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IFS Announces new venture in Colombo Port City, promises 1,000 jobs

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Software giant IFS yesterday announced that it is set to launch a new venture in Colombo Port City, a move expected to create an additional 1,000 new employment opportunities.

IFS CEO Mark Moffat made the announcement delivering the keynote address at the DigiEcon Global Investment Summit 2024, underscoring the company’s long-term commitment to Sri Lanka’s economic development.

Moffat outlined the strategic importance of this new initiative. “This project will generate additional thousands of employment opportunities in the years to come,” he added.

IFS CEO underscored the significant contributions of Sri Lanka to the global success of the enterprise application software company. Despite its Swedish origins, IFS has cultivated a robust and impactful presence in Sri Lanka over the past 25 years.

“IFS’s investment in Sri Lanka has been a cornerstone of its global success, contributing to over 20% compound growth annually for the past six years. The company has created over 10,000 employment opportunities in Sri Lanka over the past quarter-century,” he elaborated.

Moffat attributed much of this success to the “exceptional software engineering talent” and the resiliency and agility of the Sri Lankan workforce.

At present, IFS employs nearly 2,700 people in Sri Lanka, accounting for almost 40% of its global workforce. “Sri Lanka has been integral to our operations. Almost 80% of our worldwide product support and over 60% of our research and development capabilities are based here in Colombo,” he pointed out.

Since its inception in Sri Lanka in 1997 with just 26 employees, Moffat said IFS has expanded significantly. “The company has created over 10,000 employment opportunities in the country, fostering a strong local IT community,” he added.

He reiterated IFS’s dedication to collaborating with the Government, industry and academia to foster a knowledge-based economy in Sri Lanka.

Moffat emphasised the company’s commitment to further growth, announcing plans to add an additional 1,000 positions in the next two to three years.

He also noted that beyond business operations, IFS has been actively involved in supporting rural communities in Sri Lanka through the IFS Foundation, which focuses on initiatives in education and healthcare. “Our influence and engagement extend beyond business operations. We’ve been deliberate in building societal ties through various initiatives, supporting rural communities, schools, and hospitals through the IFS Foundation,” he added.

Moffat acknowledged that despite global and local economic challenges, including the pandemic and recent economic difficulties in Sri Lanka, IFS has maintained its commitment to the country.

“The country and its people are a part of IFS and will always be part of the IFS’s DNA,” Moffat affirmed, expressing pride in long-standing and deep-rooted commitment to Sri Lanka’s development and excitement for the future.

(ft.lk)

(Except for the headline, this story, originally published by ft.lk has not been edited by SLM staff) 

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LG Polls: EC sets deadline to submit campaign finance reports

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The Election Commission has instructed all candidates who contested the 2925 Local Government (LG) Elections to submit their campaign income and expenditure reports on or before May 28.

A statement by the Commission emphasized that candidates are required to prepare and submit their financial disclosures in line with the provisions of the Election Expenditure Regulation Act No. 03 of 2023. These reports must be handed over to the Returning Officers of the respective electoral districts.

Election Commissioner General Saman Sri Ratnayake stated that this process is part of the Commission’s efforts to ensure transparency and accountability in the electoral process.

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Special train schedule for Vesak festival & long weekend

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Sri Lanka Railways has launched special train services from today (May 09) to accommodate increased passenger demand during the long weekend and the state Vesak festival.

These special train services will operate along two major routes : Colombo Fort – Badulla, and Colombo Fort – Kankesanthurai.

Accordingly, these services will continue until May 13.

Further details of the special train schedule is as follows:

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China’s Yantai delegation promotes zero-carbon efforts in SL

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A delegation from Yantai city in China’s Shandong Province held a symposium and exchange meeting with Sri Lankan stakeholders to expmain Yantai’s proactive efforts and practical initiatives in promoting international cooperation on zero-carbon islands.

Chinese companies such as Dongfang Electronics, Tayho Advanced Materials, and LONGi Green Energy presented their solutions in new energy and green materials tailored for island countries to reduce carbon emission.

During the COP29 Conference in 2024, Yantai City launched the International Zero-Carbon Island Cooperation Initiative and proposed the establishment of the International Zero-Carbon Island Cooperation Organization, an international non-governmental platform dedicated to advancing cooperation on zero-carbon island development.

“The Organization aims to address climate change and achieve sustainable development for islands, promoting international exchanges and cooperation among stakeholders from island regions,” Chinese Embassy in Colombo said in a statement.

Zheng Deyan, Mayor of Yanta, briefed the attendees on Yantai’s proactive efforts and practical initiatives in promoting international cooperation on zero-carbon islands.

He also extended a warm invitation to Sri Lanka during the meeting, welcoming relevant institutions, universities, research institutes, and enterprises to join the Cooperation Organization.

Tilak Siyambalapitiya, Chairman of Ceylon Electricity Board, B.K. Prabhath Chandrakeerthi, Secretary of the Ministry of Plantation and Community Infrastructure, and K.R. Uduwawala, Secretary of the Environment Ministry were among the Sri Lankan delegates at the symposium.

“During the visit, Yantai-based companies signed several cooperation agreements with Sri Lankan partners, covering key sectors such as green materials and renewable energy, laying a solid foundation for in-depth collaboration,” the Chinese Embassy said.

“In the future, under the framework of the International Zero-Carbon Island Cooperation Organization, Yantai City will actively participate in and promote Sri Lanka’s green and low-carbon transition, and support improvements in people’s livelihoods and climate governance, working together to open a new chapter of mutual prosperity and development.”

Yantai city’s move comes after India’s Adani Green withdrew its efforts to build two wind power plants in Sri Lanka’s North to connect 500 MW to the national grid after differences on the price per unit.

Sri Lanka’s previous government agreed for an 8.26 cent US dollar per unit in its power purchasing agreement. However, President Anura Kumara Dissanayake’s government annulled the agreement and said they are ready to discuss the project with the unit price of around 6 cents.

China’s initiative also has come at a time after U.S. President Donald Trump’s attempts to slash climate efforts approved during his predecessor’s administration, including a $20 billion funding program for projects that reduce greenhouse gases.

(economynext.com)

(Except for the headline, this story, originally published by economynext.com has not been edited by SLM staff)

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