Business
SLTDA issues clarification around securing US $ 417.5mn FDI to develop Uchchamunai island
Sri Lanka Tourism Development Authority (SLTDA) has issued a clarification following certain news reports consisting ‘misinformation and disinformation’ that Uchchamunai Island has been sold to foreign investors without following the due process.The Uchchamunai Island in question has NOT BEEN SOLD and a lease agreement was signed for a period of 30 years to a foreign investor in an attempt to drive much needed Foreign Direct Investments (FDIs), SLTDA report said.
It further said:
For SLTDA the income is by way of lease rental. The lease rental is based on the value provided by Department of Government Valuation done in October 2020 on which the agreement was finalised. The stated 417.5 million USD is the project cost estimated by the investor for a tourism project that will be implemented in stages. The project can only commence when all necessary approvals from the line agencies including Coast Conservation, Environmental Authority etc. are in place.
As per the Tourism Act No 38 2005 SLTDA is mandated to lease out (not sell) SLTDA owned lands to potential investors to develop and operate tourism hotels and resorts in a planned and sustainable manner. The SLTDA as in the past has continued to do so, attracting both foreign and local investments, and has been held answerable to the Committee on Public Enterprises (COPE) of the Sri Lanka Parliament for any delays in signing of lease agreements for already approved projects.Regarding the Uchchamunai island in Kalpitiya, SLTDA in July 2019 called for potential investors via newspaper adverts in all three languages. Post evaluation and approval of the Project Proposal Evaluation Committee, it was approved by the Board of SLTDA in February 2020, which includes industry stakeholders and government representatives. In August 2020 the minister of tourism via the secretary ministry of tourism approved the signing of a lease agreement. The draft agreement for the lease in terms of the technicalities was finalized in October 2020 and the draft agreement finalised in December 2020. It was ready to be signed in March 2021.
However, due to the pandemic situation and internal affairs of the investor the agreement signing was delayed. In April 2022, the Board of Investments (BOI) provided the investor with an ultimatum to sign the lease agreement on or before 11th of May 2022, failing which would result in the withdrawal of the application. As a result, the investor requested to sign the lease agreement with SLTDA on the 9th or 10th of May 2022. However, owing to the unfortunate incidents that occurred on the 9th and 10th of May 2022 in Sri Lanka and given BOI’s original request, the SLTDA management arranged signing of the lease agreement for 30-year lease as per land alienation policy on 11th of May 2022.
SLTDA also wishes to clarify that despite popular opinion, the SLTDA nor the government of Sri Lanka or any related stakeholder obtains 417.5 USD Million as a result of this transaction. The agreement was purely to lease out land for 30 years with ultimate ownership remaining with SLTDA.For SLTDA, as reiterated before, the mode of income is by lease rental where monthly the investor will pay a fixed fee of a rental for the period of 30 years which is based on the valuation done by the Department of Government valuation in the year 2020. The total cost of USD 417.5 million simply represents the total commercial value of the investment made by the said investor.
Business
Priority areas for deepening Japan-SL economic ties
Japan Business Council (SLJBC) of The Ceylon Chamber of Commerce recently held its 47th AGM, with the Ambassador of Japan and the Patron of the Council, Akio ISOMATA, attending as the Chief Guest.
Addressing the gathering, Ambassador ISOMATA outlined three priorities for deepening bilateral economic relations: an effective and forward-looking trade and investment policy, the promotion of domestic industrial policy, and expanded investment in renewable energy. He noted that Sri Lanka’s ongoing review of its Free Trade Agreement policy would be important in shaping the country’s future negotiating landscape. He encouraged Sri Lanka to look Eastward toward Southeast Asia and Japan, proposing that the country adopt an export-oriented industrial model. The Ambassador welcomed the Government’s National Export Development Plan 2026 and National Mineral Policy 2026 as consistent with Japan’s vision of connecting Sri Lanka’s export-related manufacturing sectors with India’s high-growth manufacturing base.
In his address, President Athulla R F Edirisinghe reflected on nearly seven decades of humanitarian and development support extended by Japan to Sri Lanka, and paid tribute to the Chairman of the Sasakawa Peace Foundation Yohei Sasakawa, for his magnanimity in establishing the Foundation. Reflecting on the history of Japanese investment in the region from the 1970s onward, he observed that Sri Lanka had missed many opportunities to attract Japanese foreign direct investment. Highlighting the 2025 proposal for a Sri Lanka – Japan Economic Corridor by the Ministry of Economy, Trade, and Industry Japan, he called on Sri Lankan businesses, industry associations, and the wider community to come together in dialogue with the Government to ensure the country does not miss this opportunity as well.
2026/27 Committee: President: Athulla R F Edirisinghe – Director, Hirohama Ceylon (Pvt) Ltd, Senior Vice President – Ruwan Waidyaratne – Managing Director, Hayleys Advantis Ltd, Vice – President – Shamil Mendis – Managing Director, Spear International (Pvt) Ltd, Treasurer – Rohitha Mendis – Managing Director of Prudential Shipping Lines (Pte) Ltd, Immediate Past President – Mahen Kariyawasan – Managing Director, Andrew The Travel Company (Pvt) Ltd, representatives from Amano Lanka Engineering (Pvt) Ltd, BOV Capital (Pvt) Ltd, Brandix Apparel (Pvt) Ltd, Heritage Teas (Pvt) Ltd, Kalhari Enterprises (Pvt) Ltd, Lanka Harness (Pvt) Ltd, Dentsu Grant (Pvt) Ltd, MAC Holdings (Pvt) Ltd, and Vidullanka PLC. By invitation: HVA Foods PLC (subsidiary of George Steuart & Co), Spillburg Holdings (Pvt) Ltd, and Vaughan Chemicals (Pvt) Ltd.
The Sri Lanka – Japan Business Council plays an important role in promoting trade, tourism, and investments between Japan and Sri Lanka. For membership inquiries contact Kiyara at The Ceylon Chamber of Commerce via E-mail: businesscouncils1@chamber.lk or Tel.: 011 5588875/ 5588800.
Business
Rekawa turns turtle conservation into a 30-year community business model
By Ifham Nizam
What started 30 years ago as an effort to protect sea turtles has evolved into a community-based economic model that has generated livelihoods, attracted tourists and transformed Rekawa into one of Sri Lanka’s best-known nature tourism destinations.
The Rekawa Turtle Conservation Project, launched on September 2, 1996, by the Turtle Conservation Project (TCP) in partnership with the Department of Wildlife Conservation and the Rekawa community, marked its 30th anniversary last week, demonstrating how biodiversity protection can become an economic opportunity for communities living alongside sensitive natural resources.
Speaking at the anniversary celebrations, TCP chairman Thushan Kapurusinghe said the project currently provides direct livelihoods for 28 people, but its economic impact extends considerably beyond those directly employed by the programme.
‘Today, 28 people directly earn their livelihood through this project. But its impact goes far beyond those 28 individuals, Kapurusinghe said.
He pointed to the transformation of the area over the past three decades, arguing that the growth of tourism in the community has been closely linked to the turtle conservation programme.
‘If you travel from Netolpitiya to this area, you can clearly see how much the village has transformed over the years. There is no doubt that the growth of tourism in this community has been driven by the Turtle Conservation Project, he said.
The economic significance of Rekawa lies in its ability to convert the protection of a natural asset into a source of recurring community income.
Tourists do not come to Rekawa merely to see a beach. They come to witness sea turtles emerging from the ocean and nesting in their natural habitat—a tourism experience that depends directly on the continued protection of the nesting beach.
Kapurusinghe said tour operators regularly bring visitors to Rekawa, with some tourists traveling there after visiting major attractions such as the Kandy Esala Perahera.
The model represents a fundamental shift from viewing conservation as an expense to recognising biodiversity as an economic asset that can generate sustainable livelihoods when properly managed.
The 30th anniversary celebration at the Rekawa Turtle Conservation Project Information Centre brought together Southern Wildlife Region Director of the Department of Wildlife Conservation Channa Suraweera, government officials, conservation organisations, community representatives and long-standing supporters of the initiative.
Individuals who had contributed to the project over the past three decades were also recognised with awards for their service to sea turtle and environmental conservation.
Rekawa’s experience has attracted international attention because of precisely this combination of conservation and community development. The project has received international recognition as well as the Green Employment Award from the Ministry of Environment and Natural Resources. Earlier international recognition included a highly commended ‘Tourism for Tomorrow’ award, while the project’s turtle-watch programme subsequently received further recognition in responsible tourism and conservation.
Business
Ceylinco Life brings premium policyholders closer to the magic of the Kandy Perahera
For an evening, the timeless spectacle of the Kandy Esala Perahera unfolded at especially close quarters for a select group of Ceylinco Life’s most valued policyholders and their families, who were hosted to an exclusive viewing experience by the Company’s Customer Relations Division.
Held at the Ceylinco Life Kandy Branch on Kings Street, the annual event coincided with the second Randoli Perahera, bringing guests into the heart of one of Sri Lanka’s most spectacular expressions of culture, tradition and pageantry.
As the procession made its majestic passage through the streets of Kandy, guests enjoyed VIP seating at a prime vantage point, allowing them to experience the colour, movement and grandeur of the Perahera up close. The evening offered a fitting setting for Ceylinco Life to celebrate its enduring relationships with its premium clientele.
The experience extended well beyond the spectacle outside. Guests were welcomed with evening refreshments and an exclusive dinner buffet presented by the prestigious Amaya Hills Resort, adding a fine-dining dimension to an already memorable evening.
Families, too, were at the centre of the occasion. A private movie theatre experience provided entertainment for children and adults alike, while each attending family received a beautifully framed family photograph as a personalised souvenir, a tangible reminder of an evening shared together against the backdrop of one of Sri Lanka’s most treasured cultural traditions.
Besides being a much sought-after opportunity to watch the Perahera, the occasion was an expression of appreciation. Through its continuing Customer Relationship Management activities, Ceylinco Life seeks to create experiences that recognise its most valued policyholders not simply as customers, but as relationships to be celebrated and nurtured. And on this particular August evening, the enduring splendour of the Kandy Perahera provided the perfect setting for doing just that.
-
News7 days agoDenied of promotion to SC despite vacancies, justice Gurusinghe retires
-
News7 days ago22A: SC urged to suspend hearing, appoint full bench
-
News5 days agoNamal remanded until Sept. 18 over Airbus deal investigation
-
Latest News4 days agoTharanga creates history with Diamond League crown in Brussels
-
News7 days agoGovt. seeks NATO assistance
-
News4 days agoDispute which triggered listed company director being detained at BIA resolved
-
Editorial7 days agoStrange arithmetic goes unchallenged
-
Features3 days agoAfter the parade: What a traffic OIC’s walk-out tells us
