Business
SOE restructuring delays seen as discouraging prospective investors
By Hiran H. Senewiratne
The restructuring of State Owned of Enterprises (SOE) is being delayed day- by –day, resulting in an uncertain situation where prospective investors will also tend to think twice before investing in Sri Lanka, Advisor, Advocata Institute Prof Rohan Samarajiva said.
“Although certain trade unions say that Sri Lankan Airlines, CPC, CEB, Water Supply and Drainage Board and other state owned enterprises are making profits, there are various issues in their accounting system. They are actually incurring losses because some of their debts and the relevant interests are borne by the Treasury, Prof. Samarajiva said at a forum organized by Advocate Institute on the topic, ‘IMF and the Urgency for State – Owned Enterprises Reforms’. The event was held at BMICH on Tuesday.
Samarajiva added: “Last year’s interim budget in August 2022 specifically mentioned restructuring of several state owned enterprises, including Sri Lankan Airlines, CEB, CPC, Hilton Hotel and several other entities. But 14 months have passed and not a single such entity has been restructured by the government.
“Undue delays in restructuring SOEs create some uncertainty among prospective investors and workers. Further, due to the inefficiency of those institutions and the higher number of workers in such entities, prospective investors will not be able to get a return on investment.
“Many years ago there were several organizations, such as the Public Enterprise Reforms Commission, Board of Infrastructure Investments and National Procurement Agency that operated in a highly efficient way with a knowledgeable set of personnel, who undertook to select and recommend loss- making state owned enterprises to restructure them. But those entities no longer exist and these tasks are now being vested in an inefficient set of people.”
Advocata Institute’s, Chief Executive Officer, Dhananath Fernando, addressing the forum said that state owned enterprises are now run “by a set of rogues in the country. They need to be privatized or listed in the CSE.
Fernando added: “From 2005 to 2022 SOE entities incurred a Rs 1.8 trillion loss for the country. Therefore, the IMF also specifically mentions that bribery and corruption are the root causes of these ills. The government hopes to reduce Debt to GDP to 95 percent from 128 percent by 2032. But its target could not be achieved if the government does not have proper revenue sources. High expenditure in the government itself, a high debt component and no ample foreign direct investment also ail the country.
“In 2022, losses incurred by state owned entities were; CEB Rs 139 billion, CPC Rs 100 billion, Water Board Supply and Drainage Board Rs 300 billion and Sri Lanka Airlines Rs 72 billion. It is incumbent upon the government to restructure those entities as soon as possible, either by listing in the CSE or by going for private- public partnership, or any suitable business model to make them more viable.”
Independent Consultant Ravi Ratnasabapathy said, Sri Lankan Airlines up to 2010 ran comfortably under an Emirates management, which held a 46.6 percent shareholding. After 2010 the government took over the entire ownership of shares from Emirates by paying US $ 53 million. In this whole deal episode, major state owned banks, Bank of Ceylon, Peoples Bank, National Savings Bank and the EPF paid Emirates Airline on behalf of the government Treasury.
“Due to that two state banks are suffering as they are now facing a difficulty in recovering that money.
“Therefore, it is up to the government to either find a proper solution or evolve a business model to arrest the situation.”
Business
Malaysia courts more Sri Lankan travelers as ‘Visit Malaysia 2026’ gathers steam
Malaysia is intensifying efforts to attract more Sri Lankan travelers by promoting its diverse tourism offerings, strong air connectivity, Muslim-friendly facilities and expanding business partnerships ahead of the ‘Visit Malaysia 2026’ (VMY2026) campaign.
Addressing the Tourism Malaysia product presentation yesterday in Colombo, Malaysian High Commissioner to Sri Lanka Badli Hisham Adam said tourism remains one of the strongest pillars of the long-standing bilateral relationship between Malaysia and Sri Lanka, helping strengthen cultural understanding, business links and people-to-people ties.
The event, organised by Tourism Malaysia Chennai in collaboration with the High Commission of Malaysia in Colombo, brought together Malaysian tourism stakeholders, airline representatives, Sri Lankan travel industry professionals and members of the media to explore new business opportunities.
The High Commissioner said Sri Lanka continues to be an important source market for Malaysia, with growing numbers of Sri Lankan travelers seeking destinations that combine diversity, affordability, quality experiences and convenient connectivity.
“As part of ‘Visit Malaysia 2026’, we warmly invite Sri Lankan travelers to discover the richness of Malaysia, he said.
Highlighting Malaysia’s tourism strengths, the envoy said the country offers a wide range of attractions, including multicultural cities, UNESCO World Heritage Sites, pristine beaches, tropical rainforests, cool highlands and unique wildlife.
These are complemented by world-class shopping, family-friendly attractions, educational opportunities, wellness and medical tourism, business events and internationally renowned hospitality.
He also stressed Malaysia’s position as the world’s leading Muslim-friendly destination, supported by an extensive halal ecosystem with internationally recognised certification, halal-certified restaurants, easily accessible prayer facilities and family-oriented amenities across the country.
Despite ongoing geopolitical uncertainties around the world, the High Commissioner said Malaysia remains a stable, peaceful and welcoming destination for international travelers.
He urged Sri Lankan travel agents to strengthen collaboration with Malaysian tourism providers by developing innovative travel packages targeting leisure travelers, business visitors and event participants.
The presentation featured leading Malaysian tourism partners, including Wyndham Ion Majestic, Lotus Desaru, Key Term Holidays representing the Sabah Tourism Board and Asian Overland representing The PULSE Group, showcasing Malaysia’s diverse tourism experiences and investment in the Sri Lankan market.
The envoy also acknowledged the contribution of airline partners and the media in enhancing Malaysia’s visibility and improving travel connectivity between the two countries.
Looking ahead to ‘Visit Malaysia 2026’, he said the future growth of tourism would depend on stronger collaboration, innovation and meaningful partnerships between industry stakeholders.
He expressed confidence that closer cooperation between Malaysia and Sri Lanka would generate fresh business opportunities while encouraging more Sri Lankan visitors to experience Malaysia’s culture, diversity and hospitality.
The High Commissioner concluded by expressing hope that the networking session would lead to stronger commercial partnerships and contribute to the success of ‘Visit Malaysia 2026’, further deepening tourism and economic ties between the two friendly nations.
By Ifham Nizam
Business
Women Empowered Global launches ‘Leadership Lab’
Women Empowered Global (WEG), a network of award‑winning female leaders, corporate CXOs and entrepreneurs, experts and thought leaders dedicated to empowering women from six continents, unveiled the ‘WEG Leadership Lab’, a 24‑week virtual intensive programme, commencing 26 September. The programme is designed exclusively for women leaders who are ready to accelerate their careers, amplify leadership visibility, and drive transformational growth.
The women‑only leadership experience breaks the mould of conventional training, offering a powerful blend of masterclasses, mentorship, and practical leadership tools tailored for rising leaders, managers, and senior professionals. Participants will gain international exposure, sharpen essential skills, and the opportunity to join a vibrant knowledge‑sharing community which fosters confidence, resilience, and impact.
“The WEG Leadership Lab is not for casual growth. It is for women who are serious about transforming their leadership journey,” said Senela Jayasuriya, Founder/CEO, Women Empowered Global. “By combining global expertise with local delivery, we are creating pathways for women across manufacturing, trading, finance, marketing, technology, and management, as entrepreneurs, business owners, fractional executives, or corporate leaders, to thrive and build a more inclusive leadership landscape.”
WEG’s platform facilitates international exposure and career development for professionals and connects more than 4,000 members worldwide. The Leadership Lab builds on WEG’s flagship initiatives, including the 1 Million Women in Power campaign, the African Women Leadership Forum, the Business Hub, and the Global Online Academy. The programme aims to deliver a transformative journey equipping women to step boldly into leadership roles locally and internationally.
Led by Senela Jayasuriya (MBA, UK), an internationally recognized and awarded leadership & empowerment coach and innovation partner, keynote speaker, and certified expert, WEG collaborates with DEI specialists, corporate boards, Business and HR leaders, to design programmes which advance women’s careers, leadership visibility, equity, and inclusion. To date, she has successfully delivered leadership development programmes to more than 20,000 professionals.
Business
JKCG Auto and Green EV join forces to build Sri Lanka’s most expansive EV charging network
John Keells CG Auto (JKCG Auto), the authorised distributor of BYD and Denza in Sri Lanka, has launched a strategic partnership with Green EV on 26th June 2026 to significantly expand the charging infrastructure available to its customers across the island. The collaboration, formalised through a Memorandum of Understanding (MOU), marks a pivotal step in JKCG Auto’s ongoing commitment to building a comprehensive and reliable New Energy Vehicle (NEV) ecosystem in Sri Lanka.
Through this partnership, BYD and Denza owners will gain seamless access to Green EV’s public charging network of 100+ DC fast chargers and 70 AC chargers, spanning 20 districts and all nine provinces of Sri Lanka, from Jaffna in the north to Hambantota in the south, and from Puttalam on the northwest coast to Trincomalee and Ampara on the eastern seaboard, encompassing a mix of 40kW, 60kW, and 120kW fast-charging infrastructure. The network has been designed to ensure that customers can charge conveniently and confidently, whether in the heart of Colombo or in suburban and outstation communities, removing one of the most commonly cited barriers to EV adoption in Sri Lanka. Further strengthening customer confidence, Green EV has partnered with SLIC to provide a comprehensive insurance cover of LKR 100 million for every Green EV charging station, offering protection against potential damages and ensuring complete peace of mind for every user.
The initiative reflects JKCG Auto’s broader strategy to invest in the foundations of sustainable mobility, ensuring that the transition to electric vehicles is supported not only by world-class vehicles, but by a dependable ecosystem that addresses the practical needs of everyday ownership.
“If the future of mobility in Sri Lanka is going to be electric, success will hinge on how accessible we are able to make the actual vehicles, as well as the enabling infrastructure around them. JKCG Auto is proud to partner with other visionaries like Green EV to ensure that we eliminate range anxiety, so that every customer – whether in Colombo or anywhere in Sri Lanka will have the confidence to go electric,” JKCG Auto Chief Executive Officer, Charith Panditharatne.
-
Business3 days ago‘Giving up was never an option’: The fisherman who fought back after losing millions in SL
-
Features3 days agoTwo memorable excerpts from a former SLAF commander’s memoir
-
Latest News4 days agoDavis cup Asia/Oceania Group IV 2026 to be held in Colombo from 20th to 25th July
-
Features3 days agoErdoğan’s New Republic
-
Life style3 days agoTaste of the Swiss Alps comes to Colombo
-
News4 days agoDengue outbreak gallops ahead: Infections surpasses 73,455, leaving 50 dead
-
News4 days agoEvidence recorded in money laundering case against Yoshitha Rajapaksa
-
News5 days agoMoney laundering case against Yoshitha, fixed for pre-trial conference
