Business
‘SL lost US$ 15 billion in revenue from tourism and foreign remittances from 2018 to 2022’
By Hiran H.Senewiratne
Sri Lanka had lost more than US$ 15 billion in revenue from the tourism industry and foreign remittances from 2018 to 2022, Almas Holdings Group chairman Imtiaz Buhardeen said.
“The reasons for this huge revenue loss for the country were the Easter Sunday attacks, the political coup of 2018, the Covid-19 global pandemic and economic and political unrest. However, the country is now slowly but steadily limping back to normalcy and the business community is a bit happy about this progress, Buhardeen told The Island Financial Revenue.
Buhardeen added: “At this juncture Sri Lanka’s economic fundamentals are falling into place and the country is also making rapid progress by implementing the IMF reform program unlike during the previous 16 occasions. We are now very bullish on Sri Lanka’s economic future.
“With IMF support, confidence is building in the outside world for Sri Lanka. It is now noticeable that the tourism sector and foreign remittances are also slowly picking up, which is a good sign for the country’s progress.
“The government is very serious in implementing the state-owned enterprises reform program, which is a need. The IMF and other creditors are observing us more strictly than on previous occasions.
“SOEs, which are incurring heavy losses, should be listed on the CSE, because once the institutions are listed, every quarterly they have to release audited results. It is mandatory that every listed company in the CSE has to meet this requirement.
“By listing profit-making SOEs in the private sector, they could be enabled to double their current profits and manage their funds more efficiently and effectively.
“We have observed that SriLankan Airlines is now making operational profits but due to their huge loans and high interest they are not able to turn around immediately. The government cannot be giving them handouts all the time.
“Only 1 percent of the Sri Lankan population is engaged in the stock market and more education programs should be held to woo more to the stock market. As interest rates are coming down rapidly, moving and investing in the stock market will be the best option for people.
“Investing in the stock market is more accountable and transparent than investing in other sources.
“There is much talk that domestic debt restructuring will have a major negative impact on the EPF but that is totally false.”
Business
UN Global Compact Network Sri Lanka mobilizes business to lead with purpose
As businesses navigate an increasingly complex operating environment shaped by workforce transformation, evolving stakeholder expectations, technological disruption and shifting market demands, strengthening performance requires more than new strategies. It requires new ways of thinking, leading, and collaborating.
It was against this backdrop that UN Global Compact Network Sri Lanka convened CATALYZE 2026: Social, bringing together business leaders, sustainability practitioners, policymakers, development partners and industry experts to mobilize collective action and equip businesses with the knowledge, partnerships and practical approaches needed to strengthen performance through responsible business.
More than a forum for dialogue, CATALYZE 2026 was designed to help businesses think differently about performance. It reinforced that long-term success is increasingly shaped by how organizations lead, uphold human rights, foster inclusive workplaces, strengthen ethical governance, and build cultures that enable innovation, resilience and trust. Responsible business is no longer separate from business performance — it is fundamental to it.
Aligned with the UN Global Compact’s 2026–2030 Global Strategy, the Forum reflected its three strategic pillars — Equip, Catalyze and Advance — by strengthening business capability, fostering collaboration and mobilizing leadership to accelerate progress on social sustainability.
UN Global Compact Network Sri Lanka’s approach to social sustainability centres on driving this change — recognizing that meaningful progress comes not only through policies and commitments, but through the everyday decisions, leadership behaviours and organizational cultures that shape how businesses operate. CATALYZE 2026: Social encouraged participants to move beyond intention towards implementation, embedding responsible business practices into strategy, governance and organizational culture.
Opening the CATALYZE 2026: Social, Rathika de Silva, Executive Director of UN Global Compact Network Sri Lanka, spoke to the role of responsible business leadership in strengthening Sri Lanka’s global competitiveness:
“Sri Lanka has the workforce, resilience, and opportunity to compete not by being the cheapest producer, but by becoming the most trusted. As global expectations evolve, compliance is no longer simply a cost of doing business — it is the foundation of market access, and the decisions we make today will determine how strongly we compete in the markets of the future.”
The Forum featured keynote addresses, leadership dialogues and technical sessions on the issues shaping the future of business, including business integrity and anti-corruption, human rights, neurodiversity and inclusive workplaces, artificial intelligence and the future of jobs, the Women’s Empowerment Principles (WEPs), responsible sustainability communications, and workforce resilience. Together, these discussions highlighted how responsible leadership, inclusive practices, and strong governance contribute to organizational resilience, innovation, and long-term performance.
Business
A regional conversation on the future of English language teaching
Free British Council online conference brings together leading educators from across South Asia to explore how creativity, inclusion and technology can help prepare learners for a rapidly changing world
The British Council has announced the South Asia TeachingEnglish Online Conference 2026, a free three-day event that will convene educators, researchers and teacher educators from across the region to examine one of the most pressing questions facing education today: how can schools equip learners with the creativity, adaptability and communication skills needed to thrive in an increasingly complex world?
Taking place from 23–25 July 2026, the online conference comes at a time when education systems across South Asia are grappling with the challenge of balancing curriculum demands, assessment pressures and evolving learner needs. While English remains a critical gateway to academic and professional opportunities, educators are increasingly seeking approaches that move beyond language acquisition alone to foster critical thinking, collaboration, learner agency and participation.
Business
The Ceylon Chamber convenes dialogue on energy security and standards for Sri Lanka’s energy transition
The Ceylon Chamber of Commerce recently hosted a discussion titled “Energy Transition in Sri Lanka: Strategic Insights from Global Markets”, bringing together representatives from the public and private sectors, industry experts, academics, and other stakeholders to examine the opportunities and challenges associated with Sri Lanka’s evolving energy landscape.
Held at a time when countries around the world are accelerating their transition towards cleaner, more resilient, and technology-driven energy systems, the event provided a timely platform to examine renewable energy not only as an environmental priority but as a strategic pillar of national energy security, with implications for economic growth and long-term competitiveness. The discussion also considered the increasing importance of reliable energy infrastructure in meeting the growing demands of digital transformation, including emerging technologies such as artificial intelligence, electric mobility, and data centres.
The programme covered a wide range of topics relevant to Sri Lanka’s energy future, including renewable energy development, energy security, regulatory and policy frameworks, electricity sector reforms, energy storage systems, grid modernization, investment and financing considerations, and international experiences in energy transition. Particular attention was given to the need for creating an enabling environment that supports innovation, attracts investment, including the technical and safety standards required to protect consumers and businesses as storage and solar adoption scales nationally.
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