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
HNB Finance strengthens Board with four independent directors
HNB FINANCE PLC has strengthened its Board with the appointment of four Independent Non-Executive Directors, effective September 8, 2026.
The new directors are Renuke Wijayawardhane, Shanti Gnanapragasam, Nabiha Mohamed and Dr. Thisuri Wanniarachchi, who collectively bring extensive experience in financial regulation, banking, risk management, corporate finance, investment strategy, development finance and public policy.
Wijayawardhane, an Attorney-at-Law and capital market professional, retired in July 2025 as Chief Regulatory Officer of the Colombo Stock Exchange after more than 31 years with the Exchange. His experience covers securities regulation, corporate governance, market infrastructure and compliance.
Gnanapragasam has over four decades of banking experience spanning treasury, risk management, credit and trade finance. She currently serves as an Independent Non-Executive Director of Cargills Bank, Wealth Trust and Vision Fund Lanka.
Mohamed is a corporate finance and investment professional who previously served as Lead Transaction Advisor at the State-Owned Enterprise Restructuring Unit of the Ministry of Finance, where she led five divestiture transactions worth over US$600 million.
Dr. Wanniarachchi brings over a decade of experience in development finance, institutional reform and social protection, including work with the World Bank and the Government of Sri Lanka.
Business
Prime Residencies hands over The Palace Gampaha
Prime Lands Residencies PLC has completed and officially handed over The Palace Gampaha, described as the largest planned gated residential community in Gampaha, to its homeowners.
The development, which commenced construction in 2021, is located two kilometres from Gampaha town and 100 metres from the Colombo-Kandy main road.
Spread across 13.5 acres, The Palace Gampaha comprises 480 two- and three-bedroom apartments in a ground-plus-three-floor development, with prices starting from Rs. 27.5 million.
The project allocates about 80% of its land to landscaped areas and common facilities, while the remaining 20% is used for apartment development. Facilities include a swimming pool, gymnasium, clubhouse, library, community kitchen, laundry, mini-mart and a daycare centre managed by the Lyceum Group.
The fully gated community also incorporates solar power for common areas, underground electricity cabling and a sewage treatment plant with water recycling facilities.
Prime Residencies said all statutory approvals required for the handover had been secured, including certifications from the Condominium Management Authority and registration of the Condominium Plan and Deed of Declaration.
Prime Group Chairman Premalal Brahmanage said the project reflected the company’s vision of creating large-scale residential communities designed to enhance the quality of life of Sri Lankan families.
The project is the latest addition to Prime Group’s portfolio of more than 70 gated community and apartment developments.
Business
SLANA warns NVOCC business losing ground amid THC concerns
Sri Lanka’s Non-Vessel Operating Common Carrier (NVOCC) sector is losing ground despite the expansion of the industry in several regional markets, Sri Lanka Association of NVOCC Agents (SLANA) Chairperson Swabha Wickramasinghe said.
Wickramasinghe, re-elected for a third consecutive term at SLANA’s ninth Annual General Meeting last week said the continued difficulty in collecting Colombo Terminal Handling Charges (THC) as a separate land-based cost was among the key challenges facing the industry.
She said the practice placed Sri Lanka at a competitive disadvantage as principals consider the overall economics of operating through Colombo.
“When Sri Lanka becomes less commercially attractive compared with other regional destinations, the consequences eventually reach our members,” she said.
Wickramasinghe said a committee had been proposed at a recent meeting with the Minister and Deputy Minister to evaluate the THC issue, urging the authorities to expedite its appointment and review.
She also called for an early solution to the problem of uncleared salt containers at the Port of Colombo, which has resulted in delays in releasing empty containers.
With more than 75 NVOCC lines operating in Sri Lanka, she stressed the sector’s importance to regional trade, particularly links with India and China.
Ports Minister Anura Karunathilaka said Sri Lanka should expand regional business while exploring areas such as bunkering, freight forwarding and e-commerce logistics.
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