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‘SL could expect steady inflow of forex once debt restructuring is done’

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Katsuki Kotaro and Indika Liyanahewage

By Ifham Nizam

Once Sri Lanka’s debt is restructured a lot of forex would be coming into the country. Sri Lanka’s economy is doing well compared to last year and although prices are high, the situation is stabilizing, Minister/Deputy Head of Mission, embassy of Japan in Sri Lanka, Katsuki Kotaro said.

Kotaro was speaking in the capacity of Chief Guest at the 41st Sri Lanka Apparel Exporters’ Association AGM held at the Cinnamon Grand recently. He added that while the crisis is drying out, getting foreign exchange is absolutely crucial for Sri Lanka. ‘We have been observing local policy formulation over the past two years and believe that implementation of policy is proving very challenging, he observed.

SLAEA chairman re-elected, Indika Liyanahewage stressed that at present, Sri Lanka’s apparel sector is going through a hard time. ‘At present 40% of garments are exported to the US market, while 30% is exported to Europe and those markets have slowed down. Therefore, there is a need to expand the apparel market to other parts of the world, mainly to Japan, East Asia, and India, he said.

Liyanahewage added: ‘Last year was very challenging due to a slowing down of the markets. Japan annually imports 26 billion dollars’ worth of apparel but only 35 million dollars is imported from Sri Lanka and there is an opportunity to expand the Sri Lankan market to Japan.

‘In this endeavor, we are seeking the support of Mr. Katsuki Kotaro, to a get free trade agreement going with Japan.

‘Least Developed Countries benefit from tax schemes, but Sri Lanka does not qualify for this and we are seeking the support of friendly nations to cooperate on implementing Free Trade Agreements with us. The Sri Lankan apparel industry is very compliant and abides by rules and regulations.

‘The Sri Lankan apparel industry is known as ‘garments without guilt’ and we are extending credit to members of the local garment industry.

‘Inspection bodies could visit any factory at any time as the Sri Lankan garment sector is fully compliant with international standards and we request the media to share this information with the international media and as the chairman of SLAEA, I could vouch for the truthfulness of this statement.

‘I extend my gratitude to India for supporting Sri Lanka, especially its garment sector, during the period of crisis in 2022. The export quota to India from Sri Lanka is set at 8 million pieces of garments per year.

‘We request for support from India to get Free Trade Agreements going as the Indian market is very vast and Sri Lankan designs and innovations have attracted Indian customers. This AGM serves as an opportune moment to explore potential partnerships with both India and Japan.

‘We also request for support from Sri Lankan government officials to expedite business processes required by the local apparel sector. In terms of electricity, the cost in Sri Lanka is very high compared to competing nations and tariff duties play a significant role in the exporting of garments. However, we thank the CEB for allowing a one-time roof top solar agreement change.

‘The proposed abolition of SVAT poses a significant challenge and we request the government to introduce an appropriate cash-less scheme as a substitute for SVAT, for which purpose the garment industry will collaborate with the government.

‘It is of note that a cash-based system will lead to corruption and malpractices.

‘The garment industry faces uncertainties in the ensuing year, but Sri Lankans have the ability to work in uncertain times and are determined to ensure a recovery.

‘About 7% of local GDP is attributable to the garment industry and the local apparel industry should be assisted in all forms by government officials, while the exploring of new markets, research, innovation, and development should be taken care of by members of the Sri Lanka Apparel Exporters’ Association.’



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HNB Assurance Recognized with Merit Award at the Great HR Awards 2025

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Team HNBA at the Great HR Awards

HNB Assurance PLC was recognized at the Great HR Awards 2025, receiving the Merit Award in the Finance, Insurance, Real Estate, and Investment sector. This recognition reflects the company’s continued commitment to strengthening its people strategy, nurturing a progressive culture, leveraging technology and maintaining strong industrial relations.

Sharing his thoughts on this accomplishment, Lasitha Wimalarathne, Executive Director / Chief Executive Officer of HNB Assurance PLC, stated, “This recognition reiterates our belief that people are the true drivers of our success. Over the years, we have invested significantly in building an environment where our teams feel inspired and supported to deliver their best. As we continue to grow as one of Sri Lanka’s best insurance companies, this award reflects our ongoing efforts to build a workplace where both our people and our business can thrive. My sincere thanks go out to our HR team for continuously driving these initiatives.”

Commenting on the award, Navin Rupasinghe, Head of HR / DGM at HNB Assurance PLC, said, “Our people-first philosophy shapes every HR initiative we design, from strengthening learning pathways and leadership development to enhancing employee well-being and engagement. This recognition validates our ongoing efforts to build a workplace culture grounded in trust, inclusivity and performance. As we look ahead, we remain committed to evolving our HR practices to meet the expectations of our people and the future of work. My sincere thanks to the CIPM for this recignition.”

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MullenLowe Sri Lanka named Creative Agency of the Year in South Asia

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MullenLowe Sri Lanka has been awarded Gold as the Rest of South Asia’s Creative Agency of the Year at the Campaign Agency of the Year Awards 2025, held recently at Mumbai’s ITC Maratha Hotel. The accolade marks a landmark year for the agency, driven by breakthrough ideas, ambitious brands, and a surge in economic activity.

Campaign Agency of the Year – South Asia 2025 (Rest of South Asia – Creative Agency) awarded to MullenLowe Sri Lanka

Guided by a clear creative vision and extensive category expertise across 111 brands in 33 sectors, MullenLowe strengthened its position through strategic leadership appointments, talent acquisition, and the integration of AI-enabled tools. These initiatives created an environment where creativity, learning, and commercial impact worked in tandem, supporting long-standing client relationships and consistent new business momentum.

Thayalan Bartlett, Executive Chairman, said, “Our growth is rooted in a people-first, creative-centred culture. By attracting top talent and focusing on continuous upskilling, we have enriched both our creative and strategic capabilities.”

The agency’s innovation was further enhanced by Fever, its AI-enabled production studio, and LoweGo, a subscription-based design unit, enabling faster and more scalable solutions for modern marketers. Training programs, including an international AI workshop in Baku for top creative minds, helped unify teams around technology-driven creativity, leading to MullenLowe’s highest Effie points haul in a decade.

Harendra Uyanage, Senior Vice President and Executive Creative Director, added, “This recognition celebrates a team that constantly stretches its creative boundaries, transforming every brief into opportunity.”

The win adds to a series of recent accolades, including Most Effective Agency of the Year at the 2024 Effie Awards, and multiple awards at Dragons of Sri Lanka and SLIM Digis 2025, cementing MullenLowe’s vision to become Sri Lanka’s most commercially impactful creative company by 2030.

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ComBank named Sri Lanka’s Best Trade Finance Bank at Euromoney Awards 2025

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Com Bank honoured for outstanding support to Sri Lanka’s trade sector

The Commercial Bank of Ceylon PLC was named Sri Lanka’s Best Trade Finance Bank at the prestigious Euromoney Transaction Banking Awards 2025, in recognition of the Bank’s strong performance and continued contribution to supporting Sri Lanka’s export and import sectors.

This global recognition from Euromoney, a leading authority in financial markets, celebrates institutions that demonstrate innovation, leadership, and measurable impact in transaction banking across cash management, payments, trade finance, and technology. Commercial Bank is Sri Lanka’s clear market leader in trade finance, commanding a 21% share in exports and a 14.26% share in imports, demonstrating its strong presence across both segments.

In 2024, the Bank supported over US$ 5 billion in trade transactions, underscoring its unmatched role in enabling the flow of goods, services, and foreign exchange. Its leadership has also been recognised regionally by the Asian Development Bank (ADB), which named Commercial Bank its Leading Partner Bank in Sri Lanka for the fourth consecutive year under the Trade and Supply Chain Finance Programme.

At the forefront of Commercial Bank’s recent innovations is ComBank TradeLink, Sri Lanka’s first fully integrated, end-to-end digital trade finance platform. The system brings all trade finance operations – from Letters of Credit to export collections and shipping guarantees – into one secure online interface, providing customers real-time visibility, faster processing, and paperless convenience. This digitalisation drive has redefined the client experience, reduced manual processes and improved turnaround times across thousands of transactions.

The Bank’s commitment to advancing Sri Lanka’s trade sector extends beyond technology. Through initiatives such as the ComBank Trade Club, which facilitates connections between buyers and suppliers both locally and internationally, and ComBank LEAP | GlobalLinker, a digital business networking platform for SMEs, the Bank is actively building bridges between Sri Lankan entrepreneurs and global markets. Its Diribala Exporter Development Programme further empowers micro, small, and medium enterprises to become export-ready, providing access to expert guidance, training, and financial support.

Reflecting on the award, Commercial Bank said the recognition from Euromoney was a tribute to the trust placed in the Bank by Sri Lanka’s exporters and importers, and to the dedication of its trade finance teams who continue to innovate and deliver excellence in a rapidly evolving global landscape.

As Sri Lanka’s largest private sector bank and the first to surpass US$ 1 billion in market capitalisation, Commercial Bank continues to lead in supporting national trade, driving digital transformation, and shaping a more inclusive and resilient export economy, the Bank said.

Commercial Bank was the first bank in the country to be listed among the Top 1000 Banks of the World, and has the highest Tier I capital base among all Sri Lankan banks. The Bank is the largest private sector lender in Sri Lanka and the largest lender to the country’s SME sector. Commercial Bank is also a leader in digital innovation and is Sri Lanka’s first 100% carbon-neutral bank.

Commercial Bank operates a network of strategically located branches and automated machines island-wide, and has the widest international footprint among Sri Lankan banks, with 20 branches in Bangladesh, a fully-fledged Tier I Bank with a majority stake in the Maldives, a microfinance company in Myanmar, and a representative office in the Dubai International Financial Centre (DIFC). The Bank’s fully owned subsidiaries, CBC Finance Ltd. and Commercial Insurance Brokers (Pvt) Limited, also deliver a range of financial services via their own branch networks.

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