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Dhammika’s seven-pronged strategy to overcome SL’s foreign exchange crisis

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Mr. Dhammika Perera, the controlling shareholder of the Hayleys group and a multitude of other listed companies who is widely speculated to be the country’s wealthiest individual, has proposed a seven-pronged strategy to overcome Sri Lanka’s foreign exchange crisis in a wide-ranging interview with the Irida Divayina Sangrahaya.

In terms of market value of his quoted share portfolio he will be among the wealthiest, if not the wealthiest in the country, analysts say. He is also on record claiming he’s the biggest taxpayer here but it is unclear whether this is in corporate or personal terms. Most published ‘rich lists’ in SL calculate wealth on market value of quoted shares. But many other factors including real estate holdings, shares of unquoted companies and much more should be included in any accurate computation.

Perera who says he can identify “a multitude of ways” to earn and save dollars says in the interview that “it is only now that everyone feels earning dollars is important.”

“For the last 73 years, the country has not had a plan to earn foreign currency. Therefore, only now when an issue arises, a country like ours wants to earn dollars inside the country. Previously, there was no plan to earn dollars for the country. Every year there is a deficit of about US$ 1.8 billion to US$ 2 billion. But a debt of US$ 2 billion sorts out the problem every time. Hence it was not necessary for anyone to generate dollars inside the country. But I think, now the country is most aware of the need to generate dollars in the country, Perera said.

The Dhammika strategy covers a wide compass. This includes building a “University Town” reachable within 30 minute from the BIA with five internationally ranked universities; establishing a budget airline hub; providing opportunities for the private sector educational industry to teach ICT courses; building two hospitals like Singapore’s Mount Elizabeth with internationally recognized facilities; improving the fisheries industry; and making SL the country with Asia’s best business environment; he further sees unexploited potential in the coconut industry.

He has thus outlined his seven prongs:

1. If the government will build a university town consisting of five universities, the country can save US$2.25 billion. Annually, around 25,000 students leave the country to study abroad. Accordingly, a sum of US $ 30,000 per student per year is drawn to foreign countries from Sri Lanka. The government should build a university town consisting of five universities in a location that is reachable within 30 minutes from Bandaranaike International Airport at Katunayake, where 150,000 students can receive education at once (30,000 students at each university).

The management of these five universities should be given to the top five universities with internationally recognized ratings. A programme needs to be initiated to attract 25,000 foreign students a year. Including 25,000 Sri Lankan students altogether for all the 50,000 students, an educational loan scheme needs to be provided from public and private banks at a concessional rate. Due to this programme, 25,000 foreign students will enter our country and this will help the country to have annual earnings of US$ 2.25 billion.

2. Establish a budget airline hub to earn US$2 billion into the country. Fifty percent of the tourists that travel to countries like Thailand, Vietnam, Singapore and Malaysia use budget airline services. In Sri Lanka, out of the total 80,000 hotel rooms, only 20,000 are of a five or four-star class. The remaining 60,000 hotel rooms are three or below star rating. For instant growth in the tourism industry and by aiming for hotel rooms with a three or below star rating, the Ratmalana Airport should be developed as an International Budget Aviation Center as soon as possible. This will attract further around one million tourists into our country apart from the current annual tourist arrivals. From this, the tourism industry can earn US$ 2 billion.

3. By providing the opportunity for the private sector educational institutions to teach ICT courses provided by all state universities in the country, we will be able to earn US$2 billion. Currently, in the job market, there is a high demand for jobs in ICT, engineering and programming fields. By utilizing ICT, engineering and programming courses provided by all state universities in the country a programme to award external degrees needs to be initiated through private educational institutions.

Thereafter, every six months an examination will be conducted according to the examination procedures accepted by the state universities and for those who pass this examination, an external degree will be awarded. By this in the next five years, 200,000 students will be able to obtain the required qualifications for jobs in the IT industry. From which earnings of US$ 2 billion can be achieved.

4. Develop the coconut industry to earn US$ 600 million. Under prevailing conditions, 1.5 million coconut seedlings are planted annually. Under a five-year special government subsidy program, four million coconut seedlings will be planted per year. Accordingly, in total 20 million coconut seedlings will be planted in five years, from which additional 1.2 billion nuts will be added to the coconut related industry. By adding coconuts to the industry at a value of US$ 0.50 per nut, through this five-year plan revenue of US$ 600 million can be achieved.

5. Construct hospitals with internationally recognized facilities to earn US$ 200 million. Building two such hospitals with internationally recognized facilities such as Mount Elizabeth Hospital in Singapore at the expense of the government nd managed by an internationally recognized hospital will limit people from going to foreign countries to obtain medical treatment. By this initiative, the country can save US$ 100 million. Also, through the brand promotion of these hospitals with high quality medical and nursing services in the countries within the region, we will be able to attract foreigners to receive medical treatments in Sri Lanka. This would enable our country to earn US$ 100 million. Therefore, Sri Lanka can earn total revenue of US$ 200 million through this project.

6. Improve the fisheries industry to earn US$ 1 billion. Currently, the annual fish harvest in India is 2,000 Kgs per square kilometer of ocean. The annual fish harvest in Sri Lanka is 900 kgs per square kilometer. Introduce a new multi-purpose licensing system in addition to the existing licensing system for large multi-day vessel owners engaged in deep-sea fishing.

Through this license, they can double the number of multi-day vessels they have, but only one vessel can be anchored in the fisheries harbor at a time. Through this, they can use the additional vessel for deep-sea fishing. Also, a program should be initiated to equip small fishing vessels with GPS-enabled Gemini Fish Finder equipment with four satellites to enable the fishermen to locate shoals of fish in the sea; this will help them to efficiently double their fish harvest. This will result in an additional 500 million kilograms of fish harvest, which could generate US$ 1 billion in revenue.

7. Make Sri Lanka the country with the best business investment environment in Asia to earn US$ 3 billion. By increasing the tax holidays and other benefits available for BOI investors and by improving the rank of Sri Lanka in the ‘Ease of Doing Business Index’ Sri Lanka can earn US$ 1 billion worth of new investment projects.

Within five years, through these new investment projects, US$ 2 billion worth of export revenue can be generated. Therefore, Sri Lanka can generate revenue of US$ 3 billion through these new investment projects.



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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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