Compiled by Tamara Rebeira

THE CURRENCY OF BUSINESS

Nilrukshi de Silva elaborates on why trust is the currency of business

Q: How would you describe the current economic and regulatory landscape for diversified conglomerates operating in Sri Lanka?

A: It’s an intriguing time to be leading a diversified conglomerate. We’re witnessing early signs of economic stabilisation and there’s genuine reason for cautious optimism. The regulatory environment is showing promising signs of becoming more sophisticated and transparent, which will ultimately benefit well managed conglomerates.

While we’re still in the midst of structural reforms, the direction is encouraging.

We’re seeing conversations around enhanced governance frameworks and improved business environments. And for diversified groups, this creates fascinating opportunities to demonstrate proudly what Sri Lankan companies can achieve – both in dominating our home market with superior offerings and in showcasing our nation’s exceptional capabilities to the world.

Q: What strategies should organisations enforce to maintain resilience and competitiveness across multiple sectors in a volatile market environment?

A: The beauty of diversification has never been more apparent – we’ve learned that true resilience comes from creating synergies across our portfolio while maintaining an unwavering commitment to excellence that outperforms international competitors here at home.

Strategies should be refreshingly straightforward: build better brands, implement superior processes and create world-class infrastructure that makes foreign alternatives seem outdated.

It’s important to leverage Sri Lanka’s extraordinary resource endowment from our mineral deposits to human capital to create products that don’t merely compete with international brands but surpass them.

Simultaneously, the country’s ingenuity has the potential to make a mark globally. Our exports reach key markets across the US, Australia, Indonesia and Africa, demonstrating that when traditional craftsmanship combines cutting-edge technical innovation, local conglomerates can offer products that appeal to international audiences.

Q: How do you identify and evaluate opportunities for expansion or diversification in an evolving business landscape?

A: It’s important to understand what makes Sri Lanka extraordinary; and there’s so much to work with.

From the outset, conglomerates should recognise the country’s inherent advantages including its natural assets and the exceptionally skilled human resources capable of mastering advanced techniques and technologies.

The magic happens when organisations identify opportunities to showcase these distinctive Sri Lankan strengths. Whether in product development or innovation, it’s important to continually find ways to demonstrate why ‘Made in Sri Lanka’ represents a standard of excellence.

Conglomerates should strive to dominate the local market by offering products so superior that international brands struggle to compete while simultaneously expanding globally to showcase the remarkable innovations emerging from this island nation.

Q: How important is it to ensure consistency and excellence in operational standards, across different subsidiaries and sectors?

A: It’s absolutely critical to have consistent principles that every subsidiary embraces while allowing for sector specific adaptations. It’s similar to having a melody that can be played in different keys, yet remains harmoniously recognisable.

This consistency builds trust – and trust is essentially the currency of business. When customers have a positive experience with one part of a group, they are more likely to explore what else it offers.

That’s how diversification creates genuine value rather than just complexity.

Q: What challenges do organisations face today when balancing sustainable practices with business growth, particularly in sectors such as manufacturing and construction?

A: I believe this is a false choice – sustaina­bility and growth can be partners when approached thoughtfully.

For example, environmental consciousness shouldn’t merely be about compliance; it’s about demonstrating local innovation leadership to world markets.

Sustainable practices should become a competitive differentiator. When eco-friendly formulations are developed, or green manufacturing processes are implemented, it’s important to meet international standards – and exceed them – proving that Sri Lankan companies can lead rather than follow international trends.

The exciting challenge is showing the world that sustainable innovation can emerge from developing nations.

Q: How do you envision the role of local conglomerates evolving as the country looks to rebound economically and compete regionally?

A: Local conglomerates are destined to become Sri Lanka’s most powerful ambassadors.

We possess something genuinely unique – a profound understanding of the country’s exceptional resources, combined with the sophistication to present them to the world in ways that command respect and premium positioning.

Consider what we’re already achieving. Our brands are competing in some of the world’s most demanding markets – from the United States to Australia and from Indonesia to across Africa – not as generic exports but as distinctly Sri Lankan products that these markets actively seek.

We’re demonstrating that by harnessing the country’s resources, combining them with tradition and enhancing them through contemporary technical innovation, we can create offerings that international customers prefer over established alternatives.

The vision of conglomerates extends beyond mere business success – we are cultural and economic ambassadors, showcasing to the world that Sri Lanka is not merely a beautiful destination but a hub of manufacturing, innovative thinking and exceptional human capability.

Every export shipment, international partnership and global recognition reinforces Sri Lanka’s position as a nation that creates – not just supplies.

The interviewee is the Senior Vice President of Macksons Holdings Group.