Business
Lumala emerge victorious at the National Industry Brand Excellence Awards 2024

City Cycle Industries Manufacturing (Pvt) Ltd, a leading provider of sustainable mobility solutions and renowned for its household brand Lumala, has been honored with the Best National Industry Brand award under the Large-Scale Other Industry Sector at the recent National Industry Brand Excellence Awards 2024.
Organized by the Sri Lanka Technical Development Board under the Ministry of Industry and Entrepreneurship Development, the award ceremony was held on 21 February at Eagle Lakeside and saw the participation of distinguished leaders from diverse industry sectors. The vent was graced by Prime Minister Harini Amarasuriya as the Chief Guest.
“This award is a testament to our team’s dedication, passion, and relentless drive to innovate in the bicycle and e-bike industry and the trust that our customers place in us. We take immense pride in contributing to Sri Lanka’s industrial landscape by manufacturing world-class, eco-friendly mobility solutions amidst the many challenges faced,’’ said Aazim Miflal, Managing Director, City Cycle Industries Manufacturing (Pvt) Ltd.
‘‘This recognition further strengthens our resolve to push the boundaries of excellence and sustainability in the years ahead.”
Lumala’s legacy is deeply rooted in Sri Lanka’s socio-economic fabric, serving as a ‘riding partner’ for individuals across all walks of life. Established over 35 years ago, Lumala has evolved from importing bicycles to becoming a leading manufacturer, producing a diverse range of bicycles and spare parts, including electric bicycles under the Lycan brand.
Business
ADB supports Sri Lanka inter-university Make-A-Thon

The Asian Development Bank (ADB) and the University of Kelaniya organized the Sri Lanka Inter-University Make-A-Thon for Assistive Medical Technology from 22–24 February 2025 to come up with new solutions for affordable assistive medical technology devices.
This Make-A-Thon is supported by the Ministry of Education, the University of Colombo, the Open University of Sri Lanka, Thrimana 3D Printers, ATG Glove Solutions, Avon Pharmo Chem, Leeban Interiors, and FabLab Shinagawa, Japan. “I am thrilled to witness the creativity, empathy and passion of Sri Lankan youth making a social impact by providing customized but potentially scalable interdisciplinary solutions within this limited time,” said ADB Country Director for Sri Lanka Takafumi Kadono. “I hope that this Make-A-Thon event will bring a lasting impact for mainstreaming affordable assistive health technology service delivery to the doorstep of people with disability in Sri Lanka.” The event brought together over 150 participants, including people with disabilities as need knowers, university students and faculty members whose majors are engineering, technology, medical, designing occupational therapy, speech and language therapy from 9 universities, and digital fabrication experts to co-create human-centered assistive devices.
The event was held at the new platinum-rated green building facilities at the Faculty of Computing and Technology, University of Kelaniya, developed under the ADB-funded Science and Technology Human Resource Development Project. The event showcased Sri Lankan university students’ creativity producing affordable assistive medical technology solutions— costing less than $1 per device, thereby reducing reliance on imports. Senior Professor Nilanthi De Silva, the Vice Chancellor of the University of Kelaniya said “More than just a competition, the Make-A-Thon could combat the stigma attached to the people with disability.
This interdisciplinary collaborative event fostered innovation to develop practical solutions to real-world disability challenges through participatory processes.” Thirteen groups successfully developed 3D-printed assistive device prototypes for people with disability based on the interdisciplinary support from the University of Kelaniya led by the Faculty of Computing and Technology as well as the Department of Disability Studies of the Faculty of Medicine. The Japanese digital fabrication experts, funded by the Japan Fund for Prosperous and Resilient Asia and the Pacific grant, provided guidance for this event.
Business
Former CB Governor highlights urgency of structural reforms

‘Sri Lankans have shown remarkable resilience, but further austerity is untenable’
By Sanath Nanayakkare
Sri Lanka must sustain annual economic growth exceeding 5% to achieve debt sustainability and resume full debt repayments by 2028, ensuring the financing of essential imports and safeguarding social and political stability, asserted Dr. Indrajit Coomaraswamy, former Central Bank Governor. He said so while speaking at the Centre for Poverty Analysis (CEPA) symposium, ‘Crisis-Driven Poverty’, held on February 27, 2025, at the Colombo Hilton.
Highlighting the urgency of structural reforms, Dr. Coomaraswamy, the keynote speaker of the event stressed, “Steady growth beyond 2028 is critical for poverty reduction and inclusive development. Without reforms, debt sustainability could unravel, risking another restructuring that would test public patience and destabilize society.
Reflecting on stalled progress, he noted, “Reforms in factor markets, state-owned enterprises, trade policy, and skills development were proposed 45 years ago. Yet, political incentives and powerful vested interests, businesses, unions, or others—have persistently obstructed change.” He expressed cautious optimism about the current government’s pragmatism under President Anura Kumara Dissanayake, praising its adherence to a robust macroeconomic framework post-election—a rare commitment in Sri Lanka’s history, while mentioning the role of Former President Ranil Wickremesinghe in introducing and pursuing it.
The symposium featured findings from CEPA’s 2023 survey of 5,000 households, partially funded by the Asian Development Bank (ADB). The study expanded with independent financing to include an additional 2,500 households, analyzed poverty through both expenditure-based metrics and the Multidimensional Poverty Index (MPI). It assessed the socioeconomic impact of Sri Lanka’s crises and the efficacy of social protection programs.
The event brought together government officials, donors, civil society groups, and academics to strategize on poverty alleviation. Dr. Coomaraswamy warned, “Delayed reforms risk entrenching poverty and compounding debt challenges. Sri Lankans have shown remarkable resilience, but further austerity is untenable.”
His remarks underscored the delicate balance between economic discipline and social equity, urging swift action to secure long-term stability.
Business
Nestlé Lanka inaugurates new Rs.1.1bn biomass boiler at Kurunegala Factory

Continuing its journey of doing good for Sri Lanka, Nestlé Lanka invested in a biomass boiler project at its state-of-the-art factory in Kurunegala. The biomass boiler is a key initiative in the ‘Good Food Good Life’ company’s journey towards reaching net zero carbon emissions across the value chain by 2050.
Nestlé strongly believes in conducting its operations sustainably in a manner which positively impacts not only people, but also the planet. This LKR 1.1 billion investment will facilitate the transition from the use of furnace oil to biomass for generating steam in its manufacturing operations. This transition will lead to a 90% reduction in carbon emissions generated from current steam boilers.
Sunil Handunneththi inaugurated the new biomass boiler at the Kurunegala Factory on the 27th of February 2025. The inauguration ceremony also witnessed the participation of H.E. Dr. Siri Walt, Ambassador of Switzerland to Sri Lanka and the Maldives, Professor Tilak Hewawasam, Chairman – Central Environmental Authority, and Mr. Vish Govindasamy, Past Chairman of the Ceylon Chamber of Commerce and Chair of the Chamber’s Clean Sri Lanka Initiatives.
Sharing her thoughts, Dr. Siri Walt stated “Nestlé has a longstanding presence in Sri Lanka of almost 120 years producing household names like MAGGI, MILO and NESTOMALT. But Nestlé is also a sustainability champion with its aim to reach net zero carbon emissions by 2050. The groundbreaking investment into this biomass boiler is a testimony to this. I am delighted to see Nestlé’s investment into innovation and sustainability, a priority for Switzerland and Sri Lanka.”
-
News6 days ago
USD 900,000 paid monthly for three unused SriLankan aircraft– Dy. Finance Minister
-
Latest News3 days ago
Susantha Chandramali passes away at the age of 61
-
Features4 days ago
Did Rani miss manorani ?
-
News7 days ago
Parliament approved USAID and other foreign-funded projects: Karu J
-
News7 days ago
BASL slams govt. over extrajudicial killings
-
Features6 days ago
2025 Budget: Challenges, hopes and concerns
-
Editorial5 days ago
Don’t eviscerate precious goose
-
Editorial7 days ago
Chaotic House and moral compass