Business
‘Recognizing science, research and innovation vital for economic turnaround’
Sri Lanka’s economic turnaround will not be achieved through tighter budgets or debt restructuring alone—it will depend on whether the country can finally recognise science, research and innovation as serious engines of growth. That was the clear, uncompromising message from internationally respected scientist Professor Neelika Malavige, speaking at the recent IDEAnet Health Forum of the University of Colombo.
Malavige argued that Sri Lanka is missing its biggest economic opportunity by failing to treat innovation as a business asset. Nations such as Singapore and South Korea, she said, became global success stories not through natural resources, but by building systems that reward efficiency, research, and knowledge creation. “Their prosperity came from ideas,” she stressed. “We have the talent, but we continue to smother it under red tape.”
She pointed out that Sri Lanka and Singapore started the 1960s on near-equal footing. Today, Singapore’s GDP per capita is more than ten times higher. That gap, she warned, reflects decades of lost innovation capacity. Sri Lanka’s position at 93rd on the Global Innovation Index tells the same story—a country with potential but without the systems to convert ideas into economic output. For the private sector, she said, the realisation must hit hard: innovation is not a luxury. It is the most underdeveloped industry in Sri Lanka, and possibly the most profitable one if unlocked.
The biggest barrier, Malavige insisted, is not money but bureaucracy. She gave a striking example: research materials are taxed at 33 percent, then subjected to another 33 percent through intermediaries, before taking up to eight months to reach a laboratory. By then, only a fraction of the allocated funds actually turns into research. “In Oxford,” she said, “I received the same reagent in two days.” Such delays and inefficiencies, she emphasised, are not just academic frustrations—they translate into lost competitiveness, delayed product development, weaker investor confidence, and millions in missed opportunities.
Malavige believes Sri Lanka urgently needs to build a bridge between universities and industry if it wants to create new commercial sectors. She pointed to India’s transformation of its vaccine industry and to countries like the Netherlands and Senegal, which now export agricultural technologies and WHO-approved vaccines despite their modest size. Sri Lanka, she said, can produce diagnostics, medical technologies, and agritech solutions for regional markets—but only if the system stops obstructing those who try.
The ongoing brain drain, Malavige added, is not simply a social tragedy; it is an economic leak. Every researcher who leaves represents years of investment disappearing, along with the innovations and industry collaborations they would have generated.
Scientists, she said, are leaving because they cannot operate efficiently in a system crippled by delays, rigid procedures, and the absence of meaningful incentives. High-impact research, whether published internationally or locally, receives the same treatment. “That kills ambition, she said. “And ambition is the raw material of innovation.”
Health research, she noted, is not just about saving lives; it is an economic shield. During COVID-19, Sri Lanka used an antibody test developed with minimal resources, saving millions in testing costs. Such examples prove that homegrown innovation yields measurable financial returns. But she cautioned that if a future pandemic—what global experts refer to as “pathogen X”—hits Sri Lanka with systems this inefficient, the economic consequences would be devastating.
By Ifham Nizam
Indra Traders recently introduced a special programme titled “Athwela” in collaboration with the Bank of Ceylon (BOC).
The programme was designed with a primary focus on customer convenience, aiming to provide essential support by simplifying the financial challenges often associated with vehicle purchasing and servicing. This initiative is regarded as a further strengthening of the trust and relationships Indra Traders has built over its decades of service excellence.
The partner for this program, the Bank of Ceylon (BOC), is Sri Lanka’s largest state bank and a premier financial institution. It offers an extensive island-wide branch network, exceptional customer service, and some of the most competitive interest rates in the market.
Speaking at the event, Rushanka Silva, Managing Director of Indra Traders, said: “Today is a very special day for us. As Indra Traders, a company engaged in business for over five decades, it is a great honor to enter into the ‘Athwela’ agreement with Sri Lanka’s largest bank. Through this program, we are working to provide various financial and service facilities, including leasing. As a company that imports everything from the smallest to the largest vehicles, we provide customers the opportunity to purchase any vehicle they need through our six yards located across the island. Even if a specific vehicle is not in our current stock, we are prepared to import it according to the customer’s requirement. I invite all customers to join hands with ‘Athwela’.”
Y. A. Jayathilaka, General Manager of Bank of Ceylon, added “At a time when restrictions on vehicle imports have been relaxed, it is a great pleasure for Bank of Ceylon, the strongest bank in the country, to partner with Indra Traders – a company with over 50 years of trusted history. Our goal is to provide a comprehensive and convenient service to leasing customers across the island by combining BOC’s extensive branch network with Indra Traders’ expertise.”
The Sri Lankan Embassy in Beijing together with Beijing Capital Airlines last week organized a destination promotion event and announced the launch the Capital Airlines direct flights from Beijing to Colombo.
While congratulating Beijing Capital Airlines for expanding the connectivity between Beijing and Colombo, the Sri Lanka Ambassador Majintha Jayesinghe highlighted the longstanding bilateral relations between the two countries and the significance of strengthening connectivity in line with the Joint Statement issued following the meeting in January 2025 between President Xi Jinping and President Anura Kumara Disanayaka, a news release from the embassy said.
The President of the Beijing Capital Airlines Liu Jun expressed appreciation and stated that the new route is an important milestone in expanding the airline’s South Asian network while strengthening the Air Silk Route. He also highlighted that this is the only direct flight connecting Northern China with Sri Lanka and a key Capital-to-Capital air link, it added.
There was no word about the flight frequency and when the service will begin.
Ambassador Jayesinghe reiterated that Sri Lanka is more than a holiday destination and is positioned as an exotic, experienced-rich, year-round travel destination offering warm and pleasant weather. He emphasized that Sri Lanka, as a stand-alone destination, provides a blend of rich history, eight UNESCO heritage sites, diverse landscapes, pristine beaches, dense forests, and scenic mountains, inviting Chinese travellers to explore and enjoy Sri Lanka.
The commencement of the Beijing – Colombo route will contribute to the social and economic development of both countries. The Beijing- Colombo service has filled a longstanding gap in the aviation market and will further promote the economic, trade, cultural and tourism development, while offering more convenient travel options, the news release said.
SLT-MOBITEL Mobile, in collaboration with Fintelex (Pvt) Ltd, has launched ‘Yaya Agro’, an exclusive all-in-one smart agriculture app designed to empower Sri Lankan farmers with the tools they need to grow smarter, safer, and more sustainably.
Yaya Agro represents a new era of digital farming in Sri Lanka combining technology, expert knowledge, and community empowerment to provide farmers the confidence to make smarter decisions, improve productivity, and build a sustainable future.
Developed with support from GIZ and Hatch and validated by leading academic and professional institutions including the University of Colombo, Institute for Agrotechnology and Rural Sciences, and the Sri Lanka Red Cross Society, Yaya Agro combines agricultural expertise, real-time weather updates, first aid support, and AI-powered assistance into a single, easy-to-use platform.
The launch of Yaya Agro positions SLT-MOBITEL as an innovative, inclusive, and collaborative technology leader. Partnering technology and academic institutions, the company extends its role outside the sector into agriculture, empowering farmers with AI-driven tools, multilingual access, and market connectivity. The initiative also strengthens SLT-MOBITEL’s image as a champion of digital empowerment and sustainable development in Sri Lanka.
Functioning as a comprehensive digital companion, Yaya Agro is positioned as a digital farming companion, bringing precision agriculture, real-time support, and market access to the fingertips of every Sri Lankan farmer.
Whether managing a small home garden or a large commercial farm, the app equips farmers with vital insights to improve crop yield, reduce risks, and connect directly with buyers through the integrated online marketplace.
Yaya Agro offers farmers daily crop information with expert tips on management, pest control, and best practices, all validated by the University of Colombo. It provides accurate, location-based weather forecasts to help plan farming activities more effectively. The app also delivers life-saving first aid tutorials and safety information verified by the Sri Lanka Red Cross Society, ensuring farmers are prepared for emergencies. With the AI chatbot assistant, farmers can access instant, personalized advice around the clock, with smart notifications delivering timely alerts and reminders tailored to crop cycles.
To make learning inclusive and accessible, Yaya Agro is available in Sinhala, Tamil, and English, offering interactive educational content such as videos, voice guides, and infographics. The app also integrates an online marketplace, developed in partnership with GIZ and Hatch, enabling farmers to connect directly with buyers and expand their reach.
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