SL targets US $ 36bn in annual exports by 2029

The government has set its sights on an ambitious annual export revenue target of US $ 36 billion to be achieved by 2029, according to the Export Development Board (EDB).

Strategic branding key to SL’s success in India’s wedding market: Vandana Mohan

Access to information and strategic branding are pivotal for Sri Lanka to emerge as a premier wedding destination for Indians, according to Vandana Mohan, India’s first female event manager and founder of the Wedding Design Company.

Data consumption surges 11% despite decline in fixed broadband subscriptions: CAL

Sri Lanka witnessed an 11 percent increase in data consumption in the first nine months of this year, despite the decline in fixed broadband subscriptions, according to Capital Alliance (CAL) Research.

Strong mandate is positive, says Standard Chartered Global Research

Standard Chartered Global Research, the research arm of Standard Chartered views the National People’s Power (NPP) coalition’s sweeping victory in Sri Lanka’s parliamentary elections as a positive development, presenting a rare opportunity to undertake long-overdue structural reforms and advance fiscal consolidation.

Plantation stocks surge amid favourable market conditions

Majority of Sri Lanka’s plantation companies have witnessed a significant upturn in stock prices from October onwards, driven by a combination of favourable global market trends, strong sector fundamentals and overall investor sentiment.

Sri Lanka’s rupee to remain on a ‘very comfortable terrain’ in coming years: SLBA

Sri Lanka’s rupee is projected to remain on a ‘very comfortable terrain’ in the coming years, with the gross foreign exchange reserves standing to top the US $ 12 billion mark before the capital repayments to the creditors begin in 2029, according to a top banker.

BOI to facilitate risk mitigation to SAARC members through dedicated industrial parks

With an aim to boost FDI flows into the country while fostering inter-regional trade among SAARC nations, Sri Lanka’s Board of Investment (BOI) is exploring the creation of country-specific industrial parks tailored to the needs of SAARC nations.

Policy consistency crucial to boost SL’s apparel exports to US $ 8bn in 2025- JAAF

Policy consistency is key to achieving US $ 8 billion in apparel exports next year, up from an estimated US $ 5 billion in 2024, according to the Joint Apparel Association Forum (JAAF).

Tourism leaders urge singular approach to double Sri Lanka’s visitor numbers

As Sri Lanka stands on the cusp of a potential tourism boom, industry leaders are calling for a unified approach to drive demand for the destination while preserving its unique, authentic edge over competing markets.

Excessive taxation could undermine economic equity, warns legal expert

President’s Counsel Dr. Shivaji Felix raised critical concerns about Sri Lanka’s Inland Revenue practices, suggesting they may place undue burdens on the taxpayers, without delivering equivalent benefits.

India’s HRV Global Life Sciences sets sights on Sri Lanka

India-based HRV Global Life Sciences and New Horizon Global Pharma is exploring possible expansion into Sri Lanka, which is emerging as a strategic growth market in South Asia.

Hemas Holdings achieves growth despite revenue decline

Hemas Holdings PLC reported strong profitability for the six months ended September 30, 2024, despite facing a challenging market environment characterised by cautious consumer spending and competitive pressure in key sectors.

John Keells Holdings maintains growth momentum with strong 2Q25 performance

Premier blue chip John Keells Holdings (JKH) sustained growth momentum in the second quarter of 2024/25, with strong performances across its core businesses, despite challenges in the leisure sector.

ADB optimistic about reforms but warns of limited room to manoeuvre

The Asian Development Bank (ADB) said that it remains optimistic about the continuity of the reforms in Sri Lanka but warns that there is very little room to manoeuvre as the country seeks a sustainable recovery.

SL well-positioned to attract 2.9 mn tourists

Following the expected under-performance in the tourism sector this year, Sri Lanka’s tourism is poised to reach new heights with tourist arrivals projected to reach 2.9 million generating US$ 5.4 billion income.

Sweden urges SL to push up contributions to its food industry

Sweden has expressed a strong interest in expanding business collaborations with Sri Lanka, specifically to increase Sri Lanka’s contributions to its fast-growing food industry, the Export Development Board (EDB) said.

Sri Lanka and Pakistan poised to lead Asian Frontier Markets in 2025

Sri Lanka along with Pakistan is poised to lead South Asian frontier markets with strong performances extending current market rally to next year amidst continuous progress in both economic and political reforms and prevailing low valuations, much anticipated recovery in earnings and possibility of a greater political stability, according to AFC Asia Frontier Fund.

Price drops continue to cool Colombo inflation in October

Inflation in Sri Lanka’s Colombo district fell further in October, marking the third consecutive month of easing, with both food and non-food prices declining amid the improved supply conditions and reduced administrative costs, according to the data from the Census and Statistics Department.

Exports decline in September despite apparel, services growth

Sri Lanka’s export earnings for September 2024 fell by 3.49 percent to US$ 937.95 million compared to a year earlier, with weaker demand for tea, rubber products, electronics, and seafood weighing on performance, according to data released by Sri Lanka Customs.

Sri Lanka must shift to trade-oriented production to manage debt post-IMF: Economist

As Sri Lanka prepares to resume repayment of its significant sovereign debt by 2028, a leading economist has called for a strategic shift towards trade-oriented production, to secure a primary surplus essential for debt management, once the International Monetary Fund (IMF) programme concludes.

Two-thirds of public sector FTE expenses could be cut with correct technology: Former ICTA Chairman

The government could potentially cut off two-thirds of its public sector workforce expenses by strategically implementing the correct technology to streamline public services, according to former ICTA chairman.

Sri Lanka’s “next big step” is creditor agreement: IMF

The International Monetary Fund (IMF) has acknowledged that Sri Lanka has made significant progress in implementing reforms but emphasised that the “next big step forward” is for the island nation to reach a formal agreement with all creditors.

Sri Lanka now UK’s second largest partner in transnational education

Sri Lanka has overtaken Malaysia to become the second largest transnational education (TNE) partner for United Kingdom (UK)- based universities by accounting for a whopping 10 percent of overall UK TNE enrollments last year.

Tourism industry on edge as travel advisories mount

Sri Lanka’s tourism industry is bracing for challenges, following a series of travel advisories issued by several key markets, including the United States, United Kingdom, Australia, Russia and New Zealand.

SL eyes sustainable and niche tourism

Sri Lanka’s tourism sector is poised for transformation as it seeks to balance the preservation of the country’s authenticity with the exploration of sustainable tourism and niche markets, such as culinary tourism, according to a senior official.

National consumer prices fall 0.2%

The national consumer prices fell into deflation in September, after the food prices cooled, while the fuel prices took away much of the heat on the non-food price inflation during the last few months.

SL surpasses IMF annual primary surplus target

Sri Lanka has exceeded IMF’s annual primary surplus target with the primary surplus reaching estimated 2.1 percent of GDP during the first eight months of the year.

SL’s debt reduction lower than anticipated at 19.8% NPV: Verité Research

Sri Lanka’s debt relief from its recent agreement is expected to be 19.8 percent in net present value (NPV) terms, based on a 5 percent discount rate, lower than the 30 percent NPV reduction projected in the government’s baseline scenario, Verité Research said.

SL’s unemployment declines despite crises: IPS research But productivity and youth inactivity deteriorate

Sri Lanka’s labour market has seen an unexpected shift with unemployment rates decreasing slightly over the years despite the country undergoing a series of crises since 2019, according to research conducted by the Institute of Policy Studies (IPS).

Manufacturing & services PMI points to continuous expansion in activities through September

The Purchasing Managers’ Index (PMI) for both manufacturing and services activities pointed to persistent expansion in the economic activities in the respective sectors through September 2024, albeit there has been some softening in both from a month earlier.