Connect with us

Business

A 12-year journey creating sustainable livelihoods in the Northern Province – ILO Knowledge Forum

Published

on

‘LEED+ has empowered over 43,000 Families, creating sustainable and inclusive livelihoods in the Northern Province’

International Labour Organization (ILO), successfully conducted a two-day knowledge forum, based on its flagship Local Empowerment through Economic Development and Reconciliation (LEED+) project. Implemented in several districts in the Northern Province, the LEED+ project is nearing its closure after two successful phases, the first of which was initiated in 2011.

This Knowledge Forum is a culmination of the project’s 12-year journey of creating inclusive and sustainable decent work opportunities for rural communities. The project also has a strong focus on vulnerable groups, including women and persons with disabilities.

A part of the ILO’s Global Jobs for Peace and Resilience programme, LEED+ is supported by the Australian Government Department of Foreign Affairs and Trade (DFAT), and the Government of Norway. The project was implemented in collaboration with national and sub-national government stakeholders, private sector, as well as grassroots entities.

‘The LEED+ program has directly benefitted more than 43,000 families over the past 12 years providing skills and knowledge to foster business growth and generate sustainable income,’ Australian High Commission Sri Lanka, First Secretary, Development Cooperation, Erika Seymour said.

‘Despite the passage of more than a decade since the conclusion of the civil war, the lasting repercussions continue to affect communities in the Northern Province. Thus, it is crucial for collaborative efforts between the public and private sectors to support these communities and promote development in these regions. The LEED+ project has played a significant role in equipping individuals from these communities with valuable skills, empowering them in their pursuits, and facilitating the attraction of private sector investments’. Commented Royal Norwegian Embassy Sri Lanka, First Secretary/Deputy Head of Mission, Hilde Berg Hansen.

As a result of the 30-year civil conflict, the Northern Province of Sri Lanka, which is home to over a million people, has encountered unique obstacles in achieving socio-economic progress and advancement. With unemployment and poverty rates higher than the national average and the highest share of households in poverty, the Northern Province is among Sri Lanka’s poorest regions. Towards addressing this, in its first phase the LEED project utilized a strategy of revitalizing the northern cooperative sector, alongside connecting small-scale farmers and fishers in the region with businesses from across Sri Lanka. Building on the lessons and success from phase one, in its second phase LEED+ placed greater focus on facilitating partnerships in select agriculture and fisheries value chains. Generating economic incentives for both producers and investors on equal terms, the resulting win-win situations have seen companies expanding their footprint, and setting-up of processing centres in the North, thereby creating further employment opportunities.

As the LEED+ project enters its last year of operation, it aims to implement exit strategies that involve institutionalizing successful models to ensure their continued expansion even after the project concludes. By embracing the LEED+ approach and inclusive business models, the project has fostered public-private partnerships to stimulate promising value chains, ultimately contributing to the long-term employment, productivity, and economic growth of rural communities. Through collaborations with the private sector, the project has identified potential value chains relevant to the region, paving the way for increased investments in the Northern Province.

Simrin Singh, Director of ILO Country Office for Sri Lanka and the Maldives stated ‘For over a decade, the LEED and LEED+ project has implemented strategies centered on improving livelihoods and job creation. The project has remained agile, innovative, and grounded on the realities of the region. Its success, in capacitating the Cooperatives, and creating links between producers in the North and the private sector, has delivered short term wins, but also presented long-term solutions. By creating an eco-system of necessary support services, knowledge inputs, and market linkages, decent work opportunities for women and men will continue to be generated. Essentially, the ILO’s role has been to plant the seed, facilitating and building opportunities that connect businesses to communities, so that everyone can share the gains of growth and ultimately no one is left behind.’

Based on the well tested solutions from over a decade of LEED and LEED+ implementation in the Northern Province, the ILO has made a clear human centered, economic and business case for development policies that prioritize addressing regional disparities, and adaptable approaches tailored to the distinct requirements of various sectors and regions.



Business

US trade war poses risks to Sri Lanka’s creditworthiness, warns Fitch

Published

on

Meanwhile, tensions between the world’s two largest economies remain high

By Sanath Nanayakkare

Sri Lanka’s already vulnerable financial position could be further threatened by the ongoing US trade war, according to a recent analysis by Fitch Ratings.

The global ratings agency highlights that Sri Lanka, currently rated CCC+, is particularly susceptible to negative impacts if its export earnings are hit by the escalating tariffs.

Fitch Ratings, Hong Kong, in a press release issued on April 15, 2025, warned that increasing US tariffs would weigh on the credit metrics of many sovereigns in the Asia-Pacific (APAC) region. The report emphasised that APAC’s high trade openness and reliance on US demand make it especially vulnerable to the fallout from the trade war.

While the 10% tariffs imposed by the US on most countries are slightly below Fitch’s earlier projections, the agency believes that Asian economic growth will slow as exports and export-oriented investments suffer from tariffs and increased uncertainty.

“This slowdown, coupled with weaker commodity prices and exchange rate adjustments, will affect APAC sovereigns to varying degrees. Several economies in the region, including China, Vietnam, Taiwan, Thailand, and Korea, rely heavily on manufacturing exports and investments, with the US serving as a major export market. These economies could face significant challenges as a result of the trade war,” it stated.

Fitch noted that government policy responses would be crucial in determining the ultimate impact on APAC sovereign ratings. While some higher-rated jurisdictions like China, Singapore, and Taiwan may have the fiscal space to implement stimulus measures, some others, including Sri Lanka, have limited headroom due to high debt levels and constrained fiscal consolidation since the pandemic and its own economic crisis.

The ratings agency also cautioned that the US dollar could appreciate against some APAC currencies, potentially increasing debt burdens for countries with a large share of foreign-currency debt. Furthermore, foreign-exchange reserves could shrink if authorities intervene to support their currencies, further straining economies with low external buffers like Sri Lanka.

Fitch concluded that countries with relatively low external buffers, such as Bangladesh and Sri Lanka, were particularly at risk if their export earnings were negatively impacted by the tariffs.

Meanwhile, tensions between the world’s two largest economies remain high.

After the White House website claimed that imports from China to the US would face tariffs of up to 245 percent, the Chinese Foreign Ministry warned yesterday that China would pay no attention to the US’s further tariff numbers game, and it would take ‘resolute countermeasures’ and ‘fight to the end’ if Washington persisted in substantially infringing on China’s rights and interests.

China Daily – the ruling Chinese Communist party’s English-language mouthpiece published a sharply worded editorial on April 15, rejecting U.S. President Trump’s repeated claims that the US had been ‘ripped off’ by China.

“The U.S. is not getting ripped off by anybody. It is taking a free ride on the globalisation train and is living beyond its means,” China Daily argued.

Continue Reading

Business

CEAT’s share in Sri Lanka’s Original Equipment tyre market tops 90%

Published

on

Now supplies 11 automobile brands assembling vehicles in Sri Lanka, contributing to local value addition

Six years after it entered into its first Original Equipment Manufacturer (OEM) partnership in Sri Lanka, CEAT Kelani Holdings has grown into a significant contributor of value addition to the country’s burgeoning automobile assembly industry.

Locally-manufactured CEAT tyres are now original equipment in 11 brands of vehicles rolling off assembly lines in Sri Lanka, ranging from Sports Utility Vehicles (SUVs), cars, buses, lorries, pick-up trucks, motorcycles and scooters, the company said.

These tyres, many of them designed precisely to vehicle manufacturer specifications, fit more than 30 models of vehicles, including 16 bus models and five models of motorcycles now assembled in Sri Lanka.

CEAT Kelani currently supplies more than 150,000 Original Equipment (OE) tyres annually to the local vehicle assembly industry covering more than 90 per cent of vehicles assembled in Sri Lanka, and the OE segment accounts for 12 per cent of the CEAT branded tyres sold in the domestic market.

“The OEM partnerships a manufacturing brand like CEAT has entered into are extremely significant to all tyre users, because they demonstrate the automobile manufacturers’ confidence in the quality and performance of the products,” CEAT Kelani Chief Operating Officer Mr Shamal Gunawardene observed. “These partnerships are based on stringent evaluations of our tyres by experts and are based on CEAT’s ability to satisfy the technical requirements of each type of vehicle.”

“Through OEM projects, CEAT enhances its own manufacturing capabilities, aligns with global quality standards, and tailors products to meet local needs,” he added.

Among the automobile brands that have chosen CEAT tyres as original equipment in Sri Lanka are Hyundai, JAC, JMC, DFSK, Mahindra, Micro, Tata, Lanka Ashok Leyland, TVS, Bajaj and Dyno.

Continue Reading

Business

Citrus Resorts & Hotels witness surge in bookings and interest during festive season amidst travel boom

Published

on

Citrus Resorts & Hotels, a leading name in Sri Lanka’s hospitality sector, has reported a significant increase in bookings and inquiries, reflecting a growing demand for premium travel experiences. With two iconic beachfront properties—Citrus Waskaduwa and Citrus Hikkaduwa—the brand continues to attract travellers seeking both relaxation and adventure.

Nestled along Sri Lanka’s southwestern coast, Citrus Waskaduwa stands as the ultimate getaway for those looking to unwind. Offering 140 rooms, including 7 suites, an executive suite, and a presidential suite, the resort boasts private balconies with panoramic views of the Indian Ocean.

Guests can indulge in a diverse culinary experience across multiple dining venues, including Lemon Sun Restaurant, Pomelo Hi Bar, Aqua Peel Pool Bar, and Pips n Sips Coffee Shop. The Asian-inspired Citron Senses spa further enhances the experience with expertly curated Eastern and Western treatments by skilled Balinese therapists.

Catering to families and corporate groups who plan to visit during the April holidays, the resort offers exclusive packages for fun-filled getaways as part of its Avurudu celebrations. Guests can enjoy a festive beachfront experience with traditional activities, including Beli Mal tea on arrival, a morning and evening tea table, and a special Sinhalese lunch buffet. The celebrations also feature Avurudu games with equipment setup and access to the swimming pool with changing rooms. Additionally, special rates for rooms and discounts on spirits, chasers, and bites make the occasion even more memorable.

For those seeking a vibrant beachside experience, Citrus Hikkaduwa offers the perfect mix of relaxation, culture, and adventure. With 90 stylish rooms spanning Deluxe, Superior, and Standard categories, the resort provides a comfortable stay in the heart of Sri Lanka’s southern coast.

Adrenaline seekers can enjoy scuba diving, wreck diving, snorkelling, deep-sea fishing, jet skiing, and surfing lessons—an opportunity to experience Hikkaduwa’s famous waves firsthand. Additionally, curated excursions, such as the Madu River Boat Safari, Galle City Tour, and visits to turtle hatcheries, offer guests a chance to explore the region’s natural and cultural heritage.

Continue Reading

Trending