Business

A pre-budget discussion on the automobile and electronic equipment industries was held yesterday (16) at the Presidential Secretariat, chaired by Minister of Labour and Deputy Minister of Economic Development Dr. Anil Jayantha Perananthu.

Importers of automobiles and electronic goods pledged full support for the government’s economic development programs led by President Anura Kumara Dissanayake. Vehicle importers also submitted several proposals for the upcoming budget, noting that recent policy decisions had broadened the sector.

Electronic goods importers raised concerns over unregulated imports by organized groups, which undermine quality standards, distort the market, and deprive the government of significant tax revenue. They urged prompt government intervention.

Minister Dr. Perananthu assured that all constructive proposals will be considered in preparing the budget and emphasized the government’s commitment to ensuring quality imports, even by introducing new regulations if necessary. He also stressed that strict legal action will be taken against groups evading taxes through illegal imports.

The meeting was attended by senior officials, including Presidential Senior Additional Secretary Kapila Janaka Bandara, Export Development Board Chairman Mangala Wijesinghe, Finance Ministry officials, and representatives from the automobile and electronics import industries.

As the country experiences an increasing need for oxygen to treat COVID-19 affected patients, the health authorities have conveyed to the Presidential Task Force that a greater need is likely to occur for oxygen.

The companies supplying oxygen to the market at present are able to meet the current daily requirements for 90 metric tonnes. However, in order to ensure no shortages, Litro Gas Lanka Ltd has been instructed by President Gotabaya Rajapaksa and Basil Rajapaksa, Head of the Presidential Task Force to set up an oxygen plant and provide a seamless supply of oxygen to meet the need.

Accordingly, a 25 acre land has been sourced from the Sri Lanka Land Development Corporation and the agreement for the purchase of the land signed on June 2, 2021 between the officials of Litro Gas Lanka and Sri Lanka Land Development Corporation, Litro Gas Lanka was represented by Chairman and CEO Anil Koswatte and other officials while Chairman of the Sri Lanka Land Development Corporation Major General M R W Soysa and the G.M Srimathi Senadheera represented the Corporation.

Litro Gas Lanka has already made a deposit of Rs 500 million in keeping with the state evaluation of land value, as an advance payment towards the purchase of the land – the Company plans to set up a state of the art industrial complex to manufacture oxygen.

As stipulated by the Board of Directors of Litro Gas Lanka Ltd, a modern oxygen manufacturing plant and a distribution network would be set up on the 25 acre land in Kerawalapitiya, announced Litro Gas Lanka sources.

LitroGas Lanka as Sri Lanka’s national LPG provider plans to undertake this nationally critical venture under the aegis of the Presidential Task Force and will contribute towards providing the much needed support for the country’s COVID-19 affected hospital network.

The Company plays a pivotal role in the country’s energy sector with a 75% market share and a network of 42 distributors, over 14,000 points-of-sale, 1,500 home delivery hubs and a seamless supply of LPG throughout Sri Lanka. The Company maintains a strong market presence with their Litro Gas Home Delivery Mobile App and a dedicated 1311 customer care hotline. *Cover Photo: Litro Gas Lanka Chairman and CEO Anil Koswatte exchanges the MOU with Sri Lanka Land Development Corporation officials.

Global investment flows are shifting, and emerging markets are under pressure to prove their competitiveness. For Sri Lanka, securing stronger investor confidence and translating reforms into tangible opportunities will be decisive in the years ahead. On Day Two (December 3rd) of the Sri Lanka Economic & Investment Summit 2025, the session “Where Sri Lanka Stands and What Comes Next?” will deliver a frank assessment of the investment climate and the road forward.

This high-level discussion will bring together key leaders from investment promotion, capital markets, exports, and private equity to examine the country’s investment trajectory. The session will explore how Sri Lanka can accelerate much-needed reforms, mitigate risks, and unlock new opportunities to position itself as a credible and attractive destination for both local and international investors.

The panel will feature Mr. Arjuna Herath - Chairman, Board of Investment of Sri Lanka, Mr. Dimuthu Abeyesekera - Chairman, Colombo Stock Exchange, Mr. Mangala Wijesinghe - Chairman & Chief Executive, Sri Lanka Export Development Board, and Mr. K.A. Vimalenthirarajah, - Secretary, Ministry of Trade, Commerce and Food Security. Mr. Supun Weerasinghe, Group CEO, Dialog Axiata PLCand Board Member of the Ceylon Chamberwill moderate the session.

SLEIS 2025 is supported by: Platinum sponsors - Nestle, Standard Chartered Bank, Unilever, Bronze sponsor - South Asia Gateway Terminals, Session sponsor - Sunshine Holdings, Television Partner - Dialog Television, Telecommunications Partner - Dialog, Hospitality Partner - Shangri-La Hotel, Colombo, Strategic Partners - Ministry of Foreign Affairs, Department of Commerce, Ministry of Trade, Commerce, Food Security and Co-operative Development, Board of Investment, Export Development Board, Sri Lanka Convention Bureau, Strategic Development Partner - Asian Development Bank, Knowledge Partner - World Bank, and Official Airline - SriLankan Airlines.

The Sri Lanka Economic and Investment Summit will be held on December 2nd and 3rd at the Shangri-La Hotel Colombo. Early registration is encouraged to secure your place – register now at https://sleis.chamber.lk/. For more information, contact Alikie – 0115588805 / This email address is being protected from spambots. You need JavaScript enabled to view it. or Lilakshi – 0115588818 / This email address is being protected from spambots. You need JavaScript enabled to view it..

(bizenglish.adaderana.lk)

Asia Asset Finance PLC (AAFP) has gained a stable outlook with resilience overcoming growth headwinds in Covid-19 environment, leading Credit Rating Agency ICRA Lanka Limited affirmed.

In a strategic move to attract the growing Polish tourism market, the Sri Lanka Tourism Promotion Bureau (SLTPB) has partnered with The Barn House Sri Lanka to introduce "Whispers of Ceylon," a novel wedding and engagement offering.

This initiative, launched on 24th of August 2025, with a Polish couple, aims to position Sri Lanka as a premier destination for high-end European weddings by blending indigenous customs with luxury, eco-conscious hospitality.

The Polish market has been identified as an emerging and promising segment for Sri Lanka's tourism sector.

There has been a notable increase in Polish tourists visiting the island for leisure over the past few years.

This upward trend is evident in the arrival statistics, which place Poland among the top 15 countries for tourist arrivals to Sri Lanka.

Significant Growth in Polish Tourist Arrivals

Tourist arrivals from Poland have shown a remarkable increase, underscoring the success of Sri Lanka's promotional efforts in this key market. The growth has been particularly significant in recent years.

As of 27th of August, 2025, a total of 32,442 Polish tourists have visited Sri Lanka, marking a significant step towards the year-end target of 50,000 arrivals.

SLTPB's Promotional Push in Poland

To further cultivate this growing market, the SLTPB has implemented a series of targeted promotional activities throughout since 2021.

These initiatives include:

•Celebrity and Influencer Collaborations: Partnering with prominent Polish personalities such as Ms. Doda Queen and Mr. & Ms. Pazura, as well as social media influencers. •Media Partnerships: Collaborating with the photography and film entity "projektfotografia.pl and projektfilm.pl," featuring on the popular travel program Eska TV, and securing placements in high-end publications like Vogue Magazine. •Event Sponsorship: Partnering with the "Pik Nik Nad Odra" and “TT Warsaw travel fair” events to enhance Sri Lanka's visibility in Poland.

These promotions are designed to appeal to the modern Polish traveler, particularly those in the middle to upper-income bracket who seek meaningful, nature-based, and culturally immersive experiences.

"Whispers of Ceylon": A Unique Cultural Experience

The "Whispers of Ceylon" offering was a direct response to this demand, providing a unique wedding experience that revives the traditions of Sri Lanka’s indigenous Wadda community.

Set against the lush backdrop of Sherwood by The Barn, the ceremony immerses couples in sacred rituals and time-honored customs, creating a culturally meaningful and environmentally conscious celebration.

The Barn House Sri Lanka and its sister venue, Sherwood by The Barn, are recognised for their commitment to sustainable hospitality, featuring eco-friendly designs and upcycled architecture.

This new initiative not only offers a one-of-a-kind wedding journey—from traditional attire and blessings to native performances—but also aims to preserve and share the island's rich cultural heritage with a global audience.

By developing this product, The Barn House is helping to cement Sri Lanka's reputation as a top-tier destination for unique European weddings and engagements. This initiative also highlights the potential of wedding tourism as a significant niche market for the country.

(lankaleader.lk)

Sri Lanka Telecom PLC (SLT) Group released its financial results for the first quarter of 2021, with a remarkable 14.3% year-on-year growth in Profit After Tax (PAT) to Rs. 2.1 Bn.

The Cabinet has approved the closure of 33 state-owned enterprises that have become inactive due to misalignment with their original objectives, lack of market relevance, and poor financial performance.

These enterprises, including government departments, statutory bodies, and state-owned companies, were identified as draining public resources without contributing meaningfully to the national economy or public services.

Following the President’s proposal as Minister of Finance, the Cabinet has greenlit the orderly two-phase shutdown of 33 inactive state-owned enterprises, supervised by a newly established special divestment unit within the ministry.

After a successful start in the South East region in 2019, the Krannich team operating from Singapore has accepted a new challenge: become the preferred solar distributor of PV installers in Sri Lanka.

Sri Lanka recorded US$ 573 million in workers’ remittances in January 2025, reflecting a 17.5% year-on-year growth compared to January 2024, when US$ 487.6 million was received, according to the weekly economic report released by the Central Bank of Sri Lanka (CBSL).

This follows a strong performance in December 2024, which saw US$ 613.8 million in foreign remittances.

HSBC announced the rollout of sustainable payment cards made from 85% recycled plastic in Sri Lanka. The new cards, with a vertical design, will be initially issued to HSBC’s Premier customers in April and subsequently to all other credit/debit card customers, later this year.

The artificial beach built within the Colombo Port City limits is now open for the general public.

Locals as well as foreign tourists will have the opportunity to visit the 3.5 km beach free of charge.

Earlier, the walkway built in the Port City was opened to the public.

This artificial beach provides water sports facilities and also has a food court with local and foreign foods.

The Finance Houses Association of Sri Lanka (FHA), the apex body of all registered finance companies, has announced the introduction of its revised Self-Regulation Code which has been voluntarily practiced by members with a view to maintain the highest standards on strategic and business operations in Sri Lanka’s Non-Banking Financial and Leasing Institutions (NBFI) sector.