Business

Sri Lanka to receive ‘a lot of positive news’ after President’s visit to India: Deputy Foreign Minister

Published

1 year ago

2024/12/13

Indian Deputy High Commissioner Dr. Satyanjal Pandey paid a courtesy call on Deputy Minister of Foreign Affairs and Foreign Employment Arun Hemachandra at the latter’s office recently

By Sanath Nanayakkare

Foreign Affairs and Foreign Employment Deputy Minister Arun Hemachandra recently told Ada Derana TV that Sri Lanka would receive a lot of positive news after President Anura Kumara Disanayake’s visit to India.He made this comment during a talk show with TV anchor Mahieash Johnney in a zoom call.

Mahieash asked the deputy foreign minister several questions related to the President’s visit to India from December 15 to 17, which is set to take place following an invitation from the Indian government.

The following are some comments made by the deputy foreign minister during the programme.

“As a country, we do believe in maintaining good bilateral relations. Sri Lanka is an island nation. Our country is situated in an important geographical location on the world map. So, as a country, we do need a very strong foreign relations and we should have a very strong diplomatic service as well. Based on that, what we believe is that the NPP government should have a very strong foreign policy and we are committed to having one. In the past, as a country, we did not have a similar thing because most of the rulers were making use of the foreign diplomatic service as well as the foreign policy which was supposed to be nation-oriented or country-oriented, but were not practiced in that way.”

“As the NPP-led government, we are committed to a very strong foreign policy. We have to understand one thing. India being a very close neighbour, India being a very strong neighbour and India being a country that helped Sri Lanka during the crisis time without any conditions, we have to maintain a very close relationship with India. And, we have to understand that our country should have a very strong, non-aligned foreign policy, so as a country, we need to understand that it is an art of balancing. We have to consider India’s national security which is their utmost concern. We should focus on that also because being a very strong country, they focus on that. But also, we have to have a very strong country oriented and people-oriented foreign policy, so the NPP government is committed to having such a policy, so there is nothing to worry about that.”

When asked about Sri Lanka’s wish to join BRICS as a means of economic development and about US president-elect Donald Trump’s threat to impose 100% tax on BRICS’s exports into his country if they created a new currency to replace the US dollar, Hemachandra said said,” Our application to join BRICS has not been rejected. It is still under consideration. As a country, we have joined the new development bank – which is the banking body of BRICS, so the process is still on the move.

And about the statement made by the U.S. president-elect Donald Trump, we don’t know how practical it is for them to impose such tariff. But then again, we have to understand that BRICS was something inevitable because it was something which couldn’t be rejected , so there was a need for BRICS and that was one reason BRICS kept on growing. So, we have not opted out, we have not changed our decision on BRICS. The particular application is still on the move, and we are looking forward to positive updates from them.”

When asked whether new trade agreements, concessions etc. could emerge from the meetings President Anura Kumara Disanayake will be having during his Indian tour, the deputy minister replied,”

“The President’s first official overseas visit will be to India. We believe that we also should continue that tradition as India being a very close and strong neighbour. We believe that we should start from that point. We should understand that there are many pending agreements to be signed. There are still many agreements which are being discussed. I cannot comment on everything here, but then, we are discussing with India regarding many things that were discussed in the past.

So, it is a new administration. It is a new government. So, we should take decisions based on the people’s and the country’s benefit. So, there are many things that are being reviewed. And many things are being discussed. So, the country will have a lot of positive news after the President’s visit to India. We believe that we should maintain very strong diplomatic relations with India, and they are also committed to help us. This morning also I met the Deputy High Commissioner of India who made a courtesy call at my office. We discussed many things. But we have to mention that the decisions will be purely based on the country’s benefit and the people’s mandate,” the deputy foreign minister said.

During his visit, President Dissanayake is expected to meet Indian President Droupadi Murmu, Prime Minister Narendra Modi, and other senior officials. Discussions are expected to focus on strengthening ties and exploring cooperation across multiple sectors.

All News Advertisement

Business

A Historic First: Sri Lanka’s capital market leaders bring investor forum to Saudi Arabia

Published

6 hours ago

2026/02/6

Thilina Walpola

Key dignitaries at the Saudi investor forum

The Securities and Exchange Commission of Sri Lanka (SEC) and the Colombo Stock Exchange (CSE), in association with the Embassy of Sri Lanka to the Kingdom of Saudi Arabia, successfully convened an investor forum on Saturday 24th January 2026 at the Radisson Blu Hotel, Riyadh Convention & Exhibition Center. Alongside the forum, the SEC and CSE facilitated a meeting with the Public Investment Fund (PIF) which is Saudi Arabia’s main sovereign wealth fund.

The forum was organized to engage directly with the vibrant Sri Lankan expatriate community in the Kingdom and international investors, highlighting compelling opportunities within Sri Lanka’s capital market following the country’s successful exit from sovereign default and restoration of macroeconomic stability.

The forum was marked by the presence of several senior level policy officials, market leaders and market regulators including; Dr. P. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka (CBSL); Chathuranga Abeysinghe, Deputy Minister of Industry and Entrepreneurship Development; Ameer Ajwad Ambassador of Sri Lanka to the Kingdom of Saudi Arabia.; Senior Prof D.B.P.H. Dissabandara, Chairman of the SEC; Ray Abeywardena, Director of CSE; and Dr. Naveen Gunawardane, Co-Founder and Managing Director of Lynear Wealth Management.

In his welcome address, Ameer Ajwad stated, that a significant opportunity remains in broadening public participation in the capital market of Sri Lanka. As financial literacy and investment awareness among potential investors are limited, the investor forum would serve to bridge the knowledge gap. The forum offered an excellent opportunity for first-time investors, overseas investors, and those seeking to enhance their knowledge, to learn how to invest prudently, manage risk, and build wealth with discipline and confidence. Ambassador invited participants to make full use of the presence of high-level authorities from Sri Lanka’s key financial institutions, such as the Central Bank of Sri Lanka, the SEC, and the CSE, and to explore investment opportunities in Sri Lanka’s capital market, not only as a pathway to financial growth but also as a meaningful contribution to Sri Lanka’s resilience and long-term prosperity.

Business

CIC Holdings’ 9MFY26 revenue reaches Rs.70 bn

Published

6 hours ago

2026/02/6

Thilina Walpola

Agriculture-rich diversified conglomerate CIC Holdings PLC (CSE: CIC) recorded a consolidated revenue of Rs. 70.28 billion for the nine months ended 31 December 2025 (9MFY26), reflecting an increase of 8.69% YoY compared to the corresponding period of the previous year.

The Group’s gross profit increased by 10.11% to Rs. 18.42 billion, with the gross profit margin for the period under review improving to approximately 26%, supported by disciplined pricing and product mix optimisation. Profit after tax (PAT) increased to Rs. 5.97 billion from Rs. 5.70 billion in the corresponding period of the previous year, despite losses incurred in parts of the Group’s agri operations following the impact of Cyclone Ditwah, which disrupted cultivation activity during the Maha season.

The Group’s Crop Solutions sector remained the largest contributor to consolidated revenue, accounting for approximately 44.7% of total revenue, followed by Livestock Solutions at 21% and Health & Personal Care at 20.18%. The remaining sectors, Industrial Solutions and Agri Produce, contributed 8.6% and 6.4% to Group turnover respectively. Health and Personal Care , particularly export-driven product lines, recorded improved performance during the period, alongside continued growth in feeds, poultry, and veterinary care solutions, which supported the Group’s overall operating results.

Despite cyclone-related disruption to cultivation cycles, the Group delivered a strong operating performance, with EBITDA and operating profit (EBIT) both recording year-on-year growth. Operating profit (EBIT) closed at Rs. 9.67 billion, compared to Rs. 8.62 billion in the corresponding period of the previous year, reflecting the strength of the Group’s diversified portfolio and disciplined cost management.

During the period in review, key Group businesses across the five industry sectors, namely Crop Solutions, Agri Produce, Livestock Solutions, Industrial Solutions, and Health & Personal Care, continued to perform resiliently. Crop Solutions revenue increased from Rs. 28.06 billion to Rs. 32.32 billion, while Livestock Solutions revenue grew from Rs. 13.35 billion to Rs. 14.60 billion. Health & Personal Care revenue improved from Rs. 14.29 billion to Rs. 14.46 billion, supported by herbal health product exports and steady domestic demand. Revenue from Agri Produce increased from Rs. 4.35 billion to Rs. 4.64 billion, while Industrial Solutions revenue rose from Rs. 6.07 billion to Rs. 6.28 billion.

Commenting on the performance, CIC Holdings Group CEO Aroshan Seresinhe said, “Despite the disruption caused by Cyclone Ditwah to agricultural activity during the Maha season, the Group remained focused on supporting farming communities through well clean-up operations, field renovation, and the restoration of cultivation activity.

Business

CSE regains some of its bullish verve as turnover hits Rs.11 billion

Published

6 hours ago

2026/02/6

Thilina Walpola

CSE trading reflected a bullish trend yesterday due to positive quarterly corporate earnings coupled with lower Treasury Bill yields, market analysts said.

Further, institutional participation contributed more than 50 percent to the day’s turnover.

Amid those developments both indices moved upwards. The All Share Price Index went up by 63.67 points, while the S and P SL20 rose by 12.58 points.

Turnover stood at Rs 11.1 billion with10 crossings. The top seven crossings were: JKH 189.5 million shares crossed to the tune of Rs 4.2 billion; its shares traded at Rs 22.70, HNB 3.5 million shares crossed for Rs 1.48 billion; its shares traded at Rs 422, Hemas Holdings 11 million shares crossed for Rs 376.2 million; its shares traded at Rs 34 20, Commercial Bank 1.5 million shares crossed for Rs 336.8 million; its shares traded at Rs 224.50, Sampath Bank 600,000 shares crossed for Rs 93.6 million; its shares sold at Rs 156, Laugfs Gas 868,000 shares crossed for Rs 51.6 million; its shares sold at Rs 71 and Sierra Cables 1 million shares crossed for Rs 36.7 million; its shares sold at Rs 36.70.

In the retail market top seven companies that mainly contributed to the turnover were; Ceylon Land Equity Rs 385 million (20 million shares traded), Commercial Bank Rs 373.9 million (1.7 million shares traded), Luminex Rs 247.2 million (26.7 million shares traded), Colombo Dockyard Rs 152 million (one million shares traded), TJ Lanka Rs 152 million (four million shares traded), Easter Merchants Rs 142 million (8.7 million shares traded) and RIL Properties Rs 116.9 million. During the day 441.3 million share volumes changed hands in 44406 transactions.

It is said that manufacturing sector counters, especially JKH, led the market while the banking sector also performed well, especially HNB and Sampath Bank. Further, the capital goods sector too performed well.Yesterday the Central Bank’s US dollar buying rate was Rs 305.78 and selling rate Rs 313.32.

By Hiran H Senewiratne