Business

Sri Lanka Tourism dominated by ‘vested interests’ of Colombo-based associations, say provincial service providers

Published

4 years ago

2022/04/25

by Sanath Nanayakkare

All Ceylon Tourism Service Providers Association (ACTSPA) told The Island Financial Review that three Colombo-based private sector tourism associations occupying seats on the Board of Sri Lanka Tourism Development Authority SLTDA, are not helping to make policies that harness the synergies of provincial level stakeholders to foster sustainable tourism at national level.

Suranjith Wevita, Secretary ACTSPA said that provincial-level travel agents, hoteliers in the informal sector, tourist guides, tourist vehicle owners, drivers, assistants, various expert experience-providers in adventure, safari, wellness/nature and heritage and other members of ACTSPA, seek ‘fair play’ against the ‘vested’ interests of the three private sector associations whom they say are not sensitive to the issues of core service providers in different tourist zones of the country.

“Tourism is a multi-service industry which requires the synergies of all stakeholders that make different offerings to foreign visitors in order to make their visits to Sri Lanka a memorable experience and get them to spread the word globally on social media platforms. To achieve this objective, there should be a lawful mechanism to ensure balance in decision making for all stakeholders and not just for a privileged few,” he said.

“Tourism is global sustainable industry on global norms on socio-economic sustainability and environmental sustainability. These sustainable criteria are monitored and governed by agencies such as Global Sustainable Tourism Council which is connected to United Nations Development Programme (UNDP) and United Nations Environmental Organisation (UNEO). In this context, discerning foreign visitors are keen to see that there are equitable dividends for all service providers in any country that they visit. Sri Lanka Tourism which is obviously controlled by SLAITO, TAASL and THASL have little regard for these global concepts and new trends in tourism.” he said.

“SLAITO and TAASL represent less than 30 % of destination management companies (DMCs) and high-end hotel association THASL represents only 5% of all rooms in the industry, yet they have a bigger say in making decisions that affect all of us. Tourism Act No. 38 of 2005 made provisions for these associations to take the upper hand over a myriad of other stakeholders in the industry and this has created an imbalance of the entire industry’s synergistic effort,” he said.

He further said:

“Even daily wages of guides, drivers and other service providers are decided by them violating global sustainable criteria, in the sole interest of making more profits for their companies. The. revenue generated towards SLTDA through the Tourism Development Levy of 1% charged from hotels and from part of embarkation tax is used to promote their travel agents and hotels through two agencies under SLTDA; namely Sri Lanka Tourism Convention Bureau and Sri Lanka Tourism Promotion Bureau. That’s another unfair practice.”

“They objected to increasing vehicle rates needed to operate within present higher costs and also objected to providing income support to a section of the service providers during the pandemic citing various reasons, as a result of which a large expert-workforce permanently left the industry. They even introduced unreasonable registration criteria to prevent small stakeholders from registering with the SLTDA.”

“UNDP, the European Union and the present administration of SLTDA having considered these anomalies had consultations with all ‘other stakeholders’ and came up with a new draft bill for Sri Lanka Tourism. It is designed to give representation to all service sectors by creating regional tourism chambers to address issues of all stakeholders and streamline different geographic requirements in different tourism zones. The bill has also clauses governing the decentralization of business registration process from the central control of the Colombo-based associations.”

“The bill also encourages fair trade policies to ensure earnings for all stakeholders in the service chain commensurate with their services, which has hitherto not been a practice in Sri Lanka tourism industry where some got the lion’s share while others were paid pea nuts.”

“The draft bill proposes a fund to support all registered stakeholders for training their staff. If this bill is passed in parliament and becomes an Act, it will give SLTDA more powers to withstand political and corporate pressure and be more independent and inclusive for everyone’s benefit.”

“Black money infusion is high in this industry as an international mechanism for money laundering which is true for Sri Lanka too, and such occurrences can be better monitored and tracked within a fair and transparent operational framework if this bill is passed into law.”

“Taking these facts into consideration, authorities should not allow a privileged few to wield their political and corporate power to undermine fair practices, sustainability and growth of this industry in the medium to long term. We should all keep in mind that tourists’ perception towards tourism businesses is much more discerning than it ever was in terms of fair trade practices, especially in tourism destinations in developing countries such as ours,” Suranjith Wewita said.

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Business

Fifty ninth ADB Annual Meet opens in Samarkand amid global uncertainty

Published

16 hours ago

2026/05/4

Thilina Walpola

Guests from member countries of the ADB arrive at the venue for the 59th Annual Meeting of the Bank in Samarkand, Uzbekistan, yesterday

The 59th Annual Meeting of the Board of Governors is set to commence this week, bringing together finance ministers, central bank governors, policymakers and development leaders from across Asia and beyond at a time of mounting global economic and geopolitical uncertainty.

Addressing journalists ahead of the opening sessions, Bernard Woods, Principal Director of the Department of Communications, said the meetings were beginning at a pivotal moment for the world, with fuel markets, food security and fertilizer supply chains coming under strain due to tensions in the Middle East.

He noted that amid rising political and economic fragmentation, regional connections and stronger collaboration have become more important than ever. Against that backdrop, the key sessions and high-level discussions in Samarkand will focus on building collective resilience and strengthening cooperation among member countries.

Among the major themes expected to dominate the agenda are cross-border digital connectivity, cyber security, energy integration, capital market development, transport corridors and the responsible adoption of artificial intelligence to improve resilience and productivity in member economies. Woods also said discussions would examine how resources can be distributed more effectively to meet the unique development priorities of each country.

The official programme features a series of strategic seminars and media events over four days. The opening session of the Board of Governors will include addresses by high profile authorities and subject experts.

Other key sessions include discussions on how capital markets can drive development across Asia and the Pacific, scaling up investments for critical minerals and manufacturing value chains, digital highways for inclusive growth, and pan-Asia transport and power connectivity initiatives.

ADB President Kanda is also scheduled to hold a press conference to announce major new initiatives, while several technical briefings will examine global value chains, private sector operations, digital transformation and regional energy cooperation.

With global shocks increasingly spilling across borders, the Samarkand meeting is expected to underline a central message: that regional cooperation, practical partnerships and timely investment remain essential for sustaining growth and stability across Asia and the Pacific.

By Sanath Nanayakkare in Samarkand, Uzbekistan

Business

Nations Trust Bank completes transfer of HSBC Sri Lanka’s Retail Banking Business to its portfolio

Published

17 hours ago

2026/05/4

Thilina Walpola

Nations Trust Bank PLC (NTB) has announced that the transfer of Hongkong and Shanghai Banking Corporation’s (HSBC) Retail Banking business in Sri Lanka to NTB has officially been completed, with the acquired portfolio transitioning to NTB effective 1st May 2026.

NTB has integrated HSBC Sri Lanka’s retail banking customers into its operations, ensuring continuity of service and relationship management. The transition also includes the onboarding of HSBC Sri Lanka staff as part of the integration process. The transition has been carried out with a focus on operational stability and minimal disruption, with ongoing support in place as customers familiarise themselves with their banking arrangements at NTB.

The migration brings approximately 200,000 retail customer accounts under NTB, encompassing savings and current accounts, fixed deposits, credit and debit cards, retail loans and a high‑net‑worth customer segment that now joins Nations Trust Bank Private Banking. Through this transfer, Nations Trust Bank’s countrywide network expands to 96 branches. The transition adds seven branches to the network, with locations in Bambalapitiya, Flower Road, Union Place, and Pelawatte operating as dedicated Private Banking Centres, while three other branches are located in Nugegoda, Jaffna, and Kandy.

To support customers during the transition period, NTB has ensured that multiple access points and support channels remain available. Customers may continue to bank through the nearest NTB branch, contact NTB’s 24-hour Help Desk via +94 11 441 4151, and access digital banking services through the Nations Direct mobile app. Dedicated transfer‑related information and FAQs are also available at https://migration.nationstrust.com

Additionally, arrangements were made to extend branch support across two weekends as part of the transition programme.

Business

Amana Takaful named Sri Lanka’s Most Awarded Insurance Company

Published

17 hours ago

2026/05/4

Thilina Walpola

(L) Siva Karthigun, Chief Executive Officer – General and Gehan Rajapakse, Chief Executive Officer – Life

Amana Takaful Insurance has been recognized as Sri Lanka’s Most Awarded Insurance Company for 2026 by LMD Magazine, marking its third consecutive year of achievement. This recognition reflects the company’s consistent focus on delivering value across both its Life and General businesses, supported by customer-centric solutions, operational discipline, and continued innovation.

Over the years, Amana Takaful has strengthened its market position by enhancing service delivery, investing in digital capabilities, and expanding access to insurance solutions for a wider segment of Sri Lankans.

Commenting on the recognition, Siva Karthigun, Chief Executive Officer – General, stated: “This recognition reflects the discipline and focus we maintain across our operations to deliver consistent outcomes for our customers. Our continued investments in process improvements, digital capabilities, and service excellence have enabled us to strengthen our responsiveness and reliability, ensuring we meet the evolving expectations of our customers across all touchpoints.”

Commenting further, Gehan Rajapakse, Chief Executive Officer – Life, stated: “This recognition reflects the consistency of our efforts in delivering meaningful value to our customers, while continuously strengthening our capabilities across both Life and General businesses. As we move forward, our focus remains on enhancing accessibility, leveraging digital innovation, and ensuring our solutions remain relevant to the evolving needs of Sri Lankans, while maintaining the highest standards of service and reliability.”

Notably, a significant portion of these awards were received for digital excellence, underscoring the company’s continued progress in its digital transformation journey. Amana Takaful’s investments in technology-driven solutions, process automation, and enhanced digital customer experiences have played a key role in strengthening accessibility, efficiency, and service delivery across both Life and General businesses.

The recognition further reinforces Amana Takaful’s standing within the industry, highlighting its ability to sustain performance and adapt in a dynamic environment. For Every Sri Lankan, as one.