Business
COYLE explores bilateral investment opportunities in Busan, addresses challenges
On the invitation of the Speaker of Parliament Hon. Mahinda Yapa Abeywardana and Parliamentarian Hon. Dayasiri Jayasekara, COYLE and The National Chamber of Exporters, engaged in bilateral business discussions with the Busan Economic Promotion Agency of South Korea. The aim of this dialogue was to bolster inward industrial investment in Sri Lanka and broaden operational opportunities for Sri Lankan businesses in Busan to stimulate positive returns.
Jin Yang Hyun, President and CEO of The Busan Economic Promotion Agency who joined the discussion online, acknowledged Sri Lanka’s potential with financial incentives, strategic presence and access to raw materials. However, concerns were raised about the barriers to entry, particularly with regard to inefficiencies on the part of local authorities, impacting investment timelines.
It was pointed out that addressing these concerns requires a comprehensive examination of Sri Lanka’s investment processes. The Board of Investment (BOI) plays a crucial role and its efficiency is key to facilitating foreign investment into the country. Accordingly, Sri Lanka needs to streamline its processes, as the bureaucratic complexities are adverse oppose to countries like Vietnam and Thailand who are dominating the region. Furthermore, initiating operations within an Export Processing Zone (EPZ) in Sri Lanka demands a closer look, and the Island needs to match other competitive nations whilst also exhibiting economic and political stability.
The discussion also touched on Busan’s economy, and the advantages it presents for Sri Lankan businesses. For example, setting up operations in Busan provides an opportunity for Sri Lankan companies to tap into the significant buying power of the South Korean market, enhancing their export potential. Companies establishing operations in Busan can also contribute to inward remittances for Sri Lanka, strengthening the economic ties between the two nations. It was revealed that identifying sectors currently exporting to South Korea and encouraging them to set up operations in Busan could further augment the bottom line for Sri Lankan businesses.
Overall, the dialogue ended on a strongly positive note, with COYLE, empowered by Mahinda Yapa Abeywardana and Dayasiri Jayasekara, who is also the President of the Sri Lanka Korea Association, pledging assistance to companies from Busan interested in exploring industrial and commercial operations in Sri Lanka. Ultimately, the discussion made clear the need for Sri Lanka to quickly enhance its accessibility, efficiency, and ease of doing business in order to compete on a global scale and benefit from foreign investment on a larger scale.
In a significant move for Sri Lanka’s tourism sector, NKAR, a stalwart in the industry for over 45 years, has announced a partnership with Holiday Max, Australia’s largest tour operator. Based in Perth, Holiday Max has ventured into Sri Lanka for the first time, marking a promising expansion for both entities.
This collaboration aligns with NKAR’s strategic vision to enhance the country’s appeal to international travelers. Nilmin Nanayakkara, Chairman and Managing Director of NKAR says, “Our policy has always been to promote Sri Lanka to new markets by attracting new operators, rather than competing through price undercutting or making unrealistic promises.” This statement encapsulates NKAR’s commitment to fostering sustainable tourism growth by focusing on quality over cost.
By prioritsing service excellence and maintaining high health and safety standards, NKAR aims to elevate the overall travel experience for visitors. This approach not only positions Sri Lanka as a premium destination but also attracts reputable operators like Holiday Max, who are drawn to the island’s unique experiences and NKAR’s dedication to quality service.
The partnership represents a remarkable opportunity to showcase Sri Lanka’s diverse offerings to Australian travelers, potentially opening new avenues for tourism growth. As NKAR continues to innovate and adapt, this collaboration is set to bolster Sri Lanka’s standing as a sought-after travel destination, steering the industry away from aggressive price competition towards sustainable growth through authentic experiences.
By focusing on attracting new operators and markets, NKAR is paving the way for a revitalised tourism landscape in Sri Lanka, one that values quality, safety, and the unique charm of the island. NKAR is recognised as one of the top five destination management companies in Sri Lanka. The company recently won 3 major awards at Sri Lanka Tourism Awards.
By Sanath Nanayakkare
LOLC Finance secured five Gold Awards and one Merit Award at the LankaPay Technovation Awards 2025, including the prestigious Overall Excellence in Digital Payments Gold Award for the sixth consecutive year.
The company dominated both bank and NBFI categories, winning Best Digital Strategy Gold Award, proving its superiority over traditional banks in digital finance.
Awards won were as follows.
Gold Awards:
Best Digital Payment Strategy (Banks & NBFI)
Best Mobile Application for Retail Payments via JustPay (Banks & NBFI)
Excellence in Customer Convenience (NBFI)
Financial Inclusivity (NBFI)
Overall Excellence in Digital Payments (NBFI)
Merit Award: Most Popular Digital Payment Product (iPay)
CEO Krishan Thilakaratne emphasized digitalization as core to LOLC Finance’s operations, enabling seamless, 24/7 financial access through platforms like LOLC Real Time and iPay.
Chairman Conrad Dias highlighted the audited, performance-based recognition and iPay’s mission to solve real-world financial challenges with cutting-edge tech.
iPay & JustPay innovations were Recognized for leading digital payment adoption with 1M+ downloads, 1.8M monthly transactions, and 65% JustPay market share, featuring biometric security and AI fraud detection.
Financial Inclusivity was recognized for Bridging gaps via multi-lingual services, cashless processes, and rural outreach programs.
Customer Convenience was recognized for real-time solutions (SLIPS, CEFTS) eliminating branch visits for payments and transfers.
Tree House International, located in Dehiwala, has been recognised as the Most Evidence-Based Special Needs School of the Year at BWIO Awards. The only international school in Sri Lanka dedicated exclusively to children with special needs, 75% of its students relocate from abroad for its high-quality, result-driven education.
Last semester, 100% of students transitioned to mainstream or vocational training.
The school is led by Dr. Anton James, a Chartered Behavioural Psychologist with over 20 years of global experience.
His evidence-based approach earned the highest honour from the British Psychological Society, and he was elected a Chartered Scientist. Co-directed by Chrystal Honsaker, an expert with 15 years of international special needs experience, the school also offers an accredited British curriculum alternative to GCSEs.
We aspire to build a nation where all citizens coexist in peace and resilience for the future generation -PM
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