Business
Regulatory policies seen as key to SL’s global competitiveness
By Ifham Nizam
As Sri Lanka tackles its economic recovery and development, regulatory policies across key sectors—trade, energy and agriculture—are set to play a pivotal role in determining the nation’s global competitiveness, Institute of Policy Studies, Research Fellow, Dr. Manoj Thibbotuwawa said.
Speaking on the topic `How Regulatory Policies Could Shape Global Competitiveness’ at a discussion held at the IPS recently in Colombo, he said, whether carefully crafted or poorly implemented, these policies could either accelerate Sri Lanka’s progress or leave it vulnerable to crises, as evidenced by the recent missteps in agricultural policy.
He also said that the fertilizer ban, implemented without proper preparation, caused havoc in the agricultural sector, resulting in two consecutive failed seasons.
Thibbotuwawa added that despite traditionally being self-sufficient in rice production, Sri Lanka was forced to import large quantities of rice, underlining the catastrophic consequences of poorly planned regulations. This experience highlights the importance of sound policymaking across sectors critical to the nation’s global economic standing.
Trade liberalization can be both an engine for growth and a source of economic strain. IPS, Research Fellow, Dr. Asanka Wijesinghe, who is an expert in economic integration, stressed that the complex implications of joining regional trade agreements, such as, the Regional Comprehensive Economic Partnership (RCEP).
He added that while liberalizing trade could stimulate Sri Lanka’s GDP growth and create jobs, it comes with significant challenges, such as, an increase in trade deficits with manufacturing giants like China and East Asian countries.
‘Sri Lanka faces the challenge of reorienting its economic focus toward export-led growth, he noted adding that domestic industries remain heavily protected, which inhibits the development of an export-oriented economy.
“To harness the full potential of trade agreements, policymakers must prioritize sectors where Sri Lanka holds a comparative advantage. However, this shift requires a delicate balance to manage short-term disruptions, including potential impacts on the labor market, he added.
High energy costs remain a stumbling block for Sri Lanka’s export competitiveness, said IPS, Research Fellow, Dr. Erandhatie Pathiraja, adding that energy pricing reform is vital for making Sri Lankan industries globally competitive. Sectors such as apparel and tea—key contributors to national export earnings—are particularly sensitive to energy costs, which erode profit margins and make it difficult to compete with lower-cost producers in the region.
She stressed that renewable energy presents a promising solution to this problem, with Sri Lanka already having committed to ambitious climate goals under its Nationally Determined Contributions (NDCs).
However, she said institutional bottlenecks and political roadblocks have delayed the adoption of renewable energy technologies. `For Sri Lanka to reduce its reliance on expensive fossil fuels and improve its global competitiveness, overcoming these barriers will be critical.’
Agriculture remains a cornerstone of Sri Lanka’s economy, contributing 8% of GDP and nearly 20% of export earnings, said IPS Research Economist Dilhani Hirimuthugodage.
Despite its importance, she said that the sector is burdened by structural issues such as land fragmentation, low mechanization, and outdated technology.
She stressed that as Dr.Thibbotuwawa highlighted, the recent fertilizer ban further exacerbated these challenges, resulting in significant losses for farmers and reduced yields.
However, she added that Sri Lanka’s agriculture sector holds untapped potential, particularly in export agriculture. Spices, for example, represent a key area where Sri Lanka has a strong competitive advantage on the global stage.
“To capitalize on this potential, the government must invest in modernizing agricultural practices, improving supply chains, and accessing new markets. By doing so, Sri Lanka can diversify its export portfolio and boost overall economic growth, she stressed.
In closing remarks, Dr. Thibbotuwawa said the road ahead for Sri Lanka involves not just reforming individual sectors but adopting a holistic, integrated approach to economic development. Policymakers must recognize the interconnectedness of trade, energy, and agriculture and create regulatory frameworks that enable each sector to thrive in the global marketplace.
Business
Ceylon Chamber Re-elects Chairperson Krishan Balendra at 187th AGM
The Ceylon Chamber of Commerce announced the re-election of Chairperson Krishan Balendra and the election of its Board for the Year 2026/27 at the Chamber’s 187 th Annual General Meeting on June 25. High Commissioner of Britain to Sri Lanka, Andrew Patrick, attended as Chief Guest.
The 2026/27 office-bearers are Chairperson Krishan Balendra, – Chairperson John Keells Holdings PLC, Vice Chairperson Bingumal Thewarathanthri – CEO, Standard Chartered Bank Sri Lanka, and Deputy Vice-Chairperson Vinod Hirdaramani – Chairman, Hirdaramani Group.
Jayanthi Dharmasena – Managing Director, Hayleys Agriculture Holdings Ltd., Kasturi Chellaraja Wilson – Chief Operating Officer, Head of APAC – 5Hour International Corporation Singapore, Shibani Thambiayah – Managing Director, Renuka Hotels PLC,Supun Weerasinghe – Director/Group CEO – Dialog Axiata PLC, and Shiran Fernando – Secretary-General and CEO will serve as Board Members. Rohana Dissanayake – Group Chairman and Managing Director of David Pieris Motor Company Pvt. Ltd. will also join the Board, replacing Bernhard Stefan – Managing Director – Nestlé Lanka PLC, who relocated overseas.
In his remarks, Balendra noted that over the past year, the Chamber adopted a more solutions-oriented approach to advocacy, focusing not only on identifying challenges but also on developing constructive recommendations in collaboration with government, industry stakeholders, and development partners, with this approach yielding stronger results. “Through our engagement in the Budget 2026 process, eighteen recommendations proposed by the Chamber were incorporated into the national budget, covering areas such as trade facilitation, investment promotion, digitalisation, infrastructure, and improving the ease of doing business.
This builds upon the strong momentum established in previous years and demonstrates the value of evidence-based, constructive engagement.
The Chamber also contributed to addressing emerging global trade challenges, including tariff-related issues affecting Sri Lankan exports. By representing private sector perspectives in Presidential Committees, we supported efforts to safeguard export competitiveness and strengthen trade resilience.”
Beyond advocacy, it significantly expanded its engagement footprint, strengthening bilateral partnerships across more than twenty countries, and supporting more than 1,800 SMEs through training, advisory services, and market access initiatives.
He added that over the next year, the Ceylon Chamber is committed to deepening engagement with members, strengthening global partnerships, enhancing support for SMEs, and accelerating efforts to promote exports and attract investment, and is committed to working with the Government and stakeholders to ensure a resilient and prosperous Sri Lanka.
Business
Kandy’s singing couple striking a harmonious chord
In the hill capital of Kandy, a husband-and-wife duo has won the admiration of music lovers with their shared passion for singing and their dedication to the art.
Vijitha Kingsley Bandara and Umesha Kalhari Navaratne have become familiar voices among audiences in Kandy, entertaining crowds with their musical talents while building a reputation as a versatile singing couple.
Kingsley began his musical journey at the age of 17, performing at outdoor musical shows before gaining opportunities to showcase his talent at several hotels in the Kandy area. His performances for local and foreign tourists further enhanced his reputation as a singer. He later took his musical talents overseas, entertaining audiences in several countries.
For the past 12 years, Kingsley has been engaged in singing at establishments operated by the Devon Group and The Grand Kandyan Hotel in Kandy, following an opportunity extended by Group Chairman Gamini Weeraratne.
Supporting him both in life and music, Umesha has also established herself as a singer, performing at Devon establishments. She also runs a home-based cake-making venture.
The couple, who continue to receive appreciation from music enthusiasts, said they are ready to accept invitations to perform at musical events across the country. They can be contacted on 071-1519130.
Text and Pic by SK Samaranayake
Business
ComBank unveils GIG+ for Lanka’s digital workforce
Recognising the rapid emergence of the gig economy in Sri Lanka, the Commercial Bank of Ceylon has introduced ‘ComBank GIG+’ – a specialised banking solution designed for freelancers, digital entrepreneurs, social media influencers, and individuals and businesses earning in foreign currency through overseas engagements to receive their foreign earnings, including PayPal-linked withdrawals, through a structured banking account.
ComBank GIG+ reflects a decisive shift in the country’s employment landscape, where a growing number of professionals are leveraging global digital platforms and remote work opportunities to build independent income streams. From freelance service providers operating on platforms such as Fiverr, Upwork and Freelancer.com, to content creators monetising audiences across YouTube, TikTok, Meta and X, this segment represents a dynamic and increasingly influential contributor to foreign exchange inflows.
ComBank GIG+ is tailored to meet the specific needs of these digital earners, offering account options in Sri Lanka Rupees as well as major foreign currencies including USD, EUR, GBP and AUD. The account is available to Sri Lankan citizens aged 18 and above residing in the country, as well as duly registered business entities, subject to verification of foreign currency income derived through recognised digital and remote work channels.
Commenting on the introduction of ComBank GIG+, Hasrath Munasinghe, Chief Operating Officer of Commercial Bank said: “The rise of independent digital earners represents a structural shift in how value is created and exported from Sri Lanka. With ComBank GIG+, we are establishing a banking framework that not only recognises this segment, but also integrates it more meaningfully into the formal financial system. This enables individuals and businesses operating beyond traditional employment models to build a verifiable financial track record, access formal financial services, scale their operations, and contribute more visibly to the country’s economic growth.”
The launch of ComBank GIG+ is particularly timely following Sri Lanka’s recent enablement of PayPal linked withdrawals, which has simplified the process of bringing overseas digital earnings into the country.
In addition to facilitating PayPal-linked withdrawals and foreign currency inflows, the Bank said the ComBank GIG+ account offers a range of value-added benefits including first-year fee waivers on credit cards and digital banking services, preferential foreign exchange rates for qualifying conversions into Sri Lanka Rupees, and the opportunity to establish a structured banking relationship that may support future access to financing and other financial solutions. These features are designed to enhance financial efficiency while supporting the day-to-day banking needs of digitally active customers.
By aligning its product innovation with evolving global work patterns, Commercial Bank continues to strengthen its position as a forward-looking, technology-driven institution. The introduction of ComBank GIG+ underscores the Bank’s commitment to supporting new economic segments, enhancing financial inclusion, and enabling Sri Lankan talent to participate more effectively in the global digital economy.
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