Business

CSE’s newest digital push expected to make it worth US$ 60 billion in 5 years

Published

6 years ago

2020/09/18

by Sanath Nanayakkare

The Colombo Stock Exchange (CSE) with its newest digitalization drive should do well enough in the next 5 years to accumulate a market capitalization of US $ 60 billion, Ajith Nivard Cabraal, State Minister of Money and Capital Market and State Enterprise Reforms said yesterday.

“Then the Colombo Stock Exchange will have a capacity which can provide funding not only to the government sector but also to the private sector making sure that the President’s goals of prosperity will be achieved,” he said.

Minister Cabraal made these remarks on the trading floor of the Colombo Stock Exchange (CSE) yesterday at a special market opening ceremony where Prime Minister Mahinda Rajapaksa launched a new digital platform for CSE, enhancing the investment experience for investors, stockbrokers, listed companies and other stakeholders.

The digital strategy themed ‘Hyper-Leap to the future’ is formed to digitalise all stakeholder touchpoints enabling end to end connectivity electronically. It will position Sri Lanka to become a global financial hub redefining the stock market landscape.

Elaborating on his point the state minister said,” As a person who on been involved in the stock exchange and securities matters for a long time in various capacities, I know how difficult it is to get a project of this nature going. I know you have put in a lot of work. Way back in 1993 at the time I was the president of the Institute of Chartered Accountants, we organized the mCentral Depository System (CDS) for the first time. I think that was a revolution – a special one- because all the brokers who were struggling with share certificates and documentation were suddenly relieved of all these duties and they could go out and sell, go out and make the market a lot more vibrant. I see an opportunity like that once again,

“The digitalization will take away from brokers as well as market players a lot of paperwork and mundane tasks that have been so far done by you personally. When you are relieved of these duties I am sure you will find enough time to make the market work more efficiently and productively. You need to have buyers whose numbers are increasing and you need to have sellers who will be providing the supply of shares in this business. This means you need to focus on these vital areas and aspects in the market.

“You have got to make sure that the number of shares you have is expanded regularly. I have been around long enough to know that the number of companies that have been trading on the stock exchange has remained almost stagnant for so many years. Every time when someone asks how many companies are there on the stock exchange, we say 200 something. I think this ‘200 something’ has been the number for the last 30 years. So, 5 years from now, we’d like to see this number being spoken of as ‘500 something’. I think you all can do that. As CSE chairman already mentioned there is an effort to make these numbers grow. There is ample opportunity. If all of you take the pains to do that, you can make it happen.

“In 2014, when President Mahinda Rajapaksa relinquished office at the end of 2014 – the market capitalization of CSE was 25 billion dollars. By the end of 2019, it came down to just half of that. – only 12 ½ billion dollars, marking a massive drop. We need to grow this market again. We need to make sure that your efforts are directed towards making the market to expand. The Director General of SEC said, you want the government to come here and use this as a repository of funds. With a 12 ½ billion dollar market cap, I don’t think you can do that. So set your sights high. Set your sights at US $ 60 billion dollars, if I may suggest, for the next 5 years. Then you will have a capacity which can provide funding not only to the government sector but to the private sector making sure that the President’s goals of prosperity will be achieved.

“My Friends, we have our work cut out. The President and the Prime Minister have given you the indication that support will be extended to the stock exchange. I have been appointed as state minister in order to make us responsible for that task. So, I personally will be supporting you. I would like to see you take the direction to move forward. Now you have digitalization in place. I think you need to build on that foundation. There will be plenty to do to achieve our goal. You have got to make sure that you bring in capital that will support the market. This is not going to be easy. I remember from 2007 onwards we were going abroad, we were making sure that capital was adequate in this country.- When we could not raise it globally, we raised it from foreign sources. So, you need to do that. You need to provide capital to companies and you need to provide capital so that new instruments could also be put in place in this country. It would be of total relevance to see an SME Board, a Startup Board, an IT Board and maybe a mechanism to list the BOI companies also on the stock exchange. This means there ‘s plenty of space. Now that you have had the first hurdle cleared, the next is also going to be exciting and we’d like to see you take it up from here. Together we can usher in an era of prosperity in our country with the participation of a truly representative investor community,” he said.

SEC chairman President’s Counsel Viraj Dayaratne, SEC Director General Chinthaka Mendis, CSE chairman Dumith Fernando, and CSE CEO Rajeeva Bandaranaike also spoke at the event.

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Business

SL’s economic outlook for 2026 being shaped by M-E conflict

Published

15 hours ago

2026/04/11

Thilina Walpola

The top table at the ADB media briefing

Sri Lanka’s economic growth is expected to moderate to 4.0% in 2026 and climb to 4.2% in 2027, following two consecutive years of strong 5.0% growth.

This forecast is based on an early stabilization scenario for the Middle East conflict, according to the Asian Development Outlook (ADO) April 2026, Asian Development Bank’s (ADB) flagship economic publication. Sri Lanka’s recovery held firm in 2025 despite the late-year disruption of Cyclone Ditwah. Private consumption surged amid low inflation and easing interest rates, while remittances hit a record high, as did the primary budget surplus. The current account posted a third consecutive surplus, and official reserves climbed to their strongest level in years.

The outlook for 2026 is increasingly shaped by the conflict in the Middle East, even as post-Ditwah reconstruction spending provides some support for growth. Private consumption will remain the main growth driver, though higher inflation will temper household spending power, and private investment is expected to recover only gradually amid heightened uncertainty.

Higher energy costs, potentially weaker remittance inflows, and disruptions to trade and tourism will weigh on household incomes and external buffers and drag on economic growth. Inflation is projected to accelerate sharply to 5.2% in 2026, driven largely by the Middle East conflict.

“Sri Lanka has come a long way since the recent economic crisis, and its economic performance over the last two years is a major achievement,” said ADB Country Director for Sri Lanka Shannon Cowlin. “However, the risks ahead are real and significant. This is not the moment to ease up on reforms. Fiscal discipline must be maintained and resilience must be strengthened against the external shocks that will keep testing this economy. At the same time, scaling up and executing public investment will be essential to sustaining the recovery.”

ADB is a leading multilateral development bank supporting sustainable, inclusive, and resilient growth across Asia and the Pacific. Working with its members and partners to solve complex challenges together, ADB harnesses innovative financial tools and strategic partnerships to transform lives, build quality infrastructure, and safeguard our planet. Founded in 1966, ADB is owned by 69 members—50 from the region.(ADB)

Business

Hameedia unveils “Threads of Culture”

Published

15 hours ago

2026/04/11

Thilina Walpola

This Avurudu season, Hameedia introduces its latest campaign, “Threads of Culture,” celebrating the traditions that connect generations while embracing a more conscious and forward-thinking approach to fashion.

Rooted in the spirit of Sinhala and Hindu New Year, the campaign highlights the importance of preserving culture while evolving with modern values. This year, Hameedia places a strong emphasis on ethical and sustainable fashion, encouraging customers to move away from fast and imitation fashion towards quality, authenticity, and responsible choices.

As part of this shift, Hameedia presents a refreshed festive collection crafted using lightweight cotton and linen fabrics, designed specifically for Sri Lanka’s climate. The collection focuses on breathability, comfort, and timeless style, offering customers clothing that is both practical and refined for the season.

Commenting on the campaign, Fouzul Hameed, Managing Director of Hameedia, stated, “Avurudu is a time of renewal, reflection, and meaningful connection. With ‘Threads of Culture,’ we wanted to go beyond celebration and inspire a shift in mindset, encouraging Sri Lankans to choose authenticity over imitation, quality over quantity, and responsibility over convenience. As a homegrown brand, we take pride in upholding craftsmanship and ethical practices, and we believe fashion should not only look good but also do good.”

Marking a key milestone in its expansion, Hameedia is also set to open its newest outlet in Galle, further strengthening its presence across the island and making its signature craftsmanship more accessible to customers in the southern region.

Business

Colombo Shopping Festival 2026 declared open for 5 days of Avurudu Shopping

Published

15 hours ago

2026/04/11

Thilina Walpola

The much-anticipated 41st Edition of the Colombo Shopping Festival (CSF) – Avurudu Fair was ceremonially declared open at the BMICH Exhibition Centre, marking the beginning of five exciting days of festive shopping in celebration of the Sinhala and Tamil New Year.

The ceremonial opening commenced with the traditional lighting of the oil lamp on 8th April 2026, in the presence of guests, industry leaders, and invitees. Organized by Aitken Spence Conventions and Exhibitions, the event continues to reinforce its position as one of Sri Lanka’s premier consumer exhibitions.

Running from 8th to 12th April 2026, from 10:00 a.m. to 10:00 p.m. daily, the Colombo Shopping Festival brings together over 200+ Micro, Small, and Medium Enterprises (MSMEs) from across the island, offering a vibrant marketplace that supports local businesses while delivering exceptional value to shoppers.

This year’s Avurudu Fair promises an unmatched retail experience, featuring a wide range of products including fashion, lifestyle, homeware, beauty, and more. Visitors can shop top brands such as Boss, EL Holdings, Vantage, Miniso, Governor Shirts, Edge Casual, Avirate, Cetaphil, Phoenix, Rite Shu and many more top brands, alongside a diverse selection of Indian stalls offering exclusive collections at massive discounts.

The festival creates the perfect opportunity for families and shoppers to prepare for the New Year with unbeatable deals, festive offers, and a lively atmosphere filled with seasonal excitement.

With its strong legacy and continued commitment to empowering local entrepreneurs, the Colombo Shopping Festival stands as a key highlight in Sri Lanka’s event calendar—bringing together commerce, culture, and celebration under one roof.