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Port City to be ‘Colombo Financial Zone’: President

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President Ranil Wickremesinghe said that a new legislation has been drafted to transform the Port City as the Colombo Financial Zone.

President Wickremesinghe said this in his address at the 2023 Commercial Mediation Symposium at Colombo’s Hilton Hotel, the President’s Media Division said.

The event was organized by International Alternative Dispute Resolution Centre (IADRC).

The President underscored the significance of international trade agreements and the need for Sri Lanka to become a center for alternate dispute resolution.

He urged legal professionals to look beyond Sri Lanka’s borders and specialize in emerging fields like AI, Blockchain and green energy to secure the nation’s competitive future.

“Now we want Sri Lanka to be a center. One is the new legislation which will replace the port city to make it a Colombo financial zone with jurisdiction for offshore activity. The new law has been drafted. And we will see the light of day before the end of the year.”

“Secondly, the BOI will be replaced with the Economic Commission. Which is also looking at the resolution of disputes. We will be entering a number of free trade agreements. We have got one with Singapore. We are about to finalize one with Thailand. We are discussing with India to upgrade the agreement. Talking with Bangladesh. And more than that, we are moving to join the Regional Comprehensive Economic Partnership (RCEP). That’s the largest trading community in the world. So this means that alternate dispute resolutions are going to be important.”

In a final call to action, he offered government funding to support learning and expertise development in these new areas, inviting all stakeholders to join in the journey towards a more efficient and forward-looking legal landscape in Sri Lanka.

President Wickremesinghe emphasized that Sri Lanka must position itself as the central player in the region. When examining Singapore as a benchmark, Sri Lanka should strive to match or surpass Singapore in various aspects, except for cost, where it should maintain a competitive advantage.

This approach is crucial because there exists a noticeable void in this region, which Sri Lanka can effectively fill if it acts swiftly.

“This is the key lesson to be derived. Furthermore, it is essential for all lawyers and individuals involved in legal services to broaden their perspectives and explore opportunities beyond their current scope,” the President added.

Meanwhile, he acknowledged the long-standing reliance on trial courts and stressed the importance of embracing alternate dispute resolution methods.

Highlighting the government’s commitment, he mentioned the establishment of the Alternate Dispute Resolution Center in 2018 and expressed support for its continued growth.

President Wickremesinghe urged the Ministry of Justice and Ministry of Investments to collaborate on supporting these initiatives.

“Alternate dispute resolution, arbitration, both have a long way to travel in Sri Lanka and that’s our problem. We have to first find ways of how we can adjust to this process. You need a change of culture. Change of culture where disputes can be resolved in the shortest possible time. Which means we are in a way wedded to the old concept of the trial court? Whether we have a domestic inquiry, we all want to follow the same procedure. I don’t know why. But nevertheless, this is one of the challenges that we have to face.”

He emphasized that success in dispute resolution was crucial for Sri Lanka’s aspirations to be an outward-looking economy.

The event was attended by Justice Minister Wijeyadasa Rajapakshe, State Minister Anuradha Jayarathne, Judges of the Supreme Court, Attorney General, Former Attorney Generals, Retired Judges of the Supreme Court, Resident Representative of UNDP Azusa Kubota, Secretary to the Ministry of Justice, IADRC Chairman Dr. K. Kanag-Isvaran, Director & Secretary General of IADRC Dhara Wijayatilake, legal professionals and the representatives of reputed companies in Sri Lanka.

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President meets Gates Foundation delegation

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President Anura Kumara Dissanayake today (July 10) met with Dr. Chris Elias, President of Global Development at the Gates Foundation, for high-level discussions focused on key areas critical to Sri Lanka’s development. 

The meeting, held at the Presidential Secretariat, explored collaborative efforts in agricultural modernisation, nutrition, digital public infrastructure and rural technological integration.

Central to the discussions was the Inclusive Digital Agriculture Transformation (IDAT) initiative, which leverages data and technology to enable better decision-making and service delivery for smallholder farmers. The initiative represents a shared commitment to modernising agriculture, improving rural livelihoods and enhancing climate resilience.

President Dissanayake welcomed the partnership, expressing optimism about the country’s path forward. “We welcome the continued support of the Gates Foundation as we work together to build a healthier, more equitable and digitally empowered Sri Lanka. This collaboration is a testament to our shared commitment to sustainable development and improving the lives of all our citizens,” he said.

He further noted that the Government seeks the Foundation’s support for its broader programme aimed at integrating rural communities with modern global technology. 

Despite the economic challenges facing the nation, the President expressed gratitude for the Foundation’s engagement and emphasised that the visit would help identify and implement national development priorities.

Representatives of the Gates Foundation reiterated their commitment to supporting Sri Lanka’s digital economy strategy. They highlighted that particular focus would be given to the digital transformation of the agriculture sector, with the aim of enhancing productivity and revitalising the economy. The Foundation also assured its full support for the wider socio-economic development agenda, including initiatives in the livestock and dairy industries.

President Dissanayake underscored the importance of connecting rural communities, many of whom remain unaware of global technological advancements, with the tools and knowledge needed for empowerment. He stressed the value of the Foundation’s global experience and technical expertise in addressing development challenges common to many countries.

“One of our Government’s foremost objectives is to extend advanced technology to all levels of society, not only to uplift the national economy but also to improve efficiency across all sectors,” the President noted.

Dr. Elias acknowledged Sri Lanka’s ongoing transformation and welcomed the opportunity for deeper engagement. “We value the opportunity to engage with the Government and local institutions as they pursue strengthened systems to support inclusive growth. Our continued discussions in areas such as agriculture, health and digital infrastructure reflect a shared interest in advancing impactful solutions. I would like to thank the President and the Government of Sri Lanka for their continued commitment to improving the lives of all those living in Sri Lanka,” he stated.

The Gates Foundation delegation included Dr. Chris Elias, President, Global Development Gates Foundation, Jamal Khan, Regional Representative for Policy & Government Relations, South and Southeast Asia; Archna Vyas, Director of Policy Advocacy and Communications, Thushan Wijesinghe, Director Enterprise Data Solutions and Chandita Samaranayake, Chairman Connect To Care. 

The Sri Lankan delegation included Deputy Minister of Digital Economy Mr. Eranga Weeraratne, Dr. Nandika Sanath Kumanayake, Secretary to the President; Dr. Hans Wijayasuriya, Chief Advisor to the President on Digital Economy; and Mr. Roshan Gamage, Senior Additional Secretary to the President.

(President’s Media Division)

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TUs oppose appointment of Premarathne as new Excise chief

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Trade Unions of the Department of Excise have opposed the appointment of M.B.N.A. Premarathne, a retired Commodore of the Sri Lanka Navy, as the new Commissioner General of Excise.

TUs say that for the first time in the history of the Excise Department, a Commissioner General has been appointed from outside despite the existence of 03 senior, qualified officials within the department.

On July 06, the department’s TUs have directed a letter to President Anura Kumara Disanayake. urging to appoint an officer from the department to the post.

According to reports, Commodore (Retd.) Premarathne is said to be the husband of NPP National List nominee for the 2024 General Election – Prof. Wasantha Subasinghe. He is also said to be hailing from the President’s hometown of Thambutthegama.

The post of Excise Commissioner General fell vacant after Udaya Kumara Perera retired from public service today (July 10) upon reaching the age of 60.

On July 07, Cabinet approval was granted to appoint Commodore (Retd.) Premarathne to the post.

The proposal was presented by President Anura Kumara Dissanayake, in his capacity as Minister of Finance, Planning and Economic Development.

(Source : Lankadeepa)

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CCC calls for ‘continued engagement’ on US tariff reduction

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The Ceylon Chamber of Commerce (CCC) says the reduction in the tariff rate from 44% to 30% is a constructive and important first step by the Government toward bringing Sri Lanka’s tariff structure for exports to the US closer to that of regional competitors.

“We encourage continued engagement with the U.S. administration to secure a further reduction by 1 August, especially given that several regional peers are expected to benefit from even lower rates,” it said, in a statement.

The CCC further said that progress in achieving a further reduction will be critical to strengthening Sri Lanka’s position in this key market, maintaining buyer confidence, and supporting sustained trade growth over the long term.

“The Ceylon Chamber stands ready to support the Government’s efforts in this regard through constructive dialogue, industry feedback, and coordinated advocacy,” the statement adds.

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