Global CEO awardee Ramya Weerakoon reflects on her path to success

 Ramya Weerakoon, Chairperson of Ramya Holdings Pvt. Ltd

By Safrah Fazal

Ramya Weerakoon, Chairperson of Ramya Holdings Pvt. Ltd. and a woman entrepreneur, is certainly not an unfamiliar name in Sri Lanka. In recognition of her strides in the business landscape, she was among the ten who were awarded the Global CEO Top Businesswomen Awards this year.To gain insight into her thoughts on the award and her journey in business, this newspaper reached out to Mrs. Weerakoon. Following are excerpts of the interview:

Q: What does this award mean to the younger version of yourself, the one who first stepped into the world of business?

This award serves as both an encouragement and a source of strength, motivating me to strive for even greater heights in business. It offers valuable recognition and support, reinforcing our presence in the business world. With this honor, I am empowered to expand further and take the business to the next level.

Q:You’ve often spoken at length about the tragedies of your life. Can we speak briefly about how it led to your entry into business?

My entrance into the business world was brought on by the tragic death of my husband, Major Noel Weerakoon, during the insurgence in 1971. I was with a two-and-a-half-year-old daughter and was carrying my second child at the time. Naturally, I was shocked and helpless, and this was the beginning of my life as what I am today.

While living in Colombo, where my late husband was stationed, I began experimenting with batik purely out of pleasure. I had no formal knowledge of marketing or managing labour, but I learned everything hands-on.

My requirements after my husband’s death were very simple. I wanted to have a house of my own to live in and enough money to educate my children.

The decision I made was to turn my hobby of batik into a fully-fledged business. The pension I had from my husband was my capital.

Eventually, I set up a workshop in Kurunegala at my parental home property and supplied batik garments to the local market.

In 1976, I took an even bolder step and participated in a trade fair in Frankfurt, Germany, to create export opportunities. It was my first exposure to the international market. From that point on, I attended trade fairs across Europe and by 1978, I diversified into exporting wooden handicrafts. I had the vision that batiks wouldn’t be in fashion anymore.

I moved on to manufacturing and exporting apparel in 1988, shifting my focus to a broader spectrum, which later became a group of companies in different areas with Ramya Holdings Pvt. Ltd. as the Holding Company.

Q: In your experience, what’s one business value or cultural trait of Sri Lankans that you believe the world could benefit from?

Our deep sense of loyalty, commitment and reliability in business. We Sri Lankans also strongly believe in building long-term trust with employees, customers and partners. That loyalty creates a strong foundation, even during turbulent times. This is something I realised later in life. As I said before, it’s through experience that I gained these values.

Q: During your entire business career, was there something that you failed at, but ended up teaching you the biggest lesson?

Yes, absolutely. One of the most difficult ordeals I faced was dealing with unreliable buying agents, which led to sudden order cancellations. In the 1990s, we imported four 40-foot containers of fabric from India for a jeans order.

Unfortunately, the fabric turned out to be substandard. As a result, the buyer cancelled the order, and the supplier refused to accept the goods back or refund the payment. This was under Letter of Credit terms. That was a massive loss. Apart from the fabric, we had also imported the necessary accessories, cartons and polybags from Taiwan.We couldn’t even sell it in the local market. It had a major impact on the company’s working capital.

In 1993–1994, I reached the second stage of the business and had to secure export quotas for the USA and European Union, as it was under a quota system at the time. I had to stand at the Ministry of Textile Industry spending the entire day there, sometimes without even being able to obtain the quota for a confirmed order. So, I had no choice but to purchase quotas from brokers at inflated prices, which led to further losses for the business. All of this added up, and by 1994–1995, I was facing a financial crisis.

On top of that, I expanded my second factory in Katupotha. The main reason was that I would receive 25,000 dozen for export quotas, which would help safeguard the business from further losses due to purchasing quotas through agents. The second factory was being built after the death of President R. Premadasa, and banks denied loans to the garment industry. But once I set my mind to something, I’m determined to see it through, no matter the obstacles. So, I borrowed funds at high interest rates and did it. The factory was completed and opened in July 1994.

Q: You were widowed at a young age and your parents didn’t permit you to pursue higher studies. Is this why you set up the Ramya Weerakoon Foundation?

The Foundation was born from a desire to give women and youth a chance at life and to empower them with opportunities. I didn’t have any higher educational qualifications when I started out, so through this foundation, I can provide support in education and skills development to help women and youth to transform their lives.

At the moment, we have been supporting mostly widows who are trying to raise their families to set up small businesses in their villages.

Q: So when you face doubt or fear in life, which most of us do, how do you handle that?

Believing in Dhamma has given me the strength and courage to push through. Impermanence and mindfulness have helped me let go of fear. Also, I believe that every challenge is an opportunity, and that by being calm and still, I can respond rather than react.

This, of course, was not something I had cultivated back in the 1990s or early 2000s, but it is something I developed through many challenges and periods of grief. I still meditate to this day, and I always try to think positively.  I would advise others the same.

Q: If a young woman were to walk in your footsteps today, what would you warn her about, and what would you tell her to embrace?

I would say, success is not a race. Each path is unique and she should try to embrace her own voice, instincts, and never be ashamed of where she comes from. Also, don’t just follow someone else’s footsteps. Make your own. Confidence, commitment and hard work are the powerful tools.

I also have some advice for entrepreneurs of Small and Medium Enterprises (SMEs) who are looking to expand, because I too was once a SME. Nowadays, SMEs have many organisations supporting them and offering training. I feel this sometimes discourages them from thinking independently, working hard to get into the business. During yesteryear’s time, there were no such organisations. So, I believe those who are starting as SMEs should be innovative and have a vision for a successful venture and to adapt during turbulent times.