186th Annual General Meeting

Good Evening

Dr. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka, Heads of Diplomatic Missions, Immediate Past Chairperson Mr. Duminda Hulangamuwa, Vice Chairperson Mr, Bingumal Thewarathanthri, Deputy Vice Chairperson Mr. Vinod Hirdaramani, Past Chairpersons of the Ceylon Chamber, Members of the outgoing Board, Members of the incoming Board, Members of the Committee, CEO and Secretary General Mr Buwanekabahu Perera, Secretariat of the Chamber, Distinguished invitees, Ladies and Gentlemen.

Thank you Governor for accepting our invitation and gracing this occasion as the Chief Guest this evening. It is timely that we have you to grace this AGM as we take stock of Sri Lanka’s recovery from debt distress to a path of economic stability and growth.

It is a privilege and an honour to assume the role of Chairperson of the Ceylon Chamber of Commerce. I believe the true significance of this evening lies not in the appointment of an individual, but in the enduring strength and continuity of this distinguished institution now in its 186th year.

I extend my sincere thanks to the outgoing Chairperson, Duminda, for his leadership over the past two years. Duminda went beyond the call of duty to commit time for Chamber meetings and activities despite his numerous other commitments. Some of the new initiatives and activities that Duminda initiated, has enhanced the image and, in particular, the relevance of the Ceylon Chamber and strengthened our position as the preeminent Chamber of Commerce in the country.

I look forward to building on the strong foundation he has set, and continuing to advance the Chamber’s three strategic pillars: policy advocacy, stakeholder engagement, and expanding market access.
The Chamber’s legacy has been built on its diversity and the collective commitment of its members, affiliated associations, network of regional chambers and at the heart of this is a dedicated secretariat of professionals who work tirelessly in service of our membership and the country.
The Chamber’s Vision and Mission entrust us with responsibility to be a catalyst for national economic development and social progress, anchored in the principles of sustainable and equitable growth. We are also called to be the unwavering, non-partisan voice of the private sector, a voice that speaks firmly in the national interest.

In my tenure, I am committed to building on this strong legacy and ensuring the Chamber continues to be a powerful force for economic resilience, inclusivity, and opportunity across Sri Lanka.

Sri Lanka has made notable strides toward economic stability, with strong signs of recovery following a period of unprecedented crisis. Fiscal consolidation, completion of debt restructuring, inflation control, and macroeconomic reforms have helped lay the groundwork for rebuilding confidence. However, as IMF First Deputy Managing Director Gita Gopinath cautioned during her recent visit, this progress must not lead to complacency or reform fatigue. Staying the course on deeper, more structural reforms especially in areas like SOE reform, revenue mobilization, trade liberalization, and creating a conducive investment climate. It is essential to ensure that stability translates into sustained growth and opportunity for all Sri Lankans so that we avoid going back to the IMF for an 18th time. The focus going forward has to be on growth and the potential and opportunities are immense. We are fortunate to be so close to India which is the fastest growing big economy in the world.

Several key low-hanging reforms have the potential to catalyze Sri Lanka’s next wave of economic growth. These include:

• Rolling out the Digital ID system.
• Implementing the National Single Window.
• Reforming the outdated Customs Ordinance.
• Developing a forward-looking trade policy, supported by a skilled and credible free trade negotiation team.
• Phasing out para-tariffs while introducing a well-designed trade adjustment program to ease the transition and support competitiveness.
• Executing the National Tourism Destination Marketing Plan to attract higher-value tourism and investment.
• Improving access to land for investment.
• Undertaking critical factor market reforms in areas such as energy pricing and labor market flexibility.

These practical and long-overdue measures can accelerate investment, unlock productivity, and position Sri Lanka for sustainable, export-led growth. They have been long-identified low-hanging fruits that have remained on the reform agenda for over two decades. We hope that, with renewed focus, they can finally be implemented in the coming years.

Sri Lanka now has a narrow but critical three-year window of low external debt repayments, a period that must be used wisely to fast-track reform. It is imperative that future debt obligations are not met solely through further borrowing, but through increased dollar inflows generated by bold reforms. The Chamber is committed to leading the private sector through this next, vital wave of reforms.

I would like to sincerely thank the Chamber Committee and our wider membership for the trust and confidence placed in me. I look forward to working closely with the new Board, drawing on the wisdom and guidance of past Chairpersons, and engaging with the Chamber Committee, our members, and the Sector and Steering Committees as we navigate the opportunities and challenges ahead.

I’m particularly excited to collaborate with our dynamic Chamber team in advancing the many strategic initiatives currently underway. I also want to express my deep appreciation to the member companies that have stood with us over the past few years, and I encourage even greater engagement as we move forward.

I am confident that our new Board will meet the expectations of our members and stakeholders by continuing to foster a business environment that is stable, and forward-looking.
Finally, let me extend my heartfelt thanks again to Governor Dr. Nandalal Weerasinghe for joining us this evening, it is an honour to have you with us.

Thank you all for joining us this evening and I look forward to your continued support for the Chamber in the years to come.