Business
Wide-ranging discussion on key drivers of growth
By Ifham Nizam
In a comprehensive discussion that addressed the current state of Sri Lanka’s key industries NPP Colombo District candidates, Chathuranga Abeysinghe and Dr. Rizvie Salih, outlined a series of initiatives aimed at driving economic growth, enhancing transparency and fostering a more competitive business environment.
At the Business Edition Forum held on Sunday at the Ramada, Chathuranga responded to concerns from the gem and jewellery sector, which has seen reduced revenue due to the Value-Added Tax (VAT) imposed on raw stone imports.
He said that the government aims to position Sri Lanka as a global Gem and Jewelry Hub. As part of this vision, the government plans to eliminate taxes on both the import of raw gems and the export of finished jewelry, with the goal of increasing industry revenue from 600 million rupees to an ambitious 2.5 billion rupees in the coming years.
Addressing concerns about bureaucratic inefficiencies and corruption, Chathuranga emphasized the government’s commitment to digitization. Plans are underway to create a digital infrastructure that connects vital government services, including the Identity Office, Land Registry, and Inland Revenue Department, to streamline processes and reduce corruption. This move aims to provide transparency and improve service delivery to citizens and businesses alike.
Dr. Rizvie discussed the need for improvement within the National Medicines Regulatory Authority (NMRA) to reduce delays in drug approvals.
He highlighted the importance of adequate staffing and laboratory resources, alongside a transparent process, to ensure a steady and high-quality supply of essential medicines to the public.
Responding to a query on increasing the competitiveness of Sri Lankan businesses, Chathuranga outlined the government’s focus on improving three fundamental business resources: electricity, transportation and access to capital.
He stressed that the government is working to offer affordable capital through development banks while building a supportive ecosystem for start-ups and entrepreneurs. This includes not only providing funding but also access to market information, expertise and business guidance to help new businesses meet growth milestones. Additionally, policies to attract angel investors and incentivize private-sector support are expected to boost start-up development.
The garment industry, a vital sector of the Sri Lankan economy, is facing competitive pressure due to tax disparities on local and imported goods. Chathuranga assured stakeholders that this issue is being addressed, alongside a comprehensive review of recent VAT increases on various industries. The government is working to assess the impact on each sector to identify areas where tax reductions are warranted while balancing revenue needs in line with IMF requirements, he said.
Highlighting the importance of exports, he asserted that value-added businesses are key to Sri Lanka’s future economic health. These businesses, he stated, are crucial to realizing the government’s vision of a “thriving nation” that provides a “beautiful life” for its citizens.
The Central Bank of Sri Lanka today (07) presented its flagship publication, the Annual Economic Review for 2024 (AER 2024), to President and Minister of Finance, Anura Kumara Disanayake, highlighting the steady progress of Sri Lanka’s economic recovery following the country’s most severe downturn in recent history.
The report was officially handed over by Dr. P. Nandalal Weerasinghe, Governor of the Central Bank, during a special ceremony held at the Presidential Secretariat.
AER 2024 comprises four main chapters: Macroeconomic Developments, Conditions of the Financial System, Review of Central Bank’s Policies and Macroeconomic Outlook.
According to the Review, the Sri Lankan economy showed significant signs of recovery in 2024, following the deep economic crisis experienced two years ago. The recovery trajectory, though challenging, has been notably faster than that of many other debt-distressed countries.
Improvements in economic activity, a partial resurgence in purchasing power and reduced uncertainty are among the key positive indicators noted in the report.
The event was attended by Dr. Nandika Sanath Kumanayake, Secretary to the President, K. M. Mahinda Siriwardena, Secretary to the Treasury, Mrs. K. M. A. N. Daulagala, Senior Deputy Governor, Dr. C. Amarasekara, Assistant Governor, Dr. (Mrs.) S. Jegajeevan, Director of Economic Research and Dr. L. R. C. Pathberiya and Additional Director of Economic Research at the Central Bank Dr. V. D. Wickramarachchi.
[PMD]
Business
IceWarp expands into Sri Lanka, fostering European innovation in collaboration with FentonsIT
IceWarp, a global leader in business communication solutions, has officially launched its cutting-edge platform in Sri Lanka, bringing European expertise in email and collaboration solutions to support the country’s evolving business landscape.
This expansion is driven by a strategic partnership with Fentons Information Technology (FIT), the Information Technology arm of Hayleys Fentons Limited.
The grand launch event held at The Kingsbury Colombo on 4th April, 2025, was graced by several distinguished guests, including Chief Guest Mohan Pandithage, Chairman and Chief Executive of Hayleys PLC.
The presence of Adam Paclt, Global CEO of IceWarp, and Pramod Sharda, CEO for India and the Middle East of IceWarp, along with their global team, highlighted the significance of this expansion. Industry experts, government officials, corporate leaders, and CIOs from the banking, financial services and insurance sectors were in attendance as well, reflecting strong local interest in IceWarp’s European expertise.
With this launch, Sri Lankan businesses now have access to an affordable, scalable and secure alternative to Microsoft 365 and Google Workspace. IceWarp’s advanced Collaboration Suite integrates a wide range of tools into a single, unified platform designed to streamline communication and boost productivity. Offering flexible hybrid deployment options and cost-efficient solution, IceWarp enables organisations to optimise their operations without compromising security or functionality.
Eventistry Sports, a trailblazer in innovative sporting events, has unveiled the Sri Lanka Padel League (SLPL), the nation’s first franchise-based padel tournament, set to debut in June 2025. This groundbreaking league promises to redefine Sri Lanka’s sports landscape by creating a dynamic national platform for athletes while fostering unity among fans, brands, and communities.
The SLPL will showcase six franchise teams, each embodying the spirit of iconic Sri Lankan locales: the Colombo Chargers, Yala Rangers, Hikkaduwa Riders, Ella Hawks, Arugambay Vipers, and Trinco Warriors. These teams will not only ignite regional pride but also unite the country through a shared passion for padel—a fast-paced racquet sport merging tennis and squash, played on enclosed courts.
“The SLPL is more than a league; it’s a movement,” declared Karin Wijeratne, Director of Eventistry Sports. “By blending franchise sports with Sri Lanka’s vibrant culture, we’re creating a platform where players gain national recognition, fans rally behind their hometown heroes, and brands engage with communities in meaningful ways.”
The league’s launch on June 21–23, 2025, at Colombo’s Padel House courts (CR&FC) will kick off with three days of high-octane matches, preceded by a star-studded player auction on May 16th at The Vault, Colombo City Centre. Local talent—both professional and intermediate—will be drafted by franchise owners, with international registrations now open to elevate the competition’s global appeal.
Please log in to: www.slpadelleague.com and social media: @SriLankaPadelLeague (Facebook & Instagram) for more information.
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