Business
President invites exporters to rise again from the economic setback
President Anura Kumar Disanayake invited Sri Lankan exporters to rebuild and thrive on a robust economic foundation.
The President emphasized that our country faces the challenge of capturing market share from a position of relative weakness. He pointed out that, to overcome this, external support had to be sought. In this regard, he highlighted that the government is prepared to provide assistance for recovery based on the current economic stability.
President Anura Kumar Disanayake made these remarks at the 26th Presidential Export Awards Ceremony.
The 26th Presidential Export Awards, organized by the Sri Lanka Export Development Board (EDB), was held on Friday (07) at the Bandaranaike Memorial International Conference Hall (BMICH) under the patronage of President Anura Kumar Disanayake.
The main objective of the awards ceremony is to recognize exporters who have made significant contributions to the economic development of Sri Lanka.
The Presidential Export Award, presented by the President, is the highest honour for Sri Lankan exporters who have made significant contributions to the export sector and economic development.
The Presidential Export Awards program, initiated by the EDB in 1981, has been held annually to recognize Sri Lanka’s top exporters. The awards ceremony for the 2023/24 financial year took place this year.
A total of 14 major awards and 51 awards in the categories of production and services were presented, with recipients gaining the opportunity to use the Presidential Export Award logo as a marketing tool for three years.
President Anura Kumar Disanayake further emphasized the critical importance of the trust placed in Sri Lanka by international economic stakeholders to stabilize the country’s economy. He noted that the global market economy is interconnected, not entirely independent.
He further pointed out that the primary challenge facing Sri Lanka is securing a substantial share of the market amidst the current global division of markets and the ongoing competition to reclaim market shares.
President Anura Kumar Disanayake noted that the global market has become an interconnected network. He emphasized that in order for the country to become a key participant in this market, it must engage in trade agreements that are beneficial to Sri Lanka. He cautioned that aggressive, reckless approaches to market penetration would not be successful, stressing the need for strategic, thoughtful engagement.
The President further stated that the government is already taking steps to provide the necessary technical support for Sri Lankan exporters to enter the market with high-quality products. He highlighted the government’s focus on supplying new goods and services in response to global changes, in line with international market trends.
Regarding the reduction of electricity bills, the President mentioned that the government is prioritizing renewable energy sources to maintain long-term stability in energy costs. He added that efforts are underway to lower costs and ensure stable pricing over the next few years.
President Disanayake also emphasized that the government is committed to playing a pivotal role in advancing the nation’s economy to new heights. He noted that even small or misguided decisions can have significant negative impacts on the economy, and therefore, decisions regarding the economy must be made with great caution and foresight.
In his remarks, the President assured that the government is fully committed to fulfilling exporters’ requests, which are vital to strengthening the nation’s economy and maintaining a strong economic foundation.
Finally, the President invited Sri Lankan exporters to unite in strengthening the economy, stressing the importance of collaboration and mutual understanding to navigate the challenges of economic recovery and growth effectively.
The ceremony was attended by several distinguished individuals, including Minister of Industry and Entrepreneurship Development Sunil Handunnetti, Minister of Labour and Deputy Minister of Economic Development Anil Jayantha Fernando, Minister of Energy Kumara Jayakody, Deputy Minister of Industry and Entrepreneurship Development Chathuranga Abeysinghe, Secretary to the Ministry of Industry and Entrepreneurship Development Thilaka Jayasundara, Chairman and Chief Executive of the Export Development Board of Sri Lanka Mangala Wijesinghe, Chairman of the Ceylon Chamber of Commerce Duminda Hulangamuwa, along with various Ministers, Deputy Ministers, Parliamentarians, foreign diplomats, Secretaries to the Ministries, and members of the EDB.
[PMD]
09 March 2026; Colombo – SriLankan Airlines would like to inform passengers that it is resuming daily services to Riyadh tonight and Dubai tomorrow, while continuing to closely monitor the situation in the Middle East and prioritising the safety and wellbeing of its passengers and crew.
The following flights are scheduled to operate:
For more information please contact: 1979 (within Sri Lanka); +94 11 777 1979 (international); WhatsApp +94 74 444 1979 (chat only); your travel agent; visit www.srilankan.com; or follow us on social media.
Global oil prices have jumped above $100 (£75.11) a barrel for the first time since 2022 as the escalating US-Israeli war with Iran has fuelled fears of prolonged disruption to shipments through the Strait of Hormuz.
Iran on Sunday named Mojtaba Khamenei to succeed his father Ali Khamenei as Supreme Leader, signalling that a week into the conflict hardliners remain in charge of the country.
The US and Israel launched fresh waves of airstrikes across Iran over the weekend, hitting multiple targets including oil depots.
Major disruption to energy supplies from the region threatens to push up prices for consumers and businesses around the world.
Early on Monday in Asia, Brent crude was around 15.5% higher at $107.16, while Nymex light sweet was up by more than 17% at $106.77.
Stock markets in the Asia-Pacific region fell sharply in early trading on Monday, with Japan’s Nikkei 225 index down by more than 5% and the ASX 200 in Australia more than 3.5% lower.
Many in the markets predicted that oil would hit the $100 a barrel mark this week.
In the event it took about a minute to jump 10%, and then another 15 minutes to rise a further 10% in early Asian trading.
Last week the markets had been relatively relaxed about the seeming nightmare scenario for millions of barrels of crude and liquefied natural gas trapped in the Gulf, unable or unwilling to transit the Strait of Hormuz.
But the escalations over the weekend, alongside scenes of destruction of energy infrastructure both in Iran and across the Gulf, saw the markets take rapid fright.
The question now is where does this go? Some analysts argue that if the shutdown in the strait lasts until the end of March, we could see record oil prices above $150 a barrel.
The existing rise is likely to further increase petrol prices, and those of important derivative products such as jet fuel and vital precursors for fertilisers.
The physical supplies from the Gulf are mainly consumed in Asia.
Already however there are signs that Asian consumers are bidding up prices for US gas, with some tankers originally heading for Europe turning around in the mid-Atlantic.
US President Donald Trump responded to the jump in prices by saying that short term rises were a “small price to pay” for removing Iran’s nuclear threat.
His energy secretary told US broadcasters on Sunday that Israel, not the US, was targeting Iran’s energy infrastructure, amid some concern about rising domestic pump prices caused by the war.
(BBC)
The Ceylon Motor Traders’ Association (CMTA) has issued a stark cautionary note to prospective vehicle buyers, warning that the initial price advantage of reconditioned imports often masks significant long-term financial risks.
By highlighting a “structural imbalance” in the current duty valuation system – which allows near-identical vehicles to be imported under a 15% automatic depreciation bracket – the CMTA argues that the lack of manufacturer-backed warranties and tropicalised specifications in the grey market could lead to a “reconditioned trap” for unsuspecting consumers. For the savvy buyer, the association suggests that the true cost of ownership is increasingly tilting the scales in favour of brand-new vehicles from authorised agents.
If two identical 2026 models are sitting on different lots, and one is significantly cheaper because it was technically “registered and de-registered” abroad, the frugal buyer’s instinct is to take the discount. But the CMTA argues that this 15% depreciation benefit – intended for genuine used cars – is being leveraged as a loophole for zero-mileage vehicles.
For the savvy buyer, this raises a fundamental question of transparency. If the entry price of a vehicle is built on a “procedural” technicality rather than actual wear and tear, where else is the transparency lacking? Does the lower price reflect a genuine saving passed to the consumer, or does it mask a lack of manufacturer-backed after-sales support?
When a buyer chooses an authorised agent, they are essentially purchasing an insurance policy against the unknown. With a five-year manufacturer warranty, the financial burden of a faulty transmission or a software glitch stays with the global giant that built the car, not the local owner. In an era where vehicles are increasingly “computers on wheels,” the technical specialised tools and genuine parts held by authorised agents are no longer a luxury – they are a necessity for longevity.
The CMTA’s perspective also invites the buyer to look at the “Big Picture.” Every time a vehicle is imported under an under-declared value or an artificial depreciation bracket, it isn’t just a loss for the Treasury; it is a blow to the country’s foreign exchange discipline.
“A savvy buyer today is more informed than ever. They realize that a “cheap” import with no service history and no tropicalised specifications may eventually become a “minus” on the balance sheet. Frequent repairs and lower resale value can quickly evaporate the initial few lakhs saved at the point of purchase. Ultimately, the choice between brand new and used is a choice between certainty and speculation,” the Association says.
The CMTA is advocating for a level playing field where duty is based on true transaction value. Until that day comes, the burden of due diligence rests on the consumer. To be a “savvy buyer” in 2026 means looking past the showroom shine and asking: Who stands behind this car if something goes wrong tomorrow?
In conclusion, CMTA says,” For those seeking long-term peace of mind, the “brand new” path – supported by a transparent duty structure and a solid warranty – remains the gold standard for steering Sri Lanka’s complex automotive landscape.”
Before signing the papers on a reconditioned vehicle, the CMTA suggests buyers evaluate the four “minus” factors against a “brand new” purchase:
By Sanath Nanayakkare
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