Business

Sri Lankans have a very important choice to make in the months ahead: Scott Morrison

Published

2 years ago

2024/07/22

Scott Morrison, the former Prime Minister and Finance Minister of Australia addresses the gathering in Colombo on 19th July 2024

How you do that is up to you, he says

There was a gathering at the ITC Hotel’s Sky Bridge on 19th July 2024 with the participation of many esteemed guests including Scott Morrison, the former Prime Minister and Finance Minister of Australia with the precedence of Don Susantha Katugampala, the Chairman and Founder of Fairfields Lawyers.

Addressing the gathering. Katugampala said:

“I have been in Australia for 34 years, practicing immigration law as a lawyer for the last 25 years. In that journey, I came across one Prime Minister who was responsible for so much good work as a Prime Minister and also as a Treasurer, that means Finance Minister in Sri Lankan terms, and also as Immigration Minister since I met him in 2013. I observed him during the Covid time. He was the Prime Minister from 2018 to 2022, and he did an amazing job for Australia, for its people, and the economy, and he saved the economy. So I thought that the experience is something that Sri Lanka should share.

So I’m very grateful to former Prime Minister for agreeing to visit Sri Lanka because he has a passion for Sri Lanka. He feels that Sri Lanka is an important place and says Sri Lanka matters.”

Addressing the gathering the former Prime Minister of Australia, Scott Morrison said:

“What struck me about the people of Sri Lanka has been the resilience of the Sri Lankan people. Despite what is thrown at you, you love life, you love your families, you love your communities, you love your country. You stand by it, you stand by each other, you push through, and that’s what gives me a lot of optimism about Sri Lanka.

I think over a period of time when you have faced so many difficulties, to see that occur is a tremendous credit to Sri Lanka. I would urge all Sri Lankans. You have a very important choice to make in the months ahead, and it is not for Australians to interfere in how you make that decision. You are a great and vibrant democracy, and of that you should be immensely proud. But the work that is being done to bring stability back to Sri Lanka in the last couple of years since the economic crisis has been truly extraordinary.

It has been courageous. It has involved great sacrifices by the people of Sri Lanka and some courageous decision-making by your President, who came into that office in some ways reluctantly, but was the man for the time to come and step up for his country, as he has done many times before. The President and I have met on many occasions over the last decade or more, and so I pay credit to his leadership here in his time over such a difficult period and to put Sri Lanka in a place where you can go forward. But how you do that is up to you. You will make that decision in the next few months. But what I would urge you to do is to stick to the plan, to stick to that commitment and resilience for which you are well known.

I have great faith in the entrepreneurialism and the energy and the vibrancy of the people of Sri Lanka, and it is on display all around the city and all around the country. With what you have been able to achieve, you will only go on to achieve even more. But to do that, you need a strong economy, you need a stable democracy, and you need to be close to your friends and partners like Australia and others, who will always want to see you be successful and enjoy the sovereignty which you have fought so hard for.

And I’ll certainly be leaving here with a strong message to all of those I come in contact with about what is happening here in Sri Lanka and why the rest of the world should be confident that Sri Lanka will rise again and be able to achieve great things.”

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Business

ADB approves $100 million loan to boost skills development and jobs for youth in Sri Lanka

Published

20 hours ago

2026/10/2

Thilina Walpola

The Asian Development Bank (ADB) has approved a $100 million results-based loan to help Sri Lanka transform its technical and vocational education and training (TVET) system, equip more young people with industry-relevant skills, and strengthen the country’s competitiveness and inclusive growth.

The Skills Development System Transformation Program will support the Government of Sri Lanka’s efforts in improving the quality and relevance of skills training, strengthening links between training providers and industries, and expanding employment opportunities for youth. The program will increase women’s employment opportunities in nontraditional jobs in fields including automotive technology, engineering, information and communications technology, construction, and renewable energy.

“A skilled workforce is essential to Sri Lanka’s long-term economic transformation and competitiveness,” said ADB Country Director for Sri Lanka Shannon Cowlin. “This program will help create stronger pathways from education to employment by making training more responsive to industry needs, expanding opportunities for young people and women, and ensuring that graduates have the skills required by a modern and evolving economy.”

Though Sri Lanka’s economy is recovering, it faces skills shortages in priority sectors, high youth unemployment, and low female labor force participation. Many employers report difficulty finding workers with the skills needed in a changing economy.

Aligned with the Government of Sri Lanka’s Technical and Vocational Education and Training Sector Strategic Framework 2026–2035, the nationwide program will be implemented from 2027 to 2031 and is expected to directly benefit more than 100,000 young people through improved access to quality, employment-oriented training.

Business

USD 40.84m pipeline to secure aviation fuel supplies to BIA

Published

20 hours ago

2026/10/2

Thilina Walpola

By Ifham Nizam

The government has cleared a USD 40.84 million and Rs. 8,548.75 million contract to build a dedicated aviation fuel pipeline from Muthurajawela to Bandaranaike International Airport (BIA), alongside a massive new fuel storage facility with a capacity of 92,000 cubic metres.

Energy Minister Anura Karunatilaka said the project represented a major investment in strengthening the infrastructure underpinning Sri Lanka’s aviation fuel supply and ensuring more reliable fuel availability at the country’s main international airport.

‘This project will provide the infrastructure required to strengthen the reliability and continuity of aviation fuel supplies to Bandaranaike International Airport, Karunatilaka said.

The contract has been awarded to China Petroleum Pipeline Engineering Company Limited, following an international competitive procurement process in which three bids were received.

The project will see a new aviation fuel storage tank complex constructed at Muthurajawela, together with the associated infrastructure required for handling and transferring aviation fuel.

Business

CSE activity up, turnover weak at Rs. 1.4 billion

Published

20 hours ago

2026/10/2

Thilina Walpola

By Hiran H Senewiratne

Trading activity on the Colombo Stock Exchange (CSE) gathered pace yesterday as global fuel prices began to show signs of easing, according to market analysts.In this context, both indices moved upwards. All Share Price Index up by 67.97 points while S and P SL20 up by 8.30 points.

Turnover stood at Rs 1.4 billion with seven crossings. Those crossings were reported in Sampath Bank 1.7 million shares crossed to the tune of Rs 238 million and its share price traded at Rs 140, Access Engineering two million shares crossed to the tune of Rs 159 million and its share price traded at Rs 79.50, LOLC one million shares crossed to the tune of Rs 129 million and its share price traded at Rs 129, HNB 100,000 shares crossed to the tune of Rs 38.4 million and its share price traded at Rs 384, JKH 1.9 million shares crossed to the tune of Rs 35 million and its share price traded at Rs 18.60, Hayleys 100,000 shares crossed to the tune of Rs 22.50 million and its share price traded at Rs 225 and Richard Pieris 847,000 shares crossed to the tune of Rs 22 million and its share price traded at Rs 25.50.

In the retail market top seven companies that have mainly contributed to the turnover were Sampath Bank Rs 114 million (813,000 shares traded), JKH Rs 100 million (5.3 million shares traded) LB Finance Rs 49 million (325,000 shares traded), HNB Finance Rs 30 million (27 million shares traded), HNB Rs 27 million (70000 shares traded), NTB Rs 25 million (82000 shares traded ) and Lanka IOC Rs 21 million (666,000 shares traded). During the day 65 million shares volumes changed hands in 10433 transactions.

The Banking and manufacturing sector counters performed well. In the banking sector Sampath Bank let the market while manufacturing sector especially JKH also significantly performed well. With the fuel revision Land IOC also a significant stock at the floor.

Meanwhile, First Capital Treasuries said that Ramesh Schaffter resigned as a Non-Independent Non-Executive Director with effect from October 1, to facilitate the restructuring of the company’s board.

Yesterday the Central Bank announced the US Dollar rate as against rupee. The rupee was quoted flat at Rs 330.65/80 to the US dollar in the spot market , while bond yields dropped, dealers said.