October 19, Colombo (LNW): Opposition Leader Sajith Premadasa has voiced concern over reports that HSBC may transfer its Global Service Centre operations in Sri Lanka to the Philippines, warning that such a move could have serious consequences for local employment and the country’s investment climate.
In a statement shared on X, Mr Premadasa questioned whether Sri Lanka was doing enough to attract foreign investors, arguing that the reported possibility of a major international operation leaving the country raised concerns about its ability to retain established businesses.
He stressed that the country should be working towards securing greater foreign direct investment (FDI) rather than facing the potential departure of companies that already contribute to the domestic economy.
The Opposition Leader said he had received reports suggesting that the proposed relocation could affect approximately 3,000 direct employees and a further 500 workers employed indirectly. The withdrawal was reportedly expected to be completed by December 2027.
Mr Premadasa expressed hope that the reports would prove unfounded, warning that the loss of an operation of this scale could represent a substantial blow to the national economy.
Beyond the immediate employment implications, a relocation could also affect businesses and service providers that depend on the centre’s operations. The potential departure has therefore raised broader questions about Sri Lanka’s competitiveness as a destination for international business services.
Global service centres play an important role in providing skilled employment and generating economic activity, particularly in areas such as financial services, technology and business support. Retaining such operations, while attracting new investors, is an important consideration for a country seeking to expand employment opportunities and strengthen its economic recovery.
However, the reported relocation remains a matter of concern raised by the Opposition Leader, and the claims should not be taken as confirmation that HSBC has made a final decision to move its Sri Lankan operations.
