Business

The SL state’s enduring role in the CHEC Port City Colombo project

Published

5 years ago

2021/06/22

By Lynn Ockersz

The Sri Lankan state will exercise sovereign control over the CHEC Port City Colombo project and would remain accountable to the people of Sri Lanka by virtue of the fact that the project would remain open to scrutiny by the Sri Lankan parliament, Assistant Managing Director, CHEC Port City Colombo (Pvt) Ltd. Thulci Aluwihare told ‘The Island Financial Review’ in an interview.

Besides, all revenues received by the project would be remitted to Sri Lanka’s Consolidated Fund and would remain within the country, Aluwihare pointed out in a wide-ranging interview with this newspaper, where he debunked the allegation that the CHEC Port City Colombo project will be a ‘sell out’ to the Chinese, rendering the investment area a ‘Çhinese colony’. Besides, the Colombo Port City would not turn Sri Lanka into a ‘money laundering haven.”

Elaborating Aluwihare said: ‘Principal among our aims is the attraction of foreign investment to the country. $ 1.4 billion has been spent by the project company over reclaiming the relevant land from the sea. For a consideration, the state has granted a ‘No Lease Hold Right’ over 116 hectares of the project land which is the ‘master lease’. Under this arrangement 48 marketable blocks of land would be on offer for investment. What is of importance is that in all these transactions the state will be a principal party.

“Even if an investor obtains a “No Lease Hold Right” from the state in respect of a project, the investor would need to obtain a licence from the CHEC Port City Commission to operate. The Commission would issue such licenses with conditions. And the Commission holds the right to revoke such licenses if the conditions are not met.

“In all these transactions, the government of Sri Lanka is the lessor. The investor would be signing a lease with the government of Sri Lanka, who will be the landlord.

‘The majority of members of the Commission would be Sri Lankans. But we need experienced, competent people for this apex body. Accordingly, the Commission needs to enjoy some autonomy and independence as well in employing personnel.

“The anti-money laundering laws that have been operative in this country would continue to be enforced strongly. It is only loose regulatory laws that lead to problems like money laundering. But there will be no let-up by Sri Lanka on this score. The monetary authorities would continue to stringently apply the regulations but these regulations should also need to be market-driven. We expect sophisticated transactions though.

‘It is important to point out that the local courts will have jurisdiction in the Port City. Here too there is no dilution of the state’s sovereignty.

“Our region has progressed into a services economy. We need to compete with countries such as Singapore, India, Indonesia and Vietnam, for example, to attract FDI. You need to offer fiscal and other incentives to attract FDI to Sri Lanka. A dip of 40 per cent of FDI in Sri Lanka last year, drives the point home. But given our location, we are in a position to talk about Sri Lanka as a business destination.

“Of principal importance is the supply chain impact the Port City project would have on Sri Lanka. Local enterprises dealing with the Port City will be paid in dollars and not local currency. Even Sri Lankan SMEs which are part of the supply chain will be paid in dollars. There is also potential for local employment generation where the income earners will be paid in dollars.

“At present there are some 4000 employment opportunities for locals in the Port City. Currently, 1500 to 1800 locals are employed in the project. So, there are growing opportunities for locals in this initiative. They would get the opportunity to work for some the world’s most prominent brands in their own backyard and for dollar remuneration.

‘Sri Lanka produces 25,000 graduates annually. One third of these belong to the science, technology, engineering, mathematics and allied fields. But 20 to 25 percent of these graduates migrate. Our graduates could now work for a multinational company if the opportunities offered by the Port City project are availed of.”

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Business

ComBank hands over fully refurbished wards at De Soysa Hospital for Women

Published

23 hours ago

2026/10/4

Thilina Walpola

Pictured here are the representatives of the Bank and senior officials of the hospital at the ceremonial handing over of the refurbished ward.

The Commercial Bank of Ceylon recently handed over Wards No. 03 and 04 of the De Soysa Hospital for Women, after the completion of a comprehensive renovation project launched in March this year to mark International Women’s Day.

Wards 03 and 04 handle a substantial share of the hospital’s patient load, and account for approximately 2,500 to 3,000 deliveries and 4,000 to 5,000 admissions annually. Their refurbishment was designed to significantly enhance patient care, safety and comfort, and directly benefit thousands of mothers and newborns.

Five Trustees of the Commercial Bank’s Corporate Social Responsibility Trust participated in the formal handing over of the refurbished wards to the hospital authorities. They were Sharhan Muhseen, the Bank’s Chairman, Raja Senanayake, Deputy Chairman, Sanath Manatunge, Managing Director/CEO, Hasrath Munasinghe, Chief Operating Officer, and Prasanna Indrajith, Chief Financial Officer.

Established in 1879, the De Soysa Hospital for Women is the first maternity hospital in Sri Lanka and the second oldest in Asia and is credited with, among others, performing the country’s first caesarean section in 1905 and establishing one of its earliest organised operating theatres in 1907.

The Commercial Bank’s Corporate Social Responsibility Trust, through which this project was implemented, has via its healthcare-related interventions supported more than 100 government hospitals with essential equipment and infrastructure, contributed to emergency medical services through the ‘Adopt an Ambulance’ initiative, and implemented targeted community health interventions such as water storage solutions for families affected by kidney disease.

Business

IIHS expands global nursing pathways

Published

23 hours ago

2026/10/4

Thilina Walpola

Dr. Renuka Jayatissa and Dr. Kithsiri Edirisinghe speaking to the media

The International Institute of Health Sciences (IIHS) Multiversity is expanding its international education programmes with the aim of creating overseas employment opportunities for Sri Lankan nurses and allied health professionals while contributing to foreign exchange earnings.

Speaking to the media during a conference at IIHS Multiversity in Kerawalapitiya, Dr. Kithsiri Edirisinghe, CEO, Co-Founder and Dean of IIHS aid that the institute has established academic partnerships with overseas universities and higher education institutions, including the University of Surrey in the UK, Deakin University in Australia, Metropolia University of Applied Sciences in Finland, Asia e University in Malaysia and SUNY Canton in the United States.

Under its ‘Study in Sri Lanka, Graduate to the World’ model, students can complete foundational and diploma-level qualifications locally before progressing to international top-up degrees or overseas employment.

Dr Edirisinghe said the model could substantially reduce the cost of obtaining internationally recognised qualifications. It estimates that completing a four-year bachelor’s degree at the University of Surrey in the UK would cost about USD 145,700, including tuition and living expenses, compared with about USD 27,750 through the IIHS pathway in Sri Lanka.

Dr Edirisinghe said the institute’s focus on overseas deployment addressed both Sri Lanka’s economic needs and the growing global demand for healthcare workers.

“Our winning model is producing job-ready, registration-ready healthcare professionals who can seamlessly enter foreign healthcare systems,” he said.

IIHS, which began operations in 2002 as the American College of Health Sciences, established its institutional base in Welisara in 2008 and launched its purpose-built greenfield multiversity campus in 2023.

The institute said it has upgraded the qualifications of more than 5,000 government nurses, supported over 2,500 youth on international employment pathways and trained more than 1,000 allied health professionals. It has also carried out over 250 community health projects.

The institute has identified Germany and Japan among its target markets, with pathways planned for 2,000 nurses for Germany and a one-year preparation programme linked to around 4,000 healthcare positions in Japan.

Dr. Renuka Jayatissa, Vice-Chancellor and a specialist medical doctor, said demographic changes and the growing burden of non-communicable diseases were changing healthcare requirements in Sri Lanka.

Business

Sampath Bank launches Sri Lanka’s first community-powered book discovery platform at Colombo International Book Fair

Published

23 hours ago

2026/10/4

Thilina Walpola

Sampath GPay customers can enjoy 25% cash back on Book Fair purchases

Sampath Bank PLC has launched Sampath Book Finder, Sri Lanka’s first community-powered book discovery platform, giving visitors to the Colombo International Book Fair a faster and more seamless way to find the books they are looking for across the fair’s 150+ stalls, while also opening up new opportunities to discover titles recommended by fellow readers.

Introduced on the opening day of the Colombo International Book Fair on 25 September, Sampath Book Finder brings together digital innovation and the collective knowledge of readers to address a familiar challenge at one of Sri Lanka’s largest literary gatherings, where the scale of the fair can make locating a particular title a time-consuming exercise. When a book proves difficult to locate, visitors can access bookfairtracker.com or scan the designated QR code and submit a request to the community, allowing readers who have already spotted the title to share its location and help others find it without having to search stall after stall.

Commenting on the initiative, Milinda Weerasinghe, Chief Marketing Officer, Sampath Bank PLC, said, “At Sampath Bank, we believe meaningful innovation begins by identifying everyday challenges and creating solutions that make a real difference. Sampath Book Finder brings this thinking to the Colombo International Book Fair by turning the collective knowledge of readers into a real-time digital solution, empowering them to find what they are looking for, discover something new and help others do the same, while making the overall experience more convenient and connected.”

The platform also turns book discovery into a shared experience, allowing visitors to recommend books they encounter by sharing the title, publisher, hall and stall number, which enables fellow readers to discover sought-after titles and recommendations while making it easier to locate them within the fair.

Sampath Bank’s longstanding association with the Colombo International Book Fair also continues in 2026, marking more than 20 years of partnership, with the Bank serving as the Official Banking Partner for this year’s fair. As part of its presence at the event, SampathCards offer 25% cashback for Sampath GPay customers on their purchases and 3 months 0% instalment plans for book purchases via Sampath credit cards, while visitors can also access banking services through the Bank’s physical presence at the fair. Customers registering to open selected Fixed Deposits at the premises will receive an additional 0.25%, adding further value and convenience for visitors.