Investing in Sri Lanka during times of economic turmoil is not for the faint-hearted. However, a select group of visionary investors have repeatedly placed their trust in the country, drawn by their deep-rooted connection and belief in its potential, says senior director of several local companies Dinesh Weerakkody..

These individuals and corporations have remained steadfast in their commitments, despite political instability and financial crises. Their investments have played a pivotal role in stabilizing industries, generating employment, and reinforcing Sri Lanka’s position as an attractive investment destination, he added. .

Investors Who Made a Difference

Sri Lanka’s development has been significantly influenced by both large multinational corporations and individual investors willing to take calculated risks. These contributions, though sometimes overlooked, have been instrumental in boosting key sectors, including tourism, manufacturing, infrastructure, and technology.

One of the most notable investors is the Kuok family, whose Shangri-La hotel chain has elevated Sri Lanka’s luxury tourism industry. Their properties in Colombo and Hambantota have demonstrated long-term confidence in the country’s tourism sector, even with setbacks like the Easter Sunday attacks and the economic crisis, he highlighted.

Nepalese billionaire Binod Chaudhary, through CG Corp Global, has been another strong proponent of investment in Sri Lanka. His holdings in Jetwing Hotels and Union Bank, as well as collaborations with John Keells, underscore his belief in the country’s economic future. His interest in manufacturing and consumer goods further highlights his diverse investment strategy.

The late S.P. Tao was an early investor with remarkable foresight. He developed the iconic World Trade Centre in Colombo, committing $100 million—Sri Lanka’s largest foreign direct investment (FDI) in the 1980s. His family has continued this legacy through the Havelock City development, further contributing to the country’s real estate sector.

Strategic Infrastructure and Industrial Investments

Indian billionaire Gautam Adani has emerged as a major investor in Sri Lanka’s infrastructure. The Adani Group’s investment in the West Container Terminal at Colombo Port marks a significant step in the maritime industry. This move not only reflects Adani’s confidence in Sri Lanka’s strategic location but also encourages broader Indian private sector involvement in infrastructure projects.

Belgian entrepreneur Pierre Pringiers has also made an indelible mark. He founded Solideal-Loadstar, a tyre manufacturing company specializing in industrial and construction vehicle tyres. His perseverance and belief in Sri Lanka’s potential led to Loadstar becoming part of Michelin. Pringiers also ventured into yachting businesses, demonstrating his entrepreneurial versatility.

 Broader Contributions Across Sectors

 Beyond individual investors, various corporations and funds have played a vital role in Sri Lanka’s economic landscape. High-net-worth individuals such as Mark Mobius and funds like Norges, Aberdeen, Fairfax, and Templeton have actively invested in the Colombo Stock Exchange. Telecommunications giant Dialog Axiata PLC has revolutionized connectivity, while major firms like Hambantota International Port Group Ltd. and CHEC Port City Colombo Ltd. have shaped the country’s infrastructure.

 Additionally, international companies such as Ansell Lanka Ltd., Calzedonia Finanziaria, Prima Ceylon, and Continental have strengthened Sri Lanka’s export sector. Multinationals like GSK, Nestlé, HSBC, and Unilever have continued to support the country’s growth, ensuring resilience in multiple industries.

 The technology and BPO sectors have also seen significant contributions from companies like IFS, Virtusa, and WNS, further diversifying Sri Lanka’s economic prospects. In apparel, major players such as MAS, Brandix, and Hidramani have been instrumental in driving exports and creating employment opportunities.

For the first time in history, gold prices surged past $3,000 an ounce on Friday, driven by rising demand for safe-haven assets as investors reacted to concerns over President Donald Trump’s tariffs and global geopolitical tensions.

Gold prices peaked at a record $3,005 per ounce before settling slightly below the $3,000 mark.

Jason Hollands, Managing Director at Evelyn Partners, a UK-based wealth management firm, described gold as “the panic asset of choice”, attributing its sharp rise to “the extreme uncertainty facing the global trade system” due to Trump’s aggressive and unpredictable tariff policies and the resulting retaliatory measures from other nations.

The surge in gold prices underscores investors’ growing caution amid economic and geopolitical instability, reinforcing gold’s reputation as a reliable hedge in times of uncertainty.

President Anura Kumara Dissanayake held discussions with officials from the Ministry of Industry and Entrepreneurship Development today (14) at the Presidential Secretariat, focusing on strategies to enhance the efficiency and growth of the manufacturing sector and strengthen the national economy.

According to the President’s Media Division (PMD), the discussions covered government-led investments and regulatory support for small and medium-scale entrepreneurs (SMEs), as well as the establishment of local industrieswithin investment zones. Challenges related to business loans for SMEs were also addressed.

The President directed officials to expedite the release of lands allocated to the ministry that have yet to be made available. Discussions also covered import restrictions, prioritizing local suppliers in construction industry procurement, and resolving gem and jewelry sector challenges to maximize its contribution to the economy.

Additionally, the President instructed officials to implement tax exemptions for tourists as a measure to boost the gem and jewelry industry.

The meeting was attended by Minister of Industry and Entrepreneurship Development Sunil Handunnetti, Deputy Minister Chathuranga Abeysinghe, Secretary to the President Dr. Nandika Sanath Kumanayake, Secretary to the Ministry of Industry and Entrepreneurship Development Thilaka Jayasundara, and several other ministry officials.

The government is set to implement salary increases and increments for public servants starting in April, as proposed in the 2025 Budget. In light of the Sinhala and Hindu New Year, arrangements have been made to disburse the April monthly salaries on the 10th, ahead of the usual payment date.

Following the passage of the 2025 budget on March 21, the government will issue a circular outlining the increased salaries and incentives within a week. This initiative was first announced by President Anura Kumara Dissanayake, in his capacity as the Minister of Finance, Planning, and Economic Development, during the budget presentation to Parliament on February 17.

The Ministry of Public Administration is scheduled to release a detailed circular on March 28, specifying the procedure for disbursing the revised salaries and benefits to public sector employees.

The Japan International Cooperation Agency (JICA) and the Japan Fair Trade Commission (JFTC) have extended their support for policy reforms and institutional improvements in Sri Lanka to ensure the supply of high-quality goods and services while protecting both consumers and producers.

This was discussed during a meeting held today (12) at the Presidential Secretariat, where representatives from JICA and JFTC met with Secretary to the President, Dr. Nandika Sanath Kumanayake.

The representatives highlighted the importance of fair trade policies in fostering a competitive market, ensuring consumer protection, and supporting producers. They also underscored Japan’s economic progress, attributing it to competitive trade policies that promote consumer rights and encourage innovation.

Dr. Kumanayake noted that this year’s national budget has placed significant emphasis on policy adjustments to strengthen fair trade regulations and elevate Sri Lanka’s market competitiveness. He further briefed the Japanese representatives on the government’s planned reforms in this regard.

President Anura Kumara Dissanayake met with officials from the Ministry of Industry and Entrepreneurship Development today (March 14) at the Presidential Secretariat to discuss strategies for enhancing the manufacturing sector and strengthening the national economy.

The discussions focused on investment in small and medium-scale enterprises (SMEs), challenges in accessing business loans, and the need for regulatory reforms to support local industries. The President emphasized the importance of streamlining processes to encourage entrepreneurship and attract investment.

He also instructed officials to expedite land releases for industrial development, address import restrictions affecting local businesses, and implement tax exemptions to boost the gem and jewelry industry. The meeting underscored the government’s commitment to fostering entrepreneurship, investment, and industrial expansion as key drivers of economic growth.

Showers or thundershowers will occur at several places in Western, Sabaragamuwa, Central, North-western and Southern provinces during the evening or night.Showers or thundershowers may occur at a few places in North-central, Uva and Eastern provinces during the evening or night.

Fairly heavy showers above 50mm can be expected at some places in Western and Sabaragamuwa provinces and in Galle, Matara and Kurunegala districts.

Misty conditions can be expected at some places in Western, Sabaragamuwa, Central and Uva provinces and in Galle and Matara districts during the morning.

The general public is kindly requested to take adequate precautions to minimize damages caused by temporary localized strong winds and lightning during thundershowers.

India has provided urgently needed medicines to Sri Lanka in response to an urgent request from Colombo, the Indian High Commission announced on Thursday.

As part of this assistance, India donated 50,000 ampoules of Furosemide injection (20mg/2ml) to address shortages in Sri Lankan hospitals. The consignment was handed over by Indian High Commissioner Santosh Jha to Minister of Health and Mass Media Nalinda Jayatissa.

The Indian High Commission highlighted that India has consistently stood by Sri Lanka during crises, particularly in the health sector. Notably, during the COVID-19 pandemic, India supplied:

• Over 25 tonnes of medicines via a special aircraft in May 2020
• 500,000 doses of Covishield vaccine in January 2021
• 100,000 Rapid Antigen Test kits in February 2022

Following Sri Lanka’s economic crisis, India extended a USD 1 billion credit facility in March 2022 to support essential imports, including medicines. The facility was subsequently extended until March 2024 at the request of the Sri Lankan government.

Additionally, in April-May 2022, India supplied over 26 tonnes of medical supplies to hospitals, including:

• Peradeniya University Hospital
• Jaffna Teaching Hospital
• Hambantota General Hospital

India has also played a key role in Sri Lanka’s health sector development through various initiatives, including:

• The island-wide 1990 Suwa Seriya ambulance service
• Construction of a 150-bed multi-specialty hospital in Dickoya
• Establishment of a new surgical unit at Batticaloa Teaching Hospital
• Infrastructure development and equipment upgrades at hospitals in Jaffna, Kilinochchi, and Mullaitivu

India continues to be a reliable partner in Sri Lanka’s healthcare sector, reinforcing its commitment to strengthening bilateral ties and providing humanitarian assistance.