Former Minister of Finance and Foreign Affairs Ravi Karunanayake, MP, has written to HSBC’s Group leadership appealing for the bank to reverse its decision to close HSBC Electronic Data Processing Lanka and move its operations out of Sri Lanka, warning that the closure would cost the country a vital avenue of opportunity for its young people.
Karunanayake, who as Minister of Trade and Commerce first proposed bringing the investment to Sri Lanka between 2001 and 2004, called for an urgent, time-bound dialogue before the migration becomes irreversible, and pledged to work with the Government and industry partners to help address concerns over costs, recruitment, training, infrastructure and policy. The full letter is attached below.