Dr. Binod Chaudhary’s investment journey in Sri Lanka is increasingly being viewed as a calculated long-term strategy aimed at capitalising on the island’s untapped regional potential. The Nepalese billionaire, founder of CG Corp Global and Nepal’s only Forbes-listed billionaire, has steadily expanded his interests in Sri Lanka across tourism, finance and now the emerging electric vehicle sector, positioning himself as one of the country’s most persistent foreign investors.

While many international investors retreated during Sri Lanka’s prolonged economic instability, Chaudhary continued expanding his presence, reinforcing his reputation as a businessman willing to enter volatile markets ahead of recovery cycles. His conglomerate now controls interests connected to hospitality, banking and mobility sectors, reflecting a broader vision that extends well beyond traditional tourism ventures.

The businessman recently reaffirmed his confidence in Sri Lanka while addressing a forum hosted by the Sri Lanka Institute of Directors. He praised the country’s resilience and entrepreneurial talent, describing Sri Lankan companies as among the strongest in South Asia. According to Chaudhary, the island possesses distinct advantages including trust, adaptability and professional expertise that make it attractive for long-term investment.

His remarks come at a critical period for Sri Lanka as the Government attempts to restore economic credibility following sovereign default, political upheaval and currency instability. Chaudhary’s continued optimism contrasts sharply with the caution still expressed by many global investors and lenders.

The billionaire first entered Sri Lanka during the civil war years through investments tied to the Taj Samudra hotel. He later deepened his involvement during the 2008 financial crisis, targeting tourism assets while the broader market remained uncertain. More recently, he expanded into Sri Lanka’s financial sector through investments associated with Union Bank during the country’s unprecedented economic collapse in 2022 and 2023.

However, analysts believe the most strategically important development may be CG Corp’s growing interest in electric vehicles and sustainable mobility. Reports surrounding partnerships and collaborations involving John Keells Holdings have intensified speculation that Sri Lanka could become part of a larger regional EV ecosystem supported by South Asian investors.

The electric vehicle sector remains relatively underdeveloped in Sri Lanka, but rising fuel costs, environmental concerns and policy discussions surrounding green transport are creating fresh opportunities. Industry observers suggest that partnerships involving Chaudhary-linked entities and major Sri Lankan corporates could pave the way for EV assembly operations, charging networks and import distribution channels in the coming years.

Such investments would also align with wider global trends as South Asian economies gradually shift toward renewable energy and low-emission transportation. For Sri Lanka, attracting investment into future-focused sectors could help diversify an economy traditionally dependent on tourism, apparel exports and remittances.

Chaudhary has also publicly called for faster economic reforms and stronger private sector engagement. He warned that governments across the region must become more flexible and responsive to rapidly changing geopolitical and commercial realities. Sri Lanka, he argued, must move beyond cautious optimism and aggressively pursue investment-driven growth.

Following meetings with President Anura Kumara Dissanayake, Chaudhary indicated there were discussions regarding potential expansion of existing businesses in Sri Lanka. Although no formal announcements have yet emerged, his comments suggest new projects may already be under consideration.

For many economists and business leaders, Chaudhary’s sustained commitment represents more than corporate expansion. It reflects a broader belief that Sri Lanka, despite repeated crises, still retains the capacity to reinvent itself as a competitive South Asian investment destination.

Former Western Provincial Councilor and SJB member Niroshan Padukka has alleged that insider information related to a recent vehicle import tax decision was leaked to select businessmen before the official gazette notification was issued.

Speaking to reporters opposite the Central Bank of Sri Lanka, Padukka claimed that an extraordinary gazette issued by President Anura Kumara Dissanayake on May 15 imposed a 50 percent surcharge on vehicle imports, while exempting vehicles for which Letters of Credit (LCs) had been opened on or before that date.

“The President writes the letter on the 15th and issues the extraordinary gazette. But the problem is, how did two prominent businessmen in this country know this beforehand?” he questioned.

According to Padukka, two businessmen had opened LCs on the same day to import a total of 4,000 brand-new vehicles under the previous tax rate structure.

He alleged that one businessman arranged imports for 3,500 vehicles, while another secured imports for 500 vehicles.

Padukka questioned how the businessmen had obtained prior knowledge of the tax revision, suggesting that confidential information regarding the gazette may have been leaked before its publication.

“According to my knowledge, more than Rs. 40 billion worth of LCs were opened last Friday. Because of this, the rupee was devalued. Is this not a scam? Is this not insider trading? Is this not a robbery bigger than the Treasury scam?” he claimed.

He further alleged that the sudden increase in vehicle import-related LCs contributed to the recent depreciation of the rupee, noting that the US dollar had reportedly risen from Rs. 323 on Friday (May 15) to Rs. 334 by Monday evening.

“When the dollar rises by 11 rupees, we become suspicious. When we checked, Letters of Credit had been opened for 4,000 vehicles,” he said, claiming that the state had lost more than Rs. 20 billion in potential tax revenue as a result.

Padukka stated that he had visited the Central Bank of Sri Lanka seeking details regarding the approval of the LCs and questioned why authorities had failed to monitor or prevent the transactions.

The Government has decided to formulate an Inbound Labour Migration Policy aimed at regulating foreign workers entering Sri Lanka for employment purposes, according to Cabinet decisions.

Cabinet noted that while Sri Lanka has traditionally focused on facilitating overseas employment opportunities for Sri Lankans, there is now increasing demand across several sectors to recruit foreign workers with skilled, semi-skilled, and specialist expertise.

At present, the regulation of foreign workers entering the country is managed through multiple administrative procedures handled by different institutions. Authorities stated that a more systematic and centralized approach is needed to effectively manage inbound labour migration.

The proposed policy is expected to establish a coordinated and transparent national framework governing the admission, employment, supervision, protection, and regulation of foreign workers entering Sri Lanka.

The framework is also expected to safeguard employment opportunities available to Sri Lankan workers.

Cabinet has approved a proposal submitted by the Minister of Labour to formulate the policy and appoint a Steering Committee chaired by the Secretary to the Ministry of Labour to prepare the draft framework.

A bilateral discussion aimed at accelerating Sri Lanka’s digital transformation was held in Singapore alongside the “Asia Tech 2026” conference, with participation from representatives of the Gates Foundation.

The Sri Lankan delegation was led by Deputy Minister of Digital Economy Eranga Weeraratne, with discussions focusing on strengthening cooperation in artificial intelligence (AI), digital governance, and data-driven development initiatives.

During the meeting, both sides discussed technical and advisory support for Sri Lanka’s national AI strategy and the proposed “AI for Public Good” programme.

It was agreed that Sri Lanka’s draft AI policy framework would be reviewed by the Gates Foundation, while further technical discussions would be initiated to strengthen the country’s digital government infrastructure.

The talks also focused on the next phase of the “Inclusive Digital Agriculture Transformation (IDAT 2)” project, with attention given to improving farmer productivity, expanding market access, increasing climate resilience, and introducing AI-based advisory services for the agriculture sector.

Cooperation with digital public goods initiatives, including AI Singapore and the EkStep Foundation, was also explored during the discussions.

In addition, the Chief Executive Officer of GovTech Sri Lanka was invited to participate in a knowledge-sharing visit to Bangalore to study international developments in digital identity systems.

Representatives of the Gates Foundation, including Hari Menon, also attended the discussions.

The National Steering Council of the “A Nation United” national programme aimed at eradicating the drug menace, together with the Cabinet-appointed committee on the prompt destruction of seized narcotic substances, convened today (May 19) at the Presidential Secretariat.

The meeting was held under the patronage of Minister of Public Security and Parliamentary Affairs Ananda Wijepala.

According to a statement issued by the President’s Media Division (PMD), primary attention was focused on proposed legal amendments required to facilitate the prompt destruction of seized narcotic drugs.

Discussions were also held on expediting the final stages of the relevant legal reform process.

The Cabinet-appointed committee’s proposed amendments and related legal framework were presented before the National Steering Council for consideration.

The meeting also extensively discussed the importance of ensuring the timely destruction of seized narcotics, along with proposals and observations made by members of the National Steering Council.

According to the PMD, the draft amendments are expected to be submitted to the Legal Draftsman’s Department and the Attorney General’s Department in due course.

Among those present at the meeting were Most Rev. Nishantha Fernando, Siva Sri Velu Suresh Sharma Kurukkal, Secretary to the President Dr. Nandika Sanath Kumanayake, Secretary to the Ministry of Public Administration, Provincial Councils and Local Government S. Aloka Bandara, Secretary to the Ministry of Justice and National Integration Ayesha Jinasena, Senior Additional Secretary to the President Roshan Gamage, senior ministry officials, Navy Commander Vice Admiral Kanchana Banagoda, Inspector General of Police Priyantha Weerasooriya, senior security forces officers, and representatives of the “A Nation United” National Steering Council.

Registration of dansals organised for the upcoming Vesak festival has been made mandatory, according to Director General of Health Services Dr. Asela Gunawardena.

He stated that organisers are required to register their dansals through the nearest health office, enabling health authorities to provide the necessary guidelines to ensure the safe preparation and distribution of food to the public.

Dr. Gunawardena further noted that the registration programme for Vesak dansals commenced on May 4.