Business
Eran outlines practical solutions aimed at resolving corruption and other issues
Continued From Yesterday
A National Land Bank
Another huge barrier you face when you are in business is, basically getting some land to set up a factory, industry or even an office. I am a person who came from your side (private sector) to this side (public sector) and I can share my view on this area of activity of obtaining land for a Multi model Transport Hub. I had to get involved with the UDA, CGR, CTB, Municipal Council, the state authorities; just to get a plot of land sorted out and it took nearly two years.
The President the other day said a National Land Council will be set up and a national land policy will be adopted. What I ask is, do it quickly rather than allow time to pass. We are taking it beyond that and we will create a National Land Bank. This is one of the huge obstacles, the businesses in our country face. That is why we want to make sure that we go in this direction.
Fuel and Energy issues
The other issue you are currently facing is fuel and energy. No easy solution and payment cannot be made as there is an immediate dollar shortage in the country. A few months ago MP Harshana Rajakaruna and I were at the COP – 27 meeting in Egypt where the President was in attendance at the meeting of leaders of countries meeting on energy and the environment. We were there as Members of Parliament with other Members of Parliament of South Asian countries. One of the things we don’t openly talk about is, we have a huge potential in sustainable energy; our policy is to open a system. Sri Lanka’s biggest hurdle is that we have closed our borders and we need to open them. Bigger issue is we have closed our minds and we have to open our minds and think out of the box.
Therefore, this potential can’t be tapped unless we have foreign investments and we heard our political parties saying that foreign investment will not be welcomed in the energy sector. What kind of nonsense is that? We are never going to do it with our savings because we know about our debt problem. Therefore, we have to open it up for foreign investment. I can’t understand their logic; what are we talking about here is solar energy and wind energy. We are selling the resources. Therefore we have to open up. We have so much of potential. Harshana and I had discussions with India, Nepal, Bangladesh and Bhutan. Sri Lanka’s needs can be met by more than that, we could even become an exporter of energy. Therefore we need to move in that direction.
Legal process
Other issues businesses have are legal issues. I must confess upfront I am not a lawyer, not a legal person. But there is a lot that has been written. Fair and equal treatment is absolutely important. Businesses also need guarantees against appropriations. When I was in Parliament first in 2010 – 2015, it was awful to see what the then government did.
The private sector lost confidence. We have constitutional guarantees. But despite the constitutional guarantees unlawful expropriation is a predominant concern of the private sector. State has the right to regulate, but not to unlawfully or indirectly expropriate. Fair treatment must be ensured and we will work on it.
We need to be seen as a reliable country where local and the foreign businesses actually can deal with us. This needs a lot of consultations on how we are going to do this. We need to make Sri Lanka a Centre for Arbitration in the region to move in this direction.
Centralised approvals for local BOIs
Why only the concept for foreign investments, why haven’t we thought about it? Several years ago when I was a banker I was asked how to develop ICT. I was not an ICT man but I was a developer. I was ask to take over the ICT. I went and looked at it. There were more drivers and clerks than ICT people there. I came up with a recommendation to shut it down and that is how the ICTA was started. Some of these reorganizations will have to be radical. I will give an indication that we will do the reforms; starting a new BOI for local businesses. We have to be radical in our thinking if we want to enable this country to go ahead. These are not new but other countries have done these things. Therefore, these things can be done.
Foreign Direct Investment (FDI)
Our foreign policy is that of an independent state. I like the old language that was used by Madam Sirimavo Bandaranaike. A Non – Aligned country. Taking into consideration the security concerns of our neighbour India, the closed proximity we have, we have to work intelligently. But we are an independent state. That is our foreign policy. In this foreign policy we don’t care where the investment comes from. Rule of Law will be paramount. We have to have an empowered BOI. Exports will be given primacy. Value addition to high- end services, basically high tech manufacturing institutions, will be relooked at.
SOEs
Harsha De Silva M.P gave the staggering statistics of State Owned Enterprises. I remember a former Prime Minister called me one day and said he wants to put Sri Lankan Airlines under me. I said Sir, wait a minute. I don’t want it. He looked very puzzled. He asked why? I said; Sir, there is no point in giving me the things that cannot be overturned by me. Everybody looked shocked. We have to stop fooling ourselves.
SoEs need to be reformed. I am going to tell you what our policies are. Our philosophy is limited government ownership in strategic areas. There are strategic areas, such as, finance, food and energy. But you know to do things better. I don’t think the government needs to be involved. You are the entrepreneur, you know the market you know better, therefore, you should be doing things. Now the number of SOEs have risen from 105 to 250.And the losses have risen to more than a trillion rupees. We believe in Public -Private Partnerships. We looked at various models of PPP.
We see now the institutions are put under different ministries and the ministers are managing them through their secretaries, like chief executives giving instructions to commercial enterprises. We want to move away from that. We want to take the people who know what to do to be in-charge of them. That is why that structure is important and the businesses can lead those structures. One more thing, bankruptcy can also be avoided. Therefore, we need a law on bankruptcy and on reorganizing bankruptcy. Preliminary work was done and the AGs Dept. played a key role in it.
Diaspora
We need to take this country to the next level. It is not going to be easy. I think we have a 2- 3 year struggle on our hands. Stabilization first, as Dr. Harsha said. If I use the word diaspora here, this word has been redefined with Sri Lanka’s conflict in mind. That is why I purposely use the words Overseas Sri Lankans. Sri Lankans living overseas are not a liability; they are one of the biggest assets this country has. Their educational level is very high, they have the technology and the foreign currency, so many huge advantages and we want to welcome them here. If they decide to have dual citizenship they will be given it. Their 2nd generation born abroad will be given permanent residence and we will open our doors to them and their investment. Why should we close the door on these biggest assets we have?
Education for all
Physical location is a great advantage this country has. We are the hub of the Indian sub-continent in education and human resources. Airport, ports, logistics are available.
SJB policy is that every child in this country must have access to higher education.
Though education is a public good the supplier need not necessarily be the government. Private sector too can be a supplier.
Two private sector medical colleges opened by the private sector previously were shut down due to protests by left wing political parties who are against private sector contributions towards education.
The responsibility of the government is regulation in providing education.
We want to preserve our societies and families. We don’t want our youngsters going abroad, looking for greener pastures or for shelter in other countries. This not only about the economy but also about values culture, family society etc.
Business
Global regulators convene in Colombo for key IOSCO enforcement and cooperation discussions
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.
Business
Pan Asia Bank partners Ideal Motors to offer leasing solutions
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.
Business
Heritance Hotels and Resorts secures four wins at World Travel Awards 2026
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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