Business

Why becoming Sri Lanka and Australia Chamber of Commerce member is a profitable idea

Published

3 years ago

2024/01/22

Thilina Walpola

Kalum De Silva

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

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Business

Oil prices hit $100 for the first time since May

Published

11 hours ago

2026/07/24

Priyan

Oil prices hit $100 a barrel for the first time since May as the escalating conflict in the Middle East reignited fears over global energy supplies.

Brent crude – the global benchmark for oil prices – rose more than 6% on Thursday following several days of increases as the US stepped up military strikes against Iran.

Prices spiked after Houthi militia in Yemen attacked oil tankers in the Red Sea, threatening a key export route that Saudi Arabia has used to bypass the Strait of Hormuz.

Gas prices have also risen steadily over the past month, with the benchmark UK gas price currently at around 150 per therm, up from around 98p at the end of June.

Oil prices had been falling following a temporary ceasefire between the US and Iran.

They dropped back to levels last seen before the US and Israel began military action against Iran on 28 February.

However, the ceasefire has failed and this week US Secretary of State Marco Rubio said the people in charge in Iran were “not ready to make a deal”.

The ongoing conflict risks pushing up inflation for many countries, including UK and the US leading to higher prices for consumers.

Higher oil prices typically lead to petrol and diesel becoming more expensive.

While drivers are affected directly, households could also see prices of other goods, such as food, increase due to businesses passing on higher transportation costs to customers.

Inflation has fallen both in the UK – down to 2.6% in the year to June helped by slowing diesel and petrol prices – and in the US to 3.5%.

But questions remain whether the slow down will prove short lived due to the renewed conflict in the Middle East.

New data released on Thursday showed that UK petrol prices have risen by 5p a litre since the beginning of July, hitting reaching almost £1.56.

Diesel is at £1.72 a litre, on average, according to the RAC.

Average gasoline prices in the US have surpassed $4 a gallon once more, up from $3.92 a month ago, according to motorist advocacy group AAA.

“More expensive fuel and energy can ripple through the wider economy, increasing costs for businesses and ultimately feeding through into the price of food and other goods,” said Jonathan Raymond, investment manager at Quilter Cheviot.

“This creates another headache for central banks as they continue their battle against inflation.

“If energy prices remain elevated, policymakers may come under pressure to keep interest rates higher for longer or even raise them. This would come as a blow to mortgage holders and borrowers already feeling the strain.”

The Bank of England, which sets UK interest rates, has held them at 3.75% in its last four meetings.

Paul Dales, chief UK economist at Capital Economics, said he believed the Bank will “almost certainly” hold them again. But he said analysts still expected that interest rates could be cut next year if energy price rises ease.

Kevin Warsh, the newly-appointed chair of the US Federal Reserve, last week told Congress that the central bank had “no tolerance to persistently elevated inflation”.

US President Donald Trump had pushed Warsh’s predecessor, Jerome Powell, to cut interest rates.

Trump has made it clear he expects Warsh to fulfil his demand for reductions in borrowing costs for Americans.

But the Fed held US interest rates between 3.5% and 3.75% at Warsh’s first meeting last month. He also told Congress that he was committed to “restoring price stability” in the wake of the Middle East conflict impacting prices.

[BBC]

Business

SEC, CSE and CA Sri Lanka sign MOU to advance XBRL-based digital reporting for listed companies

Published

18 hours ago

2026/07/24

Thilina Walpola

The signing ceremony at SEC from Left to right: Ms. Manuri Weerasinghe| Director Corporate Affairs, SEC, Tushara Jayaratne | Acting Director General, SEC, Ms. Nilupa Perera | Chief Regulatory Officer, CSE, Rajeeva Bandaranaike | Chief Executive Officer CSE, Senior Prof. D.B.P.H. Dissabandara,| Chairman, SEC, Tishan Subasinghe | President, CA Sri Lanka, Ms. Anoji de Silva | Vice President, CA Sri Lanka, Neranjith Gamage | Commission Member, SEC, Ms. Lakmali Priyangika | Chief Executive Officer, CA Sri Lanka, Ms. Rishdha Zarook Ishaq | Director Legal and Enforcement, SEC , Ms. Kumuduni Maduwanthi |Senior Manager Legal, CA Sri Lanka.

The Securities and Exchange Commission of Sri Lanka (SEC), Colombo Stock Exchange (CSE), and the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) signed a Memorandum of Understanding (MoU) to collaborate on the implementation of eXtensible Business Reporting Language (XBRL) based reporting for companies listed on the CSE.

The agreement marks a significant milestone in Sri Lanka’s efforts to modernise corporate reporting and strengthen the digital infrastructure of the capital market. The initiative aims to streamline the submission of both financial and non-financial information by listed entities, enhancing transparency, accessibility and investor confidence.

The MoU formalises the partnership, following the establishment of a joint SEC-CSE committee tasked with driving the initiative. With the in-principle approval of the SEC, the committee has been working closely with CA Sri Lanka to develop the framework required for the successful rollout.

XBRL is the internationally recognised standard for digital business reporting, developed and maintained by XBRL International, a global non-profit consortium. The standard enables financial and business information to be reported in a structured, machine-readable format, facilitating more efficient analysis, comparison and interpretation of corporate disclosures by regulators, investors, analysts and other stakeholders.

The introduction of XBRL reporting is expected to deliver several key benefits for both listed companies and users of financial information. These include reducing reliance on manual data processing, improving the accuracy and consistency of reported information, supporting more advanced data analysis, and lowering long-term reporting costs. The flexibility of the XBRL framework also allows organisations to tailor taxonomies to meet specific reporting requirements. In addition, XBRL adoption will enhance market transparency and efficiency by enabling quicker access to comparable corporate information. It will also align Sri Lanka’s reporting framework with global standards, making the country’s capital market more accessible and attractive to international investors familiar with XBRL-based financial reporting.

Business

LOLC Insurance and Seylan Bank celebrate Bancassurance Excellence through “League of Greatness” 2025

Published

18 hours ago

2026/07/24

Thilina Walpola

The Achievers of the Night

LOLC Insurance recently hosted the “LOLC Insurance – Seylan Bancassurance Felicitation Night 2025” under the theme “League of Greatness,” celebrating the success of its longstanding bancassurance partnership with Seylan Bank. The event marked another milestone in a strategic collaboration that has continued to grow since 2013.

The felicitation ceremony brought together senior management, sales leadership, branch representatives, and top-performing teams from both organisations to recognise excellence, appreciate contributions, and reaffirm the enduring partnership between LOLC Insurance and Seylan Bank. The collaboration currently spans 104 Seylan Bank branches across Sri Lanka, delivering accessible life and general insurance solutions islandwide.

Speaking at the event, Ramesh Jayasekara, Director/Chief Executive Officer, Seylan Bank PLC, stated, “Our partnership with LOLC Insurance continues to create meaningful value for customers while further strengthening the bancassurance proposition within the banking sector. The dedication and collaborative spirit demonstrated by both teams have been instrumental in achieving these milestones and sustaining the growth of this partnership. We look forward to enhancing our collaboration and delivering greater value to customers in the years ahead.”

Sharing insights during the event, Eugene Seneviratne, Deputy General Manager – Retail Banking, Seylan Bank, added, “The professionalism and operational efficiency demonstrated by the bancassurance teams have been instrumental in consolidating this partnership. Our branch teams continue to seamlessly manage day-to-day bancassurance functions with minimal operational escalations, reflecting the strength of a well-structured and highly efficient framework. This has contributed to a smooth and mutually beneficial working relationship, enabling the partnership to enhance coordination, execution, and overall performance.”

Addressing the gathering, Kithsiri Gunawardena, Chairman/Principal Officer of LOLC General Insurance and Director of LOLC Life Assurance, stated, “Successful partnerships are built on trust, shared values, and a common vision. The strength and longevity of this collaboration reflect the commitment of both organisations to delivering meaningful impact to customers while advancing the country’s bancassurance sector. The positive feedback and appreciation consistently received from Seylan Bank regarding the quality of service delivered and the steadfast support extended by the teams stand as a testament to the professionalism and service excellence upheld throughout the partnership.”