Business
Retailers concerned about future of their sector
Members of the Sri Lanka Retailers’ Association (SLRA) continue to raise growing concerns about the plight of the local economy and the impacts of the current economic conditions on the retail industry. They addressed their concerns and questions to a panel of experts at the recently concluded SLRA Members’ Forum. The SLRA Members’ Forum is an exclusive networking forum designed to bring together leaders in the retail industry with stakeholders in both private and public sectors of retail in Sri Lanka.
The event was organized by the Executive Committee of the Sri Lanka Retailers’ Association, and attended by Chief Guest Dr. Roshan Perera, an Economist, Public Policy Specialist and Senior Research Fellow at the Advocata Institute, and Guest of Honor Mr. Shiran Fernando, Chief Economist of the Ceylon Chamber of Commerce.
Mr. Murali Prakash, President of the Sri Lanka Retailers’ Association, addressed the attendees on the SLRA’s strategies implemented to create a better understanding of the retail sector, its challenges, and the necessity for special support among the authorities. “We at SLRA strive to keep member interest at the forefront. Our strategy was to engage the authorities on multiple levels, to bring about an understanding of retail trade, thereby enacting retail-friendly action. While we’ve had some success on the way, given the current externalities and issues faced by the sector, we would collectively and individually continue to push for a greater understanding of the sector with policymakers. Retail is an ecosystem that spreads throughout the length and breadth of the country cutting across social strata and should be preserved for the greater good of the nation and its future”, he said.
Chief Guest Dr. Roshan Perera then addressed the audience about the economic challenges brought about by the prevailing economic crisis in Sri Lanka and how best to navigate through them. She highlighted the features of the crisis such as high inflation rates, unsustainable fiscal deficits, external sector pressures and more, which need to be immediately addressed in order to stabilize the economy. Dr. Perera also highlighted the path of economic recovery that the government has put forward and the targets they have set in the medium term.
“Over the past year, we have seen an unprecedented level of inflation. This is due to monetary supply, domestic shock due to agriculture, external shocks such as the depreciation of the currency, the war in Ukraine which impacted food and energy prices, tax increases and more. However, it is forecasted that the inflation rate will gradually reduce in the near and thus it was announced that the current level of inflation is to be maintained. Such has to be deemed a priority, as any gains from economic growth will dissipate due to the high living costs”, she said.
Mr. Shiran Fernando, Chief Economist of the Ceylon Chamber of Commerce, also addressed many of the key issues brought about by the prevailing economic conditions, such as the increase in tariffs, tax changes and more. “The pandemic shed a spotlight on many countries like Sri Lanka who have had fiscal and current account deficits and are currently enduring similar economic struggles. It is important that we endure and overcome the current crisis for the betterment of the country. We have pushed reforms such as State-Owned Enterprise Reform, Land or Labor Reform and more. We need to hold our policymakers accountable for the process so that these reforms are taken forward”, he stated.
HNB FINANCE PLC has strengthened its Board with the appointment of four Independent Non-Executive Directors, effective September 8, 2026.
The new directors are Renuke Wijayawardhane, Shanti Gnanapragasam, Nabiha Mohamed and Dr. Thisuri Wanniarachchi, who collectively bring extensive experience in financial regulation, banking, risk management, corporate finance, investment strategy, development finance and public policy.
Wijayawardhane, an Attorney-at-Law and capital market professional, retired in July 2025 as Chief Regulatory Officer of the Colombo Stock Exchange after more than 31 years with the Exchange. His experience covers securities regulation, corporate governance, market infrastructure and compliance.
Gnanapragasam has over four decades of banking experience spanning treasury, risk management, credit and trade finance. She currently serves as an Independent Non-Executive Director of Cargills Bank, Wealth Trust and Vision Fund Lanka.
Mohamed is a corporate finance and investment professional who previously served as Lead Transaction Advisor at the State-Owned Enterprise Restructuring Unit of the Ministry of Finance, where she led five divestiture transactions worth over US$600 million.
Dr. Wanniarachchi brings over a decade of experience in development finance, institutional reform and social protection, including work with the World Bank and the Government of Sri Lanka.
Prime Lands Residencies PLC has completed and officially handed over The Palace Gampaha, described as the largest planned gated residential community in Gampaha, to its homeowners.
The development, which commenced construction in 2021, is located two kilometres from Gampaha town and 100 metres from the Colombo-Kandy main road.
Spread across 13.5 acres, The Palace Gampaha comprises 480 two- and three-bedroom apartments in a ground-plus-three-floor development, with prices starting from Rs. 27.5 million.
The project allocates about 80% of its land to landscaped areas and common facilities, while the remaining 20% is used for apartment development. Facilities include a swimming pool, gymnasium, clubhouse, library, community kitchen, laundry, mini-mart and a daycare centre managed by the Lyceum Group.
The fully gated community also incorporates solar power for common areas, underground electricity cabling and a sewage treatment plant with water recycling facilities.
Prime Residencies said all statutory approvals required for the handover had been secured, including certifications from the Condominium Management Authority and registration of the Condominium Plan and Deed of Declaration.
Prime Group Chairman Premalal Brahmanage said the project reflected the company’s vision of creating large-scale residential communities designed to enhance the quality of life of Sri Lankan families.
The project is the latest addition to Prime Group’s portfolio of more than 70 gated community and apartment developments.
Sri Lanka’s Non-Vessel Operating Common Carrier (NVOCC) sector is losing ground despite the expansion of the industry in several regional markets, Sri Lanka Association of NVOCC Agents (SLANA) Chairperson Swabha Wickramasinghe said.
Wickramasinghe, re-elected for a third consecutive term at SLANA’s ninth Annual General Meeting last week said the continued difficulty in collecting Colombo Terminal Handling Charges (THC) as a separate land-based cost was among the key challenges facing the industry.
She said the practice placed Sri Lanka at a competitive disadvantage as principals consider the overall economics of operating through Colombo.
“When Sri Lanka becomes less commercially attractive compared with other regional destinations, the consequences eventually reach our members,” she said.
Wickramasinghe said a committee had been proposed at a recent meeting with the Minister and Deputy Minister to evaluate the THC issue, urging the authorities to expedite its appointment and review.
She also called for an early solution to the problem of uncleared salt containers at the Port of Colombo, which has resulted in delays in releasing empty containers.
With more than 75 NVOCC lines operating in Sri Lanka, she stressed the sector’s importance to regional trade, particularly links with India and China.
Ports Minister Anura Karunathilaka said Sri Lanka should expand regional business while exploring areas such as bunkering, freight forwarding and e-commerce logistics.
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