Two groundbreaking reports launched by the Pathfinder Foundation in collaboration with the Australian Trade and Investment Commission have laid out a practical vision for Sri Lanka’s economic future, pinpointing the mineral and clean energy sectors as twin engines for sustainable growth and investment.

The reports, unveiled on December 17 in Colombo, present actionable roadmaps for project developers and technology providers, positioning Sri Lanka as an emerging frontier in the global clean energy and critical minerals supply chain.

Key content from the minerals report:

Sri Lanka’s largely underutilised mineral sector holds significant potential, with resources increasingly vital to global industries. The country boasts high-purity graphite, rare earth elements (REEs), mineral sands, and phosphate – all critical for electric vehicles, renewable energy technologies, and high-tech manufacturing.

While current mineral exports are around USD 389 million, the International Trade Centre estimates a potential of USD 778 million, with primary data suggesting the true figure could reach USD 2 billion. To capture this value, the report stresses moving beyond exporting raw materials to domestic refining and beneficiation.

A key strategic recommendation is deeper regional collaboration, particularly under the South Asian Free Trade Area (SAFTA). It highlights an opportunity for Sri Lanka to partner with India’s booming automotive and clean energy sectors, where demand for REEs and permanent magnets is soaring. This could involve upstream Indian investment in Sri Lankan REE resources or exports of rare earth oxides for India’s EV, wind, and electronics industries.

Key content from Clean Energy report:

Parallel to its mineral potential, Sri Lanka is pursuing an ambitious transition to clean energy, targeting carbon neutrality by 2050. The country’s renewable energy sector offers a diverse range of investment and trade opportunities for international stakeholders, spanning large-scale utility projects, distributed generation, and service-based collaborations.

Specific opportunities include utility-scale solar and wind projects, offshore wind resource mapping, and rooftop solar in urban corridors. There is also growing momentum for Battery Energy Storage Systems (BESS) to stabilise the grid, green hydrogen pilot plants, and the development of net-zero industrial parks powered entirely by renewables.

The reports highlight a powerful synergy: Sri Lanka’s minerals are essential for the very clean technologies it seeks to deploy. For instance, its phosphate can be used in lithium iron phosphate (LFP) batteries, while its high-purity quartz is vital for solar-grade silicon.

Australia is identified as a key partner in both sectors. Australian Mining Equipment, Technology, and Services (METS) firms can provide cutting-edge, sustainable mining technology, while Australian expertise in smart grids, BESS, and green hydrogen aligns with Sri Lanka’s long-term energy strategy.

While outlining vast potential, the reports also acknowledge challenges, including regulatory complexities, infrastructure gaps, and the need for enhanced skills development. Proposed solutions include modernising approval processes, developing a national critical minerals strategy, and fostering public-private partnerships.

The consensus from keynote speakers at the event – including Pathfinder Foundation Chairman Bernard Goonetilleke, Australian High Commissioner Matthew Duckworth, and senior representatives from academia, government, and Austrade – was clear. Their collective insight underscored the reports’ central thesis: Sri Lanka is presented with a unique, synergistic opportunity. By strategically developing its mineral wealth and accelerating its clean energy transition in tandem, the nation can attract significant foreign investment, create high-value jobs, and secure a competitive position in the Indo-Pacific’s sustainable economic future.

By Sanath Nanayakkare ✍️

The Commercial Bank of Ceylon has signed a Memorandum of Understanding with Prime Lands and Prime Land Residencies to provide up to 100% financing for customers purchasing condominium units or gated houses developed by the Prime Group, demonstrating the Bank’s unwavering commitment to empowering more Sri Lankans to achieve their dream of home ownership.

The agreement enables prospective homeowners to seamlessly access Commercial Bank’s home loan facilities with tripartite agreements involving the developer, the buyer and the Bank. As the market leader in home loans, Commercial Bank brings unmatched expertise and flexibility to borrowers seeking to invest in properties developed by one of Sri Lanka’s most trusted names in real estate.

Commenting on the partnership, S. Ganeshan, Deputy General Manager – Personal Banking at Commercial Bank said: “This agreement with Prime Lands and Prime Land Residencies creates an excellent opportunity for us to expand our housing loan portfolio while enabling more Sri Lankans to realise one of their life goals. Commercial Bank’s strong home loan offering, combined with Prime Group’s reputation as a leading developer, ensures customers benefit from both financial strength and quality of construction.”

The Prime Group, which positions itself as the leader of real estate artistry in Sri Lanka, comprises subsidiaries associated with lands, houses, finance and condominiums. With over 30 years of trust and excellence and a base of more than 300,000 customers, the Group says it is driven by its evergreen vision: ‘Committed to Creating a Better Place on Earth,’ which continues to inspire its passion to deliver homes that bring customers’ dreams to life.

Mahogany Masterpieces, a Sri Lankan luxury furniture brand, has launched the “An Ode to Grain” collection. This showcase honors mahogany’s natural beauty and the brand’s craftsmanship. The philosophy is to let the wood’s grain guide the design, creating timeless pieces that respect the material. The collection includes new architectural elements like architraves, paneling, and corbels, designed to bring lasting warmth and character to interiors.

Visitors can view the full collection at the Mahogany Masterpieces Showroom and Design Studio which is located at No. 87, Dr. Lester James Peiris Mawatha (Dickman’s Road), Colombo – 05. www.mahoganymasterpieces.com