a company limited by shares to enhance governance and efficiency. Another cornerstone is the implementation of a Central Counterparty (CCP) mechanism, which went live in August 2025, to guarantee trade settlements and reduce counterparty risk, thereby strengthening market stability.

By Hiran H.Senewiratne



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Ceylon Chamber Re-elects Chairperson Krishan Balendra at 187th AGM

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Seated Left to Right - Vinod Hirdaramani, British High Commissioner Andrew Patrick, Krishan Balendra, Bingumal Thewarathanthri, Shiran Fernando

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.

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Kandy’s singing couple striking a harmonious chord

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Vijitha Kingsley Bandara and Umesha Kalhari Navaratne

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

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ComBank unveils GIG+ for Lanka’s digital workforce

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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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