News & market updates

Sri Lanka will submit proposals to the US Trade Representative on Tuesday to seek reduction of a 44% tariff by cutting the bilateral trade deficit and changing the import duty structure, a deputy minister said. A government committee is preparing proposals after virtual meetings with USTR officials; pharmaceutical tariffs are already zero.

Sri Lanka, India and the UAE signed an MoU to develop Trincomalee as an energy hub, including an HVDC interconnection for power import/export and plans for a multi-product fuel pipeline and possible refinery. Separate MoUs cover digital cooperation and health/pharma collaboration.

Indian PM Narendra Modi arrives in Sri Lanka for a three-day state visit to sign MoUs covering energy, digitalisation, security, healthcare and debt-restructuring assistance; he will inaugurate India-supported projects including the Sampur Solar Power Plant, a 5,000‑ton cold storage in Dambulla and railway upgrades.

JAT Holdings relaunched its JAT Loyalty Program on 3 Dec 2024, adding tiered Gold/Silver/Bronze rewards, insurance coverage for painters and their families, and conversion of loyalty points to cash via an exclusive Commercial Bank debit card. The program also includes education grants and school resources.

India and Sri Lanka will sign multiple bilateral agreements during PM Modi’s visit, including an updated defence pact and projects in energy (Sampur Solar Power), healthcare, the digital economy, Dambulla cold storage, new roads and a modern railway signal system.

The Cabinet approved four healthcare procurements totaling Rs.5,514 million to supply state hospitals. Contracts include 340,000 bottles of 20% human albumin (Rs.2,805m to Reliance Life Science, India), 1,000,000 vials colistimethate sodium (Rs.218m), 30m metres surgical gauze (Rs.2,069m) and 18,000 trastuzumab vials (Rs.422m).

John Morris Group has relocated its Colombo office to Level 08, East Wing, The Optimist, Aloe Avenue, Colombo 3 as part of a growth phase in Sri Lanka and plans to expand its local team with new sales, technical support, customer service and logistics roles.

Nawaloka Hospitals PLC (NHL.N0000) has installed South Asia's first AI-driven Canon Vantage Orian MRI, supplied by MEDIQUIPMENT in a USD 4.5 million investment to boost diagnostic precision and reduce scan times.

Astron Limited secured ISO 9001:2015 Quality Management Certification across all its manufacturing operations in 2025, integrating with its existing certifications to support regulatory approvals for exports and strengthen product quality controls.

John Morris Group (JMG) has relocated its Colombo office to a new prime location in Colombo 3 as it enters a new growth phase in Sri Lanka. The company says it will expand its local team and add roles across sales, technical support, customer service and logistics.

Sri Lanka Insurance General launched the Suraksha Insurance Scheme with the Ministry of Education to provide insurance cover for over 4 million students, offering hospitalization cover of Rs.300,000, critical illness cover of Rs.1,500,000 and personal accident cover of Rs.200,000.

People’s Bank launched the 'Vanitha Vasana VISA Platinum Credit Card', offering free joining and a lifetime annual fee waiver, free health and accident cover up to Rs.1 million, and overseas travel insurance cover up to $100,000.

Sunshine Holdings (CSE: SUN) announced Vish Govindasamy will move to a Non-Executive Deputy Chairman role and Group CEO Shyam Sathasivam will take over leadership of the Group. Govindasamy will continue in an advisory capacity to ensure continuity during the transition.

Sunshine Holdings PLC (SUN) said Vish Govindasamy will step down from his executive role to become Non-Executive Deputy Chairman while Group CEO Shyam Sathasivam succeeds him to lead the Group. Govindasamy will continue to support the Group in an advisory capacity and Sathasivam, CEO since 2024, will lead the next growth phase.

Analytical Instruments (Pvt) Limited hosted a two-day health camp at its head office for 200 employees, providing vision/hearing tests, dental and blood tests, BMI checks and wellness seminars. The event, held with Analytical Technologies, complements the company’s employee health initiatives and sponsored family health insurance.

Fadna Arunella held its 50th health camp at Sri Devram Maha Viharaya, Pannipitiya, providing free health services, screenings and medical consultations. Durdans Private Hospital co‑sponsored the event and organisers included the Devaram Vehera Bodu Maga; Fadna plans more camps.

A 7.7-magnitude earthquake struck central Myanmar and was felt across Thailand, killing about 144 people in Myanmar and 3 in Thailand, injuring hundreds and flattening buildings including a 30-storey construction in Bangkok; Myanmar declared states of emergency and appealed for aid.

Link Sudantha hosted a flagship World Oral Health Day 2025 event at Ruwanpura National College of Education with over 400 participants and an onsite mobile dental clinic. The event included expert-led sessions and the brand said it has provided dental services to over 10,800 people and educated 120,000+ nationwide.

Sri Lanka's National Medicine Regulatory Authority will seek court approval for a price formula covering a large number of drugs, Health Minister Nalinda Jayatissa said. Pharmaceutical companies had challenged earlier planned controls, and the move is linked in the article to rupee depreciation and monetary policy concerns.

Amana Takaful PLC won 49 local and international awards in 2024, ranking among Sri Lanka's Top 3 Most Awarded Entities and entering the LMD Hall of Fame Top 50. The company received digital accolades (Mobile App of the Year; IFFSA Silver), upgraded its app for real-time claims tracking, and offers telemedicine and life-product innovations.

Durdans Hospital has opened a new state-of-the-art Urology Clinic with five consultant rooms, a procedure room and modern diagnostics; clinic charges are waived until May 31, 2025 to improve access to specialised urological care.

India is open to cutting tariffs on more than $23 billion of U.S. imports in initial talks to head off reciprocal U.S. tariffs that New Delhi says could hit $66 billion of its exports. Officials warned pharmaceuticals and autos (around $11 billion) may face the most disruption if reciprocal tariffs apply.

Coca-Cola Beverages Sri Lanka held an International Women’s Day event for 100 Colombo waste resource collectors, providing health screenings, a doctor-led women’s health session, and gift packs to recognize their role in recycling and community well-being.

Vision Care, Sri Lanka’s largest vision, hearing and eyewear provider, engaged over 1,500 visitors at Medicare 2025 at BMICH, offering free eye screenings (visual acuity, refractive checks, eye pressure, fundus photography) and promoting glaucoma awareness.

Castle Street Hospital for Women in Colombo launched Sri Lanka's first-ever sperm bank to provide donor sperm for artificial insemination and IVF. The facility will operate under strict privacy protocols and require medical testing of donors.

Seeni Colombo completed a 330 km Pekoe Trail walk and handed funds to Paa Saviya to support subsidised diabetic wound care and development of specialised footwear, with support from Asia Asset Finance and Nations Trust Bank.

Sri Lanka's High Commissioner met DCCI President Taskeen Ahmed on 16 March 2025 to agree to deepen bilateral corporate cooperation and explore joint investments in healthcare, hospitality/tourism, pharmaceuticals, IT, textiles and deep-sea fishing, and to pursue a Preferential Trade Agreement and business delegation exchanges.

HNB Assurance PLC launched the 13th edition of ‘Liya Harasara,’ offering free life cover up to Rs.1 million for one year, daily childbirth hospitalisation benefits (capped three days/year) and free critical illness cover up to Rs.250,000, with offers running 1 March–30 April 2025.

IIHS signed an MOU with the University of Surrey to introduce internationally recognised nursing programmes and a pathway allowing Sri Lankan and regional students to complete part of their studies locally and their final year at Surrey. The partnership aims to attract international students, boost healthcare training capacity and support research and workforce development.

International Dental Care (IDC) in Matara was named Best Dental Hospital of the Year at the Pinnacle Sri Lanka Awards 2024. The award was presented at Taj Samudra Hotel, Colombo, to IDC founder and Chairperson Dr. Sandyani Amarasinghe.