Deputy Minister of Industry and Entrepreneurship Development Chathuranga Abeysinghe has sought a formal clarification and correction from a private television channel over the alleged use of an Artificial Intelligence (AI)-generated photograph concerning him during a television discussion programme.

An official letter dated October 15 has been sent to the television channel, requesting an investigation into the authenticity of the photograph displayed by former Minister Wimal Weerawansa during the programme.

According to a statement issued by the Deputy Minister’s Office, the photograph displayed and discussed by Weerawansa was not an original selfie taken by Abeysinghe but an image allegedly manipulated using AI technology.

The letter warns that presenting an artificially generated image as an authentic photograph could mislead the public and damage an individual’s reputation.

It further raises concerns that the use of such images during discussions involving sensitive ethnic and religious matters could create misunderstandings and potentially fuel racial or religious tensions.

The Deputy Minister’s Office has also questioned whether the programme’s presenter took adequate steps to verify the authenticity and source of the photograph before allowing it to be discussed on air.

Accordingly, the letter requests the television channel to verify the photograph’s authenticity and source, make necessary corrections to the relevant video, issue a clear public correction through the same programme and provide a written explanation of the action taken.

The statement emphasised that the request was not intended to restrict political expression but to ensure accuracy and responsible media practices.

The latest development follows allegations raised by Deputy Minister Abeysinghe against former Minister Wimal Weerawansa over the use of the photograph during the television discussion.

In an earlier social media post, Abeysinghe shared what he described as the original photograph alongside the allegedly AI-manipulated version.

He claimed that the original photograph showed him with an individual identified as Amal, who had helped protect protesters during an attack by Sri Lanka Podujana Peramuna (SLPP) supporters during the 2022 Aragalaya protest movement.

According to Abeysinghe, Amal was among a small group of individuals who initially confronted the attackers, and the photograph had been taken in recognition of his actions.

However, the Deputy Minister alleged that the original image had subsequently been manipulated using AI technology to portray Amal as a Buddhist monk.

Abeysinghe criticised Weerawansa for allegedly relying on the manipulated image to make political claims during the television programme.

The Deputy Minister’s Office has called on the television channel to take prompt and responsible action to correct any misleading information and safeguard public trust in the media. (Newswire)

The post Deputy Minister seeks correction over alleged AI-generated image shown on TV appeared first on Newswire.

A high-level business delegation from the Confederation of Indian Industry (CII) met with Deputy Minister of Industry and Entrepreneurship Development Chathuranga Abeysinghe in Colombo on Tuesday (13) to discuss expanding industrial, investment and business cooperation between Sri Lanka and India.

According to the Ministry of Industry and Entrepreneurship Development, the delegation included prominent Indian business leaders representing sectors such as renewable energy, healthcare, information technology, steel, footwear manufacturing, and industrial tanks and liners.

Senior executives of the CII also participated in the discussions.

The Ministry said the meeting focused on identifying investment opportunities in Sri Lanka, strengthening business-to-business (B2B) partnerships and exploring opportunities for mutually beneficial industrial cooperation.

It further highlighted that attracting foreign investment, facilitating technology and expertise exchange, and expanding market access for local businesses remain key priorities in developing Sri Lanka’s industrial and entrepreneurship sectors.

The Ministry added that continued engagement with organisations such as the CII is expected to strengthen bilateral economic ties, improve Sri Lanka’s investment environment and support long-term industrial development and economic growth. (Newswire)

The post Sri Lanka, India explore expanded industrial and investment cooperation appeared first on Newswire.

The government has approved Rs. 95 billion in concessionary interest loans for 2026, marking the highest allocation of its kind in Sri Lanka’s history, according to Deputy Minister of Industry and Entrepreneurship Development Chathuranga Abeysinghe.

In a statement, the Deputy Minister revealed that Rs. 25 billion of the total allocation had been earmarked to support the expansion of small and medium-scale enterprises (SMEs), covering businesses with an annual turnover of up to Rs. 1 billion.

He stated that the scheme caters to a wide range of businesses, from micro-enterprises with an annual turnover below Rs. 20 million to medium-scale enterprises with a turnover of up to Rs. 1 billion.

According to Abeysinghe, 2,569 beneficiaries had qualified for concessionary loans by August 2026, describing the progress as a significant achievement for the programme.

Providing a breakdown of the loan distribution, the Deputy Minister said small enterprises had received Rs. 16 billion from the Rs. 25 billion allocation, including Rs. 5.7 billion obtained by micro-enterprises.

Meanwhile, medium-scale businesses with an annual turnover exceeding Rs. 350 million but below Rs. 1 billion had received Rs. 3.7 billion, distributed among 169 enterprises.

Addressing concerns that concessionary loans were being directed mainly towards larger businesses or disproportionately allocated to certain provinces, Abeysinghe said the programme is reviewed monthly by himself, the Secretary to the Ministry of Finance and the Ministry’s Department of Development Finance.

He noted that the regional distribution of loans broadly reflected the country’s GDP distribution, adding that greater regional balance could be achieved by developing stronger businesses across different parts of the country.

The Deputy Minister further highlighted that the 2,569 beneficiaries who obtained concessionary loans would not be eligible to receive further concessionary financing under the scheme for the next three years, creating opportunities for new applicants.

He urged aspiring borrowers to establish formal, financially stable businesses and maintain trustworthy relationships with banks, stressing that entrepreneurs must take responsibility for their financial records and Credit Information Bureau (CRIB) scores.

Abeysinghe also advised business owners to pay greater attention to their equity capital and maintain monthly records of income, expenditure, assets and liabilities to improve their eligibility for bank financing.

He added that entrepreneurs could obtain the necessary technical assistance from the Ministry of Industries to prepare their businesses for loan applications. (Newswire)

The post Govt approves record Rs. 95 billion in concessionary loans for 2026 – Deputy Minister appeared first on Newswire.

The ‘Gem City Ratnapura International Gem and Jewellery Exhibition 2026’, held from August 31 to September 2, concluded on a high note, drawing strong international participation and renewed confidence in Sri Lanka’s gem industry.

Speaking at the closing ceremony, Deputy Minister of Industry Chathuranga Abeysinghe said the increased turnout compared to last year reflects a revival of the sector. 

He emphasized that the Government’s priority is to transform Ratnapura into a major international hub for gems, strengthening the value chain from mining to value addition, manufacturing, and exports, while unlocking the sector’s estimated US$3 billion potential.

The Deputy Minister noted that steps are being taken to enhance traceability and global confidence, simplify import and export procedures, introduce regulations and facilities, build skills among youth, and expand research and knowledge in the industry.

This year’s exhibition attracted entrepreneurs from India, Pakistan, Thailand, the United States, China, Japan, Poland, and other countries, providing local entrepreneurs with a vital platform to showcase products and access international markets.

Abeysinghe extended appreciation to the National Gem and Jewellery Authority, the Sri Lanka Gem and Jewellery Traders and Miners Association, and all stakeholders who contributed to the event’s success. (Newswire)

The post ‘Gem City Ratnapura 2026’ concludes, Govt eyes global hub status appeared first on Newswire.

The United Nations Development Programme (UNDP) in Sri Lanka and the Ministry of Industry and Entrepreneurship Development (MoIED) have entered into a strategic partnership to strengthen institutional and technical capacity for industrial transformation. 

The collaboration includes the establishment of an Expert Support Unit designed to accelerate industrial development, enhance entrepreneurship and SME competitiveness, and advance evidence‑based policymaking.

A Memorandum of Understanding (MoU) was signed recently between J. M. Thilaka Jayasundara, Secretary of the Ministry of Entrepreneurship Development, and Azusa Kubota, UNDP Resident Representative in Sri Lanka, in the presence of Deputy Minister Chathuranga Abeysinghe.

The Expert Support Unit will be embedded within the Ministry, providing high‑quality technical, analytical, and coordination expertise across priority areas such as SME development, industrial zone development, trade and policy, digital transformation, data analytics, skills development, and international relations.

Sri Lanka’s industrial sector is a key driver of economic growth, employment generation, and export competitiveness. As the Ministry’s mandate expands to address emerging opportunities and challenges, the new unit is expected to deliver agile and targeted expertise to strengthen programme implementation, foster policy innovation, improve stakeholder engagement, and enhance strategic coordination.

Commenting on the Government of Sri Lanka’s vision on this area, Deputy Minister of Industry and Entrepreneurship Development, Chathuranga Abeysinghe stated, “Sri Lanka’s ambitions for industrial growth, entrepreneurship development, and export competitiveness require agile institutions equipped with the right expertise and innovative approaches. This partnership with UNDP represents an important step towards strengthening our capacity to develop and implement forward-looking policies, support our entrepreneurs and industries, and deliver impactful solutions that contribute to national economic transformation. The Expert Support Unit will help us accelerate key priorities while strengthening the Ministry’s ability to respond effectively to emerging challenges and opportunities.” 

Drawing on UNDP’s experience supporting innovative government capacity-building mechanisms, the initiative will facilitate the rapid deployment of technical specialists while strengthening systems for project management, monitoring, reporting, and performance measurement. The partnership also seeks to mobilize support from development partners and private sector stakeholders to ensure sustainable and impactful results. 

Adding to UNDP’s technical expertise, Resident Representative of UNDP in Sri Lanka, Azusa KUBOTA, highlighted, “UNDP has been proud to support Sri Lanka’s reform agenda through innovative and agile institutional support. We are pleased to partner with the Ministry of Industry and Entrepreneurship Development in establishing the Expert Support Unit, a results-oriented mechanism that brings specialized expertise directly into government systems. The Ministry’s reform agenda has the potential to create jobs, strengthen Sri Lanka’s integration into global value chains, and accelerate sustainable economic growth. We look forward to supporting the capacities needed to drive this transformation.” 

The Expert Support Unit is expected to comprise a multidisciplinary team of specialists embedded within the Ministry, supporting strategic initiatives while fostering knowledge transfer and strengthening institutional capabilities over time. (Newswire)

The post UNDP, Ministry of Industry partner to boost technical capacity for industrial transformation appeared first on Newswire.

The Sri Lanka Consumer Cooperative Societies Federation (COOPFED) has signed two historic Memoranda of Understanding with Lanka Sugar Company and BCC Lanka Company, aimed at strengthening local industry and delivering essential goods to consumers at affordable prices.

Under the agreements, Lanka Sugar will supply 1,000 tons of brown sugar per month, while BCC Lanka will provide 20,000 liters of bottled coconut oil along with soap and other products. These items will be distributed through a wide cooperative network spanning 3,500 regional shops via representatives of 75 consumer cooperatives.

COOPFED said the initiative is designed to eliminate intermediaries, stabilize market prices, and act as a national “Price Stabilizer.” The Federation also plans to expand its retail footprint to 10,000 shops by 2029, while exploring partnerships with Indian cooperatives to import and distribute quality products.

The Ministry of Trade has highlighted the Federation’s long‑standing commitment to sustainable business ethics and improving the economic status of members and consumers. By promoting local products and breaking market monopolies, the cooperative movement aims to provide relief to the public and contribute to building a fairer economy.

Speaking at the signing, Deputy Minister of Industry and Entrepreneurship Development Chathuranga Abeysinghe noted that in developed countries such as the United States and Europe, one in five people is a member of a consumer cooperative. He emphasized that cooperatives are vital in connecting producers directly with consumers, and said the government intends to expand the cooperative branch network into a comprehensive “ecosystem.”

The Deputy Minister further stated that the Ministries of Finance and Trade are working together to strengthen the cooperative banking system, providing a stronger platform for small and medium‑scale entrepreneurs to bring their products to market.

The event was attended by COOPFED Chairman, Ministry Advisor Dr. Shantha Jayaratna, CEO Roshani Pradeepa, BCC Lanka Chairman Prasanga Indrajith, Lanka Sugar Chairman Wasantha Athula Kumara, and Director/CEO Dharmavardhana Udaya Kumar. (Newswire)

The post COOPFED signs historic MoUs with Lanka Sugar and BCC Lanka to supply quality local products appeared first on Newswire.

Deputy Minister Chathuranga Abeysinghe questioned whether the Bar Association of Sri Lanka (BASL) is acting to protect a particular group, saying he would be “very happy” to see the association issue a statement regarding former Justice Minister Wijeyadasa Rajapakshe or his son.

“We will see whether this is genuine or whether these actions are being taken to protect one particular class,” Abeysinghe said.

Meanwhile, the Deputy Minister confirmed that the Government intends to introduce constitutional amendments to increase the retirement age of judges, noting that a constitutional amendment is required for changes relating to the judiciary, while other reforms could be implemented at the ministerial level.

Abeysinghe also commented on the recent controversial remarks made in Parliament by NPP MP Asitha Niroshana, saying he did not believe Niroshana had made the claims merely by hiding behind parliamentary privilege and that further details should be sought from the MP himself. (Newswire)

The post “Is BASL protecting one particular group?” Deputy Minister questions Bar Association appeared first on Newswire.

Deputy Minister of Industry and Entrepreneurship Chathuranga Abeysinghe has called on entrepreneurs to transition towards full legal compliance, warning that businesses will face stronger enforcement as Sri Lanka expands its digital governance systems and anti-corruption measures.

In a message addressed to entrepreneurs, Abeysinghe acknowledged that many businesses may have previously avoided taxes, under-invoiced imports, used illicit means to obtain environmental and business approvals, created multiple companies to reduce tax liabilities, deviated from required standards, or relied heavily on cash transactions.

He suggested that such practices had occurred under past political systems, where enforcement was weak and businesses felt they received little value in return for paying taxes.

However, the Deputy Minister said the country was now moving forward by ending corruption, strengthening systems, implementing laws and improving standards.

He noted that Sri Lanka is expected to introduce a digital single identification system by next year, adding that businesses would increasingly be required to comply with legal and regulatory requirements.

“There will be no escape,” Abeysinghe said, adding that the government would continue strengthening enforcement to ensure a level playing field for all businesses.

He urged entrepreneurs to move towards formal business practices and greater adherence to the law, stating that investigations into corruption and misconduct would continue.

Abeysinghe also called on existing businesses to maintain compliance, saying entrepreneurs already know what needs to be fixed and how to achieve it. (Newswire)

The post ‘No escape’ from tax compliance : Deputy Minister’s message to businesses appeared first on Newswire.

The Moratuwa Institute of Wood Technology has been revived after 14 years of inactivity, with its first batch of trainees completing the NVQ Level 4 Wood Technology (Furniture) Programme and securing employment.

The certificate awarding and job placement ceremony was held under the patronage of Deputy Minister of Industry and Entrepreneurship Development, Chathuranga Abeysinghe on July 16. Twenty‑one students received their NVQ Level 4 certificates along with job opportunities.

“Although emerging technologies, including Artificial Intelligence (AI), are rapidly transforming the world, they cannot easily replace human skills and creativity. Alongside academic qualifications, a skilled workforce remains in high demand in both local and international labour markets,” the Deputy Minister said, addressing the gathering, and highlighted the enduring value of skilled labour despite rapid technological change.

He further noted that the programme reflects a shift in government policy. “What we have challenged is the economic ideology that claims the government should completely withdraw from the marketplace. This programme, implemented jointly by the National Apprentice and Industrial Training Authority, the Ministry of Industry and Entrepreneurship Development, and the private sector, is one of the best examples of that new direction.”

The Deputy Minister emphasized that past vocational training often failed due to weak alignment with market needs. The current approach, he said, directly links training, industry, and employment. 

He also announced that upcoming education reforms will allow students from Grade 9 onwards to choose skills‑based vocational pathways, creating greater opportunities for careers that match labour market demand. (Newswire)

The post Moratuwa Institute of Wood Technology revived after 14 years appeared first on Newswire.

By the end of this year, another 1,000 entrepreneurs will be able to access collateral‑free loans under the National Credit Guarantee Institution (NCGI), bringing the total beneficiaries to 3,000, Deputy Minister of Industry and Entrepreneurship Development Chathuranga Abeysinghe said.

The milestone follows the issuance of the 2,000th guarantee through Commercial Bank to a kithul products entrepreneur, marking a symbolic step in widening financial access. 

The expansion was celebrated with the opening of NCGI’s new operations center at HNB Tower in Colombo.

Deputy Minister Abeysinghe said the program was designed to revive stalled dreams of capable entrepreneurs who lacked collateral.

“Normally, when you go to a bank for a loan, the first question is ‘what collateral do you have?’ Because of a lack of collateral, many capable entrepreneurs’ dreams were stalled. It is to give life to those dreams that we introduced this credit guarantee system. Now, instead of collateral, the government intervenes to provide you with a guarantee,” he explained.

To qualify for the facility, businesses must demonstrate organized operations, strong financial cash flow, practical forecasts, and secure agreement from their bank.

Since its launch 15 months ago, NCGI has enabled more than Rs. 14 billion in credit facilities through 2,000 guarantees. 

The institution aims to further strengthen the financial sector by promoting microfinance, cooperative banking, a development bank, and an ownership capital fund. (Newswire)

The post Govt to expand collateral-free loans to 3,000 entrepreneurs by year-end appeared first on Newswire.

Sri Lanka’s handloom industry was placed firmly in the spotlight today as the “Art of Weaving” workshop and fashion showcase unfolded under the patronage of Deputy Minister of Industry and Entrepreneurship Development Chathuranga Abeysinghe, bringing together policymakers, academics, designers, artisans, and entrepreneurs.

Jointly organized by the Export Development Board (EDB), the Ministry of Industry and Entrepreneurship Development, and the University of Moratuwa, the initiative aims to revitalize the handloom sector by preserving cultural heritage, fostering innovation, and positioning Sri Lankan designs for greater value and visibility in global markets.

The EDB emphasized its commitment to elevating the industry to international standards through improving product quality, encouraging innovation, and attracting youth participation. The event highlighted the importance of transforming handloom weaving from a traditional art form into a sustainable export sector that contributes significantly to the national economy.

Addressing the gathering, Deputy Minister Abeysinghe stated that it is incorrect to regard handloom weaving as a declining industry and that it should instead be recognized as an “Industry of the Future.” He noted that as global consumers increasingly seek sustainable and natural products, Sri Lankan handloom products are gaining unique value in international markets.

The Deputy Minister further explained that, unlike the apparel industry, the handloom sector possesses uniquely Sri Lankan patterns, colors, and craftsmanship that cannot be easily replicated elsewhere, providing the country with a genuine unique competitive advantage.

Considering the growing global demand for high-value fashion products, he stated that the sector has significant potential to generate foreign exchange earnings. He pointed out that expanding beyond traditional sarees into casual fashion collections and athleisure/well-being-oriented fashion could enable Sri Lanka to capture rapidly growing international market segments.

Commending the creative interventions currently being undertaken by universities and the private sector, Deputy Minister Abeysinghe stressed that greater private sector investment is necessary to transform the handloom sector into a large-scale industry. He also emphasized the need to combine the creativity of young designers with business know-how to develop innovative business models.

The Deputy Minister further stated that the Government is taking steps to restructure institutions such as the EDB, the Department of Textiles, and state-owned enterprises including Laksala and Salusala to provide more effective support for the handloom sector.

He assured that the Government would continue to strengthen collaboration between the University of Moratuwa and the industry, while providing maximum support to transform Sri Lanka’s handloom heritage into an innovative export sector capable of competing globally. (Newswire)

The post Deputy Minister backs Handloom as export growth sector appeared first on Newswire.

Sri Lanka’s historic gem capital is set to shine on the global stage as preparations are finalized for the international gem and jewellery exhibition Gem City Ratnapura 2026, scheduled from August 31 to September 2. 

Deputy Minister of Industries and Entrepreneurship Development Chathuranga Abeysinghe announced that the event, themed “Home to the Finest”, will showcase Sri Lanka’s world‑renowned gemstones, while positioning the country as a leading hub in the global gem and jewellery industry. 

This year’s exhibition will reflect Sri Lanka’s reputation as the source of some of the world’s most sought-after gemstones, including the renowned Ceylon Blue Sapphire. 

The exhibition has also been strategically scheduled to align with the international gem exhibition calendar, enabling global buyers travelling to East Asian gem fairs in September to visit Sri Lanka beforehand and gain firsthand exposure to the country’s authentic gem and jewellery industry.

Speaking at a special media briefing held at the Department of Government Information, the Deputy Minister highlighted the Government’s commitment to formalizing the gem and jewellery sector and transforming it into one of the country’s key sources of foreign exchange earnings.

He noted that the industry, which currently generates approximately US$300 million in annual export revenue, is undergoing comprehensive reforms across its entire value chain to accelerate growth and enhance global competitiveness.

Building on the success of the 2025 edition, which attracted more than 7,500 visitors and over 200 international buyers, organizers expect Gem City Ratnapura 2026 to achieve even greater international recognition and participation. (Newswire)

The post Sri Lanka to host Gem City Ratnapura 2026 in August appeared first on Newswire.

The “SME Nexus” National SME Strategy Framework 2026, aimed at empowering Sri Lanka’s Small and Medium Enterprises (SMEs), was officially launched on Wednesday (13).

The programme was launched under the patronage of the subject Minister Sunil Handunneththi and Deputy Minister Chathuranga Abeysinghe.

According to the Ministry of Industry and Entrepreneurship Development, the initiative primarily seeks to remove structural barriers faced by the SME sector, which represents more than 75% of registered businesses in Sri Lanka, contributes 52% to the country’s Gross Domestic Product (GDP), and employs 45% of the national workforce.

Developed in line with the vision, “A Thriving Nation – A Beautiful Life,” the framework is designed to guide entrepreneurs from sustaining day-to-day livelihoods to transforming into high-growth, export-oriented enterprises.

Built upon a core strategic vision and 11 strategic pillars, the framework will be implemented through the following key focus areas:

1. Technological and Digital Empowerment: Introducing an integrated SME data platform and digital business tools.
2. Institutional Integration: Aligning all enterprise development state institutions toward a unified national objective.
3. Service Delivery Structure: Establishing efficient service delivery through “single-window” service centres and the “SME Connect” call center.
4. Incubation and Startup Support: Simplifying business startup procedures and registration processes.
5. Market Development and Value Chain Integration: Connecting local products to Global Value Chains (GVCs).
6. Business Intelligence and Research: Enabling data-driven decision-making and market research support through the SIBA unit.
7. Recognition of Ecosystem Partners: Evaluating and recognizing the contributions of banks, chambers of commerce, and public officials.
8. Relationship Management: Training development officers as “Relationship Officers” to provide direct guidance and mentorship to entrepreneurs.
9. Financial Access and Growth Fund: Improving credit readiness and establishing a dedicated “Growth Fund” for priority sectors.
10. Entrepreneurship Education and Culture: Promoting entrepreneurial thinking at the school and university levels.
11. Policy and Regulatory Reforms: Reforming laws and regulations that hinder enterprise growth.

With the implementation of this framework, entrepreneurs will gain easier access to business registration services, modern technology, and specialized financial facilities. In particular, free advisory and mentoring services that directly support business growth beyond conventional approaches will also be made available.

Through this national initiative, Sri Lanka aims to support the entrepreneurs who are willing to grow themselves to expand the national economy and to increase export earnings. (Newswire)

The post “SME Nexus” National Strategic Framework for Small and Medium Enterprises unveiled appeared first on Newswire.

Deputy Minister of Industry and Entrepreneurship Development Chathuranga Abeysinghe has provided a detailed explanation of Sri Lanka’s collateral‑free loan system, outlining how small and medium‑scale businesses can access financing without pledging land or fixed assets.

The Deputy Minister noted that under this scheme, loans are granted based on business viability, with the government providing 70% security and banks or financial institutions covering the remaining 30%. For women entrepreneurs, the government’s contribution rises to 80%.

According to Abeysinghe, 1,747 businesses have already benefited from the program. 

He stressed that no ministerial letters or political approvals are required, as applications can be made directly through banks under the National Credit Guarantee Institution (NCGI). 

Loan eligibility is determined by the strength of a business’s cash flow, with banks making recommendations and NCGI granting approval.

The scheme offers financing ranging from Rs. 500,000 to Rs. 25 million, creating new opportunities for capable and resilient SMEs, he said. 

Abeysinghe added that if banks fail to inform applicants or reject requests unfairly, entrepreneurs can seek direct support from NCGI.

The Deputy Minister has issued the clarification after questions were raised by many people following his recent parliamentary speech related to matters concerning collateral‑free loans. (Newswire)

The post Collateral‑Free Loan System : Deputy Minister of Industry explains appeared first on Newswire.

Deputy Minister of Industry and Entrepreneurship Development Chathuranga Abeysinghe says concerns have been raised that some bank branches continue to mislead customers about the government’s concessionary loan scheme, often steering them toward alternative products that boost branch profits.

In a statement, he informed that the concessionary loan programme remains active and accessible, with a clear process in place. 

By March, banks had processed 630 applications worth Rs. 7.2 billion, while the Loan Guarantee Institution approved 267 collateral-free loans. Overall progress under the scheme has reached Rs. 17.4 billion, with a total allocation of Rs. 95 billion earmarked for businesses.

Some banks, including Commercial Bank, HNB, and NDB, have already completed their quotas, but the Ministry of Finance will release additional funds in the next quarter, he said. 

Abeysinghe urged entrepreneurs to remain informed, noting that more than 1,300 individuals have successfully secured collateral-free loans despite misleading claims.

He provided the following details outlining the proper method for applying for the loans:

• Obtain the relevant application form from the Divisional Secretariat office
• Submit the application form to the bank
• After review, the bank must enter the application into the digital system to begin the process
• The bank, after its initial study, recommends the applicant to the Ministry of Finance
• The Ministry of Finance approves within two weeks

The Deputy Minister extended his gratitude to bank officers and ministry officials for their active role in driving the programme forward. (Newswire)

The post Some banks diverting customers from concessionary loans: Deputy Minister appeared first on Newswire.

The Ministry of Industry and Entrepreneurship Development, together with the Industrial Development Board (IDB), has concluded the first phase of the Industry Revival Facilitation Programme (IRFP), launched to assist industries affected by the Ditwah cyclone that struck Sri Lanka in late November 2025. 

The event was held yesterday (March 10) under the patronage of Deputy Minister Chathuranga Abeysinghe.

The IRFP, initiated in December 2025 as a public–private partnership, brought together leading private sector organizations to support 43 industries impacted by the disaster. 

The Ministry honoured these organizations for their timely contributions, while special recognition was extended to individuals who volunteered expertise in establishing the Industry Disaster Support Centre (IDSC). Their efforts enabled the creation of a centralized database and digital data collection system to assess affected industries.

Among those recognized were Mr. Thilina Kurukulasuriya (Cloud Syntex Pvt Ltd), Mr. Ranga Dayawansha (Floodsupport.org), Mr. Sanjay Elvitigala (eLearning.lk Pvt Ltd), and Mr. Shageevan Sachithanandan.

Preliminary assessments estimate the total economic loss to the manufacturing sector at Rs. 33.96 billion, with raw material and inventory losses accounting for Rs. 10.2 billion. Significant damage was also reported in machinery, equipment, and revenue disruptions, largely due to factory flooding and supply chain interruptions.

Looking ahead, the Ministry announced plans to launch the Industry Development Foster Program (IDFP) to support long‑term recovery and development of industries identified during the initial assessments. (Newswire)

The post Industry Revival Programme’s first phase concludes after Ditwah cyclone appeared first on Newswire.

The Ceylon Chamber of Commerce successfully hosted a seminar and panel discussion titled “Access to Finance for SMEs: Understanding Government Concessional Loan Facilities” in February, which drew over 130 participants.

The event underscored the strong interest among small and medium enterprises (SMEs) in accessing concessional financing opportunities and strengthening resilience through formal financial mechanisms.

Delivering the keynote address, Deputy Minister of Industries and Entrepreneurship Development Chathuranga Abeysinghe highlighted the government’s commitment to supporting SMEs through concessional loan schemes. He emphasized the importance of improving access to affordable credit and streamlining digital processes to empower entrepreneurs across the country.

The session was followed by a panel discussion featuring senior representatives from government and the financial sector. The panel provided practical clarity on eligibility, application procedures, and digital pathways for concessional loan facilities, while also addressing challenges SMEs face in securing finance. 

Participants engaged directly with the Deputy Minister and panel members, raising questions, sharing experiences, and receiving timely solutions.

A dedicated Business Clinic further enriched the programme, enabling one‑on‑one consultations with key SME service providers, including DFCC Bank, Union Bank, the National Enterprise Development Authority, the Sri Lanka Export Development Board, and DHL. 

This interactive component allowed SMEs to explore financing options, clarify application pathways, and access institutional support services tailored to their needs. (Newswire)

The post CCC hosts SME finance seminar appeared first on Newswire.

The Ministry of Industry and Entrepreneurship Development has announced plans to streamline Sri Lanka’s business registration process, aiming to eliminate inconsistencies and reduce complexity.

Deputy Minister Chathuranga Abeysinghe noted that the current system requires applicants to submit multiple documents to Divisional Secretariat offices, where procedures vary from one office to another.

He emphasized that these inconsistencies have created significant difficulties for individuals seeking to start businesses.

The minister states that to address the issue, the Ministry is taking steps to establish a standardized registration process, which is expected to be introduced in March. (Newswire)

The post Business registration process to be standardized in March appeared first on Newswire.

Sri Lanka’s Ministry of Industry on Monday (09 Feb) hosted the third round of talks with World Bank representatives Richard Walker and Anna Twum on the country’s upcoming tariff reform. 

Deputy Minister of Industries and Entrepreneurship Development Chathuranga Abeysinghe said the new policy, set for 2026, will remove para‑tariffs such as Cess and PAL and introduce a streamlined four‑tier import tariff framework.

“Sri Lanka is preparing for the largest and most decisive shift in its economic transformation, with a new tariff policy set to be implemented in 2026 to better integrate our economy into global value chains. Under this reform, para-tariffs such as Cess and PAL will be removed, and the country will transition to a new import tariff framework consisting of four main categories,” he said in a post on ‘X’. 

He further said that during the discussions with the World Bank representatives, who are providing technical assistance to Sri Lanka for this reform, the Ministry of Industry emphasized the need for strong institutional involvement in driving these critical transformational changes, the importance of implementing them gradually within a defined timeline, the establishment of national standards for imported goods, and the necessity of prohibiting the import of under-invoiced and low-quality products.

This new tariff policy is considered a fundamental prerequisite for enhancing Sri Lanka’s competitiveness in the export sector and for enabling the country to enter into international trade agreements, he noted. (Newswire)

The post Sri Lanka, World Bank discuss para-tariff reform ahead of 2026 policy shift appeared first on Newswire.

Sri Lanka’s Deputy Minister of Industry and Entrepreneurship Development, Chathuranga Abeysinghe, highlighted new opportunities for collaboration following his recent visit to Riyadh, where he represented Sri Lanka in discussions with Saudi business leaders and members of the Saudi–Sri Lanka Joint Business Council.

Taking to ‘X’, Abeysinghe noted that while bilateral ties are still evolving, Sri Lankan exports to Saudi Arabia are growing, and negotiations are underway for a Trade Promotion and Investment Agreement to further ease trade.

He emphasized the role of the 200,000 Sri Lankans living and working in Saudi Arabia as a vital people-to-people link.

Key sectors identified for future cooperation include renewable energy, shipping and maritime services, tourism, technology and startups, and agriculture. 

Abeysinghe stressed that Sri Lankan small and medium-sized enterprises, though modest in scale, are world-class in capability and can benefit from partnerships with Saudi brands and investors, potentially even attracting production bases in the Kingdom.

He added that the government is focusing on government-to-government collaboration and targeted proposals aligned with Saudi market needs, enabling both private sectors to engage more effectively.

“This visit reaffirmed that the Sri Lanka–Saudi Arabia partnership has great potential, and with strategic cooperation, we can build lasting economic growth and opportunities for both nations,” Abeysinghe said.

He also commended Sri Lankan Ambassador in Riyadh, Omar Ameer Ajwad, for his dedicated service in strengthening bilateral ties.

Deputy Minister of Industry and Entrepreneurship Development, Chathuranga Abeysinghe’s interview with Arab News: https://www.arabnews.com/node/2630665/business-economy (Newswire)

The post Sri Lanka eyes trade boost with Saudi Arabia appeared first on Newswire.