Sri Lankan President and National People's Power party leader Anura Kumara Dissanayake gestures during a public rally in Homagama, Colombo, as part of the campaign for the 17th Parliamentary Election. – Reuters file

Sri Lanka's new leftist leader, President Anura Kumara Dissanayake, 55, has garnered unexpected support from the country's largest private sector trade and industry body as he aims to expand his party's three parliamentary seats to a majority in the upcoming elections on Thursday. Dissanayake, who admires Karl Marx and Che Guevara, took office in September amid public outrage over the 2022 economic crisis. The Ceylon Chamber of Commerce (CCC) has expressed alignment with his socialist agenda, as outlined by his People's Liberation Front (JVP).

Business leaders speculate that under Dissanayake, Sri Lanka might adopt economic models similar to China or Vietnam, given his party's hammer and sickle logo. Imran Furkan from Australia-based Tresync believes Dissanayake's first term will surpass Vietnam in terms of democratic setup, citing Sri Lanka's deeply rooted democracy. Furkan anticipates Dissanayake's party to win comfortably and pursue reforms, including austerity measures initiated by his predecessor Ranil Wickremesinghe.

The JVP, which led armed insurrections in 1971 and 1987, has since joined mainstream politics in a coalition with professional groups known as the National People's Power (NPP). Dissanayake's continuation of Wickremesinghe's debt deal has reassured both local and foreign investors. Since his victory, the Colombo Stock Exchange's All Share Price Index has risen by 16.65%, reflecting positive investor sentiment. Dissanayake maintains close ties with neighboring India and China, both vying for influence in the strategically located island.

Voting begins Thursday at 7:00 am (0130 GMT) for 8,880 candidates vying for 225 parliamentary seats, with initial results expected by Friday morning. However, election monitors predict low voter enthusiasm. The People's Action for Free and Fair Elections (PAFFREL) anticipates a turnout lower than the 80% seen in the presidential poll. Dissanayake's party, with only three seats in the outgoing legislature, faces minimal opposition.

CCC chief Duminda Hulangamuwa supports the new administration and serves as Dissanayake's economic adviser. Hulangamuwa emphasizes Dissanayake's commitment to the IMF bailout and reforms, aiming for macroeconomic stability and inclusive growth. Former president Wickremesinghe's austerity measures, though stabilizing the economy, left many struggling. The IMF acknowledges Wickremesinghe's progress in repairing the nation's finances post-2022 debt default.

Hotel sector executive Anura Lokuhetty and lawyer Shanthini Walgama highlight the need for a stable government and the promise of tackling corruption under Dissanayake's coalition.

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