Business
Colombo Development Symposium highlights the Road Not Taken

The Colombo Development Symposium, organized by BiZnomics, was successfully held at the Shangri-La Hotel in Colombo on March 24, with the attendance of corporate leaders, captains of industry, and foreign emissaries.
Secretary to the President, Dr. P.B. Jayasundera delivered a keynote address titled “The Road Not Taken”, where he outlined Sri Lanka’s development story so far, and the critical reforms needed to stimulate inclusive growth and development in line with President Gotabaya Rajapaksa’s manifesto: “Visions of Prosperity and Splendor”.
Jayasundera said that Sri Lanka’s debt problem has been exaggerated, and that total external debt declined by 500 million US dollars in 2020. Emphasizing that Sri Lanka has never defaulted on a debt or LC (Letter of Credit), even amid war and natural disasters. He said that the government has taken progressive steps for debt sustainability, such us reducing foreign borrowing, relying on domestic financing, and rationalizing imports.
He said that resorting to the IMF to deal with the country’s current challenges would force the government to raise taxes, which would harm both consumers and producers, throttle growth, and cause the economy to contract. The government would instead maintain a stable tax policy for five years and that the government would opt for currency SWAPS with friendly countries such as China to buffer foreign reserves.
Jayasundera urged the private sector to change its thinking. Local banks which enjoy high profitability and low rates of non-performing loans should engage in long term lending for production, and develop new instruments and investment banking. Large plantation companies should learn from the innovative examples set by smallholders and companies such as Dilmah.
More investment should be poured into expanding the production, processing and value-addition of agricultural products, especially for export. He also urged local businesses to start using CNY (Chinese Yuan) and also embrace usage of the Chinese Renminbi, which is an IMF basket currency.
He said that the government, led by President Gotabaya Rajapaksa has identified five areas in need of critical reforms in order to facilitate inclusive growth. The President has appointed bodies to research and recommend reforms in the areas of business regulation, commercial law, customs, finance, and land use.
The Jayasundera speech was followed by a panel discussion featuring Secretary to the Treasury S.R. Attygalle, Board of Investment Chairman Sanjaya Mohottala, Access Engineering Chairman Sumal Perera, and John Keells Holdings Chairman Krishan Balendra. The panel was moderated by senior broadcast journalist Indeewari Amuwatte.
During the broad ranging discussion, Attygalle said that government’s Budget for 2021 was designed to enhance inclusive growth, with a focus on lower taxation, rural investment and domestic financing mechanisms. He said that the country will depend less on external borrowing, while ironing out bottlenecks for investment.
Mohottala said that the country needs law reforms and digitization of processes such as customs and tax reforms in order to enhance the ease of doing business and foreign companies required large local companies to partner for investments here. He requested the private sector to rise to this task.
Sumal Perera expressed the need for media cooperation in presenting a positive image of Sri Lanka to the world. The media has a responsibility to build Sri Lanka as a brand and showcase positive success stories from the country.
Krishan Balendra said that the country’s tourism sector continues to be badly affected by the fallout of the COVID-19 pandemic. However successful rollout of vaccines will alleviate these problems. Domestic consumption has recovered since lifting of lockdowns and footfall in the Western Province is close to pre-pandemic levels.
The Symposium was organized by BiZnomics, a magazine about business, economics and lifestyle. BiZnomics has an in-house research team that dissects raw data into analysis and provides insights into current business trends. The magazine also celebrates local entrepreneurs who have gone beyond our shores to become “Global Sri Lankans”.
The event was sponsored by Capital Alliance Limited, LOLC Holdings PLC, Bank of Ceylon, People’s Bank, Sri Lanka Insurance Corporation, and CHEC Port City Colombo. The official media partner for the event was Ada Derana and the official newspaper for the event was the Daily FT.
Business
VIMAN Street Cricket Cup 2025 by John Keells Properties concludes

The VIMAN Street Cricket Cup 2025, an initiative by John Keells Properties in collaboration with Sri Lanka women’s cricket legend, Chamari Athapaththu, successfully concluded on the 2nd of February 2025 at the BOI Cricket Ground in Katunayake. Designed to encourage and support women’s cricket at the grassroots level, the tournament reflected a strong commitment to identifying and nurturing talent while creating opportunities for emerging female players across Sri Lanka.
Bringing together aspiring young cricketers from diverse backgrounds, the event served as a visible platform for schoolgirls to showcase their skills, compete at a high level, and take their first steps toward a potential future in cricket.
The event drew a large crowd, comprising of students from participating schools, parents, and many more, from the local community in Gampaha. The matches were played in a tournament format, concluding with the semi-finals and finals. The competition was divided into Under 16 and Under 19 categories, with the Under 16 title claimed by Devi Balika Vidyalaya, Colombo, while Nenamal Royal College, Mawaramandiya finished as the runners-up. In the Under 19 category, Anula Vidyalaya, Nugegoda secured the championship title, with Rathnavali Balika Vidyalaya, Gampaha finishing as runners-up. The enthusiastic turnout clearly showed the growing momentum behind women’s cricket in Sri Lanka and reinforced the importance of platforms such as the VIMAN Street Cricket Cup in inspiring young women cricketers.
Business
El Teb Estate: A timeless icon of Sri Lanka’s tea legacy

Nestled in the hills of Sri Lanka’s picturesque Uva Province, El Teb Estate is a living testament to the rich history, relentless innovation and deep-rooted community values that define the island’s tea industry. With a heritage spanning over a century, El Teb Estate embodies the spirit of resilience and excellence, producing some of the finest teas sought after by tea connoisseurs all over the world.
El Teb Estate’s story begins in 1896 with Captain Hamilton Gordon of the Gordon Highlanders, a soldier turned planter who traded his military glory for the lush plantations of Uva. His first encounter with the island came as aide-de-camp to Governor Sir Arthur Gordon (later Lord Stanmore), where he was deeply enchanted by Sri Lanka’s natural beauty. Through George Steuart & Co., he was introduced to J.J. Robinson, who guided him to Heathstock, a humble cardamom estate nestled along the Madulsima road four miles from Passara. Captivated by its potential, Captain Gordon, fondly known as “El Teb Gordon”, acquired the property and renamed it “El Teb” as homage to his military past at the Battle of El Teb in Sudan (1884), where he had served with distinction.
Evolution of a Landmark Estate
Over the years, his vision transformed El Teb into a thriving estate, consolidating nearby lands like Deyanawatte and Galbokke, while keeping Heathstock as the nucleus. Some of these acquisitions came about in colourful ways—legend has it that Gordon bought Deyanawatte from a traveler at the Badulla Club for £50 without the seller even knowing where the estate was located.
Other significant additions included Devenick, an abandoned coffee estate, and portions of St. Mary’s and Kitulkellie. His knack for recognizing opportunity led to the estate’s rapid expansion, including ventures into tea, coffee, and rubber cultivation. Gordon’s innovative spirit, from introducing labor-friendly practices such as serving hot tea during morning muster, to experimenting with crop diversification, reinforced his reputation as a pioneering planter.
Business
FitsAir expands Dhaka operations with additional weekly flights

FitsAir, Sri Lanka’s leading low-cost airline, is pleased to announce the expansion of its Colombo-Dhaka service with the addition of two new weekly flights. Previously operating three times a week, the enhanced schedule will now offer five weekly flights, providing passengers with greater travel flexibility and convenience.
The additional flights will operate from February 15 to March 29, 2025, with departures on Tuesdays, Wednesdays, Thursdays, Saturdays, and Sundays. This improved frequency ensures more seamless travel for both business and leisure passengers flying between Sri Lanka and Bangladesh at the most affordable rate.
“As Sri Lanka’s first privately-owned international airline, our mission is to deliver affordable, reliable, and on-time travel experiences,” said Ammar Kassim, Executive Director of FitsAir. He further stated, “Expanding our Dhaka operations is a significant step in strengthening regional connectivity, and with increased frequency, passengers now have more travel options, flexibility, and affordability. We are already planning to raise the frequency to six flights per week during the upcoming summer season.”
FitsAir has been expanding its footprint across key regional destinations. In addition to Dhaka, the airline operates daily flights to Dubai and Malé and three weekly flights to Chennai, ensuring passengers have access to a growing network of popular travel routes.
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