By: Staff Writer

March 29, Colombo (LNW): The Ministry of External Affairs of India has issued an official statement outlining Prime Minister Narendra Modi’s visit to Thailand and Sri Lanka next week.

Issuing a statement, India’ External Affairs Ministry said that at the invitation of the Prime Minister of Thailand Paetongtarn Shinawatra, Prime Minister Shri Narendra Modi will visit Bangkok, Thailand from 3 – 4 April 2025 to participate in the 6th BIMSTEC Summit to be held on 4 April 2025, hosted by Thailand, the current BIMSTEC Chair, and for an official visit.

This will be the Indian Prime Minister’s third visit to Thailand, the statement added.

Furthermore, the statement highlighted that this would be the first physical meeting of the BIMSTEC Leaders since the 4th BIMSTEC Summit in Kathmandu, Nepal in 2018. The last i.e. 5th BIMSTEC Summit was held at Colombo, Sri Lanka in March 2022 in virtual format. The 6th Summit’s theme is “BIMSTEC – Prosperous, Resilient and Open”.

The Leaders are expected to deliberate on ways and means to infuse greater momentum to BIMSTEC cooperation during the Summit, it added.

From Thailand, the Indian Prime Minister will travel to Sri Lanka on a State Visit from 4 – 6 April 2025, at the invitation of the President of Sri Lanka, Anura Kumara Dissanayake.

During the visit, the Indian Prime Minister will hold discussions with the President of Sri Lanka to review progress made on the areas of cooperation agreed upon in the Joint Vision for “Fostering Partnerships for a Shared Future,” adopted during the Sri Lankan President’s state visit to India, the statement said.

Modi will also have meetings with senior dignitaries and political leaders. As part of the visit, the Indian Prime Minister will also travel to Anuradhapura for inauguration of development projects implemented with Indian financial assistance.

The Indian Prime Minister last visited Sri Lanka in 2019. Earlier, the President of Sri Lanka paid a state visit to India as his first visit abroad after assuming office. India and Sri Lanka share civilizational bonds with strong cultural and historic links. This visit is part of regular high level engagements between the countries and will lend further momentum in deepening the multi-faceted partnership between India and Sri Lanka, the Indian External Affairs Ministry said.

Prime Minister Modi’s visit to Thailand and Sri Lanka, and his participation in the 6th BIMSTEC Summit will reaffirm India’s commitment to its ‘Neighbourhood First’ policy, ‘Act East’ policy, ‘MAHASAGAR’ (Mutual and Holistic Advancement for Security and Growth Across Regions) vision, and vision of the Indo-Pacific, the statement added.

Colombo, March 28, 2025: Visa (NYSE: V), the global leader in digital payments reiterated its support to women entrepreneurs across Sri Lanka as a part of its International Women’s Month celebrations across the world, by stating a firm commitment towards financial inclusion and digitization of women-led businesses, and hosted women from different walks of life in a specially curated event at Colombo.

Avanthi Colombage, Country Manager for Visa in Sri Lanka and Maldives stated, “At Visa, we believe in being the best way to pay and be paid by uplifting everyone, everywhere. This year, we celebrated International Women’s Month to support the very capable businesswomen in our country, with an event titled ‘Overcoming Barriers to Growth’ along with Square Hub, an incubator and business accelerator.” 

The event by Visa brought together 35 upcoming women entrepreneurs across various sectors, including fashion, e-commerce, fintech, technology, manufacturing, and agriculture. While prominent industry experts shared views, learnings and experiences from their own journeys, the event also facilitated open discussions and networking among entrepreneurs, on how they can build and sustain thriving businesses.

Avanthi elaborates that Visa has built a firm foundation in supporting female entrepreneurship and the empowerment of women in Sri Lanka and understands the challenges women-owned businesses face when seeking capital, access, networks and guidance and continues to actively uplift women in Sri Lanka. Globally and in Sri Lanka, Visa believes that the participation of women is key to the growth of an economy. Avanthi adds, “Two years ago, when we celebrated 35 years of Visa in Sri Lanka, we announced a grant for The Asia Foundation to assist women-led small and medium businesses (SMBs) throughout the country. This initiative offered vital seed funding, skills training, and financial inclusion opportunities for women entrepreneurs, helping remove some major barriers to their success,” she recalled.

Under the grants program, 35 women entrepreneurs were awarded capital grants to establish viable, innovative business ventures and overcome the challenges typically experienced by startups, especially led by women. The program also included financial literacy training modules which were accessible to these women business owners in English, Sinhala and Tamil. Furthermore, Visa together with The Asia Foundation helped 30 women entrepreneurs showcase their businesses at the 2024 International Industry Expo, facilitating connections with local and international stakeholders. Furthermore, Visa together with The Asia Foundation helped 30 women entrepreneurs showcase their businesses at the 2024 International Industry Expo, facilitating connections with local and international stakeholders.

Visa has taken the lead in fostering financial inclusion and digital literacy for women entrepreneurs in Sri Lanka. It has provided various Digital Skills Development training modules customised in English, Sinhala, and Tamil, for women business owners to elevate their business, digital and financial literacy skills, Avanthi points out. 

With a diverse portfolio of services aimed at empowering women entrepreneurs, Visa has also introduced several payment solutions designed to cater to women’s needs in Sri Lanka, like:

• Tailored Credit Solutions: Visa has partnered with leading financial institutions to introduce credit cards specifically designed for women-led businesses, offering tailored benefits such as waived annual fees, business expansion loans, and flexible repayment options.

• E-commerce and Digital Payment Support: Partnering with a leading Sri Lankan payment gateway partner, Visa helped SMBs, including women-led enterprises, transition to an online sales model with affordable, subscription-based digital payments and multi-currency support.

• Affordable Card Payment Solutions for SMEs: Through its partnerships, Visa also enabled thousands of women entrepreneurs—ranging from home bakers to salon owners—to accept digital payments via smartphones, an asset-light model that eliminates the need for POS terminals for small businesses.

These initiatives have helped over 50,000 small businesses in Sri Lanka embrace digital payments, boosting their revenue and business sustainability.

Visa remains committed to breaking down barriers and equipping women entrepreneurs with the tools and opportunities they need to thrive and succeed. By fostering financial inclusion and driving digital transformation, Visa continues to be a key enabler of women-led businesses in Sri Lanka.

By: Staff Writer

March 29, Colombo (LNW): Sri Lanka has taken a significant step toward fostering gender-inclusive trade policies with the launch of the SheTrades Sri Lanka Hub. Hosted by the Sri Lanka Export Development Board (EDB) in partnership with ITC SheTrades, this initiative aims to support women entrepreneurs by enhancing policy frameworks and providing better access to economic opportunities.

As the official host institution, the EDB utilizes the SheTrades Outlook (STO) tool to assess the policy environment and its impact on women-led enterprises. This data-driven tool helps governments identify gender gaps in trade policies and implement necessary reforms to ensure women entrepreneurs receive the support they need to succeed.

Since 2019, STO has collaborated with Sri Lanka to track and improve gender-responsive trade policies. On March 21, EDB and STO hosted a workshop to present the latest insights on the country’s progress in this area.

Key advancements highlighted during the workshop include:

National Policy on Gender Equality and Women’s Empowerment: This policy prioritizes economic empowerment through employment and entrepreneurship.

Standard Definitions for Women-Owned Businesses: The introduction of standardized definitions facilitates the collection of accurate gender-sensitive data.

National Financial Inclusion Strategy: Launched by the Central Bank of Sri Lanka in March 2021, this initiative improves women’s access to formal financial services.

Financial Literacy Roadmap 2024-2028: A program designed to enhance financial knowledge among women, ensuring greater economic participation.

These policy developments represent significant strides in closing gender gaps in Sri Lanka’s economic sector. During the workshop, held at the Galle Face Hotel in Colombo, stakeholders from various institutions engaged in discussions to validate findings and identify further opportunities for women entrepreneurs.

Mangala Wijesinghe, Chairman and CEO of the Export Development Board, emphasized the importance of these insights: “Through SheTrades Outlook data and discussions with 20+ national stakeholders, we have identified key policy areas for improvement. We remain committed to addressing these gaps through targeted export-oriented programs, ensuring a more inclusive environment for women in international trade.”

EDB is also working to integrate gender mainstreaming into the National Export Development Plan (NEDP), reinforcing its commitment to inclusive economic growth. By collaborating with ITC SheTrades and other stakeholders, Sri Lanka aims to prioritize gender equality within its trade policies and create a more conducive environment for women entrepreneurs.

Pamela Coke-Hamilton, Executive Director of the International Trade Centre, reiterated this commitment: “Sri Lanka has made significant progress in building a more inclusive business environment for women. Since the launch of ITC SheTrades Outlook in 2019, financial literacy and gender equality policies have expanded. We look forward to continuing our partnership to unlock further opportunities for women.”

 The SheTrades Sri Lanka Hub marks a transformative moment in the country’s efforts to empower women in trade, ensuring their equal participation in the nation’s economic growth.

By: Staff Writer

March 29, Colombo (LNW): The International Monetary Fund (IMF) has introduced a crucial structural benchmark in its Third Review Agreement to address weaknesses in Sri Lanka’s asset declaration system under the Anti-Corruption Act of 2023.

This measure aims to enhance transparency and accountability by ensuring broader public access to asset declarations, a reform long championed by Transparency International Sri Lanka (TISL).

By closing existing loopholes and enforcing stricter disclosure requirements, the benchmark seeks to fortify anti-corruption efforts and promote good governance.

TISL has welcomed this initiative, emphasizing that it marks a significant advancement in the push for public access to asset declarations.

 According to the organization, the benchmark mandates the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) to reduce excessive redactions, disclose bank balances and asset values, enhance accessibility, publish the names of non-compliant individuals, incorporate Beneficial Ownership details in declaration forms, and implement a robust Asset Recovery Law in alignment with the United Nations Convention against Corruption (UNCAC).

While these steps represent progress, they also underscore a recurring issue—government agencies often focus on procedural formalities rather than substantive reforms.

Sri Lanka’s economic collapse was fueled in part by weak governance and widespread corruption, yet genuine accountability remains elusive due to ineffective implementation of governance-related commitments. Without structured oversight and active public engagement, critical transparency and anti-corruption initiatives risk being delayed, diluted, or rendered ineffective.

TISL has urged the government to adopt a structured and transparent framework for civil society participation in governance reforms, particularly in IMF-led programs. Instead of ad-hoc consultations, a well-defined mechanism should be established to ensure that reforms are not only formulated but also executed and monitored with public and civil society input. Such an approach would help address real-world governance challenges and reinforce public confidence in the reform process.

Furthermore, TISL calls on international financial institutions to institutionalize civil society participation in governance reforms. Governance commitments should be subjected to the same rigorous scrutiny as macroeconomic targets to ensure meaningful progress rather than mere procedural compliance.

Upcoming reforms concerning proceeds of crime, public procurement, and beneficial ownership transparency must be executed in a way that guarantees tangible results. Sri Lanka’s economic recovery will not solely depend on financial restructuring but also on its unwavering commitment to accountability, transparency, and the rule of law. Ensuring the effective implementation of these reforms will be crucial in rebuilding public trust and laying the foundation for sustainable governance.