By: Staff Writer

September 16, Colombo (LNW): Sri Lankan exporters are finding opportunities in the Maldives, particularly in sectors like tourism, agriculture, food processing, textiles, and construction materials, but face multiple challenges in fully capitalizing on this potential.

The Sri Lanka-Maldives Business Council highlighted these issues during its 16th annual meeting, emphasizing the constraints limiting exporters’ success in the Maldivian market.

Sudesh Mendis, President of the Sri Lanka-Maldives Business Council, pointed out that while Sri Lanka’s exports to the Maldives have slightly grown, they have not kept pace with the overall market growth. “Last year, our market share in the Maldives’ imports rose to 4.6%, but this is still far below the 7.02% share we held eight years ago,” Mendis said.

He noted that Sri Lanka’s need for foreign exchange was critical, yet rising inflation, high taxes, strict customs regulations, and fluctuating exchange rates have hindered competitiveness. He likened the current situation to “squeezing a patient’s neck and asking them to breathe,” stressing that local exporters need better conditions to compete.

A delegation from the Council visited seven key Maldivian ministries and other important entities such as Maldives Port Ltd., Economic Development Ministry, and the Chamber of Commerce. Mendis stated that their Maldivian counterparts warmly welcomed them and demonstrated enthusiasm for strengthening ties, referring to Sri Lanka as their “second home.”

However, he lamented the loss of opportunities to other nations, with only 1,800 Maldivians living in Sri Lanka now compared to 17,000 in 2018.Several issues were raised during discussions in the Maldives.

The high prices of Sri Lankan fruits and vegetables have reduced exports, with the Maldivian authorities urging Sri Lanka to consider establishing a cruise service with cargo facilities to reduce costs. The potential for joint tourism development was also highlighted, with Maldivian officials proposing collaborations on cruise services to enhance tourism and logistics.

Maldivian High Commissioner to Sri Lanka, Masood Imad, who delivered the keynote address, urged Sri Lankan businesses to focus on quality assurance, market research, and more efficient logistics to tap into the Maldivian market more effectively.

 He expressed confidence in the potential of the Maldives-Sri Lanka partnership and called for a more favorable business environment to foster mutual growth and prosperity.

Imad also encouraged Sri Lankan investors to explore partnerships with Maldivian counterparts in developing high-end resorts, boutique hotels, and sustainable tourism projects. He proposed joint marketing campaigns and integrated travel packages as ways to strengthen the appeal of both nations as tourist destinations.

 The Sri Lanka-Maldives Business Council is planning collaborative events in the coming year, including exhibitions and trade missions, with the aim of showcasing innovative Sri Lankan products and promoting stronger bilateral relation.

By: Staff Writer

September 16, Colombo (LNW): In an effort to enhance solar power generation, the Sri Lankan government is set to introduce innovative floating solar power projects, aimed at ensuring a sustainable future with private sector collaboration.

The Cabinet of Ministers has approved the implementation of these projects on key reservoirs managed by the Sri Lanka Mahaweli Authority.

The selected reservoirs include Randenigala, Moragahakanda, and Kalawewa, identified as ideal locations after feasibility studies by the authority. These initiatives are expected to significantly boost the country’s renewable energy capacity.

In parallel to the government’s initiatives, E.B. Creasy Solar, the renewable energy division of E.B. Creasy & Co. PLC, has formed a strategic partnership with SUNGROW, a global leader in solar technology. Officially launched on September 10, 2024, this partnership appoints E.B. Creasy Solar as the authorized sales and service partner for SUNGROW Solar Inverters in Sri Lanka.

This collaboration is poised to enhance solar energy solutions and improve customer satisfaction, with a focus on innovative and sustainable energy technologies.

SUNGROW Inverters are designed to maximize the efficiency of solar energy systems, featuring cutting-edge technologies that optimize energy capture.

 These inverters are particularly versatile, making them suitable for both large-scale commercial applications and smaller installations.

Engineered to endure harsh weather conditions, SUNGROW Inverters are built for long-term reliability and are equipped with an intuitive monitoring system, enabling users to track performance easily.

The combination of high efficiency, durability, and user-friendly design positions SUNGROW as a key player in advancing Sri Lanka’s clean energy agenda.

The launch event saw the participation of notable figures from the energy sector, including E.B. Creasy Solar’s leadership, such as Chairman S.D.R Arudpragasam, Managing Director Sanjeev Rajaratnam, and Chief Operating Officer Isuru Lekamge.

 Joining them was SUNGROW’s Director Howard Fu and key Sri Lankan energy industry representatives, including Ranjith Sepala, Chairman of the Sri Lanka Sustainable Energy Authority (SLSEA), and Prof. Asanka Rodrigo, an expert in electrical engineering from the University of Moratuwa.

Speaking at the event, Isuru Lekamge expressed his optimism about the collaboration, emphasizing E.B. Creasy Solar’s commitment to advancing renewable energy technologies in Sri Lanka. He highlighted that the partnership with SUNGROW would open new opportunities to promote sustainable energy initiatives, bringing the nation closer to a future powered by clean, renewable energy.

Together, E.B. Creasy Solar and SUNGROW aim to play a pivotal role in Sri Lanka’s transition to green energy. By combining years of expertise in renewable energy and cutting-edge technologies, both companies are committed to driving the shift towards a more sustainable, solar-powered future.

By: Staff Writer

September 16, Colombo (LNW): The Global Security Initiative encompasses comprehensive security, collaborating and common security and sustainable security, and at the same time respecting the UN system, said Jayanath Siri Kumara Colombage, diplomat and former commander of the  Sri Lankan Navy, at a high-end interview session at the forum.

“Therefore, I look at the Global Security Initiative launched by China, and it is a very positive way of bringing peace to the world,” added Colombage

The Global Security Initiative (GSI) that China proposed to pursue common peace was widely echoed and endorsed by strategists and scholars worldwide at the 11th Beijing Xiangshan Forum, which opened on Friday.

With the theme of “Promoting Peace for a Shared Future,” this year’s forum paid great attention to the GSI with a dedicated session to discuss it, and in the meantime, many attendees discussed it on various occasions.

China proposed the GSI in April 2022, giving clear answers to questions of the times, such as what security concept the world needs and how countries can achieve common security. The initiative vividly illustrates China’s vision of building a community with a shared future for humanity.

In the GSI concept paper published in 2023, China expounds the initiative’s core ideas and principles, reaffirming its commitments to abiding by the purposes and principles of the UN Charter, taking the legitimate security concerns of all countries seriously, and peacefully resolving differences and disputes between countries through dialogue and consultation, among other pledges.

Wang Fan, president of China Foreign Affairs University, introduced the background of the GSI at the forum, saying that in a transitional period of the international system after the Cold War era, many crises in the world are not managed or paid attention to by any country, which leads to the continuous emergence of security crises.

“The emergence of these problems makes us realize a very profound reality of the international community. The international community as a whole is peaceful, but we do not feel safe. Peace does not equal security, so we face a series of security challenges.

So, what should we do in the face of such complex challenges? What role should the major powers play?” said Wang, adding that that’s why China proposed the GSI.

Intizar Khadim, former director general of peace at the office of the National Security Council of Afghanistan, added  that throughout history, China has consistently played a constructive role, favoring non-intervention. He saw China’s peacekeeping missions in many regions, including Afghanistan, as highly effective and constructive.

September 16, Colombo (LNW): The International Monetary Fund (IMF) has commended Sri Lanka’s efforts in its economic recovery while cautioning that the nation remains in a fragile state.

In a recent press briefing on 12th September, Julie Kozack, Director of the IMF Communications Department, stressed the need for continued vigilance and reform, especially in light of the impending Presidential Election.

Kozack highlighted the importance of sustained reforms to ensure the country emerges fully from one of its most severe economic crises in recent history.

She emphasised that while the election outcome lies in the hands of the Sri Lankan people, maintaining the progress achieved under the IMF programme is vital.

“The country is not out of the woods yet,” Kozack stated, urging for the protection of the gains made so far.

Under the IMF’s Extended Fund Facility (EFF) programme, Sri Lanka has reached significant milestones. In June, the IMF Executive Board completed the 2024 Article IV Consultation and the second review of the EFF, leading to the release of approximately USD 336 million in financial support.

These developments have contributed to a gradual recovery in economic growth, a reduction in inflation, improved revenue collection, and a steady increase in international reserves.

Despite these positive signs, Kozack underscored that Sri Lanka remains susceptible to considerable economic risks, making it crucial to maintain reform momentum.

On the topic of debt restructuring, she noted key achievements, including the execution of domestic debt restructuring and agreements with the official creditor committee and the Export-Import Bank of China.

However, Kozack clarified that the IMF does not participate directly in negotiations between Sri Lanka and its creditors, instead offering an overall assessment of debt sustainability.

Kozack also mentioned that the continuation of the IMF programme hinges on the political landscape post-election. The timing of the programme’s third review will depend on the formation of the new government.

“Programme discussions will resume after the elections, once a new government is in place,” she remarked.