CAL Shines Spotlight on Next Phase of Sri Lanka’s Economic Recovery

Successfully concludes three-day virtual summit with key policymakers and stakeholders 

The eagerly anticipated virtual conference "Restart Sri Lanka" organized by CAL successfully concluded last week, running from the 5th to the 7th of September, kicking off timely dialogues with insight from key economic policymakers and industry experts on the next phase of the country’s economic recovery. The three-day event attracted and engaged several online and on-site participants, and connected global and local funds and investors with C-suite executives of ten of Sri Lanka’s leading listed companies, to discuss business trajectory and unlock investment opportunities.

The keynote on day one of the conference on Charting Sri Lanka’s Economic Recovery by Dr. Nandalal Weerasinghe – the Governor of the Central Bank of Sri Lanka, set a promising tone for the rest of the event. The Governor discussed the positive changes that have been seen in the economy so far, adjusting to the tough measures taken so far and the possibility of further monetary easing measures going forward owing to a faster-than-expected reduction in inflation and the need to stimulate growth. He further expressed confidence in Sri Lanka gaining access to international capital markets in the near future, while also adding that the Sri Lankan Government is not required to explore the option, given the possible access to funding from multilateral lending agencies and bilateral project loans following the completion of debt restructuring, with potential for a sovereign rating upgrade. 

State Minister of Finance, Hon. Shehan Semasinghe delivered the keynote on ‘Aligning Sri Lanka’s Fiscal and Policy Framework to Unlock Investment Potential’ on day two of the event, which explored strategies implemented by the Government to create a highly attractive and conducive environment for both domestic and international investors in Sri Lanka. 

“Sri Lanka’s economy has shown clear signs of growth and stability over the past few months, and we expect the economy to stabilize fully by the end of 2023,” Minister Semasinghe commented. “The economy promises to grow from 2024 onwards,” the Minister continued, emphasizing on driving expedited and effective restructuring of loss-making State-Owned Enterprises (SOEs) to further alleviate the burden of the Government and the economy.

The Minister also touched base on the step-by-step relaxation of the country’s import restrictions, stating that “Except for private motor vehicles, all import restrictions will be removed by the end of the year.”

The conference concluded on day three with an on-site event – also live-streamed on CAL’s official YouTube Channel – at the Marriott Courtyard Colombo, with the closing panel discussion on ‘Shifting Strategies from Resilience to Recovery’ featuring industry experts including Kasturi Chellarajah Wilson – Managing Director and CEO of Hemas Holdings, Sanath Manatunge – Managing Director and CEO of Commercial Bank, and Hasitha Premaratne – Managing Director of Brandix. 

Group Chief Operating Officer of Capital Alliance and Managing Director of Capital Alliance Investments, Kanishke Mannakkara – who also addressed the participants at the on-site event – expressed his thoughts on the success of the virtual forum, stating “The insights we gained into Sri Lanka’s progress, potential investment opportunities, and other pressing topics discussed with key economic players during Restart Sri Lanka, will charter the country’s next phase of economic recovery over the next few months. We are thrilled with the event’s success, and look forward to continuing these dialogues with key market participants as part of CAL’s mandate of contributing towards the recovery of Sri Lanka’s economy.” 

All panel discussions and public sessions of Restart Sri Lanka can be viewed on CAL’s YouTube channel CAL Sri Lanka.

About CAL

CAL is a full-service investment bank with a mission to be 'The Preferred Partner in Capital Markets'. Commencing operations in October 2000, we have established ourselves as a leading player in the financial markets of Sri Lanka specializing in the origination, trading and investment in debt, and equity securities. Our reputation is based on excellence in execution, research and product innovation. We believe that our strength is in bringing expertise from all aspects of the financial markets in the country. Being a Licensed Primary Dealer, Stock broker, Fund manager and Money broker, we also enjoy close business relationships with a large network of clients extending to most of the large business houses in the country as well as small & medium family firms. We also have an extended network of foreign clientele including renowned global investment banks as well as significant high net worth individuals. The CAL Group also takes a 'one firm' approach to its business; we are hence in a position to offer integrated and customized solutions, all under one roof.