Business

Why becoming Sri Lanka and Australia Chamber of Commerce member is a profitable idea

Published

2 years ago

2024/01/22

Thilina Walpola

Kalum De Silva

By Sanath Nanayakkare

The following are excerpts from an interview with Kalum De Silva, President of the Sri Lanka and Australia Chamber of Commerce (SLACC). The Chamber’s vision is to be the leading platform for fostering trade and investment between Sri Lanka and Australia with a view to contributing to the economic and social development of both nations. If you are looking for a platform that can help you grow your business, expand your network and access new opportunities in the dynamic markets of Sri Lanka and Australia, here is an interview article that gives you an exclusive scoop.

Q. Why does SLACC think deepening Australia-Sri Lanka ties is vital as our nations drive ahead in a changing global environment?

Australia and Sri Lanka have a long-standing and multifaceted relationship, based on shared interests and values. The two countries cooperate on a range of areas, such as trade and investment, security and defense, development and humanitarian assistance, education and culture, and people-to-people links. Deepening Australia-Sri Lanka ties is vital for both countries, as they face the challenges and opportunities of a changing global environment.

Some of the reasons why Australia and Sri Lanka should strengthen their ties are:

To enhance their economic partnership and mutual prosperity. Australia is one of Sri Lanka’s largest trading partners, with bilateral trade worth over A$1.3 billion in 2020. Australia is also a significant source of foreign direct investment, tourism, and education for Sri Lanka.

To support Sri Lanka’s development and resilience. Australia is a longstanding development partner of Sri Lanka, providing assistance in areas such as health, education, governance, gender equality, and social inclusion. Australia also supports Sri Lanka’s post-conflict reconciliation and peacebuilding efforts, as well as its humanitarian and disaster response capacity.

To foster cultural and people-to-people ties. Australia and Sri Lanka have a vibrant and diverse cultural exchange, with over 145,000 Australians of Sri Lankan origin, and over 15,000 Sri Lankan students studying in Australia.

Q. How many members do you have in SLACC? How many of them are Australian and how many are Sri Lankan?

We are in a rebuilding phase after a few lean years during the pandemic and the well documented economic issues that Sri Lanka underwent. As a bilateral chamber of commerce, we strive to have a 50/50 mix of members on both sides enabling relationships to form.

Q. What are the trade and business opportunities available in Australia for your Sri Lankan members and how does SLACC help them identify and harness those opportunities?

There are many trade and business opportunities available in Australia for Sri Lankan businesses, especially in sectors such as agriculture, retail, infrastructure, and innovation (IT/BPM). Some of the ways that we can help our members identify and harness those opportunities are:

Providing them with access to valuable information, insights, and opportunities in the bilateral market, through events, webinars, workshops, newsletters, and website.

Facilitating connections and collaborations among businesses, policy makers, and stakeholders from both countries, through our network, trade missions, business matching, and advocacy.

Supporting them with guidance and assistance in market research, trade regulations, investment incentives, and other aspects of doing business in Australia, through our experienced and dedicated team and our strategic partners.

Celebrating and strengthening the cultural and people-to-people ties between Sri Lanka and Australia, through our programs, initiatives, and media platforms.We are committed to bridging our two nations and creating a prosperous and harmonious future for both countries.

Q. Are all Sri Lankan members equally entitled to enjoy the opportunities of Australian trade contacts?

Definitely. We focus on key sectors we believe provide the low-hanging fruits for our Sri Lankan members. As such members from different industries may come across different types or even different levels of opportunities but members from within the same industry would certainly have access to the same opportunities.

Q. Are you working with any recognized entities in the two countries to unlock a lot of potential for both parties?

Yes, we do. In Sri Lanka we work closely with the Export Development Board, the National Chamber of Commerce of Sri Lanka, SLASSCOM, the Sri Lanka Australia New Zealand Business Council and others such as CA Sri Lanka. In Australia we work with the regional Chambers of Commerce, trade and investment arms of some states such as Global Victoria and Trade and Investment Queensland. We also work closely with the two High Commissions and the Sri Lankan Consulate in Melbourne.

Q. Across which sectors can you arrange B2B meetings for Sri Lankan companies with Australian counterparts?

Currently, our sector wide focus is on the IT/BPM industry, value added food and agricultural produce exporters. Having said that, we work with members from other sectors all the time to fulfill specific requirements from Australia counterparts.

Q. SLACC organized a visit of an Australian Trade Delegation to Sri Lanka in September 2023 which explored the possibility of organic food and local fabrics exports to the Australian market. What was the outcome of that mission?

This was a successful visit. At a Global Victoria event held in October 2023 it was announced that trade of over A$700,000 had taken place within the first four weeks after the completion of this visit. The next checkpoint is in February, and we expect this number to increase significantly.

We worked very closely with the Aboriginal Economic Development Group within the Victoria State Government in organizing this delegation. Due to the success of this visit we expect even closer working relationship with indigenous owned businesses in Australia. The Kinaway Chamber of Commerce, the trade chamber for Victoria based Indigenous businesses, recognized this success by awarding SLACC the Global Alliance Award at the Victorian Aboriginal Business Awards in November 2023.

Q. What are your past achievements? What is your forward-thinking and vision for the future?

For a not-for-profit organization run by volunteers, we have been highly active. Some key highlights are as follows.Four trade delegations to Sri Lanka Over 15 events in Melbourne, Sydney, Brisbane and in Sri Lanka for members and partners. Five webinars over a 17-month period during the pandemic.

A national business plan competition for Sri Lankan high school students in partnership with CA Sri Lanka and QUT three years in a row from 2016 to 2018. The winning teams got the opportunity to go to Australia to compete in an Australian Business Plan competition.

Instrumental in getting direct flights between Colombo and Melbourne Our vision is to be the leading platform for fostering trade and investment between Sri Lanka and Australia, and to contribute to the economic and social development of both nations. To achieve this vision, we will:

Provide our members with access to valuable information, insights, and opportunities in each market.

Facilitate connections and collaborations among businesses, policymakers, and stakeholders from both countries.

Advocate for the interests and needs of our members to promote a conducive business environment.

Support the advancement of innovation, sustainability, and inclusivity in the bilateral relationship.

Celebrate and strengthen the cultural and people-to-people ties between Sri Lanka and Australia.

Q. What is the eligibility and registration fee to confer the membership of SLACC?

We have different membership categories with different tiers of fees. Please get in touch with us and we will guide you through the process. As mentioned before, we will assess each application to see whether we could actually add value to someone joining us as a member before accepting an application.

Q. What’s your message to those aspiring to be members of SLACC?

Are you looking for a platform that can help you grow your business, expand your network, and access new opportunities in the dynamic markets of Sri Lanka and Australia? If so, you should join the Sri Lanka and Australia Chamber of Commerce (SLACC).

By becoming a member of SLACC, you will benefit from:

Exclusive access to events, webinars, and workshops that feature prominent speakers, industry experts, and policy makers from both countries.

Valuable insights and information on the latest trends, developments, and opportunities in various sectors, such as agriculture, retail, infrastructure, and innovation (IT/BPM).

Tailored support and guidance from our experienced and dedicated team, who can assist you with market research, business matching, trade missions, and more.Enhanced visibility and recognition for your brand, products, and services, through our website, newsletter, social media, and media partners.

A vibrant and diverse community of like-minded professionals, entrepreneurs, and leaders, who share a common interest and passion for strengthening the bilateral relationship between Sri Lanka and Australia.

“Do not miss this chance to be part of a dynamic and influential organization that can help you achieve your business goals and aspirations. Join SLACC today and discover the benefits of bridging our two nations,” President of SLACC says.

SLACC president can be reached via kalum@srilankaaustralia.com

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Business

SL confronting ‘decisive test of fiscal discipline’

Published

9 hours ago

2026/01/7

Sahan Weerasooriya

Ranjith Keerthi Tennakoon

Sri Lanka enters the new year confronting a familiar but deepening economic strain, with falling foreign reserves, a weakening rupee, rising public debt and mounting disaster-related losses posing what analysts describe as a decisive test of fiscal discipline and policy coherence.

Sri Lanka Human Rights Centre Executive Director and former Provincial Governor Ranjith Keerthi Tennakoon has warned that the country urgently requires a coordinated economic response to prevent further deterioration, particularly as the cost of post-disaster reconstruction threatens to exert fresh pressure on already strained public finances.

“While the government has succeeded in revenue augmentation through heavy taxation and repeated increases in electricity and gas tariffs, its performance in maintaining fiscal discipline remains weak,” Tennakoon said in an economic indicators statement issued on January 5.

According to figures cited by Tennakoon, Sri Lanka’s domestic debt stood at Rs. 17,595.05 billion when President Anura Kumara Dissanayake assumed office. By the end of September 2025, that figure had climbed to Rs. 18,701.46 billion, reflecting an increase of Rs. 1,106.41 billion within a year.

External debt has also trended upward. From Rs. 10,429.04 billion at the end of 2024, foreign debt rose to Rs. 10,974.34 billion by September 2025. As a result, Sri Lanka’s total public debt stock now stands at Rs. 29,675.81 billion, underscoring the scale of the country’s fiscal exposure.

“This trajectory raises serious concerns about long-term debt sustainability,” Tennakoon warned, noting that debt servicing costs will intensify further if currency depreciation continues.

Foreign reserves under pressure

The steady decline in foreign reserves remains one of the most critical challenges facing the economy. Gross official reserves fell from USD 6,531 million in March 2025 to USD 6,033 million by the end of November, a contraction of nearly USD 500 million.

Tennakoon cautioned that upcoming reconstruction needs following widespread floods and landslides will necessitate substantial imports of construction materials, machinery and industrial inputs, inevitably drawing down scarce foreign exchange reserves.

Although Sri Lanka managed to maintain a current account surplus in 2024, the balance slipped back into deficit during September and October 2025, before returning to surplus in November. While a surplus is not required at all times, Tennakoon said the November turnaround offered a “cautious but positive signal” regarding the economy’s direction.

The rupee’s depreciation continues to amplify macroeconomic risks. The exchange rate has weakened from Rs. 293.25 per US dollar last year to around Rs. 309.45, increasing the rupee cost of foreign debt servicing while driving up import and production costs.

More troubling, Tennakoon noted, is the widening gap between commercial bank exchange rates and the informal undiyal (black market) rate, reflecting growing uncertainty and eroding confidence.

“This was precisely how the 2021–2022 economic crisis began — with a widening divergence between official and informal exchange rates,” he warned.

The economic fallout from recent floods and landslides adds another layer of urgency. Tennakoon criticised the government for failing, thus far, to prepare a comprehensive estimate of financial losses and reconstruction costs.

Preliminary assessments by the World Bank estimate disaster-related losses at USD 4 billion, while the International Labour Organization (ILO) places the figure as high as USD 16 billion, equivalent to 16 percent of GDP.

“Massive tax resources will be required for relief payments, while reconstruction will demand substantial foreign exchange for imports,” Tennakoon said, stressing that the government must urgently prepare credible financial assessments to mobilise both domestic and international support.

He also warned that delays in providing adequate relief have already become a serious concern for displaced communities struggling to rebuild their lives.

By Ifham Nizam

Business

Driving Growth: SEC and CSE collaborate to expedite listings

Published

9 hours ago

2026/01/7

Sahan Weerasooriya

The Securities and Exchange Commission of Sri Lanka (SEC) in collaboration with the Colombo Stock Exchange (CSE) conducted an awareness session for Corporate Finance Advisors focusing on enhancing regulatory compliance and streamlining the listing process.

The forum brought together Corporate Finance Advisors and senior officials from the SEC and CSE to enhance the listing process by addressing regulatory expectations, identifying prevalent shortcomings in applications, and establishing best practices to strengthen investor confidence and market integrity.

Addressing the participants, Senior Prof. D.B.P.H. Dissabandara, Chairman, SEC highlighted the vital role Corporate Finance Advisors play in building market confidence beyond their traditional functions in facilitating listings, mergers, and acquisitions.

“Your screening process, your due diligence supports market confidence directly in addition to your key major roles,” the Chairman stated. “As a regulator, our main job is to look at investor confidence plus investor protection. And indirectly your job facilitates that as well.”

The Chairman emphasized that the overall reputation of the Sri Lankan capital market depends on the professional judgment and performance of Corporate Finance Advisors, as investors make decisions based on their assessments and recommendations.

Senior Prof. D.B.P.H. Dissabandara

Reinforcing this message, Mr. Rajeeva Bandaranaike, Chief Executive Officer, CSE emphasized the importance of collaboration in improving market efficiency. “The objective is to completely revamp and improve the overall listing experience for companies and issuers,” he stated. “This is a journey that we need to go together with the community. We cannot do this alone.”

He also noted the complexity of public listings compared to bank financing, explaining that heightened scrutiny is necessary when dealing with public money. “At the end of the day, if the prospectus is not clean and accurate, we’re going to face problems. We don’t want companies going into the watchlist after one or two months of listing.”

Building on this framework, Ms. Kanishka Munasinghe, Vice President, Listing, CSE highlighted critical gaps in recent listing applications, particularly regarding litigation disclosure and legal due diligence. The CSE has expanded its disclosure requirements to cover not just financial impact but also operational continuity and licensing implications.

Business

nVentures leads US $200K seed round into Flash Health to scale cashless outpatient care in Sri Lanka

Published

9 hours ago

2026/01/7

Sahan Weerasooriya

Flash Health, a Sri Lankan healthtech startup building cashless, on-demand outpatient care, has raised a US $200,000 seed round led by nVentures, with participation from angel investors across Sri Lanka, Singapore, and the United States.

The funding comes as Flash Health expands its footprint across insurers, large employers, and healthcare providers, positioning itself as one of the country’s most widely adopted digital outpatient platforms addressing everyday healthcare needs.

At the core of Flash Health’s offering is Cashless OPD, which allows employees and policyholders to access doctor consultations, medicines, diagnostics, and telemedicine services without paying out of pocket, removing upfront payments and simplifying access to address a long-standing friction point in everyday healthcare across emerging markets. The platform’s approach has also received global recognition, with Cashless OPD winning at the World Summit Awards, an UN-backed platform recognising startups advancing the Sustainable Development Goals, selected from over 900 applications across 143 countries. Commenting on the investment, Chalinda Abeykoon, Managing Partner at nVentures, said, “We first met Arshad and the Flash Health team in late 2023 and were immediately struck by their ethos, attention to detail, and culture of excellence. As we worked with the team to fine-tune their product roadmap and execution, we saw a team that listens, iterates, and delivers. Flash Health is now operating at real scale, which made this a clear investment decision for us.”

Flash Health’s growth has been driven by partnerships with leading insurance providers, including AIA, HNB Assurance, Janashakthi Insurance, and Union Assurance, enabling policyholders to access services such as medicine delivery, home lab testing, telemedicine consultations, and wellness incentives through integrated digital workflows.