Governor of the Central Bank of Sri Lanka (CBSL), Dr. Nandalal Weerasinghe, emphasized the need for a cost-effective and sustainable construction sector in Sri Lanka, outlining the challenges and opportunities facing the industry.

Speaking at ‘Construction Expo 2025,’ Dr. Weerasinghe highlighted the importance of aligning with global trends by incorporating energy-efficient solutions and environmentally friendly building practices. He clarified that his views were personal observations rather than official CBSL policy and stressed that sustainability should apply to both new developments and existing structures.

He acknowledged that the construction sector has been significantly impacted by economic difficulties in recent years. Factors such as reduced public investment, high material costs, and dependence on government-funded projects have strained the industry. Additionally, fiscal constraints limited infrastructure spending, delaying contractor payments. However, he assured that outstanding arrears had now been cleared, helping stabilize the sector.

Material costs surged due to foreign exchange shortages, leading to higher prices for construction materials. Currency depreciation, high interest rates, and increasing financing costs further exacerbated these challenges. Dr. Weerasinghe noted that the construction industry had been among the hardest hit by these economic pressures.

On a positive note, he pointed out that the 2025 national budget allocates Rs. 1.3 trillion for public investment, with a significant portion directed toward construction projects. This allocation includes resumed projects previously suspended due to financial constraints. Additionally, foreign-funded projects are expected to restart, which should provide further economic stimulus.

Despite these positive developments, Dr. Weerasinghe cautioned against excessive reliance on government funding. He urged the industry to diversify by exploring private-sector partnerships and export opportunities, as no economy can sustain a construction sector solely dependent on public investment.

Another challenge he addressed was the high cost of construction in Sri Lanka, which remains elevated compared to similar economies in the region. He stressed the need for greater efficiency in resource utilization and suggested that industry stakeholders focus on maximizing output per rupee spent.

A major issue affecting the industry is the shortage of skilled labor. Dr. Weerasinghe emphasized the need for government-led training programs to enhance the skills of workers and promote technological advancements. He noted that Sri Lanka’s construction sector employs a disproportionately large workforce compared to global standards, and adopting modern technologies could improve productivity while reducing labor dependency.

 He also pointed out that low wages deter young people from joining the industry. By equipping workers with better skills and integrating advanced technologies, the sector could offer more attractive salaries, encouraging greater participation from the workforce.Dr. Weerasinghe concluded by advocating for long-term policy reforms to make Sri Lanka’s construction sector more competitive, sustainable, and cost-efficient. He emphasized that a well-functioning industry benefits all stakeholders, from low-income households to large-scale industrial projects, reinforcing the importance of modernization and strategic planning for future growth

Sri Lanka has conducted its first-ever animal census, excluding elephants, officials said on Friday.adding that  people across the island will count Toque monkeys, purple-faced langurs, giant squirrels, and peacocks between 8 and 8:05 a.m. (local time) on Saturday. The aim is to assess the impact of human wildlife conflict on annual crop damage. “We hope everyone will participate and extend support to this valuable exercise,” GVV Shamini, Additional Director for Development from the Department of Agriculture, told reporters.

She said around 40,000 state officials covering the over 14,200 administrative units nationwide will be deployed for the census. “The data will be important for assessing crop losses and action needed to minimise the impact on animals,” said J. ushpakumara, Director of the Ministry of Agriculture.

The animal census is not being conducted with the aim of obtaining 100% accurate data but rather as a survey to estimate the number of monkeys, giant squirrels and peacocks living in these areas, Agriculture Deputy Minister Namal Karunaratne said.

Addressing a television programme, he said that the data obtained from the census is expected to be used to enhance agricultural productivity.

“Sometimes, we may need to conduct another round of this survey, which will require more time. While we can gather some useful insights, we cannot claim that the data will be 100% accurate. There must be relevant data for analysis, which would then allow us to conduct a study on the country’s wildlife,” he said.

As part of the census, forms are being distributed to every household, and everyone, including children, is encouraged to participate. This initiative aims to engage the public, as no similar activity has been conducted before. This time, the animal census will be conducted in the form of a survey.

“The survey will focus solely on monkeys, giant squirrels and peacocks within a specific time frame in designated areas. It will not include other wild animals found in forests or agricultural zones. If we were to add porcupines and wild boars to the list, it would be impractical, as these animals are nocturnal and roam at night,” the Minister explained.

The census is scheduled to take place nationwide on March 15, from 8:00 to 8:05 a.m.

This survey aims to provide a rough estimate of the number of wild animals coexisting with humans in areas within five minutes such as farmlands, estates, home gardens, religious sites, and schools, excluding forests and dense vegetation.

Once the data is collected, it will help identify the regions with the highest populations of the specified animals. Additionally, this information could be incorporated into school curriculum materials, benefiting students from Grade Five to university level.

“We do not have the means to use advanced technical methods for this census, as it would be costly. Instead, we are conducting a participatory survey,” he said.

 “Sometimes, survey papers may be given to those who are not interested, but we cannot refuse to distribute them. Everyone should have access to the survey,” Minister Karunaratne added.

Therefore, Minister Karunaratne urged the public not to view this initiative through a political perspective, emphasizing that everyone must contribute to the development of agriculture in the country.

A strategic initiative by the German Import Promotion Desk (IPD) is playing a pivotal role in enhancing the export potential of 20 women-led agribusinesses in Sri Lanka. This comprehensive program is equipping female entrepreneurs with critical skills, technical knowledge, and international market exposure, helping them integrate successfully into the global trade ecosystem.

In collaboration with the Sri Lanka Export Development Board (EDB), IPD Germany has launched the second phase of the EDB-IPD Women-Led Exports Capacity Building Programme. This initiative is designed to provide targeted training, continuous mentorship, and structured guidance to help these businesses navigate the complexities of international trade and sustain long-term success in global markets.

Angie Martinez from IPD Germany emphasized the importance of fostering strong trade connections while simultaneously investing in capacity development. “Establishing trade linkages with international buyers is essential, but true success comes from sustained growth and resilience in global trade. This program ensures that women entrepreneurs are not just entering the export market but are fully equipped to thrive in it,” she stated.

The initiative, which commenced in December 2023, has already made significant strides in strengthening the capabilities of women entrepreneurs in Sri Lanka’s agri-food sector. The program focuses on enabling businesses to meet stringent international quality standards, ensuring compliance with global trade regulations, and facilitating connections with European markets. By providing hands-on training and real-world exposure, the initiative empowers women-led businesses to compete effectively on a global scale.

German Ambassador Felix Neumann reaffirmed Germany’s commitment to fostering women’s economic empowerment and supporting sustainable trade partnerships. He highlighted that structured export assistance, sustained mentorship, and increased market access are vital to enabling women-led enterprises to not only establish themselves in international markets but also to grow and expand their operations over time.

EDB Chairman and CEO Mangala Wijesinghe underscored the importance of this program in achieving Sri Lanka’s broader export growth objectives. He outlined ambitious export targets for the next five years and encouraged participants to take full advantage of the opportunities presented. He reiterated the EDB’s commitment to long-term business development, ensuring continuous support through networking with international buyers, providing strategic market insights, and offering hands-on guidance to help these businesses scale globally.

By nurturing women entrepreneurs and equipping them with the necessary tools for success, this initiative contributes not only to the growth of individual businesses but also to the broader economic development of Sri Lanka. With a strong focus on capacity building, international networking, and sustainability, the program is paving the way for women-led enterprises to emerge as key players in the global agricultural trade landscape

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.