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Sri Lanka seeking to boost economic ties with Saudi Arabia

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State Minister of Regional Cooperation, Tharaka Balasuriya, addressing the corporate and industry leaders at the Ministry of Investments of Saudi Arabia accompanied by Ambassador P.M. Amza and Additional Secretary of the Ministry.

The State Minister of Regional Cooperation of the Ministry of Foreign Affairs, Tharaka Balasuriya, and State Minister of Foreign Employment and Market Diversification, Priyankara Jayarathna, and Delegation undertook an official visit to the Kingdom of Saudi Arabia to promote economic and commercial activity and to attract foreign direct investments to Sri Lanka as well as to boost and enhance employment for Sri Lanka nationals in Saudi Arabia, amongst others. The primary objectives of the State Ministry of Regional Cooperation are to aggrandise and to boost trade, particularly exports, attract investments and expand economic activity with other countries, thus encompassing the sphere of Economic Diplomacy.

During the High-level visit to Saudi Arabia, State Minister Tharaka Balasuriya and Delegation had discussions, meetings, calls and engagements with both the political leadership and with the corporate captains of Industry, amongst others. State Minister Balasuriya had meetings and engagements with the Minister of Investments; Minister of State for Foreign Affairs; Chairman and CEOs of large diversified conglomerates and with leading Business Chambers based in Riyadh, amongst others. Both the Minister of Investments, Khalid Al-Falih, and Minister of State for Foreign Affairs, Adel bin Ahmed Al- Jubeir, expressed and voiced interest to look at Sri Lanka at this critical juncture with great interest and keenness, given the strategic location of the country, the thrust areas that Sri Lanka projects for foreign investors, educated and highly trainable workforce of Sri Lanka and access to a mega market consisting of over 1.8 billion people in South Asia since Sri Lanka has FTAs and multilateral trade arrangements, amongst others. Minister of Investment, whom State Minister Balasuriya met first, immediately scheduled and coordinated a high-profile meeting with corporate and industry leaders of the level of Chairmen and CEOs of some of the largest Business Houses in the KSA. This meeting was attended by nearly 25 top most executives of companies in Saudi Arabia having a combined net market capitalization of well over USD 1.4 trillion. Most of them were keen and eager to consider Sri Lanka as an investment destination and to conduct commercial activity.

State Minister for Foreign Affairs of Saudi Arabia articulated that the large Sri Lankan migrant populace in Saudi Arabia has markedly and manifestly contributed to the advancement and augmentation of the Kingdom, over the years, during the Luncheon hosted by him in the honour of State Minister Balasuriya and Delegation. State Minister Balasuriya placed on record the sincere appreciation and gratitude of the Government and the peoples of Sri Lanka for assistance, cooperation and facilitation as well as aid and grants extended to Sri Lanka, during the last four decades, which have significantly and pointedly contributed in elevating the socio-economic landscape of the country. He further added that Sri Lanka was most grateful and obliged to Saudi Arabia for supporting Sri Lanka in multilateral forums, during the past, mainly at the Human Rights Council.

State Minister Balasuriya met with Ali Al Hazmi, Group CEO, and Board of Directors of a highly diversified and global corporate, Ajlan & Bros Holdings Group. During this meeting, each of the Directors of the Ajlan Group expounded and illustrated their myriad of expertise in realms of power, environment, oil and gas, tourism, logistics, healthcare, education and technology, amongst others. They conveyed their interest to engage, pro-actively, with Sri Lanka, at this critical and seminal cross road of geo-economic and geo-strategic transformation of international business and commerce in the region. State Minister Balasuriya was accompanied by the Ambassador of Sri Lanka to Saudi Arabia P. M. Amza, Additional Secretary of the Ministry Prof. A. Saj U. Mendis and Minster (Commercial) of the Embassy, Sanjeewa Pattiwila, during all engagements and meetings in Riyadh. State Minister Balasuriya and delegation met with LUCID Corporate, which has specialized in manufacture of Electric Vehicles. The Head Office of LUCID is based in California and State Minister Balasuriya discussed the proposition of sourcing graphene from Sri Lanka, since it is a material imperative for batteries for Electric Vehicles, amongst others. Sri Lanka has the purest graphene in the world. Obviously, LUCID expressed palpable interest in this business solicitation.

State Minister Balasuriya had a high-level Forum at the Federation of Saudi Chambers of Commerce, which was attended by a number of prominent and elite industry and corporate leaders. Both State Minister Balasuriya and Ambassador Amza addressed the Forum by accentuating the six thrust areas of Sri Lanka, which were tourism, ICT, pharma, logistics, textiles and minerals, amongst others. State Minister Balasuriya and Delegation had a highly focused meeting with the Chairman and Board of Directors ACWA Power, one of the largest power-generating companies in the world with a value of over USD 65 billion. The Company generates over 40,000 MW of power on an annual basis and is present in over 15 countries. They have already expressed interest in Sri Lanka to construct six solar power projects and two wind power projects at an estimated cost of USD 800 million. Each of these eight projects would generate approximately 100 MW of power and the Company is 50% owned by the Public Investment Fund (PIF) of Saudi Arabia, amongst the five largest Sovereign Wealth Funds (SWF) in the world. The senior executives of ACWA Power were met in Sri Lanka in order to strategize the most efficacious courses of action to execute the project before State Minister Balasuriya left to Saudi Arabia for the two-day visit. During all meetings, calls and engagements, State Minister Balasuriya emphasised and enunciated that this was the best time to establish a business and/or investment presence in Sri Lanka when many other countries, both in the region as well as in Europe and the US, are already present in the country.

State Ministry of Regional Cooperation, Ministry of Foreign Affairs, Colombo



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Climate compliance pressure mounts on Lankan businesses

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Lankan businesses are facing increasing pressure to strengthen climate governance, compliance, and risk management frameworks as climate-related disclosure requirements, investor expectations, and regulatory standards continue to evolve.

Against this backdrop, Genesis – the Dilmah Centre for a Sustainable Future will host a specialised post-summit technical workshop titled “Climate Action: A Strategic Executive Workshop on Climate Resilience and Business Continuity” on June 12, in Colombo.

The programme is designed as a continuation of discussions initiated at the Sri Lanka Climate Summit 2026 and will bring together sustainability managers, compliance officers, ESG professionals, risk specialists, and corporate decision-makers. It aims to translate climate commitments into practical business strategies.

The workshop will focus on implementation rather than advocacy, examining emerging disclosure frameworks, financing mechanisms, and regulatory pathways shaping corporate climate action in Sri Lanka.

Keynote speaker Dr. Lalanath de Silva, an internationally recognised environmental lawyer and governance expert, will address the evolving legal and compliance landscape influencing climate-related business decisions.

Technical sessions will cover IFRS S2 climate-related disclosures, climate risk governance, green finance opportunities, internal carbon pricing, and access to climate financing. Speakers will include climate risk specialist Rohan Cooray, Shiranee Yasaratne of Biodiversity Sri Lanka, and Suganthi Samarasinghe of UNDP Sri Lanka.

Organisers said climate readiness is increasingly becoming a business necessity rather than a sustainability option, with growing scrutiny from global markets and regulators.

Participation is free of charge, but prior registration is required due to limited seating for professionals in sustainability, governance, compliance, and risk management roles.

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SPAR Sri Lanka Opens New Outlet in Kurunegala

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SPAR Sri Lanka has expanded its retail network with the opening of a new outlet in Kurunegala, marking another milestone in the supermarket chain’s growth across the country.

The new store, strategically located to serve the growing population of the North Western Province, offers a wide range of products, including fresh fruits and vegetables, premium meat products, bakery items, household essentials and both local and international brands.

The outlet also features several specialty sections, including a Coconut Corner, Wellness Corner and a dedicated area catering to pet care products.

Speaking at the opening, SPAR Sri Lanka Chief Executive Officer Kumar de Silva said the new outlet reflects the company’s commitment to delivering a “glocal” shopping experience by combining international retail standards with local customer preferences.

“Our Kurunegala outlet reflects our dedication to providing customers with the best range, superior quality and exceptional service under one roof,” he said.

The store also offers SPAR’s signature fresh food concepts, including in-store bakery products, ready-to-eat meals and freshly prepared juices aimed at meeting the needs of busy consumers.

The company said customers will benefit from a range of promotional offers, loyalty rewards, weekend deals and seasonal discounts.

SPAR Sri Lanka said the expansion would also contribute to local economic development through employment generation and support for local suppliers, further strengthening the country’s retail sector.

Pic and Text by SK Samaranayake

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Royal end title drought with dramatic shootout triumph

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The victorious Royal College Under-20 hockey team pose with the championship trophy after emerging unbeaten champions of the All Island Under-20 Hockey Tournament at the Rajarata University Grounds in Mihintale. Front row (left to right): Ronal Edirimanne, Sulaiman Shihar, Gunitha Dissanayake, Dilsara Prabath, Kumuthulu Goonathilake, Savain Karunasiri, Vidu Wijesinghe, Seth Pathirathne, Pasindu Epa and Hirun Lindula. Back row (left to right): Stefan Anthonypillai, Geesath Bathisa, Haazim Dhailamy, Teacher-in-Charge Uditha Kumara, Coach Damith Panditharatne, Captain Aathif Faleel, Kithmina Rathnayake, Vice Captain Lithum Karunasiri, Nehan Wijayanayake, Yusuf Shihar, Ruvi Perera and Rumal Jayasinghe.

Royal College, Colombo, emerged unbeaten champions of the All-Island Under-20 Hockey Tournament after defeating defending champions St. Thomas’ College, Matale, in a nail-biting sudden-death penalty shootout at the Rajarata University Grounds in Mihintale last week.

The final ended in a 1-1 draw after Royal equalised five minutes from time to cancel out the Matale side’s earlier lead.

With the penalty shootout also ending in a 4-4 deadlock, the match proceeded to sudden death. The Reid Avenue outfit eventually prevailed in the second round of sudden-death penalties to clinch the title.

A brilliant save by goalkeeper Stefan Anthonipillai, who stretched to his right to deny a crucial attempt, and the decisive conversion by Rumal Jayasinghe helped Royal secure the Under-20 championship for the first time since the tournament’s inception in 2014.

Royal’s centre-forward Savain Karunasiri was one of the team’s standout performers throughout the tournament, scoring crucial goals, including strikes in both the semi-final and the final. Anthonipillai was equally impressive, guarding the goal superbly throughout the seven-match campaign.

Royal finished runners-up when the tournament was held in Matale last year.

The Colombo school produced a series of consistent performances despite having to play on an uneven grass surface that was not ideally suited to the fast-paced modern game.

Royal began their campaign with a 2-0 victory over Christ Church College, Matale, before defeating arch-rivals St. Thomas’ College, Mount Lavinia, 1-0. They then beat Kingswood College, Kandy, 2-0 and Maris Stella College, Negombo, 2-1 to top their group.

In the quarter-final, coach Damith Panditharatne’s side overcame fancied Dharmadutha College, Badulla, by 2-0.

Royal then edged out St. Joseph Vaz College, Wennappuwa, 1-0 in the semi-final, adopting a disciplined defensive approach against the aggressively attacking Puttalam outfit.

In the other semi-final, St. Thomas’ College, Matale defeated Trinity College, Kandy, 3-1. St. Joseph Vaz later beat Trinity 1-0 in the third-place playoff.

Panditharatne’s five-year development programme, with a strong emphasis on fitness, stamina and technical skills, played a key role in Royal’s success. The title marked Royal’s first national Under-20 tournament triumph since winning the National Schools Games in 2017.

A former national player, Air Force striker and Sri Lanka Police coach, Panditharatne has focused on addressing the weaknesses of individual players while building a cohesive unit. The former Christ Church College, Matale player has been coaching Royal since 2022 with the support of the Royal College Hockey Club (RCHC), comprising former Royal hockey players.

For his outstanding performances, Anthonipillai was adjudged the Best Goalkeeper of the Tournament. Royal College was also named the Most Disciplined Team of the Tournament.

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