Global & International Business
View all(50)🎨 Historic 19th-Century Ceylon Art Exhibition Announced
The George Keyt Foundation has partnered with the British High Commission to present "19th Century Views of Ceylon," a landmark exhibition hosted at Westminster House from July 30 to August 1, 2026. This marks the first time the British High Commissioner's residence will open for a public art exhibition. • Cultural and Historical Value: The exhibition features rare, historic artworks sourced from private collections, many never before seen by the public. It provides visual insights into 19th-century Ceylon's landscapes and architecture as captured by prominent British artists. • Featured Artists: Key collections include watercolours and illustrations by Edward Lear, Andrew Nicholl, and Constance Gordon Cummings. • Economic and Tourism Synergy: British Airways has signed on as the primary corporate partner. This collaboration aligns with the airline's upcoming resumption of direct flights to Colombo in October 2026, which is expected to boost bilateral tourism and air connectivity between Sri Lanka and the United Kingdom. • Corporate Backing: Additional financial and logistical support is provided by prominent corporate entities including Lynear Wealth, the Juniper Group, and Nations Trust Bank, with News1st acting as the electronic media partner. • Attendance Info: Admission is free, but limited capacity requires mandatory online pre-booking via the official registration portal.
📈 Global Market Insights: The Unprecedented Economic and Military Supremacy of the US
Based on an analysis of historical and economic statecraft up to July 2026, the United States continues to maintain an unrivaled position as the dominant powerhouse in global commerce, finance, and military strength. • Overall Economic Figures The US economy stands at approximately US$ 32 Bn (accounting for roughly 25% of the US$ 126 Trillion global GDP), despite holding only 4.2% of the world's population. In comparison, China commands 15% of global GDP (with 17% of the population), Germany holds 4.2%, and India stands at 3.3%. The US equity market represents over 60% of the global market capitalization, valued at around US$ 78 Bn (225% of its GDP). • Corporate and Currency Dominance The US Dollar remains the premier Global Reserve Currency, maintaining a 58% share of all official reserves, far ahead of the Euro at 20%. The premier "Magnificent-7" technology corporates hold a combined market cap of US$ 23 Bn—exceeding the entire GDP of China. Notably, NVIDIA reached a historic US$ 5 Bn market cap in June 2026. The US financial system remains the global benchmark; leadership changes at the Federal Reserve directly dictate international monetary sentiment far more than counterparts in China or India. • Trade, Energy, and Defense The US is the world's largest importer (13% of global trade) and the second-largest exporter (10%). In energy, the US is the top global crude oil producer, yielding over 13 million barrels per day (15% of global output). Defense spending has surpassed US$ 1 Bn (more than one-third of the US$ 2.9 Trillion global total), supported by 750 to 800 overseas bases across 75 nations.
📈 SL-Myanmar Strengthen Collaboration in Gem and Tourism Industries
Sri Lanka and Myanmar are set to deepen economic ties following a successful business development visit by the Nojili Group of Companies (Sri Lanka and Japan) from June 11–17, 2026. Facilitated by the Sri Lankan Embassy in Yangon, the initiative aims to boost bilateral trade and investment. • Gem & Jewellery Sector: CEO and Gemologist L.A.D. Palitha conducted in-depth studies of Myanmar’s gemstone market, visiting Yangon's major trading centres, laboratories, and museums. Business-to-business (B2B) meetings were held with top stakeholders, including Gemro Jewellery, to explore future trade partnerships and explore Myanmar's industry practices. • Tourism & Investment Sector: The visit featured active participation in the UMTA Travel Fair 2026. Discussions with the Union of Myanmar Travel Association (UMTA) and Myanmar Tourism Marketing (MTM) focused on strengthening cooperation in eco-tourism, cultural tourism, and heritage tourism. Key focus areas include joint marketing, visitor exchanges, and outbound travel promotions. • Strategic Impact: According to embassy officials, the engagements are designed to expand economic cooperation, build long-term business partnerships, and deepen people-to-people ties between both nations.
🇲🇾🇱🇰 FOMSO & Sri Lanka to Boost Tourism and Investment Links
The Federation of Malaysian Sri Lankan Organisations (FOMSO) and Sri Lanka’s High Commission in Kuala Lumpur have agreed to deepen engagement across key economic and cultural sectors to strengthen bilateral ties. • Key Focus Areas: Discussions centered on expanding cooperation in tourism, investment, air connectivity, cultural diplomacy, and student exchange programs. • Tourism Diversification: FOMSO highlighted significant potential to promote leisure, cultural, religious, and ancestral tourism targeting the Sri Lankan-origin community in Malaysia. • Infrastructure & Connectivity: The delegation emphasized the need to enhance air connectivity, specifically exploring potential direct flight routes between Malaysia and the Northern Province of Sri Lanka. • Investment Opportunities: Discussions mapped out prospective tourism-related investment projects, including development in golf courses, leisure facilities, theme parks, and the hotel sector. Both parties committed to continuous collaboration to achieve practical, outcome-driven results in community engagement and economic partnership.
US and Sri Lanka Reaffirm Ties in Trade and Maritime Security 🤝
The United States and Sri Lanka have committed to deepening bilateral commercial relations and maritime security cooperation during senior-level diplomatic meetings in Washington, D.C. • Bilateral Cooperation: US Undersecretary of State for Political Affairs, Allison M. Hooker, reaffirmed the US commitment to enhancing trade ties and security collaboration with Sri Lanka, acknowledging Sri Lanka's strategic maritime role. • Diplomatic Milestones: Sri Lanka's Ambassador to the US, Mahinda Samarasinghe, presented the commemorative book _Enduring Friendship_, which highlights key milestones spanning 250 years of diplomatic relations between the two nations. • Key Sectors Impacted: Stronger US ties remain vital for Sri Lanka's core export markets, particularly apparel & textiles, as well as broader economic diversification and regional stability. • High-Level Engagement: The discussions included key US officials from the Bureau of South and Central Asian Affairs, including Paul Kapoor, Nicole Chulick, and Bethany Morrison. _Note: Based on official diplomatic briefing data._
Sri Lanka & Uzbekistan Launch New Framework for Enhanced Economic Ties 📈
Sri Lanka and Uzbekistan have established a formal bilateral dialogue framework following the inaugural round of Political Consultations held on July 9, 2026, in Tashkent. The milestone agreement aims to deepen economic engagement, leverage regional connectivity, and diversify trade partnerships. • Overall Cooperation: Signed a Memorandum of Understanding (MoU) to institutionalize regular bilateral dialogue, led by Sri Lankan Foreign Secretary Aruni Ranaraja and Uzbek First Deputy Minister Aloyev Bakhrom. The next round is scheduled for Colombo in 2027. • Key Sectors Identified: Mutual trade, tourism, logistics, and higher education (specifically revitalizing historical ties in medicine and engineering) were marked as high-potential areas. • Trade & Export Diversification: Targeted bilateral discussions focused on entering new markets and joint opportunities in core Sri Lankan sectors, including: • Apparel & textiles manufacturing collaboration. • Tea packaging and value addition. • Seafood exports expansion. • Gem & jewellery industry development. • Tourism Boost: Welcomed the launch of seasonal charter flights from Uzbekistan to Sri Lanka. Sri Lanka Tourism has been invited to participate in the Tashkent International Tourism Fair in September 2026 to catalyze Central Asian visitor flows.
India Grants Rs. 600M for Medical Equipment at Deniyaya Base Hospital 🏥
India and Sri Lanka have signed a Memorandum of Understanding (MoU) to supply state-of-the-art medical equipment to the Base Hospital in Deniyaya, strengthening the bilateral healthcare and development partnership. • Financial Framework: The project is funded via a Rs. 600 million grant from the Government of India. This initiative is part of India’s larger US$ 450 million assistance package dedicated to Sri Lanka's post-Cyclone Ditwah reconstruction and rehabilitation efforts. • Strategic Relocation & Timeline: The Government of Sri Lanka is relocating the hospital as a comprehensive disaster preparedness measure, moving it away from its current disaster-prone location. The relocation is projected for completion within three years, with equipment installation synchronized with the final construction phases. • Scope of Equipment: The grant covers high-end medical equipment across multiple critical departments, including operating theaters, High Dependency Units (HDU), emergency and isolation units, laboratories, radiology, a blood bank, and a Special Care Baby Unit (SCBU)/NICU. • Broader Economic Context: Healthcare cooperation remains a major pillar of India-Sri Lanka development ties, alongside past projects like the island-wide 1990 Suwa Seriya ambulance service and ongoing hospital upgrades in Mannar and Mullaitivu.
World Bank Urges Export Reforms; EASL Elects New Leadership 📈
The Exporters’ Association of Sri Lanka (EASL) held its 29th AGM, electing Mr. Nalaka Ratnayake as the new Chairperson, supported by Mr. Manuje Hordagoda (First Vice Chairperson) and Ms. Rozanne de Almeida (Second Vice Chairperson). Key highlights and economic priorities discussed: • The Productivity Gap: Chief Guest Gevorg Sargsyan (World Bank Country Manager) highlighted that Sri Lanka's manufacturing value-added per worker is less than half of Vietnam's and ~33% of the Philippines'. Sri Lanka was the only peer economy with negative labour productivity growth in 2024. • World Bank's Three Priorities: To accelerate growth and job creation, Sri Lanka must lower the cost of doing business, expand market access, and attract higher-quality foreign direct investment (FDI). • EASL Advocacy & Reforms: Immediate Past Chairperson Yohan Lawrence noted ongoing lobbying on critical issues, including the repeal of the Simplified Value Added Tax (SVAT) scheme, trade facilitation, and the National Single Window. • Future Export Vision: Newly elected Chairperson Nalaka Ratnayake called for fast-tracking trade digitalisation, boosting logistics, driving export diversification, integrating into global value chains, and increasing SME participation. The newly formed Executive Committee features major industry players spanning key Sri Lankan sectors including tea, agriculture, manufacturing, and banking.
📈 Sri Lanka to Host 4th BIMSTEC Agriculture Ministerial Meeting in 2027
The Cabinet of Ministers has approved a proposal for Sri Lanka to host the Fourth BIMSTEC Agriculture Ministerial Meeting and its accompanying Senior Officials’ Meeting, scheduled for March 17 and 18, 2027. • Event & Timeline: The high-level meetings are held once every two years to strengthen regional collaboration and address common challenges. Sri Lanka will host the 2027 iteration. • Regional Participation: The event will bring together representatives from the seven member states of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC): Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand. • Economic Focus: The discussions will center on regional cooperation in agriculture and related sectors. As a key pillar of BIMSTEC, agriculture plays a vital role in driving economic development, sustainable growth, and regional food security. • Strategic Impact: Hosting this event underscores Sri Lanka's continued engagement in regional partnerships aimed at enhancing sustainable development and long-term food security across the member countries.
UK SheTrades Launches Sinhala & Tamil Export Handbooks for Women Entrepreneurs and SMEs 📈
The Sri Lanka Export Development Board (EDB), in partnership with the International Trade Centre (ITC) and the British High Commission, has launched local-language export handbooks to boost women-led and SME trade with the United Kingdom. • The Goal: To enhance the export readiness and competitiveness of Sri Lankan women entrepreneurs and SMEs, enabling better access to the UK market under the UK's Developing Countries Trading Scheme (DCTS). • Target Sectors: The handbooks specifically focus on navigating regulations for textiles & apparel (including footwear, accessories, and handicrafts) and processed agrifood & spices. • Key Benefits: • Highlights the UK's DCTS, which offers duty-free, zero-tariff access on approximately 92% of product lines exported from Sri Lanka to the UK. • Translating complex market requirements, procedures, and regulatory compliance into Sinhala and Tamil ensures broader accessibility across the island. • Supported by the UK-funded SheTrades Commonwealth+ Programme, emphasizing inclusive, export-led national growth.
🇸🇪 Sri Lanka-Sweden Investment Outlook Brightens on Policy Stability
Key Highlights: Outgoing Swedish Ambassador Jan Thesleff notes recovering international investor confidence in Sri Lanka, driven by improved policy stability, a highly skilled workforce, and economic resilience. Swedish Footprint: Around 80 Swedish companies currently operate in Sri Lanka. Notably, over US$ 1 Bn has been committed by Swedish private equity firms into Sri Lankan technology companies, signaling high confidence in local corporate governance and talent. Sector Breakdowns: • ICT/BPM: Represents about 50% of Swedish firms operating in Sri Lanka, leveraging the country's growing digital economy. • Apparel & textiles: Continues to attract Swedish manufacturing relocations from other parts of Asia due to skilled labor. • Emerging Sectors: Strong potential identified in renewable energy (supported by Swedfund-CEB grid cooperation), healthcare, life sciences, food processing, and packaging. Future Outlook: A major Swedish business delegation led by Business Sweden is scheduled to visit Sri Lanka in January 2027 to participate in the Sri Lanka Expo, marking their first organized presence at the flagship exhibition.
Sri Lanka Targets High-Value Travelers at ILTM Asia Pacific 2026 📈
• Event & Promotion: Sri Lanka actively promoted its high-end travel sector at the International Luxury Travel Market (ILTM) Asia Pacific 2026 in Singapore from June 29 to July 2. The initiative focused on positioning the island as a premier destination for affluent global travelers. • Sector Breakdown: A dedicated national pavilion showcased diverse premium offerings, emphasizing niche markets critical to national economic diversification and employment, including wellness & Ayurveda, luxury accommodation, wildlife, cultural heritage, and bespoke adventure tourism. • Industry Participation: Spearheaded by the Sri Lanka Tourism Promotion Bureau and supported by the High Commission in Singapore, the delegation featured 15 prominent local hospitality and travel companies, including Resplendent Ceylon, Hilton Yala Resort, and Siddhalepa Ayurveda Health Resort. • Strategic Outcomes: The four-day event facilitated intensive business-to-business (B2B) meetings with international luxury travel buyers, successfully strengthening global partnerships and generating new commercial opportunities to leverage the affluent Singapore and regional markets.