Business
US underscores its partnership role in SL’s growth drive
By Ifham Nizam
U.S. ambassador to Sri Lanka, Julie Chung reaffirmed the United States’ role as a partner in Sri Lanka’s journey, stressing: “Together, we can drive economic growth in both of our nations while setting new standards of excellence on the global stage. Our partnership is built on mutual commitment to transparency, ethical practices and long-term collaboration, ensuring sustainable growth and mutual prosperity.”
In a stirring address to key stakeholders in Sri Lanka’s apparel sector, Chung, emphasized the vital role of innovation, resilience, and collaboration in propelling the industry forward.
Speaking at the 42nd Annual General Meeting of the Sri Lanka Apparel Exporters Association (SLAEA) on Monday at the Cinnamon Grand, the event that brought together representatives from leading manufacturers, local entrepreneurs, and policymakers, Chung reasserted the United States’ commitment to strengthening its partnership with Sri Lanka’s thriving apparel sector.
Chung added: “The apparel industry plays an indispensable role in Sri Lanka’s economic growth, with clothing and textiles remaining one of the country’s leading foreign currency earners. You, every single one of you in this room, are an important part of the foundation on which Sri Lanka’s growth depends.
“In a rapidly changing world, the road ahead will undoubtedly present unique challenges, but also opportunities. I trust you will approach these twists and turns with the same tenacity, creativity, and commitment to innovation that has defined this industry.
“U.S. apparel manufacturing, a vibrant and diverse sector, is projected to generate USD 365 billion in revenue by 2025 while employing 83,000 Americans.
“The U.S. market is not only one of the largest and most lucrative in the world but also provides unparalleled access to advanced technology, skilled labor and robust infrastructure. By establishing operations in the United States, Sri Lankan companies can benefit from reduced shipping times, lower tariffs and the ability to respond swiftly to market demands. Sri Lankan firms need to explore business opportunities in the U.S.
“The Sri Lankan government’s efforts to create a transparent and welcoming business environment are praiseworthy. From this viewpoint, good governance, transparency and ethical practices are cornerstones in attracting foreign investment.
“The private sector’s ability to drive growth, unhindered by red tape and excessive regulation, will be crucial for fostering economic progress. Sri Lanka’s leadership in quality manufacturing and ethical practices sets a positive example for the global industry.”
Prime Minister Dr. Harini Amarasuriya lauded the apparel industry for its crucial role in Sri Lanka’s economic recovery and growth. In her speech as the Chief Guest, Dr. Amarasuriya celebrated the sector as a “global leader” in ethical and sustainable manufacturing, underscoring its resilience and its significant contribution to the country’s export revenue.
Amarasuriya added: “With a steady contribution of over 31% to total export earnings, the apparel sector, which generated USD 5.05 billion in revenue in 2024, continues to be a powerhouse of economic activity. Despite the ambitious USD 8 billion export revenue target for this year, it is ‘achievable’ through the collective efforts of the government, the private sector and the workforce.
“From overcoming the challenges of the COVID-19 pandemic to navigating the current economic crisis, Sri Lanka’s apparel industry has shown unwavering resilience, maintaining a steady inflow of foreign exchange and safeguarding livelihoods during times of uncertainty.
“Ethical and sustainable business practices are no longer optional; they are the way forward. The industry needs to continue to lead by example in environmentally conscious manufacturing.
“The sector’s pioneering efforts, such as the world’s first custom-built green apparel factory and Asia’s first carbon-neutral certified factory are commendable. The industry should expand these sustainability initiatives to reinforce Sri Lanka’s position as a preferred destination for environmentally conscious brands and consumers.”
One of the key highlights of the event was the election of Rajitha Jayasuriya as the first female chairperson of the SLAEA. Amarasuriya congratulated Jayasuriya, emphasizing the importance of empowering women in leadership roles within the industry. She stressed that gender equality and promoting women into decision-making positions are essential to fostering a thriving, innovative, and sustainable business environment.
The Prime Minister also pointed out the sector’s vital role in supporting women’s empowerment. With a workforce of approximately 350,000 people, a significant majority of whom are women, Amarasuriya described these women as “change-makers” who not only support their families and communities but also contribute to the broader economy. She called for greater recognition of both paid and unpaid labor, acknowledging that the contributions of women workers extend beyond the factory floor to their households and communities.
The Prime Minister outlined the government’s commitment to supporting the apparel industry’s growth through policy stability, improved infrastructure, and vocational training aligned with the evolving demands of the sector. She emphasized the need for collaboration between the government and industry leaders to meet the challenges of an ever-changing global market while ensuring sustainable and inclusive development.
Business
SEC Sri Lanka eases Minimum Public Holding Rules for listings via introductions to boost market flexibility
The Securities and Exchange Commission of Sri Lanka (SEC) has approved amendments to the Colombo Stock Exchange (CSE) Listing Rules to provide greater flexibility regarding the Minimum Public Holding (MPH) requirement for companies listing through the Introduction method.
These revisions were proposed and deliberated under Project 6 – New Listings (Public and Private), one of 12 key strategic initiatives launched by the SEC to strengthen Sri Lanka’s capital market framework. Project 6 aims to drive national capital formation, promote listings by highlighting benefits and opportunities for listed entities, and attract large-scale corporates to enhance market depth, liquidity, and investor confidence.
The amendments reflect a joint effort by the SEC and CSE, underscoring strong collaboration between the regulator and the Exchange to address evolving market needs while maintaining market integrity, transparency, and investor protection.
The salient features of the amendments to the CSE listing Rules are as follows;
Entities seeking listing by way of an Introduction on the Main Board or Diri Savi Board that are unable to meet the MPH requirement at the time of submitting the initial listing application, may now be granted a listing, subject to certain conditions on compliance.
Non-public shareholders who have held their shares for a minimum period of eighteen months prior to the date of the initial listing application may divest up to a maximum 2% of their shares each month during the six months commencing from the date of listing, and simultaneously, be subject to a lock-in requirement of 30% of their respective shareholdings as at the date of listing, until MPH compliance or 18 months from the date of listing, whichever occurs first.
A phased MPH compliance framework has been introduced requiring a minimum 50% compliance with MPH requirement within 12 months and full compliance within 18 months from the date of listing.
Entities should include clear disclosures in the Introductory Document confirming their obligation to meet MPH requirements within the prescribed timelines.
In the event of non-compliance with the MPH requirement, certain enforcement actions have also been introduced.
The revised framework is expected to encourage more companies to consider listing via Introduction, thereby broadening market participation, improving liquidity, and contributing to the overall development of Sri Lanka’s capital market. Issuers, investors, and market intermediaries will benefit from a more enabling yet well-regulated listing environment.
Business
Manufacturing counters propel share market to positive territory
Stock market activities were positive yesterday, mainly driven by manufacturing sector counters, especially Sierra Cables, Royal Ceramics and ACL Cables. Further, there was some investor confidence in construction sector counters as well.
Amid those developments both indices moved upwards. The All Share Price Index went up by 150.54 points, while the S and P SL20 rose by 41.5 points. Turnover stood at Rs 4.65 billion with six crossings.
Those crossings were reported in Royal Ceramics which crossed 3.8 million shares to the tune of Rs 174.3 million; its share s traded at Rs 45.20, VallibelOne 1.4 million shares crossed to the tune of Rs 138.6 million; its shares traded at Rs 99, Melstacorp 500,000 shares crossed for Rs 87.24 million; its shares traded at Rs 174.50, Sierra Cables two million shares crossed for Rs 68.2 million, its shares sold at Rs 34.30, Kingsbury 1.5 million shares crossed for Rs 31.8 million; its shares traded at Rs 21.20.
In the retail market companies that mainly contributed to the turnover were; Sierra Cables Rs 418 million (20 million shares traded), Royal Ceramics Rs 363 million (eight million shares traded), Colombo Dockyards Rs 323 million (1.7 million shares traded), ACL Rs 311 million (3.5 million shares traded), Renuka Agri Rs 149 million (12.3 million shares traded), Sampath Bank Rs 94.7 million (648,000 shares traded) and Bogala Graphite Rs 86.4 million (529,000 shares traded). During the day 122.8 million shares volumes changed hands in 34453 transactions.
Yesterday the rupee opened at Rs 310.00/25 to the US dollar in the spot market, weaker from Rs 310.00/310.20 the previous day, dealers said, while bond yields were broadly steady.
By Hiran H Senewiratne
Business
Atlas ‘Paata Lowak Dinana Hetak’ celebrates emerging artists nationwide
Atlas, Sri Lanka’s leading learning brand, reaffirmed its purpose of making learning fun and enjoyable through the Atlas All-Island Art Competition 2025, which concluded with a gifting ceremony held recently at Arcade Independence Square under the theme ‘Atlas paata lowak dinana hetak’. Students from Preschool to Grade 11 showcased their talents across five categories, with all island winners receiving cash prizes, certificates, and gift packs. Additionally, merit winners in each category were also recognized. The event brought together students, parents, and educators, highlighting Sri Lanka’s cultural diversity, nurturing young talent, and reinforcing Atlas’s long-standing commitment to education, creativity, and building confidence among schoolchildren. The event concluded with the ‘Atlas Art Carnival’, which brought children and parents together through games and creative art activities in a fun and lively atmosphere.
-
News6 days agoStreet vendors banned from Kandy City
-
Sports3 days agoGurusinha’s Boxing Day hundred celebrated in Melbourne
-
News6 days agoLankan aircrew fly daring UN Medevac in hostile conditions in Africa
-
News1 day agoLeading the Nation’s Connectivity Recovery Amid Unprecedented Challenges
-
Sports4 days agoTime to close the Dickwella chapter
-
Features6 days agoRethinking post-disaster urban planning: Lessons from Peradeniya
-
Features2 days agoIt’s all over for Maxi Rozairo
-
Opinion6 days agoAre we reading the sky wrong?
