Deloitte Sri Lanka Hosts Exclusive Forum on Cross‑Border Growth for Sri Lanka’s Consumer Sector

Deloitte Sri Lanka hosted an exclusive senior‑leadership forum titled “Growth Beyond Borders: Pathways for Sri Lanka’s Consumer Sector” on 4 March 2026 at the Sapphire Hall, Courtyard by Marriott. The event brought together leaders and decision‑makers from Sri Lanka’s prominent consumer‑sector companies to explore opportunities for regional expansion, particularly into India, one of the fastest‑growing consumer markets in the world.

In his opening remarks, Channa Manoharan, Country Managing Partner, Deloitte Sri Lanka and Maldives, highlighted the increasing urgency for Sri Lankan companies to look beyond domestic markets for growth. He also emphasised the need to have a deep understanding of on-ground realities including tax and regulatory framework and make meaningful collaborations to ensure success in foreign markets, either as exporters or via different forms of strategic partnerships.

Tiyasa Khanra, Partner at Monitor Deloitte in her keynote speech, addressed three key questions: (1) Where Sri Lankan consumer brands can win cross-border; (2) Why India is an attractive market; and (3) What it would take to enter and win in new markets. She touched on key demographic and consumer trends and other benchmark indicators which are useful when assessing the potential of a new market. She also briefly profiled the fast-growing, scaled consumer economies in Asia (India, Bangladesh, Vietnam among others) which offer attractive growth rates and demographics.  

In her assessment of India as a potential market, she emphasised the country’s strong macroeconomic fundamentals and highlighted how India’s young population and expanding middle income and working population will underline India’s consumption-led expansion. She also provided valuable insights on Indian consumers who are becoming increasingly brand conscious, with purchasing decisions shifting from purely price-driven to value-driven, signalling growing demand for trusted and differentiated brands. While noting the significant opportunities in the market, she also highlighted that India presents several complexities, including fragmented markets, a large unorganised retail sector, and intense competition. However, she observed that multinational consumer companies that remain invested in the market over the long term are often rewarded with stronger growth prospects and higher margins. 

The keynote address was followed by an insightful panel discussion moderated by Ruvini Fernando, Head of Strategy, Risk and Transactions, Deloitte Sri Lanka and Maldives. The distinguished panel featured Cedric Wijegunawardene (Chief Financial Officer - Silvermill Group of Companies), Rukshila Gooneratne (Operations Officer, Country Management Unit, IFC Sri Lanka & Maldives), Vivek Gupta (Partner – M&A and Private Equity & Financial Services Tax, Deloitte South Asia), Soumya Dwibedi (Partner – Monitor Deloitte), Tiyasa Khanra (Partner –  Monitor Deloitte), and Charmaine Tillekeratne (Partner – Head of Tax - Deloitte Sri Lanka & Maldives). 

The discussion opened with Cedric Wijegunawardene relating his experience having worked with multiple companies that have ventured overseas successfully. Referring to the Silvermill Group, whose revenue is primarily driven by exports, and which has established operations in Indonesia and India, he highlighted several key considerations when entering foreign markets. These include the need for patience in realising returns from cross-border ventures and the importance of conducting proper due diligence and feasibility assessments. He noted that such processes may be further strengthened by involving a multilateral lender depending on the size of the investment. He also emphasised that strict legal compliance, including environmental, social, financial, and labour regulations, is essential. Soumya Dwibedi, Partner – Monitor Deloitte provided deep insights on identifying the right market as well as the right partner – considering both macro and micro factors – to ensure winnability in the market. He also emphasised the importance of distinguishing between locations chosen for their consumer markets and those selected for manufacturing, as each involves different decision-making considerations. Rukshila Gooneratne also offered insights on how IFC, the private sector arm of the World Bank Group provides growth capital and other non-financial support for companies to explore cross-border opportunities that have strong growth potential; and provided guidance on compliance and governance standards expected by global investors. IFC, through its Sri Lanka office has invested close to US$1 billion in Sri Lankan corporates over the past five years. Deloitte’s tax experts Vivek Gupta and Charmaine Tillekeratne emphasised the importance of conducting a detailed assessment of the regulatory requirements, including potential benefits from existing Free Trade Agreements, when exploring new markets.

Questioned about setting up trading offices in hubs like Dubai and Singapore, Charmaine highlighted that whilst it is a feasible operational model, investors need to be cognizant of “substance over form”, in the value chain. Adding on to this Vivek further emphasised on the importance of considering risks relating to Permanent Establishments when setting up such trading entities.

The value of strong and reliable partners, data-driven and credible business plans, and the importance of playing the long game were sentiments echoed by all panellists throughout the discussion. The panellists also discussed the importance of strong environmental, social and governance standards which are essential to accessing foreign capital.

Deloitte in harnessing the collective expertise of its global network, reaffirms its commitment to supporting companies through every phase of their international expansion journey – from strategy formulation and market assessment to regulatory navigation, identifying credible partners, tax planning, and on-ground- execution for successful launch and scale up across key regional markets.

About Deloitte Sri Lanka and Maldives

Deloitte Sri Lanka and Maldives is a multi-disciplinary professional services firm that is part of the Deloitte network. Deloitte offers a range of services, including Audit & Assurance, Tax, Strategy, Risk & Transactions, and Technology & Transformation. 

Deloitte is among the largest professional services networks globally, with a presence in over 150 countries and comprising more than 450,000+ professionals.

Caption:

Top – From left to right:

• Cedric Wijegunawardene, Chief Financial Officer, Silvermill Group of Companies
•  Charmaine Tillekeratne, Partner – Head of Tax, Deloitte Sri Lanka & Maldives
• Rukshila Gooneratne, Operations Officer, Country Management Unit, IFC Sri Lanka & Maldives
• Vivek Gupta, Partner – M&A and Private Equity & Financial Services Tax, Deloitte South Asia

Bottom – From left to right:

• Ruvini Fernando, Head of Strategy, Risk and Transactions, Deloitte Sri Lanka and Maldives
• Soumya Dwibedi, Partner, Monitor Deloitte
• Tiyasa Khanra, Partner, Monitor Deloitte