Business
Light on Sri Lanka-Canada political landscape and business challenges
The Chamber of Young Lankan Entrepreneurs (COYLE) kicked off its series of monthly meetings for 2023 with an insightful discussion led by Eric Walsh, the High Commissioner of Canada to Sri Lanka and the Maldives.
Walsh initiated his keynote address by drawing an intriguing comparison between the political landscapes of Sri Lanka and Canada. Unlike the frequently binary and adversarial nature of politics in many countries, where politics can resemble a blood sport, Sri Lanka’s political scene is characterized by a unique fluidity. Political alliances often shift, and the middle ground is not as distinctly defined. This understanding of the political ebb and flow is crucial for any foreign entity looking to establish business ties in Sri Lanka, as it significantly impacts the economic and regulatory environment.
The High Commissioner’s speech also underscored the complexities extending from the political sphere into the business sector, particularly when forging Sri Lanka-Canada partnerships. He addressed one of the most pressing challenges – corruption and bribery. These unethical practices not only side-line policies but also pose a significant risk for Canadian companies, as under Canada’s stringent laws, companies can face prosecution on home soil for engaging in bribery overseas. This acts as a significant deterrent for Canadian businesses contemplating ventures in Sri Lanka, thereby limiting opportunities for economic collaboration.
Despite these challenges, Mr. Walsh expressed cautious optimism about Sri Lanka’s future, likening its current position to a crossroads. Drawing from his vast diplomatic experience and time spent in Sri Lanka, he emphasized that confronting corruption and driving toward a more transparent, equitable business environment could act as the catalyst for Sri Lanka’s economic renewal.
COYLE’s series of meetings are strategically designed to promote dialogue on these pressing issues. By fostering an environment conducive to entrepreneurship, COYLE aligns with economic development initiatives and the government’s efforts to stimulate growth. The objective is to pave the way for ethical, mutually beneficial business partnerships that will contribute to Sri Lanka’s international economic development.
COYLE remains steadfast in maintaining this momentum, with plans to host a variety of guest speakers from diverse backgrounds in future meetings. These discussions will continue to focus on the multi-dimensional challenges and opportunities that Sri Lankan entrepreneurs face in a global context.
As Sri Lanka navigates through its political and economic challenges, platforms like COYLE, which foster open dialogue and collaborative thinking, are crucial in shaping a more prosperous future for the nation. COYLE’s initiative in championing such discussions is a testament to its commitment to the betterment of Sri Lanka and its entrepreneurial community.
As we look towards the future, COYLE will continue to serve as a beacon of hope and a catalyst for change, advocating for ethical business practices, economic growth, and the development of a robust and dynamic entrepreneurial ecosystem in Sri Lanka.For more information, please visit www.coyle.lk or contact our media liaison at admin@coyle.lk
Dr. R. A. D. Jeewantha was honoured as the Most Innovative Dentist of the Year at the Business World International Awards, 2025. Organised by the Business World International Organisation, the award ceremony was held recently at the Mount Lavinia Hotel. A graduate of the Faculty of Dental Sciences, University of Peradeniya, Dr. Jeewantha has built a reputation as one of Sri Lanka’s most respected and forward-thinking dental surgeons. After gaining vital experience in Government hospitals, including the Teaching Hospital in Karapitiya, he also served at a leading private hospital before launching his own practice—Doctor J Premium Dental Care in Delkanda, Nugegoda.
His dental clinic is known for offering advanced, patient-focused treatments in restorative dentistry, cosmetic procedures, and implantology, using state-of-the-art technology. Dr. Jeewantha is especially skilled in dental implants, having completed the American Residency Course in Dental Implantology at Roseman University, accredited by the American Academy of Implant Dentistry. Dr. Jeewantha holds fellowships from the International College of Continuing Dental Education (FICCDE) and the Pierre Fauchard Academy (USA). His advanced skills include modern root canal treatments using Mineral Trioxide Aggregate (MTA) for both surgical and non-surgical procedures.
He has completed international trainings in digital dentistry, full-arch implantology techniques like All-on-Four and Zygomatic Systems, and smile design using digital 3D scans. He has participated in global dental events such as the Asia-Pacific Dental Congress and completed training at institutions including the University of Manchester and North Western State Medical University in Russia. His courses have covered everything from intraoral scanning to managing tooth wear. He has previously received many local and international awards. Dr. Jeewantha also serves the community as a Justice of the Peace for All Island.
The Foundation in Biological Studies at IIHS provides a unique alternative for students looking to fast-track their health careers after their Ordinary Level (O/L) exams. This programme offers a direct route to global health careers, bypassing traditional A/Ls. With over 1,000 students already advancing to universities in Australia, the UK, and Finland, IIHS has positioned the course as a reliable launchpad for careers in fields like medicine, nursing, biomedical sciences, and digital health. “This programme is a game-changer, offering a transformative journey into global healthcare education,” said IIHS CEO Dr. Kithsiri Edirisinghe.
Seylan Bank has recorded a Profit before Tax (PBT) of LKR 4,199 million in Q1 2025, marking a 13.36% growth compared to LKR 3,704 million in Q1 2024. Profit after Tax (PAT) rose by 20.29%, reaching LKR 2,761 million, up from LKR 2,295 million in the corresponding period of 2024.
Despite a decrease in net interest income by 8.37% due to market interest rate reductions, the bank’s net fee-based income grew by 13.83%, driven by fees from loans, cards, remittances, and other services. Total operating income for the quarter was LKR 11,258 million, a 3.83% decrease from the previous year, while operating expenses rose by 4.62%, largely due to increased personnel and other operating costs.
Impairment charges were significantly reduced by 83.17%, totaling LKR 262 million, reflecting the bank’s solid credit quality and proactive provisions. The bank’s impaired loan ratio improved to 1.98% from 2.10% in Q1 2024, with a provision cover ratio of 80.74%.
Seylan Bank’s total assets grew to LKR 785 billion, with loans and advances reaching LKR 469 billion and deposits totaling LKR 647 billion. The bank’s capital adequacy ratios remained strong, with the Common Equity Tier 1 Capital Ratio at 13.67% and Total Capital Ratio at 17.64%.
In addition to its financial performance, Seylan Bank continued its commitment to education, opening 16 more “Seylan Pahasara Libraries,” bringing the total to 281 libraries across the island.Fitch Ratings upgraded Seylan Bank’s National Long-Term Rating to ‘A+(lka)’ with a Stable Outlook in January 2025, further underscoring the bank’s financial stability and growth trajectory.
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