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United States supports Verité Research in identifying ways to improve youth entrepreneurship

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The United States has supported Verité Research in producing its latest youth labor market assessment. The findings were presented to the public via a webinar titled, “Improving Youth Employment & Entrepreneurship in Sri Lanka: Insights & Strategies” on November 19. It was supported under the U.S. government’s development arm the United States Agency for International Development Agency (USAID)-funded youth skills development and entrepreneurship project, YouLead.

The assessment focused on developing innovative methods to improve employment and entrepreneurship among youth in Sri Lanka. Findings focused on overcoming challenges relating to youth unemployment and low female participation in the workforce and to promote entrepreneurship among youth.

USAID Mission Director Reed Aeschliman noted the importance of strengthening the entrepreneurial mindset that can lead to more gainful and self-employment of youth in Sri Lanka. He further emphasized the importance of increasing women’s participation in the economy and taking effective steps to create more economic opportunities for youth to foster sustainable and inclusive economic growth.

Executive Director Verité Research Dr. Nishan de Mel, who led the research team, noted that this study aimed to tap into the extensive body of research available to devise quick and practical solutions the private sector and other stakeholders can use to unlock employment and entrepreneurship opportunities for youth in Sri Lanka.

The report’s key recommendations are:

1. Moving youth to Own-Account Work (OAW) – The assessment recommends re-thinking the path to youth entrepreneurship by encouraging and supporting youth to become own-account workers before becoming fully-fledged businesses. Verité estimates that if Sri Lanka can successfully promote OAW among youth in Sri Lanka, through awareness building about OAW and supporting access to markets via the usage of digital platforms, the country may see the setup of 216,000 new micro and small businesses in the future. This can also eventually lead to the creation of almost 400,000 new jobs in the country.

2. A case for state supported maternity leave benefits – The assessment proposes Sri Lanka to shift towards a state-supported maternity leave program via tax concessions. That way it will reduce the discrimination that women aged 20-40 years face in the labor market stemming from mandatory employer-funded maternity entitlements. Verité estimates that this could cost as little as 0.25% of tax revenue (Rs 4.2 billion) annually, much less than other government welfare and employment programs. This can lead to increased economic participation by women, helping to inject more income to households, cushioning the impact of post-Covid job losses, and acting as an economic stimulus to the private sector.

3. Engaging disengaged young women: The assessment finds that disengagement from the labor market is a gender problem in Sri Lanka, with 89% of those disengaged being women. However, nearly one out of every three disengaged young women are interested in working and Verité Research proposes implementing Return-To-Work programs with flexible working options to target women who have left the workforce for family-related reasons but are now interested in returning to work. Verité Research estimates that it could lead to the addition of a potential workforce of 243,000 new workers for the Sri Lankan labor market.

Charles Conconi, Project Director YouLead, concluded the program by thanking the Verité Research team’s efforts and USAID for supporting this valuable research. He emphasized that Youlead is committed to engage in practical and evidence-based interventions to improve youth entrepreneurship and women’s employment in Sri Lanka.

The full research report can be accessed here:

Youth Labour Market Assessment Sri Lanka



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ADB pledges over $1 billion annually to Sri Lanka in post-cyclone recovery push

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ADB President Masato Kanda meets Sri Lankan Prime Minister Harini Amarasuriya at ADB’s Manila headquarters.

Asian Development Bank (ADB) President Masato Kanda met with Sri Lanka Prime Minister Harini Amarasuriya at ADB’s Manila headquarters recently. The meeting reaffirmed the strong development partnership between ADB and Sri Lanka, with both leaders underscoring their commitment to post-cyclone recovery, inclusive growth, and advancing women’s equality.

“Sri Lanka’s resilience in the face of crises has been remarkable,” said Kanda. “We are committed to helping Sri Lanka rebuild after Cyclone Ditwah, while also investing in the country’s future by empowering women entrepreneurs and strengthening education and essential skills.”

Looking ahead, ADB is ready to provide more than $1 billion annually to Sri Lanka from 2026 to 2029. This financing will target macroeconomic stability, private sector-led growth, education and skills development, and resilient infrastructure. Key initiatives include a major digital transformation program to help unlock Sri Lanka’s digital economy, alongside support for its accession to the Regional Comprehensive Economic Partnership to deepen its integration into regional trade and investment networks.

During their discussion, Kanda emphasized ADB’s response to the devastation caused by Cyclone Ditwah. Building on emergency financing already mobilized, ADB is fast-tracking an emergency assistance loan to restore damaged infrastructure and support affected livelihoods.

With Dr. Amarasuriya serving as the keynote speaker for ADB’s International Women’s Day event, the leaders highlighted women’s equality as a cornerstone of inclusive development. Kanda noted ADB’s long-standing work as an implementing partner of the Women Entrepreneurs Finance Initiative, which expands access to finance, business skills training, and policy reform for women-owned enterprises. This partnership has helped drive lasting change, with Sri Lanka becoming one of the first countries to adopt the Women Entrepreneurs Finance Code at the national level in March 2025.

Dr. Amarasuriya also engaged in dialogue facilitated by ADB to advance Sri Lanka’s skills agenda, including discussions on referencing skills and qualifications with the Association of Southeast Asian Nations and on mutual areas of interest with the Philippines related to technical and vocational education and training.

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New Board appointed to lead Unit Trust Association of Sri Lanka

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The Unit Trust Association of Sri Lanka (UTASL) announced its new Board of Directors, appointing Jeevan Sukumaran of SENFIN Asset Management as President. The Board assumes leadership at a time of significant growth and resilience in Sri Lanka’s Unit Trust industry. Over the past five years, the number of unit holders has more than doubled, while assets under management have grown substantially, reflecting a clear shift in investor behaviour amid evolving economic conditions.

The 2026–2027 Board includes Vice President Kavin Karunamoorthy (First Capital Wealth Management), Secretary Asanka Herath (Lynear Wealth Management), Assistant Secretary Gayan De Silva (Capital Alliance), and Treasurer Wishan Perera (Softlogic Invest).

President Jeevan Sukumaran highlighted the importance of expanding the industry’s reach and increasing retail participation nationwide. “Whilst the Unit Trust industry has grown significantly in recent years, the next phase must focus on broadening retail investor participation across Sri Lanka’s different geographic/demographic sectors, with the key priority being strengthening investor education and awareness, particularly outside major urban centres. Improving financial literacy and expanding access to professionally managed investment solutions are essential to building long-term confidence and encouraging more Sri Lankans to invest in unit trusts.”

The new Board intends to build on the industry’s recent momentum by prioritising investor education, digital accessibility, and product innovation. Over the coming years, enhanced digital platforms are expected to make Unit Trust products more accessible, enabling investors across the country to participate in capital markets in a convenient and transparent manner.

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Indiya at Cinnamon Life enters a flavourful new chapter

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Colombo’s vibrant dining landscape has received a fresh infusion of flavour with the renewed culinary direction of Indiya, the signature Indian restaurant perched high above the city at Cinnamon Life at City of Dreams. With celebrated Indian chef Mukesh Joshi now steering the kitchen, the restaurant is presenting a menu that celebrates the depth, diversity and soul of Indian cuisine while subtly weaving in Sri Lankan influences.

Located on the spectacular Level 23 of the sprawling Cinnamon Life complex, Indiya’s setting itself feels like a prelude to the culinary journey that unfolds at the table.

The restaurant’s sweeping views of Colombo’s skyline provide a dramatic backdrop to a menu designed to take diners across India’s many culinary regions — from the fragrant biryani traditions of Awadh to the bold spice profiles of coastal kitchens.

At the heart of this new chapter is Chef Mukesh Joshi, a culinary craftsman whose career spans some of India’s most renowned hospitality institutions as well as prominent dining establishments in the Middle East.

Having honed his skills at luxury hotels such as The Westin and St. Regis Mumbai before leading kitchens in Dubai’s thriving Indian dining scene, Joshi is known for his ability to balance traditional flavours with contemporary finesse.

At Indiya, his philosophy is simple yet compelling: celebrate the authenticity of Indian cooking while creating dishes that encourage sharing and conversation.

The experience begins with a vibrant array of small plates that capture the playful spirit of India’s street food traditions. The crisp Sev Papdi Chaat offers bursts of sweet, tangy and spicy notes, while a generous Pakora Platter brings together an assortment of golden-fried fritters that evoke the comforting flavours of roadside tea stalls across the subcontinent.

From there, the menu moves naturally into the world of the tandoor — the clay oven that lies at the heart of many Indian kitchens. Among the highlights is the Hariyali Tandoori Gobi, where cauliflower is marinated in a fragrant blend of herbs before being charred to smoky perfection. Equally intriguing is the Rajma Galouti, a vegetarian reinterpretation of the famed Lucknowi kebab, delivering a melt-in-the-mouth texture that surprises and delights.

Seafood lovers will find much to savour as well. Jhinga Koliwada, a coastal delicacy of spiced prawns fried to a crisp exterior, offers a lively contrast to the delicately seasoned Rawa Fried Surmai. These dishes reflect Chef Mukesh’s confident handling of spice and texture — two essential pillars of Indian cooking.

No Indian dining experience would be complete without the ritual of sharing freshly baked breads, and Indiya’s basket arrives warm and inviting. Chilli Cheese Naan brings a playful modern twist to a classic favourite, while flaky parathas and stuffed Aloo Kulcha provide comforting companions to the restaurant’s richly spiced curries.

By Ifham Nizam

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