Business

NCE highlights costs of Customs officers’ trade union action

Published

2 years ago

2024/07/13

‘The recent actions taken by the Sri Lanka Customs Officers Union, including a two-day sick leave campaign and work-to-rule initiatives, have had profound implications across Sri Lanka’s business community, particularly affecting exporters and importers. These actions were initiated due to perceived grievances and unmet demands from the Customs Officers Union on various issues, the National Chamber of Exporters of Sri Lanka (NCE) is quoted as saying in a press release.

The release adds: ‘Jayantha Karunaratne, president of the National Chamber of Exporters of Sri Lanka highlighted the significant disruptions caused by these actions. He emphasized that the work-to-rule approach has resulted in substantial delays in clearing imported goods at ports and checkpoints, causing disruptions in production schedules and logistical operations. These delays have particularly impacted exporters, who face stringent deadlines to fulfill international orders, leading to strained relationships with overseas buyers and potential financial penalties for missed deliveries.

‘Additionally, these disruptions have imposed additional costs on businesses. Importers have incurred demurrage charges due to extended delays in clearing shipments, impacting profitability and operational efficiency. For exporters handling perishable goods like seafood and fresh produce, delays have posed substantial challenges, sometimes resulting in significant financial losses and resource wastage from spoiled goods.

‘The NCE underscored Customs’ critical role in facilitating trade and economic activity in Sri Lanka, stressing that efficient and predictable Customs processes are crucial for maintaining the competitiveness of Sri Lankan businesses globally. Given that exports are pivotal to Sri Lanka’s economy, disruptions to Customs operations can have far-reaching impacts on economic growth, employment, and overall national prosperity.

‘Expressing serious concern about potential escalations, the NCE warned that prolonged strikes or ongoing disruptions could further destabilize business confidence and investor sentiment. They urged swift and constructive dialogue between the Customs Officers’ Union and relevant authorities to address grievances and find mutually beneficial solutions. Restoring normalcy and reliability to Customs operations, they emphasized, is imperative to support the resilience and growth of Sri Lanka’s export sector amid challenging global economic conditions.

‘In addition to operational disruptions, exporters are increasingly voicing frustration and concerns about Sri Lanka’s future business environment. Many are contemplating relocating operations to countries offering more stable and predictable trade conditions. This potential exodus poses significant economic risks, including job losses, reduced export revenues, and diminished investor confidence.

‘Shiham Marikar, Secretary General/CEO of NCE, stressed the urgent need for Sri Lanka to address these challenges promptly to retain and attract businesses. He emphasized the importance of creating a supportive environment for exporters characterized by efficient Customs processes, regulatory stability, and supportive government policies. Such an environment is crucial for retaining existing exporters and attracting new investments, thereby fostering economic growth and enhancing competitiveness in global markets.

‘Highlighting the competitive nature of the global economy, the NCE emphasized the necessity for Sri Lanka to maintain a reliable and efficient trade infrastructure to remain competitive internationally. Addressing exporter concerns and ensuring a stable business environment should be a top priority for policymakers and stakeholders alike.

‘It is crucial for the government to take swift action to prevent recurring disruptions caused by the Customs Officers’ Union. The recent disruptions have disproportionately affected Small and Medium Enterprises (SMEs), which are the backbone of Sri Lanka’s economy. SMEs, operating with smaller margins and less flexibility, are particularly vulnerable to delays and uncertainties in trade operations.

‘These disruptions not only impact daily SME operations but also undermine their competitiveness in domestic and international markets. Many SMEs rely heavily on timely imports and efficient exports to sustain operations, making disruptions detrimental to their growth and viability. Prolonged instability in trade operations risks SMEs relocating or downsizing operations in Sri Lanka, posing significant threats to employment, economic growth, and overall stability.

‘The NCE urged the government to implement robust measures to prevent future disruptions, including constructive dialogue with Customs officers and reforms enhancing Customs efficiency and predictability. Creating a stable and supportive business environment is crucial for protecting SMEs and fostering their growth, thereby contributing to Sri Lanka’s economic resilience and prosperity’.

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Business

Siyapatha Finance unveils 62nd branch in dynamic Horana City

Published

13 mins ago

2026/05/9

Thilina Walpola

Premier finance company Siyapatha Finance PLC recently unveiled its newest branch in Horana, successfully expanding its islandwide branch network to 62 branches. Located in one of the fastest-emerging economic hotspots in the Kalutara District, the Horana branch offers Siyapatha Finance’s wide range of holistic financial services including leasing, fixed deposits, gold financing, business loans,fast draft, factoring, and Smart Pay – the Company’s bill payment facility.

The branch was declared open by Siyapatha Finance PLC Directors- Jayanath Gunawardena and Ms. Sriyani Ranathunga , Chief Executive Officer (CEO) Mathisha Hewavitharana in the presence of Chief Operating Officer (COO) Rajeev De Silva, Ms. Dinuli Gihansi Perera -student of Govinna Maha Vidyalaya , Horana who has been selected to represent Sri Lanka for Asian Boxing Championship 2026 , Senior Management, staff members as well as Police HQI Ranga Perera , Grama Niladhari Mr. Chaminda Kumara, representatives of the government and private banks and insurance companies and well-wishers.

Speaking at the ceremony, Siyapatha Finance PLC CEO Mathisha Hewavitharana remarked: “Horana is a region that has captured massive interest nationally in terms of commercial and social development in recent years. Expanding our branch network to this area gives us a significant opportunity to broaden our reach and serve a larger, diverse ;;customer base’’.

Business

Lingering M-E tensions negatively impact rupee and usher in a degree of volatility

Published

13 mins ago

2026/05/9

Thilina Walpola

The CSE witnessed some market volatility yesterday because of West Asian tensions, which impacted the Sri Lankan rupee negatively in tandem with oil price fluctuations. Amid those developments both indices indicated some bullishness. The All Share Price Index went up by 88.15 points, while the S and P SL20 rose by the 33.35 points. Turnover stood at Rs 4.09 billion with 10 crossings.

Those crossings were: Sarvodaya Developments Finance, which crossed 4.3 million shares to the tune of Rs 182 million; its shares traded at Rs 41.40, CCS 1.25 million shares crossed to the tune of 156 million; its shares sold at Rs 125.50, Commercial Bank 620,000 shares crossed for Rs 130 million; its shares traded at Rs 210, LOLC Holdings 125,000 shares crossed for Rs 71.9 million; its shares traded at Rs 575, Colombo Dockyard 500,000 shares crossed for Rs 67.50 million; its shares sold at Rs 135, LMF 450,000 shares crossed for Rs 43.2 million; its shares traded at Rs 90 and CIC 1.2 million shares crossed for Rs 41 million; its shares traded at Rs 34.30.

In the retail market companies that mainly contributed to the turnover were; Colombo Dockyard Rs 506 million (3.7 million shares traded), Commercial Bank Rs 207 million (985,930 shares traded) ,Lanka Realty Rs 103 million (1.9 million shares traded), Haycarb Rs 93.3 million (662,000 shares traded), Bairaha Farm Rs 87.5 million (923,000 shares traded) Industrial Asphalts Rs 69 million (99 million shares traded) and Royal Ceramics Rs 67 million (1.4 million shares traded). During the day 273.7 million share changed hands in 31185 transactions.

It is said that the banking and financial sector performed well; especially Sarvodaya and Commercial Bank, while the manufacturing sector, especially Haycarb, performed well. Further in the FMCG sector, Bairaha Farm performed well at the floor.

Yesterday the rupee was quoted at Rs 321.80/90 to the US dollar in the spot market, weaker from Rs 321.70/85 the previous day, dealers said, while bond yields were steady.

A bond maturing on 01.07.2028 was quoted flat at 9.65/70 percent.

A bond maturing on 15.10.2028 was quoted at 9.70/80 percent, down from 9.75/80 percent.

A bond maturing on 15.06.2029 was quoted at 9.80/90 percent.

A bond maturing on 15.09.2029 was quoted flat at 9.85/95 percent.

A bond maturing on 15.12.2029 was quoted at 9.95/10.00 percent, up from 9.90/10.00 percent.

A bond maturing on 01.07.2030 was quoted flat at 10.10/20 percent.

A bond maturing on 01.03.2030 was quoted flat at 10.10/20 percent.

A bond maturing on 01.06.2033 was quoted at 10.90/11.00 percent, down from 10.95/11.05 percent.

A bond maturing on 15.06.2034 was quoted at 11.15/20 percent, down from 11.15/22 percent

By Hiran H Senewiratne

Business

MillenniumIT ESP appoints Harendra Samarasinghe as CEO

Published

14 mins ago

2026/05/9

Thilina Walpola

Samarasinghe

MillenniumIT ESP (MIT ESP), Sri Lanka-based technology solutions provider, has appointed Harendra Samarasinghe as its new Chief Executive Officer, as the company advances its ongoing transformation agenda and accelerates global growth.

Samarasinghe brings over 20 years of experience in global technology and professional services, with a record of leading large-scale delivery organisations and supporting Fortune 500 clients across multiple regions. He has led geographically distributed engineering teams, managed multi-million-dollar portfolios, and established high-performing delivery centres aligned with international standards including CMMI and ISO.

His expertise spans enterprise transformation, including ERP and CRM modernisation programmes, and the development of advanced cloud and data platforms across AWS, Azure, and Google Cloud. He has also led Generative AI initiatives and established AI and machine learning Centres of Excellence, supporting organisations to accelerate innovation while strengthening operational performance.

Samarasinghe holds an MSc and an MBA, and is certified as a Chief Data and AI Officer by the National University of Singapore.

The appointment comes as MIT ESP strengthens its presence beyond Sri Lanka and expands collaboration with international partners, with a focus on delivering enterprise-grade transformation across key industries including banking, travel, insurance, healthcare, and life sciences.

About MillenniumIT ESP

MillenniumIT ESP is a global provider of purpose-driven technology solutions, delivering agile and adaptive enterprise solutions to businesses worldwide. With nearly 30 years of experience, the company addresses both current and future business challenges through innovative technology.

Headquartered in Sri Lanka, MillenniumIT ESP has expanded its presence to Bangladesh, Singapore, Dubai, and Australia, with its latest addition, the Global Service Delivery Centre, based at Port City Colombo, Sri Lanka.

The company offers a comprehensive portfolio of enterprise solutions, including infrastructure platforms, network solutions, cybersecurity solutions, cloud services, managed services, software, and automation. Serving a diverse range of industries—Telecommunications, Banking and Financial Services, Government, Manufacturing, Retail, and other Commercial sectors—MillenniumIT ESP is committed to reimagining and reinventing the global technology landscape.

With deep industry expertise, a digital-first mindset, and a commitment to flawless execution, MillenniumIT ESP has successfully completed over 2,000 projects and served more than 500 customers worldwide.