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Export-oriented industries and FDIs seen as answers to current economic crisis

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By Hiran H.Senewiratne

The government is now in a deep financial crisis and the only hope for the country would be to promote export oriented industries and bring foreign direct investments into the country in the medium to short term perspectives. To salvage the country, resorting to commercial borrowings would drag the country into further difficulty, Colombo University economist Prof. Sirimal Abeyratne said.

“The government had made a US $ 1 billion loan repayment on sovereign bonds last month and the country is now left with little over US $ 3 billion in foreign reserves, which need to be increased gradually by attracting exports and foreign investments into the country, Abeyratne told The Island Financial Review.

Abeyratne said that commercial borrowings would be difficult and are not the solution, because interest is a bit high. “But cutting down on unnecessary expenditure and limiting importation of non- essential items would give some relief to the country. The Central Bank is now managing the economy fairly well in keeping with the dollar rate. It is also keeping inflation at a manageable level, he said.

Abeyratne added: “This year the government has settled major loans and now we have to plan for the next year. For the purpose of debt servicing of loans, the Central Bank is now building up foreign reserves in that direction.

“The current foreign exchange reserve issue could be tackled for the time being by going for low cost borrowings, replaced by investments to run the country. But the essential task is to use this period to lay the foundation to promote local exports and encourage foreign direct investments.

“The first thing we need to understand is that we should divert our focus from foreign borrowings to foreign investment, whether it is from China or elsewhere. In the past, we borrowed short-term and invested in long-term infrastructure projects against a weakening economic status.

“Sri Lanka also needs to make a balance between tradable and non-tradable growth. Infrastructure development, which is basically a non-tradable activity, is necessary to support tradable growth with private investment.

“The latter requires a significant reform agenda in order to establish business confidence and to promote an investment-friendly policy environment along with export growth.”



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Harnessing nature’s wisdom: Experts highlight “Resist–Align” path to resilience

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As Sri Lanka confronts mounting environmental and economic pressures, a timely national conversation on resilience has underscored the urgent need to rethink how societies respond to change—by balancing resistance with alignment to nature.

The inaugural Nature Talks Webinar Series, titled “Nature’s Secrets for Building Resilience in a Changing World,” took place on Wednesday night, bringing together leading environmental thinkers who argued that resilience is no longer optional, but essential in navigating climate and ecological uncertainty.

Organised collaboratively by the International Centre for Biological Studies (ICBS), GAP HQ, and the Biomimicry Research Centre, the session aimed to bridge science, policy, and innovation, while drawing practical lessons from nature.

Leading the discussion, Professor Sarath Kotagama of the University of Colombo emphasised that resilience must be understood as a combination of resistance and alignment.

“Resilience is about resisting where necessary, but also forming alliances with change,” he said. “We are not saying we can stop everything. The real question is—can we adjust to live with it?”

He urged societies to reflect on their ability not only to prevent or resist environmental change, but also to adapt intelligently to it. Referring to global developments such as Artemis II, Kotagama noted that humanity is increasingly being reminded of how rapidly conditions are shifting on Earth.

Drawing lessons from the COVID-19 pandemic, Professor Kotagama outlined several insights that have reshaped thinking on resilience.

“One of the most important lessons was the role of microbes,” he said. “We always focused on large animals in biodiversity, but COVID showed us that invisible organisms can have a massive impact on the planet.”

He explained that while conservation has traditionally prioritised charismatic species such as elephants and birds, microorganisms—often overlooked—are equally critical to ecological balance.

Professor Kotagama also challenged assumptions about nature. “Nature is not always kind or caring. Under certain conditions, it can be harsh, and humans don’t necessarily feel affection for all forms of life—especially microbes,” he said.

At the same time, he stressed the decisive role of science. “If not for science, we would not have survived as we did,” he noted, pointing to the rapid development of vaccines despite global norms that typically require years of testing.

He further highlighted the importance of governance. “We may not always like governments, but during COVID, governments mattered. Without coordinated action, the outcome would have been far worse,” he said.

Professor Kotagama added that the pandemic exposed vulnerabilities in the global economic system, with industries such as tourism collapsing almost overnight due to what he described as “an invisible microbe.”

“It showed clearly that systems we thought were stable can be disrupted instantly,” he said, warning that unsustainable development models—particularly in tourism—must be reconsidered.

Meanwhile, Professor Sevandi Jayakody of Wayamba University of Sri Lanka highlighted biomimicry as a key pathway to resilience.

“The biggest answer to resilience is biomimicry,” Professor Jayakody said. “Nature already holds solutions—we just need to understand and apply them.”

She explained that biomimicry can operate at the level of form, process, or systems, and cited mangrove restoration as a practical example. Attempts to artificially recreate ecosystems often fall short unless they follow natural patterns such as tidal flows and species interactions.

“In restoring degraded mangroves, we learned that forcing systems does not work. When we followed natural contours and introduced resilient ‘nurse’ species, the ecosystem began to recover on its own,” she said.

Professor Jayakody emphasised that resilience must be embedded within environmental systems rather than imposed externally. “Resilience is a function of the environment we live in. If we ignore that, our interventions will fail,” she said.

She also cautioned against expecting rapid results. “Nature is slow. Humans are in a hurry,” Professor Jayakody noted, pointing to long-term data showing that even measurable ecological changes—such as seasonal shifts—can occur gradually over decades.

“Change is inevitable, but it is not always sudden. We need long-term data, patience, and the wisdom to interpret it correctly,” she added.

Moderating the session, Imaduwa Priyadarshana brought a practical perspective on sustainable design and adaptation, highlighting how nature-based thinking can inform urban planning and infrastructure.

With Sri Lanka grappling with climate variability, coastal degradation, and energy challenges, the experts stressed that such knowledge-sharing platforms are increasingly vital. The discussion aligned with a growing global shift towards nature-based solutions—learning from ecosystems that have evolved resilience over millennia.

By Ifham Nizam

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Uber Eats continues Sri Lankan expansion now in Nuwara Eliya

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Uber Eats is now live in Nuwara Eliya, making it easier for locals and tourists to enjoy their favourite meals – from a hot plate of kottu on a chilly evening to a comforting rice and curry spread or crispy egg hoppers – delivered right to their doorstep.

Known for its cool climate, old-world charm, and rolling tea estates, Nuwara Eliya sees a surge of Sri Lankan and international visitors during the April holiday season. But as temperatures drop in the evenings, food options have traditionally been limited, with many outlets closing early.

With Uber Eats now available, consumers can discover and order from a growing range of local restaurants and neighbourhood favourites – without stepping out. The platform also extends access to meals into the late evening, making it easier to find food even after most outlets have closed. In Nuwara Eliya, specially designed temperature-controlled insulated bags will help ensure meals are delivered hot. Consumers can choose from a wide variety of cuisines including Sri Lankan, Indian, Chinese, Thai, and Arabic or order from global brands such as KFC, Pizza Hut, and Domino’s.

The launch supports the local community by enabling restaurants to reach more customers across the city, while creating flexible earning opportunities for delivery partners, especially during the busy holiday season.

Varun Wijewardane, Country Manager – Delivery, Uber Sri Lanka, said: “Nuwara Eliya is one of Sri Lanka’s most loved destinations, especially during the April season. With Uber Eats now live, we’re making it easier to enjoy great food more conveniently – from everyday favourites to late evening short eats while also supporting local restaurants and creating earning opportunities within the community. This comes on the back of an aggressive expansion of our services across Sri Lanka – providing our consumers with convenient access to local favourites and unlocking earning opportunities for more Sri Lankan communities.”

Entry in Nuwara Eliya builds on expansion from last year across 6 districts including Hikkaduwa, Ambalangoda, Chilaw, Wennappuwa, and Puttalam, Jaffna, Gampola, Matale, Matara, Weligama, Mirissa, and Anuradhapura – further strengthening Uber Eats’ position as the country’s go-to delivery platform.

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Five consecutive years as a Company with Great Managers

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Union Assurance PLC is licensed by the Insurance Regulatory Commission of Sri Lanka (IRCSL).

Union Assurance, Sri Lanka’s longest-standing private Life Insurer, was honoured as a ‘Company with Great Managers’ for fifth consecutive year at the CLA Great Managers Awards 2025, held at Cinnamon Grand Colombo. Presented annually by the Colombo Leadership Academy & CLA Coaching Inc, the award affirms that Union Assurance’s approach to leadership excellence is not episodic, but deeply embedded across the Company.

The CLA Great Managers Awards programme, powered by Colombo Leadership Academy & CLA Coaching Inc. in strategic partnership with People Business, The Culture Factor Group – Hofstede & Onehub, is regarded as the international benchmark for assessing managerial and leadership effectiveness in Sri Lanka. Using the scientifically grounded D-ACTI 5X meta-analysis framework, the programme evaluates managers across five leadership pillars: Driving Results & Execution Excellence, Aligning Organizational Vision, Coaching & Developing Others for Growth, Building Team Effectiveness & Collaboration & Leadership Integrality & Holistic Approach.

Reflecting the depth and diversity of managerial capability within the organisation, five Union Assurance leaders were individually recognised across distinct award categories this year. Sashika Perera, Senior Manager – Statutory Reporting & Taxation, and Ishanthi Umedha, Head of Governance & Valuation, were recognised for ‘Demonstration of Well-Rounded Performance and Managerial Effectiveness.

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