Business
Why becoming Sri Lanka and Australia Chamber of Commerce member is a profitable idea
By Sanath Nanayakkare
The following are excerpts from an interview with Kalum De Silva, President of the Sri Lanka and Australia Chamber of Commerce (SLACC). The Chamber’s vision is to be the leading platform for fostering trade and investment between Sri Lanka and Australia with a view to contributing to the economic and social development of both nations. If you are looking for a platform that can help you grow your business, expand your network and access new opportunities in the dynamic markets of Sri Lanka and Australia, here is an interview article that gives you an exclusive scoop.
Q. Why does SLACC think deepening Australia-Sri Lanka ties is vital as our nations drive ahead in a changing global environment?
Australia and Sri Lanka have a long-standing and multifaceted relationship, based on shared interests and values. The two countries cooperate on a range of areas, such as trade and investment, security and defense, development and humanitarian assistance, education and culture, and people-to-people links. Deepening Australia-Sri Lanka ties is vital for both countries, as they face the challenges and opportunities of a changing global environment.
Some of the reasons why Australia and Sri Lanka should strengthen their ties are:
To enhance their economic partnership and mutual prosperity. Australia is one of Sri Lanka’s largest trading partners, with bilateral trade worth over A$1.3 billion in 2020. Australia is also a significant source of foreign direct investment, tourism, and education for Sri Lanka.
To support Sri Lanka’s development and resilience. Australia is a longstanding development partner of Sri Lanka, providing assistance in areas such as health, education, governance, gender equality, and social inclusion. Australia also supports Sri Lanka’s post-conflict reconciliation and peacebuilding efforts, as well as its humanitarian and disaster response capacity.
To foster cultural and people-to-people ties. Australia and Sri Lanka have a vibrant and diverse cultural exchange, with over 145,000 Australians of Sri Lankan origin, and over 15,000 Sri Lankan students studying in Australia.
Q. How many members do you have in SLACC? How many of them are Australian and how many are Sri Lankan?
We are in a rebuilding phase after a few lean years during the pandemic and the well documented economic issues that Sri Lanka underwent. As a bilateral chamber of commerce, we strive to have a 50/50 mix of members on both sides enabling relationships to form.
Q. What are the trade and business opportunities available in Australia for your Sri Lankan members and how does SLACC help them identify and harness those opportunities?
There are many trade and business opportunities available in Australia for Sri Lankan businesses, especially in sectors such as agriculture, retail, infrastructure, and innovation (IT/BPM). Some of the ways that we can help our members identify and harness those opportunities are:
Providing them with access to valuable information, insights, and opportunities in the bilateral market, through events, webinars, workshops, newsletters, and website.
Facilitating connections and collaborations among businesses, policy makers, and stakeholders from both countries, through our network, trade missions, business matching, and advocacy.
Supporting them with guidance and assistance in market research, trade regulations, investment incentives, and other aspects of doing business in Australia, through our experienced and dedicated team and our strategic partners.
Celebrating and strengthening the cultural and people-to-people ties between Sri Lanka and Australia, through our programs, initiatives, and media platforms.We are committed to bridging our two nations and creating a prosperous and harmonious future for both countries.
Q. Are all Sri Lankan members equally entitled to enjoy the opportunities of Australian trade contacts?
Definitely. We focus on key sectors we believe provide the low-hanging fruits for our Sri Lankan members. As such members from different industries may come across different types or even different levels of opportunities but members from within the same industry would certainly have access to the same opportunities.
Q. Are you working with any recognized entities in the two countries to unlock a lot of potential for both parties?
Yes, we do. In Sri Lanka we work closely with the Export Development Board, the National Chamber of Commerce of Sri Lanka, SLASSCOM, the Sri Lanka Australia New Zealand Business Council and others such as CA Sri Lanka. In Australia we work with the regional Chambers of Commerce, trade and investment arms of some states such as Global Victoria and Trade and Investment Queensland. We also work closely with the two High Commissions and the Sri Lankan Consulate in Melbourne.
Q. Across which sectors can you arrange B2B meetings for Sri Lankan companies with Australian counterparts?
Currently, our sector wide focus is on the IT/BPM industry, value added food and agricultural produce exporters. Having said that, we work with members from other sectors all the time to fulfill specific requirements from Australia counterparts.
Q. SLACC organized a visit of an Australian Trade Delegation to Sri Lanka in September 2023 which explored the possibility of organic food and local fabrics exports to the Australian market. What was the outcome of that mission?
This was a successful visit. At a Global Victoria event held in October 2023 it was announced that trade of over A$700,000 had taken place within the first four weeks after the completion of this visit. The next checkpoint is in February, and we expect this number to increase significantly.
We worked very closely with the Aboriginal Economic Development Group within the Victoria State Government in organizing this delegation. Due to the success of this visit we expect even closer working relationship with indigenous owned businesses in Australia. The Kinaway Chamber of Commerce, the trade chamber for Victoria based Indigenous businesses, recognized this success by awarding SLACC the Global Alliance Award at the Victorian Aboriginal Business Awards in November 2023.
Q. What are your past achievements? What is your forward-thinking and vision for the future?
For a not-for-profit organization run by volunteers, we have been highly active. Some key highlights are as follows.Four trade delegations to Sri Lanka Over 15 events in Melbourne, Sydney, Brisbane and in Sri Lanka for members and partners. Five webinars over a 17-month period during the pandemic.
A national business plan competition for Sri Lankan high school students in partnership with CA Sri Lanka and QUT three years in a row from 2016 to 2018. The winning teams got the opportunity to go to Australia to compete in an Australian Business Plan competition.
Instrumental in getting direct flights between Colombo and Melbourne Our vision is to be the leading platform for fostering trade and investment between Sri Lanka and Australia, and to contribute to the economic and social development of both nations. To achieve this vision, we will:
Provide our members with access to valuable information, insights, and opportunities in each market.
Facilitate connections and collaborations among businesses, policymakers, and stakeholders from both countries.
Advocate for the interests and needs of our members to promote a conducive business environment.
Support the advancement of innovation, sustainability, and inclusivity in the bilateral relationship.
Celebrate and strengthen the cultural and people-to-people ties between Sri Lanka and Australia.
Q. What is the eligibility and registration fee to confer the membership of SLACC?
We have different membership categories with different tiers of fees. Please get in touch with us and we will guide you through the process. As mentioned before, we will assess each application to see whether we could actually add value to someone joining us as a member before accepting an application.
Q. What’s your message to those aspiring to be members of SLACC?
Are you looking for a platform that can help you grow your business, expand your network, and access new opportunities in the dynamic markets of Sri Lanka and Australia? If so, you should join the Sri Lanka and Australia Chamber of Commerce (SLACC).
By becoming a member of SLACC, you will benefit from:
Exclusive access to events, webinars, and workshops that feature prominent speakers, industry experts, and policy makers from both countries.
Valuable insights and information on the latest trends, developments, and opportunities in various sectors, such as agriculture, retail, infrastructure, and innovation (IT/BPM).
Tailored support and guidance from our experienced and dedicated team, who can assist you with market research, business matching, trade missions, and more.Enhanced visibility and recognition for your brand, products, and services, through our website, newsletter, social media, and media partners.
A vibrant and diverse community of like-minded professionals, entrepreneurs, and leaders, who share a common interest and passion for strengthening the bilateral relationship between Sri Lanka and Australia.
“Do not miss this chance to be part of a dynamic and influential organization that can help you achieve your business goals and aspirations. Join SLACC today and discover the benefits of bridging our two nations,” President of SLACC says.
SLACC president can be reached via kalum@srilankaaustralia.com
The Bank recorded a Profit before Income Tax (PBT) of LKR 16.04 Bn for the period under review with a 59% growth over the previous year, while recording a Profit after Tax (PAT) of LKR 10.05 Bn for the year with a 61% growth over the previous year, demonstrating a robust performance despite challenging macro-economic conditions. The reported PAT of LKR 10 Bn is the highest performance in the Bank’s 36 year history.
Net Interest Income of the Bank was reported as LKR 37 Bn in 2024 compared to LKR 40 Bn reported in 2023 with a decline of 8% corresponding to reduction in Net Interest Margins during 2024, due to reduction in market interest rates throughout the year.
Net fee and commission income of the Bank reported a growth of 7% to LKR 8 Bn compared to LKR 7.4 Bn reported in the previous year. The growth in 2024 was mainly due to increase in income from Cards, Remittances and other services relating to Lending.
The Bank’s net gains from trading reported a gain of LKR 0.46 Bn, a decrease of 44% over the gain of LKR 0.82 Bn reported in previous year due to exchange / interest rate changes.
Net gains / (losses) from de-recognition of financial assets reported a loss of LKR 0.26 Bn in 2024, compared to the gain of LKR 0.15 Bn reported in the previous year. The loss due to the restructuring of SLISBs amounted to LKR 2.71 Bn and was recorded in Q4 2024.
Other Operating Income of the Bank was reported as LKR 1 Bn in 2024, a growth of 5% over the previous year. This increase is mainly from foreign exchange income, which represents both revaluation gain/ (loss) on the Bank’s net open position and realized exchange gain/ (loss) on foreign currency transactions.
The Bank’s Total Operating Income decreased by 11.6% to LKR 44 Bn in 2024 compared to LKR 49 Bn in the previous year mainly due to decrease in net interest income and the loss on restructuring of SLISBs.
The Bank made impairment provision to capture the changes in the macro economy, credit risk profile of customers and the credit quality of the Bank’s loan portfolio in order to ensure adequacy of provisions recognized in the financial statements. The impairment charge on Loans and Advances and other credit related commitments amounted to LKR 6.6 Bn (2023 – LKR 15.5 Bn). The impairment reversal due to the SLISBs exchange amounted to LKR 4.9 Bn (2023 – LKR 1.5 Bn charge).
(Seylan Bank)
By Ifham Nizam
For decades, many rural communities in Sri Lanka have struggled with an unreliable power supply, outdated infrastructure, and slow responses from authorities. However, a new initiative aims to change this narrative, bringing hope to thousands in the Galle District who have long been in the dark—both literally and figuratively.
Speaking to The Island Financial Review, Dr. Chathura Welivitiya, CEO of HELP-O, an expert in infrastructure development, emphasizes the importance of this project, stating, “Access to reliable electricity is not just about lighting homes; it is about empowering communities, enabling education, fostering business opportunities, and ensuring overall development.”
He said in many villages, the lack of a stable electricity supply has hindered progress. Residents report frequent power outages, damaged lines left unattended for weeks, and new connections taking months—if not years—to be processed. Such issues have not only inconvenienced households but have also impacted local businesses, schools, and healthcare facilities.
According to a Weligama Municipal Council official: “Our children cannot study at night due to power failures. Businesses suffer because they cannot store perishable goods properly. We have raised complaints multiple times, but the response has been slow.”
Recognizing these challenges, a new project has been launched to address the inefficiencies in power distribution. The initiative includes:
Expansion of the Electrification Network: Efforts to extend power lines to remote areas that still rely on kerosene lamps or battery-operated sources.
Upgrading Infrastructure: Replacement of outdated transformers, damaged poles and weak wiring systems to ensure a stable and safe electricity supply.
Community Engagement: A digital reporting system that allows residents to highlight issues in real time, ensuring faster response and accountability from relevant authorities.
Sustainability Measures: Exploration of renewable energy options, such as solar power, to complement the grid and provide backup solutions for power outages.
Dr. Chathura explains, “This project is not just about fixing wires and poles; it is about creating a sustainable and efficient system that meets the growing energy demands of rural areas. Transparency and community participation are key to its success.”
The Southern Province Governor Bandula Haischandra has voiced strong support for the initiative, recognizing its potential to transform rural communities.
“Ensuring a stable electricity supply is a fundamental responsibility of the government, the Governor told The Island Financial Review. “For too long, these communities have been neglected. We are committed to fast-tracking infrastructure improvements and working closely with relevant authorities to resolve longstanding issues.”
The Governor further emphasized the role of accountability and efficiency in the implementation process. “We cannot afford delays and inefficiencies. With the use of modern technology, we are ensuring that complaints are addressed swiftly and that no village is left behind in development.”
Business
Elpitiya Plantations clinches fourth consecutive victory at Inter Plantation Cricket Tournament
Elpitiya Plantations emerged victorious at the 22nd Inter Plantation Cricket Tournament, organised by the Dimbula Athletic and Cricket Club, held on the 21st and 22nd of February 2025 at the Radella Cricket Ground.
The tournament saw participation from 11 plantation companies, showcasing exceptional talent and sportsmanship. Elpitiya Plantations, led by their dynamic captain Wajira Mannapperuma, demonstrated outstanding performance throughout the tournament.
The winning team from Elpitiya Plantations consisted of Wajira Mannapperuma, Asela Udumulla, Dilukshan Neshan, Lakshan Thenabadu, Kavinda Sulochana, Yasitha Koswaththa, Anushka Baddevithana, Kanishka Ranchagoda, Pramoth Bandara, and Sajith Edirisinghe.
In the semi-final match, Elpitiya faced Horana Plantations PLC and secured a decisive victory by bowling out the Horana team for just 20 runs within 4 overs, paving their way to the finals. The final match was a thrilling encounter against Talawakelle Tea Estates PLC, where Elpitiya’s formidable bowling lineup made it challenging for Talawakelle to score. Within the first four overs, Talawakelle’s top batsmen were back in the pavilion, allowing Elpitiya to clinch the championship title with ease.
This victory marks Elpitiya Plantations’ fifth overall win in the history of the tournament and their fourth consecutive triumph, having previously won in 2022, 2023, and 2024. The team’s consistent performance and dedication have solidified their reputation as a formidable force in plantation cricket.
The management of Elpitiya Plantations extends heartfelt congratulations to the team and expresses gratitude to all the supporters and organisers who made this event a grand success.
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