Business
Developing plans and policies without young people is a futile exercise: UNICEF Sri Lanka
Series of crises SL has faced have dealt a heavy blow
Reviving presents SL with an opportunity to address its long-running challenges
by Sanath Nanayakkare
Young people are not only the present but also the future; developing plans and policies without them is a futile exercise, they need to be the front and centre of the discussions because they are the ones with fresh ideas and the most at stake, in terms of the sustainability of the planet and the tourism sector, Christian Skoog, Representative, UNICEF Sri Lanka said in Colombo yesterday.
“Here in Sri Lanka, we have a gift. That gift is the 4.4m young people. The contribution young people can make to the tourism sector is immense. But to harness their energy and ideas, there is a need to provide them the skills, training and opportunities to thrive within a dynamic and fast-growing industry,” he said.
“Across the world it is young people who are the hungriest for travel. They are seeking new experiences and looking to broaden their horizons. They serve not only as your potential clientele, they are also your best marketers through tools like social media. Indeed, Sri Lanka has been named one of the world’s most instagramable locations,”
“Rarely has there been such an urgent moment for us to ensure the energy and enthusiasm of young people to contribute to Sri Lanka’s sustainable development is given expression. And rarely has there been such an opportune moment to discuss building back better in the context of sustainable tourism.
Skoog made these points at an event hosted by the Chamber of Tourism and Industry held to mark the World Tourism Day.
Further speaking he said:
“Today we consider how to sustainably revive a sector upon which the livelihoods of so many people depend and we discuss how we can effectively respond to the challenges that confront us. When I learned in late 2020 that I would be appointed to serve as UNICEF Rep in Sri Lanka, I felt invigorated by the prospect of coming. Of course, much of that vigour was related to the work I expected to undertake here. But I confess that part of my excitement came from listening to my friends saying it is “paradise” and “best vacation spot”. Whenever I have had the opportunity to explore Sri Lanka since, I have been captivated by the landscapes, the biodiversity, the food, and the warmth of the people I meet across this island. But of course, I also arrived at a time of profound economic hardship for so many. I know those impacts have been felt deeply across the tourism sector. Many of you have struggled valiantly to keep your businesses running, and to maintain decent livelihoods for workers across the sector: from hoteliers to taxi drivers to souvenir sellers, to tour guides, to wait staff.”
“Sri Lanka’s tourism sector has contended with a succession of adverse events in the past 3 years: 1) The devastating terrorist attacks of Easter 2019 reduced arrivals by 18%. 2) COVID-19 crisis shut borders & paralysed air travel. 3) Conflict in Ukraine entirely cut a tourism market that until recently represented 25% of foreign arrivals. And, of course, economic crisis continues to pose an array of challenges. Reviving tourism in a manner that is sustainable and inclusive is one of the key tools to help us navigate through this crisis.”
“I would like to reiterate the importance of sustainable tourism in Sri Lanka, to touch upon the relationship between sustainable tourism and the SDGs, and mention the role young people can play as we re-think tourism in Sri Lanka.”
“Tourism is a critical component of the economy; it is Sri Lanka’s 3rd-largest source of foreign exchange, and contributed about 5% of GDP, pre-COVID. Tourism is also a major employer of people across the island. In fact, globally, tourism employs one in every ten people.”
“Let’s be under no illusions. The series of crises SL has faced have dealt a heavy blow. But the task we now face in reviving the sector also presents us with an opportunity to address some its long-running challenges.”
“These include over-tourism and other unsustainable practices; contributions to Climate Change; pollution; a loss of biodiversity; and a lack of inclusion. As an island nation with extraordinary biodiversity, Sri Lanka is particularly vulnerable to the adverse effects of unsustainable tourism.”
“Indeed, when tourism arrivals plunged during the pandemic, many destinations took the opportunity to reflect on the toll irresponsible or unsustainable practices had on their ecologies; and they resolved to do this differently. We too, should resolve to do things differently.”
“As tourism returns, the demand for ethical and sustainable products and experiences continues to rise. We can no longer consider sustainable tourism offerings as a choice. Costs incurred in adopting practices that benefit the environment and community, need to be looked at as investments which provide the industry with an advantage.”
“The tourism sector, as a whole, needs to focus on marketing Sri Lanka as not only a desirable destination because of its natural beauty, culture and heritage, but also differentiating it as a sustainable destination.”
“I believe that harnessing tourism’s positive contribution to sustainable development and the mitigation of the sector’s adverse effects calls for strong partnerships and decisive action by all tourism stakeholders.”
“Events like this give us an opportunity to build partnerships: to reflect, and to share ideas and strategies. Creating true partnerships of both public and private sector operators in the country is key to our ability to revive the sector and develop sustainable tourism as a tool for a better future for Sri Lanka.”
“With the right safeguards in place, tourism can provide decent jobs, particularly for young people, it can inspire us to protect life on land and life below water, it can help build resilient, gender-equal, inclusive economies and societies that work for everyone. And it can help Sri Lanka thrive,” the UNICEF representative said.
The Securities and Exchange Commission of Sri Lanka (SEC) successfully hosted a series of high-level meetings of the International Organization of Securities Commissions (IOSCO), bringing together leading securities regulators and enforcement officials from around the world to discuss emerging regulatory challenges, strengthen international cooperation, and enhance collective efforts to combat cross-border securities market misconduct.
The meetings, held at the Hilton Colombo from 13 to 16 October 2026, included sessions of the IOSCO Enforcement and Cooperation Committee and its Screening Group (Committee 4/SG), as well as meetings of the Monitoring Group and the Steering Committee. The event attracted approximately 50 senior representatives from securities regulators and exchanges across several jurisdictions, including Australia, Japan, the United States, the United Kingdom, France, Italy, Canada, New Zealand, India, Germany, Belgium, Singapore, China and Spain, reflecting the global significance of the discussions and the growing importance of international regulatory collaboration.
Welcoming delegates to Sri Lanka, Senior Professor D.B.P.H. Dissabandara, Chairman of the SEC, emphasized the critical role of international cooperation in safeguarding market integrity and investor confidence in an increasingly interconnected financial landscape.
“No regulator can effectively address cross-border misconduct in isolation. The speed with which information, transactions and illicit activities can move across borders requires an equally coordinated and timely regulatory response. Strong international cooperation, effective information sharing and mutual trust among regulators are essential to maintaining fair, transparent and resilient capital markets,” he stated.
The discussions focused on a range of enforcement and cooperation matters, including mechanisms for enhancing cross-border information exchange, strengthening investigative collaboration among regulators, addressing increasingly sophisticated forms of securities fraud and market abuse, and promoting the effective implementation of international standards and best practices. Participants also exchanged experiences and insights on emerging enforcement challenges arising from technological developments, digitalization of financial services, and increasingly interconnected global markets.
IOSCO is recognized as the leading international body that brings together the world’s securities regulators and serves as the global standard setter for securities regulation. Through its policy work and cooperative initiatives, IOSCO plays a central role in promoting investor protection, ensuring that markets are fair, efficient and transparent, reducing systemic risk, and strengthening confidence in capital markets worldwide.
Sri Lanka has maintained a strong and active relationship with IOSCO for more than three decades. The SEC became an Ordinary Member of IOSCO in 1993 and has been a signatory to the IOSCO Multilateral Memorandum of Understanding (MMoU) since 2004. The MMoU is the internationally recognised benchmark for cooperation and information sharing among securities regulators and serves as a critical tool in facilitating cross-border investigations and enforcement actions.
Pan Asia Bank recently entered into a one-year Memorandum of Understanding (MOU) with Ideal Motors (Pvt) Ltd, creating a new financing avenue for customers purchasing vehicles from the authorised Mahindra dealer. The strategic partnership will enable customers of Ideal Motors to access leasing facilities from Pan Asia Bank, making vehicle financing more convenient while supporting their mobility and business requirements. The agreement also provides an opportunity for the Bank to expand its leasing portfolio and strengthen its presence in Sri Lanka’s vehicle financing market.
Ideal Motors is the authorised dealer for the Mahindra vehicle range in Sri Lanka, including the Mahindra Bolero CPU Truck and Scorpio Jeep/Pickup. The vehicles cater to a range of requirements, from commercial and business applications to personal mobility, making accessible financing an important part of the purchasing decision.
The Bank’s vehicle leasing facilities are designed to simplify the financing process, with convenient repayment options and professional support to help customers select a solution suited to their requirements. For customers, the arrangement brings vehicle selection and financing closer together, reducing the need to navigate the two processes separately.
“Our partnership with Ideal Motors enables us to bring financing closer to customers at the point of vehicle purchase. We remain focused on providing convenient and flexible leasing solutions that support both personal mobility and the needs of businesses,” said Naleen Edirisinghe, Director/CEO of Pan Asia Bank.
Pan Asia Bank and Ideal Motors will work closely during the one-year partnership to maximise business opportunities and deliver a seamless financing experience to customers. The collaboration is expected to strengthen both organisations’ ability to respond to demand for commercial and personal vehicles while creating greater value for customers.
Yohan Ebell, Head of Retail Credit, Pan Asia Bank, said: “Through this partnership, we aim to make vehicle financing simpler and more accessible, with leasing solutions designed to meet the varied requirements of Ideal Motors’ customers.”
The collaboration also reflects Pan Asia Bank’s commitment to building partnerships that make financial services more accessible and responsive to the needs of individuals and businesses.
Pan Asia Bank has established a growing presence in vehicle financing, offering leasing solutions designed around customer convenience and flexibility. Its leasing proposition is supported by a nationwide branch network and a customer-focused approach, enabling customers to obtain guidance on financing options while completing their vehicle purchase.
Heritance Hotels and Resorts has secured four distinguished titles at the World Travel Awards 2026, with three national awards recognising its Sri Lankan properties and an international title for Heritance Aarah in the Maldives.
The three Sri Lankan titles recognise Heritance Tea Factory as Sri Lanka’s Leading Heritage Hotel 2026, Heritance Ahungalla as Sri Lanka’s Leading Luxury Hotel 2026, and Heritance Kandalama as Sri Lanka’s Leading Wedding Hotel 2026. Heritance Aarah was named the Indian Ocean’s Leading All-Inclusive Resort 2026.
Internationally recognised within the global travel and tourism industry, the World Travel Awards celebrate excellence across hotels, resorts, and destinations. Recognition at this level affirms the quality, distinctiveness, and consistency of the experiences delivered by Heritance Hotels and Resorts.
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