By Ifham Nizam

Sri Lanka and the Maldives are embarking on a series of strategic collaborations aimed at boosting trade, tourism and bilateral relations.These include the development of the Kuda Fushi Islands port, education exhibitions and Corporate Social Responsibility (CSR) projects.

These initiatives reflect the deep-rooted historical and cultural ties between the two nations, Maldives’ ambassador to Sri Lanka and other key stakeholders stressed at a media briefing held at the Ceylon Chamber of Commerce on Wednesday.

Speaking to journalists, Sri Lanka-Maldives Business Council president Sudesh Mendis said that the Sri Lankan government has been offered a 50% tax concession for goods transported from Sri Lanka as part of a joint project with Maldives to develop the port at Kuda Fushi Islands. The project includes the establishment of warehouses and logistics facilities, potentially transforming the region into a major maritime hub.

“If we miss this opportunity, it could be taken by neighbouring countries, which would significantly impact our existing maritime business, Mendis stressed.

He added that the project also envisions launching a ferry service between Sri Lanka and the Maldives to bolster tourism and address logistical challenges in the transport of fresh produce.

Education remains a cornerstone of Sri Lanka-Maldives relations. Maldives ambassador Masood Imad responding to The Island Financial Review queries, highlighted the historical connection, noting that many Maldivian leaders, including himself, were educated in Sri Lanka. “I grew up here and feel Sri Lankan. Many Maldivians prefer Sri Lanka for its proximity and quality of life, he said.

To further strengthen educational ties, Sri Lanka is organizing an education and wellness exhibition in May. The exhibition will showcase schools, universities and healthcare facilities, aiming to attract Maldivian students and retirees seeking medical and wellness services.

The ambassador also raised concerns over visa restrictions for Maldivians following the Easter Sunday attacks and COVID-19 pandemic.

He urged the Sri Lankan government to remove Maldives from its list of security-concerned countries, stating, “If Pakistan is not on this list, why is Maldives? This needs to be addressed urgently to restore confidence and encourage more Maldivians to settle in or visit Sri Lanka, a concerned ambassador said.

In addition to economic ventures, a CSR project is set to launch on Kalimantan Island, a remote fishing community in the Maldives. The project will include health assessments, education and providing equipment for speech and hearing assessments.

Audiologist Mihiri Wikramarachchi, a key partner in the project, said, “Our goal is to train locals and build sustainable services. We’ve been working in Maldives for over 35 years and this initiative reinforces our commitment to improving lives.”

He proposed a conference involving smaller nations to foster collaboration and human resource development. “It’s not just about working with big countries like Germany. Smaller nations like Maldives and Sri Lanka have immense potential for mutual growth,” he noted.

With these initiatives, both nations aim to deepen their partnership. “Maldives and Sri Lanka share a unique bond. Together, we can overcome challenges and create opportunities for mutual benefit, the ambassador added.

LOLC Technologies, the technological arm of LOLC Group, Sri Lanka’s largest and most diversified conglomerate, reaffirmed its leadership in technological innovation with the successful conclusion of its second Global IT Conference. Held virtually over two days, the event themed “AI and Digital for Business” participated over 100 technology leaders from more than 20 countries across Asia and Africa, highlighting the Group’s commitment to leveraging technology for enhanced business efficiency and stakeholder value.

Speaking at the conference, Kapila Jayawardena, Group Managing Director/CEO of LOLC Holdings PLC, emphasized the necessity of embracing artificial intelligence (AI) to optimize operations and sustain growth. “As organizations grow, maintaining efficiency becomes increasingly difficult, and productivity tends to diminish. However, at LOLC Group, we have successfully demonstrated that with the integration of modern technologies like AI, we cannot only sustain growth but also enhance productivity. Embracing AI is not just an opportunity—it is a necessity for optimizing operations and leading in today’s competitive business environment”.

On day one, participants explored AI’s potential to reshape business models, enhance customer experiences, and optimize operations across industries. The second day shifted focus to the strategic roles of CIOs and Heads of IT, addressing how leadership and strategy must evolve to effectively integrate AI and other emerging technologies. These discussions reinforced the Group’s emphasis on collaboration and innovation, providing a platform for its C-Suite executives to exchange insights and align on a unified technology strategy.

The event featured a distinguished line-up of speakers, including Conrad Dias, Chairman of LOLC Technologies PLC, who delved into the transformative role of AI in revolutionizing business operations.

Snowflake, the AI Data Cloud company, announced that HUTCH Sri Lanka, a leading telecommunications provider, has collaborated with Snowflake, to modernize its network operations. Through advanced analytics and AI, HUTCH aims to deliver personalized services for its millions of customers in Sri Lanka while building a foundation for ecosystem collaboration and data monetization.

Snowflake teamed up with implementation partner Altria Consulting to help HUTCH transition to a modern data architecture. The migration addressed key challenges, including data silos, escalating costs, scalability issues with the existing on-premise data warehouse, and inefficient data governance. These challenges hindered operational efficiency and delayed decision-making.

HUTCH selected Snowflake’s AI Data Cloud for its on-demand scalability, enhanced security, centralized data access, and reliable disaster recovery capabilities. The platform’s ease of use and ability to facilitate high availability have empowered HUTCH’s corporate analytics, sales, and marketing teams to utilize advanced analytics for creating daily reports and generating actionable business insights.

The adoption of Snowflake’s platform has significantly optimized HUTCH’s operations. According to HUTCH, data load times were reduced by 60%, dropping from 11.5 hours to 4.5 hours, while the time to insight was halved from 12 hours to 6 hours through advanced analytics. HUTCH also achieved a 30% reduction in operational expenses (OPEX) and reduced the workload of its operations team by 60%, enabling them to focus on strategic initiatives.

“Our vision is to foster a data-driven culture within our organization,” said Asanga Ranasinghe, Chief Technology and Information Officer, HUTCH. “Snowflake understood our challenges and delivered a secure, scalable, and integrated data platform. This transformation has improved customer experiences, enhanced operational efficiency, reduced costs, and opened avenues for monetizing data products. Access to near-real-time data allows our leadership team to make faster, informed decisions while delivering lifetime value to customers.”

“The telecom industry is actively seeking cost-effective, innovative strategies to grow in today’s dynamic environment,” said Vijayant Rai, Managing Director – India, Snowflake. “We are excited to collaborate with HUTCH to securely democratize data, leverage Customer 360 insights, and enable personalized customer experiences through a modern data and AI strategy.”