‘Biodiversity imparting a powerful competitive advantage to SL’s businesses’
By Ifham Nizam Biodiversity is rapidly moving beyond the traditional boundaries of conservation to become an increasingly important economic and business issue, with Sri Lankan companies being urged to recognise nature not simply as an environmental responsibility but as an asset capable of influencing competitiveness, investment and access to international markets. This was among the […]
The 11th Annual Technical Sessions of Biodiversity Sri Lanka (BSL) opened with a discussion on how biodiversity is becoming a significant economic and business issue for Sri Lankan companies. Dr. Nishan de Mel, Founder and Executive Director of Verité Research, proposed viewing biodiversity through an economist's lens, highlighting that natural systems are vital inputs to the global economy but currently unaccounted for in economic measurements.
He cited research estimating that industries dependent on nature account for a substantial share of global economic output, emphasizing the need to understand biodiversity's role in risk management beyond traditional financial metrics.
Dr. Ruchira Somaweera, National Technical Executive (Ecology) at WSP Australia and Adjunct Professor at Murdoch University, provided a scientific perspective on the relationship between business and biodiversity. His expertise in wildlife biology, environmental consultancy, and conservation underscored that companies must consider ecosystems, supply chains, and natural resources as integral to their operations.
Somaweera underscored that biodiversity must be addressed through integrated approaches, not isolated conservation projects.
Siddarth Hirdaramani, Director of the Hirdaramani Group and Biodiversity Sri Lanka, noted that Sri Lanka's biodiversity could serve as a competitive advantage, particularly in the apparel industry. While lower production costs cannot be matched by countries like Bangladesh, India, Vietnam, and China, Sri Lanka's environmental credentials, along with strong labor standards and social compliance, can differentiate it in the market.
This insight suggests that businesses, regardless of size, should recognize and leverage their biodiversity assets to enhance competitiveness.
Written by urgent.news from The Island Sri Lanka's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
