September 19, Colombo (LNW): Several surveys have been floating around. The methodology can be challenged. The potential winner of the next Presidential election in Sri Lanka would depend on several factors, including the performance of the current administration, the state of the economy, and how effectively opposition parties present alternative solutions. Key considerations include:
1. Economic Performance: Given Sri Lanka’s severe economic crisis, a candidate who offers a clear plan for sustainable economic recovery, debt restructuring, and growth strategies will have an advantage. Voters will likely prioritize economic stability and job creation.
2. Public Sentiment on Governance: The performance of the current government under President Ranil Wickremesinghe, particularly in terms of addressing inflation, stabilizing foreign exchange reserves, and securing foreign investment, will significantly influence voter preferences. If the government can show tangible improvements in these areas, Wickremesinghe or a candidate from his camp could maintain an edge.
3. Youth and Urban Voters; Many young voters were pivotal in the recent political shifts, especially during the protests that led to former President Gotabaya Rajapaksa’s resignation. Candidates who can appeal to this demographic, with promises of modern governance, transparency, and anti-corruption measures, may win critical support.
4. Role of Regional Politics; Tamil and Muslim minority communities will also be influential in determining the outcome. A candidate able to foster inclusivity and address long-standing issues of minority rights and development may strengthen their chances.
If the current administration under Wickremesinghe has effectively demonstrated a robust recovery path, they may retain an advantage, but public sentiment around economic hardship, governance issues, and regional disparities will play decisive roles in shaping the outcome. Sri Lankans however needs to vote wisely.
September 19, Colombo (LNW): Inovartic Investment Lanka Pvt Limited, a collaboration between Sri Lanka’s Apex Asia Holdings and UAE’s Inovartic Investment LLC, has launched a project to advance graphene manufacturing and graphene-based products in Sri Lanka and Abu Dhabi.
This joint venture, established with the backing of Abu Dhabi University (ADU), aims to drive innovation in key technology sectors. Partnering with the Sri Lanka Institute of Nanotechnology (SLINTEC), the initiative will leverage the expertise of both Inovartic Investment Lanka and ADU to promote graphene technology development in both regions.
Daham Arangalla, Founder and Director of Inovartic Investment Lanka Pvt Ltd and Regional Partner of Inovartic Investment LLC, emphasized the importance of this venture, stating that the consortium would create an ecosystem to promote technological advancements, enhance global synergies, and elevate Sri Lanka’s economic status.
Arangalla also highlighted the consortium’s role in fostering advancements in research, training, and knowledge-sharing, positioning Sri Lanka at the forefront of regional technological innovation.
Saif Aldarmaki, Chairman and Co-Founder of Inovartic Investment Lanka Pvt Ltd, described the joint venture as a key player in the future of advanced material manufacturing, creating new opportunities for innovation and economic growth for both Sri Lanka and Abu Dhabi.
The partnership aligns with Abu Dhabi’s vision to become a global hub for cutting-edge industries, focusing on the development of graphene, a vital material for sectors like electronics, healthcare, semiconductors, biotechnology, transportation, and environmental conservation.
Shawn Gajasinghe, Chairman of Apex Asia Pvt Ltd and Co-Founder of Inovartic Investment Lanka Pvt Ltd, also expressed confidence in the consortium’s ability to make significant strides in research and technological innovation.
In support of sustainable development, the venture has secured local vein graphite in Sri Lanka and plans to set up pre-processing facilities to produce graphene for export. This effort not only enhances local resources but also demonstrates the joint venture’s commitment to economic growth and technological progress.
Inovartic Investment Lanka is supported by the Abu Dhabi Department of Economic Development and the Abu Dhabi Investment Office (ADIO), both of which are instrumental in advancing research and development in graphene technology across the UAE and Sri Lanka.
September 19, Colombo (LNW): Despite a bilateral trade agreement between Pakistan and Sri Lanka signed nearly two decades ago, the two countries have yet to operationalize a dispute resolution body, leaving trade issues unresolved. This delay has raised concerns that Pakistan’s exports to Sri Lanka may suffer due to unresolved commercial disputes, the Express Trinune reported.
Pakistan’s Ministry of Commerce recently updated the Senate Standing Committee on Commerce, stating that the Sri Lankan authorities have been uncooperative in activating the dispute resolution mechanism. The ministry emphasized that this issue may now need to be handled at the political level to make progress. Senator Anusha Rahman, chair of the meeting, led the discussion on the matter.
Initially, ministry officials implied that the dispute resolution forum was functioning effectively, but later admitted that Sri Lanka had been unresponsive. Pakistan’s Minister for Commerce, Jam Kamal, expressed a desire to resolve the trade disputes peacefully and maintain positive relations with Sri Lanka.
According to Dr. Adnan, Joint Secretary at the Ministry of Commerce, the Free Trade Agreement (FTA) between Pakistan and Sri Lanka, signed in 2005, includes provisions for resolving both government-to-government and business-to-business disputes. However, since 2013, Pakistan has raised concerns about the dispute resolution mechanisms. A joint working group was established to address these issues, but progress has been slow.
One of the key obstacles is Sri Lanka’s failure to establish a designated chamber or arbitration mechanism for dispute resolution. In 2022, Pakistan proposed an arbitration forum with nominations from both countries, but Sri Lanka claimed to have lost the meeting minutes, halting further negotiations. As a result, Pakistani exporters have been unable to claim disputed export payments.
To mitigate the situation, Pakistan’s Trade and Investment attaché suggested using letters of credit (LCs) instead of bills of engagement in trade transactions. However, the dispute remains unresolved, and the Ministry of Commerce has indicated that Pakistan’s Ministry of Foreign Affairs may need to get involved to address the issue at a higher diplomatic level.
In addition to the trade disputes, the committee also discussed issues regarding appointments to the board of the Trade Development Authority of Pakistan (TDAP). Senator Anusha Rahman expressed frustration over the Ministry of Commerce’s reluctance to include parliamentarians in the TDAP board, despite legal requirements.
Senator Faisal Saleem Rehman’s nomination to the TDAP board for the 2021-24 term was not acknowledged by the Ministry of Commerce or TDAP, prompting concerns over legal compliance. The ministry argued that the State-Owned Enterprises (SOE) Act prohibits parliamentarians from serving on the boards of such entities.
However, Senator Rahman countered that TDAP is not classified as an SOE and accused the commerce ministry of manipulating its status to avoid parliamentary oversight.
Commerce Minister Jam Kamal assured the committee that the legal issues surrounding TDAP appointments would be addressed, and the matter resolved promptly.The committee has requested a detailed report on the TDAP appointments and related legal interpretations.
September 19, Colombo (LNW): The Sri Lanka Export Development Board (EDB) has forged a strategic alliance with the Engineering Faculty of the University of Moratuwa, formalizing this partnership with a Memorandum of Understanding (MoU).
This initiative seeks to bridge the gap between academia and entrepreneurship in sectors like construction, power and energy, and engineering services within Sri Lanka.
The primary objective of this collaboration is to support entrepreneurs in Research and Development (R&D) projects aimed at improving service quality for international markets, thereby bolstering the global competitiveness of Sri Lankan engineering services.
The partnership will enable the country to attract a broader international clientele while simultaneously fostering innovation and economic growth.
The collective expertise of academia and the private sector will drive industry advancements and provide students with essential hands-on experience, which is crucial for national development.
This joint effort promises to enhance Sri Lanka’s global standing and stimulate further industry expansion.
On 4 September, the MoU was officially signed in a ceremony that marked a major milestone for the collaboration.
The initiative is set as a two-year program designed to encourage collaboration between selected companies to create innovative solutions, increasing global market competitiveness. The EDB aims to strengthen industry-academia partnerships by facilitating connections between businesses and university research teams to solve complex research challenges through practical applications.
Currently, two active projects have been launched under this collaboration. Venora Lanka Power Panels Ltd. and Sentinel Systems are spearheading these initiatives, focusing on IoT-enabled power distribution systems and Advanced Building Management Systems.
These cutting-edge technologies aim to reduce energy costs and lessen the financial burden on individuals and businesses by allowing users to track their daily electricity usage. By converting complex data into actionable insights, these systems will enable individuals and organizations to make informed energy decisions. Both the EDB and the University of Moratuwa are optimistic that this collaboration will lead to the creation of impactful business solutions for Sri Lanka’s construction, renewable energy, and engineering sectors. They also anticipate that the partnership will inspire new ideas and drive significant progress in renewable energy development.
September 18, The Pew Charitable Trusts: The ocean is the lifeblood of our planet, regulating climate, feeding billions of people and animals and teeming with biodiversity. Yet it faces unprecedented threats from overfishing, pollution, mining and climate change. As world leaders convene in New York City for the high-level portion of the 79th session of the United Nations General Assembly starting Monday, Sept. 23, there are five key opportunities for nations to advance toward a healthier, safer and more resilient ocean.
A school of silvery forage fish swim along an ocean coastline at sunset. A series of global agreements could help protect a wide range of marine species and habitats. Jordan Robins Ocean Image Bank
Landmark opportunity for marine conservation
In June 2023, the United Nations adopted the landmark agreement for the conservation and sustainable use of high seas marine biodiversity. The high seas treaty—formally known as the Biodiversity Beyond National Jurisdiction Agreement—provides a path to establishing marine protected areas and other tools to tackle the dual challenges of climate change and biodiversity loss.
The treaty requires ratification by 60 countries to be legally binding. To date, eight countries have formally consented to the new international law. Once implemented, the treaty could provide a powerful tool for achieving the global “30 by 30” target adopted by 196 countries in 2022 by advancing the establishment of protected areas in international waters, which account for two-thirds of the world’s ocean.
Tackling plastic pollution
Plastic pollution is a pressing global issue. Its rapid increase endangers human health, livelihoods and ecosystems while contributing to greenhouse gas emissions. In response, the United Nations Environment Assembly has established an intergovernmental negotiating committee to develop a legally binding international agreement on plastic pollution, known as the U.N. plastics treaty.
To meet its goals, this agreement must address environmental and human health impacts across the full life cycle of plastics, including its production, use and end-of-life management. The science is clear: Humans cannot recycle our way out of this problem. Instead, the solutions must span the entire plastic life cycle, with an emphasis on reducing plastic production and demand in the first place. Multiple assessments show that the world cannot achieve its goals of ending plastic pollution and limiting global average temperature rise to less than 1.5 degrees Celsius if the unsustainable production of primary plastic polymers is not addressed. Additionally, Pew’s 2020 “Breaking the Plastic Wave” report found that reducing plastic production and consumption would yield the biggest reduction in plastic pollution of any potential action.
The next – and final – round of negotiations are scheduled for November in South Korea, which could set the stage for the treaty to be adopted next year. Governments can collectively solve the plastic pollution problem but to do so will require an agreement that is comprehensive, legally binding and ambitious.
Moratorium on deep-seabed mining
The deep sea harbors an immense reservoir of biodiversity and helps to regulate the earth’s climate in ways scientists are only starting to understand. Due in part to limited knowledge of the deep sea’s intricacies, most of the scientific advice warns of the potential for deep-seabed mining to inflict irreversible damage on this sensitive ecosystem.
In the absence of effective, robust, science-based regulations, a growing chorus of countries, Indigenous groups, international organizations, companies, scientists and non-governmental organizations are calling for a moratorium on deep-seabed mining by the International Seabed Authority, the U.N.-mandated body tasked with overseeing deep-sea mining activities in international waters.
This pause would provide the scientific community with the time needed to better understand these unique ecosystems and the impacts of mining activities. It would allow for the development of an adequate regulatory framework and safeguards before any large-scale commercial operations begin, potentially preventing irreparable harm to these fragile environments.
Improving the sustainability of the world’s fish populations
For decades, harmful subsidies have fueled irresponsible fishing practices, depleting fish populations and hurting economies and ecosystems worldwide. Healthy fish populations are vital for thriving oceans, which in turn underpin strong economies and coastal communities globally.
In 2022, nations took a significant step toward addressing this issue with a historic World Trade Organization (WTO) agreement to curb harmful subsidies. As of August 2024, at least 83 of the required 110 countries had ratified the agreement. For it to be effective, countries must implement new laws, enforce regulations, monitor impact and support developing nations in compliance.
While the 2022 agreement will substantially reduce harmful subsidies once in force, it has limitations. It does not address subsidies encouraging fleets to fish in other countries’ waters, nor does it prevent overfishing and overcapacity within a nation’s own waters. WTO members have been negotiating for two years to create rules addressing these issues, aiming to incorporate them into the existing agreement, and there is growing pressure for countries to agree on those new rules this year.
Combating illegal fishing and saving lives
Worldwide, more than 100,000-fishings related deaths annually. But with the Cape Town Agreement – the only global agreement specifically designed to tackle the safety of the environment fishers work in – this situation could change. The agreement aims to provide fishers with the same safety measures and training that have been available to other seafarers, such as those on cargo ships or passenger vessels, for many years.
The agreement needs 22 countries with a combined 3,600 vessels to go into force. That threshold should have been met already: In 2019, 51 countries committed to ratify the agreement by October 2022. However, most countries haven’t followed through, despite the continuing number of fatalities each year.
Leveraging the power of international cooperation
Ocean health is inextricably linked to the future of the planet and the well-being of people. The challenges facing the ocean are transboundary in nature and require global solutions. Only by uniting and moving together from agreement in principle to concrete action can people and nature benefit from these solutions.
The upcoming U.N. General Assembly is more than just a meeting of world leaders; it’s a pivotal moment for the future of our planet. By taking decisive action on these five critical issues, countries can demonstrate their commitment to ocean health and set us on a path toward a more sustainable future.
Elizabeth Wilson leads The Pew Charitable Trusts’ environmental policy team.
September 19, Colombo (LNW): The National Single Window (NSW) is an integrated digital platform designed to simplify international trade by enabling businesses and transport parties to submit standardized information and documents through a single portal. Supported by organizations like the World Trade Organization (WTO) and World Customs Organization (WCO), NSW aims to streamline the flow of information between traders and government authorities, enhancing trade efficiency globally.
An NSW connects various government agencies responsible for regulating trade, such as customs, quarantine, and port authorities. This centralization eliminates the need for businesses to submit information multiple times to different agencies, reducing redundancy and increasing operational efficiency.
The NSW promotes a paperless, automated environment for managing trade-related procedures such as licenses, permits, and customs declarations, contributing to a more competitive global trade landscape. In a world where quick, cost-effective, and secure trade processes are essential for economic success, NSW is crucial.
Implementing an NSW in developing countries, such as Sri Lanka, presents numerous economic, regulatory, and technological benefits, significantly enhancing trade efficiency.
NSW dramatically improves trade efficiency by automating and integrating trade procedures. Studies show that countries adopting NSW can reduce the time required for import/export processes by 30-40%. This reduction in clearance times and transaction costs makes businesses more competitive, attracting foreign direct investment (FDI) and promoting economic growth.
By digitizing trade processes, NSW reduces paperwork, leading to lower operational costs for businesses. It also minimizes errors and delays, resulting in additional cost savings. Moreover, real-time data analytics provided by NSW help customs authorities detect misreporting, leading to better revenue collection and reduced corruption.
The COVID-19 pandemic has demonstrated the need for adaptable trade systems. NSW offers a robust framework that allows trade processes to continue smoothly, even during global disruptions.
NSW enhances transparency and compliance by creating an auditable trail of all trade transactions, discouraging fraudulent practices and corruption. It ensures adherence to international trade standards and regulations while fostering collaboration among government agencies. This inter-agency communication accelerates decision-making, reducing bureaucratic delays and facilitating smoother trade flows.
Additionally, implementing NSW aligns a country with global best practices, such as the WTO’s Trade Facilitation Agreement (TFA), improving its ranking in global competitiveness indices and attracting international trade and investment.
For businesses, NSW simplifies compliance by providing a single interface for meeting regulatory requirements. It reduces the complexity of interacting with multiple government agencies, lowering the risk of non-compliance, penalties, and delays. The platform speeds up customs clearance and inspections, reducing costs associated with warehousing and delays, thereby improving global competitiveness.
NSW acts as a catalyst for digital transformation in the public sector, promoting the adoption of technologies like artificial intelligence (AI) and data analytics. By centralizing trade data, it enables governments to use advanced analytics to identify trends, forecast demand, and make informed policy decisions. The platform also supports cybersecurity measures to protect sensitive trade data.
September 19, Colombo (LNW): The Lawyers’ Collective has issued a renewed appeal to voters, emphasising the importance of participating in the upcoming presidential election to uphold democratic governance, the rule of law, and judicial independence.
In their statement, they offered detailed guidance on the voting process and how votes are counted, aiming to clarify the electoral procedures for the electorate.
Voting Guidelines:
The Collective reminded voters that they have the right to vote for their preferred presidential candidate by marking either “X” or “1” next to their chosen candidate’s name.
However, if “X” is marked, voters cannot indicate second or third preferences.
Voters may also choose to mark second and third preferences for two other candidates using “2” and “3” on the ballot.
This option allows voters to express a broader range of support among multiple candidates if they so desire.
Vote Counting Explained:
The Collective explained the process for counting votes. A candidate can be declared the winner if they secure more than 50 per cent of the valid votes on the first count.
However, if no candidate achieves this majority, a second round of counting is initiated. In this round, only the top two candidates remain, and the second and third preferences marked on ballots of eliminated candidates are examined.
If a voter’s second preference is for one of the top two candidates, that vote is transferred accordingly.
If the second preference is for an already eliminated candidate, the third preference is then considered.
The candidate who garners the most votes in this final tally will be declared the winner.
The Collective highlighted the unique nature of this election, noting the presence of more than two prominent candidates for the first time.
They suggested that voters may consider marking not only their primary choice but also second and third preferences to ensure a comprehensive expression of their will.
However, they emphasised that marking these additional preferences is entirely optional and rests solely at the discretion of the voter.
September 19, Colombo (LNW): The Sri Lankan Rupee (LKR) indicates further depreciation against the US Dollar today (19) in comparison to yesterday, as per the official exchange rates released by the Central Bank of Sri Lanka.
Accordingly, the buying price of the US Dollar has increased to Rs. 299.20 from Rs. 297.72, and the selling price to Rs. 308.57 from Rs. 307.01.
The LKR has also depreciated against several other foreign currencies, including Gulf currencies.
September 19, Colombo (LNW): ACS Capital, formerly known as Nation Lanka Equities, is embarking on a global mission to attract international investors to the Colombo Stock Exchange (CSE), starting with a strategic rebranding. Under the leadership of Asanga Seneviratne, a prominent business leader and former Director at the CSE, the company seeks to leverage the recovering Sri Lankan economy to capture new opportunities.
Seneviratne, who previously served as CEO of Asia Capital for 19 years, is recognized for his extensive contributions to both the business and sporting sectors in Sri Lanka. Together with ACS Capital’s Chief Operating Officer, Ralph Wijesinghe, Seneviratne co-founded the CDAX platform, Sri Lanka’s first online trading system introduced to brokerage firms in 2003.
In discussing the rebranding, Seneviratne explained that the move reflects a proactive strategy aimed at positioning ACS Capital to take advantage of Sri Lanka’s improving market conditions. As the country’s economy shows signs of recovery, the firm aims to align its identity with the future growth prospects.
ACS Capital CEO Hussain Gani, who previously held senior positions at Softlogic Investments and Asia Securities, emphasized that the rebranding is just the beginning. According to Gani, this initiative is part of the company’s broader commitment to innovation, global outreach, and responsiveness to the evolving needs of its investors.
Ryan Thineth, the company’s strategist, highlighted the need to differentiate ACS Capital from its past affiliations with Nation Lanka, a relationship that ended in 2015. Thineth stated that the timing and necessity of the rebranding were carefully considered, ultimately concluding that this step was essential to meet the company’s long-term growth objectives.
ACS Capital has deep roots in Sri Lanka’s stock market, originally starting as a subsidiary of Commercial Bank before being acquired by the Ceylinco conglomerate and eventually evolving into its current form. The company holds one of the first fifteen licenses issued to stockbroking firms by the Colombo Stock Exchange.
The market conditions in Sri Lanka are increasingly favorable for companies looking to raise capital. With rising investor activity and a growing appetite for initial public offerings (IPOs), the environment is primed for companies seeking to raise equity. Furthermore, the introduction of new financial products, such as sustainable bonds and infrastructure bonds, offers companies more options for capital infusion.
The Colombo Stock Exchange has also diversified its offerings, providing three listing boards: the Main Board, Diri Savi Board, and Empower Board. These cater to companies of various sizes and capital requirements.
The CSE has introduced additional boards, such as the Catalist Board for state-owned enterprises and the Multi-Currency Board for foreign-listed companies seeking dual listings in Sri Lanka.
As ACS Capital moves forward with its rebranding and expansion strategy, it aims to capitalize on these favorable market dynamics while fostering innovation and global investor engagement.
