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BOC chair optimistic about notable economic growth in 2022

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The launch of BOC Fuel Card. Ms. Ramya Ranaweera , Director Finance, Hovel Holdings receives the first fuel card from BOC Management. -Pics by Saman Ranaweera

by Sanath Nanayakkare

Bank of Ceylon Chairman Kanchana Ratwatte expects that growth will rebound in 2022 with three primary elements as drivers of the economy, moving forward.

According to his predictions, Sri Lanka should see notable rebound in earnings from tourism, SME sector businesses and foreign remittances.

Speaking at an event held at its Head Office In Colombo yesterday with a multi-religious ceremony to invoke blessings on the staff of the bank, all its customers and all Sri Lankans in general, Ratwatte said, “I see a rainbow on the horizon. Sri Lanka should see a significant rebound in the tourism sector, small and medium enterprises (SME) sector and the country’s foreign remittances base in the first half of the year. The Bank of Ceylon stood as a tower of strength during the Covid-19 pandemic for nearly two years supporting to hold the national economy in place, and will unwaveringly continue to do so until the country gets back to normalcy,” he said.

The following are some excerpts from his speech.

“Today signifies a momentous day in my life. Two years ago, I assumed duties as chairman of this giant organisation which comprises a family strongly bonded with one another. I regard being able to serve for BOC as a great fortune in my life.”

“In the past two years despite challenges caused by the Covid-19 pandemic, BOC was able to give promotions to its employees in compliance with the due process. Also, we absorbed the trainees who had successfully concluded their training into our permanent carder. We were able to give promotions from junior executive ranks up to the echelon of general manager amid the pandemic chaos as a recognition for their dedication and loyalty towards the bank.”

“Most notably, we were able to successfully complete the official process in signing the collective agreement with the trade unions of the bank providing the basis for sound relations between the management and employees.”

“With that said, our happy workforce is not solely because of those motivations but also because of the positive work environment which encourages collaboration and communication; which is a unique feature of the BOC family.”

“BOC’s improved strategies to counter the pandemic saw significant resilience in its foreign remittances base. In 2019, remittances stood at USD 2.5 billion for BOC. In 2020, we managed to reach USD 2.8 billion. Despite the ongoing external challenges, this year we have crossed the USD 3.5 billion benchmark of remittances.”

“We thought the pandemic’s vulnerable conditions would be an opportune moment to launch and implement the BOC Export Circle to support the SME sector to revive the battered businesses and help take the surviving ones to the next level. Last year, BOC placed special emphasis on the revival of businesses through Export Circle.. Thus a revival unit was established to rekindle the businesses hit by the pandemic. I am proud to say that many of these companies have stayed afloat and the BOC has been able to turn around almost Rs. 35 billion worth of assets through this exercise. I see a few smiling faces here who have been served by the Revival Unit of the BOC.”

“BOC managed to overcome most of the issues the pandemic introduced to us out of the blue by ensuring seamless online banking services for our customers. However, most employees reported to work upon ensuring minimised impact of the pandemic on them.”

BOC Chairman Kanchana Ratwatte, General Manager/CEO K.E.D Sumanasiri and CFO Russel Fonseka inaugurate the BOC SME Circle at the BOC Head Office in Colombo yesterday.

Talking about external sector challenges, he said,””A 20-foot container of a particular item that came from Shanghai via Singapore for USD 900 in 2019, costs USD 8000 today. The prices of wheat and petroleum have surged among other commodities. Today a litre of petroleum in India is 104 Indian rupees. It is about LKR 270. The State is still subsidising petroleum products. Has the consumption gone down at current prices? No, it hasn’t. Despite the lockdowns, usage of petroleum increased. Letters of Credit (LCs) opened by the BOC for petroleum imports grew by 20% despite Coronavirus lockdowns. These should be factored into the current situation.”

Talking about revenue from Tourism, he said,” Up to 2019 prior to Easter Sunday attacks, Tourism generated a minimum of USD 4.5 billion. As a result of the pandemic, Tourism sector had to be looked after by other sectors. It was a double whammy on the economy. In contrast, now I see a bright side emerging as more than 200,000 tourists arrived in the country last year.”

“The livelihoods of Sri Lankan migrant workers came to a complete standstill for two years due to travel restrictions imposed globally. Now we see the encouraging trend of them going back to their overseas jobs as well as students going abroad for higher education. On a daily basis, the BOC gets requests from customers to remit amounts ranging from USD 2500 – 20,000 for their children’s higher education requirements. We oblige with that segment of customers regardless of which bank they initially banked with.”

“BOC reached rupees one trillion in its asset base in 2012 – the equivalent of a USD 5 billion worth company when converting the currency at LKR 200 per US dollar. In 2018, it reached two trillion making it a USD 10 billion worth company. In March 2021, we reached the 3 trillion mark which made it a USD 15 billion company. I am proud to say that every year we will be adding USD 5 billion to the asset base of BOC. By next year, we should be a USD 20 billion company. This is the strength on which we continue to serve our customers and the nation at large. Dear customers, let me tell you that BOC is resilient and strong enough to hold the economy until the country gets back to normalcy,” he said.

Emphasising the importance of encouraging Sri Lankan SME and Micro entrepreneurs, the Bank also launched BOC SME Circle yesterday.

In addition to that the Bank launched the BOC Fuel Card. The BOC fuel top-up card is designed to be beneficial to customers who face the hassle in managing their fuel expenses. The card is offered to corporate entities, fleet operators and individuals to add convenience to their daily operations.



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Ranil calls for regionalism amid global shifts

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Former President Ranil Wickremesinghe addresses the 5th Bay of Bengal Maritime Dialogue hosted by the Pathfinder Foundation in Colombo, on May 20 and 21.

Reiterates the need to integrate with southern India’s rapidly growing economy

At the inaugural session of the Fifth Bay of Bengal Maritime Dialogue held at Cinnamon Grand, Colombo on May 20, former President Ranil Wickremesinghe delivered a compelling speech urging greater regional connectivity, particularly on the western side of the Bay of Bengal, which he said lags behind its eastern counterparts in infrastructure development for regional connectivity.

Hosted by the Pathfinder Foundation, the event brought together diplomats and maritime experts to discuss the geopolitical and economic future of the Bay of Bengal, a region poised to become a global economic powerhouse by 2050.

Wickremesinghe began by highlighting the shifting global trade landscape, referencing U.S. President Donald Trump’s announcement of reciprocal taxes, which he said could disrupt existing trade frameworks.

“Globalisation will not disappear, but it will be affected,” he noted, emphasising the need for stronger regional trade blocs like BIMSTEC and ASEAN to fill the gap.

“The Bay of Bengal was once the heart of global trade and civilisation,” he said, recalling its historical significance in Buddhism, Pali, and Sanskrit traditions.

A key focus of his address was the stark disparity in connectivity between the eastern and western shores of the Bay of Bengal.

“Now, we must revive that spirit of collaboration through infrastructure-driven economic integration,” he noted.

Further speaking he said,” Infrastructure projects, including high-speed rail links have spurred between China, Laos, Thailand, and Myanmar. The India-Myanmar-Thailand rail link and the proposed land bridge from Rangoon to the Gulf of Thailand aim to reduce reliance on the Malacca Strait. However, Sri Lanka, Bangladesh, and India’s eastern seaboard lack comparable infrastructure.”

Wickremesinghe stressed the need for a Bangladesh-West Bengal-Bhutan-Nepal economic corridor and. recalling his constant past stance, Wickremesinghe advocated for a land connection between Sri Lanka and India’s southern states; Tamil Nadu, Andhra Pradesh, and Telangana, which he said could unlock immense economic potential.

“Sri Lanka’s ports, including Trincomalee and a potential new port between Wattala and Ja-Ela, must be integrated with southern India’s rapidly growing economy,” he said. This, he argued, would boost transshipment, apparel exports, and regional trade.

However, he acknowledged political and environmental concerns, urging ‘exhaustive discussions’ before any final decision is made on the land bridge.

With India projected to become the world’s second-largest economy by 2050 and Indonesia the fourth, Wickremesinghe called for accelerated cooperation.

“The Bay of Bengal’s collaborative success story is unfolding. We can choose to be part of it, or build our infrastructure projects separately,” he said.

The Fifth Bay of Bengal Maritime Dialogue continued on Wednesday, with local and foreign experts delving deeper into these pressing regional challenges.

By Sanath Nanayakkare

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SriLankan Airlines begins search for new cabin crew talent

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SriLankan Airlines has launched a major recruitment drive in search of new cabin crew talent, with shortlisted applicants now participating in the next phase of the transparent and rigorous selection process taking place from 20–23 May 2025 at BMICH.

SriLankan Airlines has launched a major recruitment drive in search of new cabin crew talent to represent its renowned frontline team, in line with the airline’s expansion plans amid growing passenger volumes and emerging markets. The process began with a public advertisement that drew nearly 12,000 applications. Demonstrating its commitment to transparency in selection, the airline is now inviting shortlisted applicants to take part in the next phase of the recruitment drive, scheduled to take place from 20–23 May 2025 at the Bandaranaike Memorial International Conference Hall (BMICH).

At BMICH, each candidate will undergo a meticulous multi-stage screening process, including document verification such as qualification certificates, an image and presentation assessment and an aptitude interview conducted by a panel of experts. Candidates must successfully complete each stage to proceed to the next. Those who meet the criteria across all stages will be invited for a final, in-depth interview at the airline’s headquarters in Katunayake, after which the final selection will be made on who is cleared for takeoff.

Susan Jacob, Group Head of Human Resources at SriLankan Airlines commented on the talent acquisition process, stating, “We are seeking individuals who embody the spirit of Sri Lanka and are passionate about providing world-class service to our valued passengers. That’s why we follow a transparent and thorough recruitment and selection process, not just to ensure fairness to all hopeful applicants, but also to choose individuals who are truly cut out for the role. Being a cabin crew member remains an aspirational career for many young people, and while it certainly comes with its perks, it is also a demanding job with long hours, which is why each candidate is evaluated across a range of criteria to make sure they have the right attitude and skills to thrive.”

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Sri Lanka and China to strengthen bilateral and cultural ties by joining hands to preserve ‘’Cultural Heritage and Tourism ‘’

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Two Tourism Promotional strongholds got together, as Sri Lanka Tourism and City Alliance for Maritime Silk Road Heritage Conservation and World Heritage Nomination (CAMSR ) further strengthened their bilateral and cultural ties focusing on Heritage protection and development of Heritage Tourism, at a special ceremony and Forum held at the Radisson Blu Hotel, Galle, on 19th of May 2025.

CAMSR, is an the organization led by China, which is a city alliance comprised of 34 China cities and one Indonesia city, spreading across Guangzhou, Shanghai, Nanjing, Ningbo, Hangzhou, Wenzhou, Chaozhou, Hong Kong, Macau, etc. The CAMSR coordinator office is located in the Guangzhou Municipal Government, and the Guangzhou culture, Radio, Television, and the Tourism Bureau is the responsible government body. The Chinese delegation comprised of Liu Xiaoming Deputy Chief of Guangzhou Municipal Culture, Radio, Television and Tourism Bureau as the head of delegation together with Zheng Xiaolu Division Director , Hu Jianguang Deputy Division Director and Li Minyong , Chief Curator of Guangzhou Nanyue King Museum attended this event.

The event kicked off with a stunning Traditional dance performance which showcased Srilankan cultural elegance. As a VIP speaker, Sampath Nissanka , Managing Director ,Sri Lanka Tourism Promotion Bureau addressed the gathering. He said “This event in Galle underscores the script of our relations that will be crucial for enhancing the full potential of this Initiative. By working together, sharing experiences, and understanding, we can ensure the Maritime Silk Route to become a pipeline for shared prosperity and development of both nations”. He further said,.‘’I strongly believe this initiative will unlock new avenues for tourism, to attract more visitors to Sri Lanka from China, and foster a deep cultural understanding and exchange between our nations’’

Liu Xiao Ming, Chief of Guangzhou Municipal Culture, Radio, Television and Tourism Bureau expressed his thoughts on this initiative and mentioned that he was pleased to have this long standing partnership with Sri Lanka Tourism in promoting Cultural Heritage among 34 cities in China under the CAMSR program and importance of promoting Galle City as a world heritage site accredited by UNESCO.

Waruna de Silva as a Board member of Galle Heritage Foundation, made a descriptive presentation regarding the ancient relationship between China and Sri Lanka and also the significance of the Galle Harbour as a famous trade hub. Out of the seven voyages of Admiral Zheng He visited Sri Lanka in the 14th Century from Yunnan, four visits were to Galle to explore its potential. He mentioned that specifically the Silk Route, which has been a popular pathway used to connect the two countries during the ancient times since 6th century B.C, Sri Lanka had been an important landmark for maritime activities and trading of spices ever since then. Records of Marco Polo and the Chinese Traveler Monk Faxian are examples for Sri Lanka as a popular Maritime destination. Therefore Galle is considered as a living heritage city and is also becoming a famous hub for International festivals such as the Galle Literary Festival

Ruwan Wijerathna, Chairman , Galle Tourism Department also expressed his views at this occasion by elaborating their role as a provincial tourism body in preserving and developing Galle as a Heritage city.

Thereafter the Maritime Silk Road forum was held, moderated by Li Pei Feng, Global Fellow Partner of CAMSR program where questions were posted to the panel comprised of Li Ming Yong Chief of Guangzhou Nan yue kingdom Museum, Ms. Madubhani Perera, Director PR of SLTPB , Dushan Wickramasuriya, Director/Marketing of SLTPB , Prof. Amalka Wijesooriya Senior Lecturer at the History and Archaeology Department of University of Ruhuna, and Mr. Chandrarathna, Chief of the Galle Maritime Museum on the development of maritime and heritage tourism in China and Sri Lanka.

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