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Sri Lanka Needs Sector-Specific Labour Reforms to Unlock Growth, Says Plus94 Fund’s Arj Samarakoon

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Labour reform in Sri Lanka cannot be approached as a uniform policy, according to Arj Samarakoon of Plus94 Fund, who argues that the country needs a more nuanced strategy to unlock growth and attract investment.

Speaking at the Labour Reforms Vital to Attract Investment and Develop the Export Sector forum, Samarakoon said that sectors such as ICT, logistics, mining and manufacturing face distinct challenges and should not be regulated under the same rigid framework.

He pointed to the Shop and Office Employees Act, which still prevents women from working after 6 p.m., as an example of how outdated provisions can limit progress. While originally intended for a manufacturing economy, the law now restricts the growth of 24-hour ICT and knowledge industries.

“These rules belong to a different era,” Samarakoon told the forum. “If Sri Lanka wants to compete in a knowledge economy, we must modernise the law while protecting workers’ rights. Removing barriers, especially for women, is essential if we are to strengthen the workforce and attract global investment.”

Samarakoon added that reforms should not be seen as reducing protections but as aligning them with modern realities. Sector-specific policies, he argued, could empower employees, expand opportunities for women and give ethical employers the flexibility to compete internationally.

Analysts note that Sri Lanka lags behind regional peers in female workforce participation, a factor that has weighed on economic competitiveness. According to Samarakoon, tackling this issue through inclusive reforms would boost investor confidence while creating broader opportunities across high-value industries such as ICT, logistics and advanced manufacturing.

About Plus94 Fund
Plus94 Fund is a Singapore-based investment advisory and private equity firm with operations in Sri Lanka, focused on building dollar-denominated revenue and driving sustainable growth. In January 2025, Plus94 launched the Crewstone Plus94 Technology Fund, a US$75 million initiative targeting early-stage tech companies across South and Southeast Asia.

For more information, visit Plus94 Fund

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Dubai Based Sri Lankan Entrepreneur Launches Global Forex Marketplace

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A visionary Sri Lankan entrepreneur based in Dubai has launched VerifiedBrands.io, a cutting-edge Forex Marketplace Ecosystem designed to bring transparency, trust, and regulatory compliance to the Global Forex industry.

The platform addresses one of the most critical challenges in online trading — the difficulty of finding legitimate and regulated brokers and financial service providers. VerifiedBrands.io connects traders, licensed Forex brokers, technology providers, and affiliates in a secure and trusted digital marketplace.

“Our mission is simple — to eliminate fraud and scams from the Forex industry and give traders, investors, and partners a reliable ecosystem where only regulated and verified companies are listed,” said Anthony, the founder of VerifiedBrands.io.

VerifiedBrands.io verifies and lists only Regulated Forex brokers and compliant financial technology providers, offering a single platform for:

Traders seeking trusted brokers and services

Companies looking for high-quality leads and exposure

Technology providers offering white-label solutions, trading infrastructure, CRM systems, Liquidity Solutions, Payment Gateways , API solutions

Affiliates and partners wanting to work with compliant, reputable firms

The platform also provides tools and resources to help traders and partners compare, connect, and collaborate confidently, making it a first-of-its-kind ecosystem for the Forex community.

With the global Forex industry estimated at over $6 trillion in daily trading volume, VerifiedBrands.io aims to build a safer, more transparent trading environment and empower investors and traders worldwide to make informed decisions.

For more information, visit www.VerifiedBrands.io

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LB Finance to enter Philippines market through subsidiary

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LB Finance PLC, a Sri Lankan Non-Bank Financial Institution (NBFI), has received regulatory approval from the Central Bank of Sri Lanka to establish a wholly owned subsidiary in the Philippines.

In a corporate disclosure to the Colombo Stock Exchange, the company said the Director of the Department of Supervision of Non-Bank Financial Institutions granted approval on 11 December to set up the subsidiary under the name LB Finance Philippines Inc.

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Commonwealth Enterprise and Investment Council expresses solidarity with Sri Lanka

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The Commonwealth Enterprise and Investment Council (CWEIC) has conveyed its condolences to Sri Lanka over the loss of life and extensive damage caused by Cyclone Ditwah, urging all Commonwealth nations to support the country’s recovery as the scale of devastation continues to unfold.

In a statement signed by CWEIC Chairman Lord Marland and Deputy Chairman Lord Swire, the council said: On behalf of the Commonwealth Enterprise and Investment Council, we extend our sincere condolences to the President and people of Sri Lanka for the tragic loss of life and the widespread destruction caused by Cyclone Ditwah.

With the death toll now exceeding 300, hundreds more people missing, and thousands left without homes or livelihoods, the impact on your nation is devastating, and affecting all parts of the country.

As Commonwealth friends, we acknowledge the suffering that Sri Lanka has already endured through natural disasters; floods, droughts, landslides, and the 2004 tsunami.

Sri Lanka has survived through the extraordinary efforts of countless volunteers and ordinary people. Once again, we see this remarkable resilience and cooperation from Sri Lankans who are working to restore order, basic services, and supplies where possible.

We appeal to all Commonwealth countries to support the recovery efforts, and we will keep Sri Lanka in our thoughts and prayers at this difficult time. CWEIC has a significant presence in Sri Lanka, and our Strategic Partners stand ready to assist in any way we can during this difficult time. We will continue to support international efforts and appeal to Commonwealth nations to contribute to Sri Lanka’s recovery.

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