Enterprise Sri Lanka loans hit Rs.79bn mark

The Finance Ministry yesterday revealed that over Rs.78.6 billion worth of loans have been disbursed under the Enterprise Sri Lanka concessionary loan programme through 46, 673 loan facilities. The programme, which is conceptualized by Finance Minister Mangala Samaraweera, is aimed at creating 100, 000 entrepreneurs. A Finance Ministry statement said 20, 286 loan facilities were given under the ‘Sonduru Piyasa’ scheme while 2, 258 loans given und

HNB marks 50th AGM opening market trading at CSE

Hatton National Bank (HNB), which has been in existence for 130 years, marked its 50th AGM yesterday at the Colombo Stock Exchange (CSE) by opening trading with the ringing of the ceremonial bell.

SL welcomes 11, 200 cruise tourists

Sri Lanka has welcomed 11, 200 cruise tourists so far this year, who arrived in the island nation on six cruise ships, Sri Lanka Tourism Promotions Bureau (SLTPB) said in a statement. According to SLTPB, over the last two weeks alone, over 3000 tourists from Europe, Australia and Thailand arrived in Sri Lanka on board two luxury cruise liners. Luxury cruise liner Sapphire Princess whic

First-ever electric tuk-tuk launched in Sri Lanka

Development Strategies and International Trade Minister Malik Samarawickrama, MP Kumara Welgama and former Eastern Province Chief Minister and current National Apprentice and Industrial Training Authority Chairman Nazir Ahamed seen yesterday at the launch of Mahindra Treo electric tuk-tuk, the first-ever electric three-wheeler in Sri Lanka. The electric tuk-tuk is priced at just below a million rupees and can travel up to 130-kilometres in one ch

SL to hold ministerial level FTA talks with China next month

The Minister of Development Strategies and International Trade, Malik Samarawickrama will visit China next month to hold ministerial level discussions to resume negotiations in connection to the proposed Sri Lanka-China FTA. Speaking to Mirror Business on the sidelines of the inauguration of the First German Pavilion at Build SL 2019 exhibition at BMICH last Friday, he said that he is planning to hold discussions with top Chinese government offic

CCC marks 180 years by ringing trading bell

Sri Lanka’s premier business association, the Ceylon Chamber of Commerce (CCC), yesterday reached its 180-year mark, a milestone that was commemorated with a bell ringing ceremony at the Colombo Stock Exchange (CSE).

Govt. to introduce special law to govern Hambantota trade zone

The government is to introduce the Ruhuna Economic Development Corporation Law soon, which it claims would be applicable to the trade zone in Hambantota.

Build SL 2019 exhibition

The Chamber of Construction Industry Sri Lanka opened the international housing and construction exhibition - ‘Build SL 2019’ for the 15th consecutive year at the BMICH yesterday. The German Chamber of Industry and Commerce has collaborated with the Chamber of Construction Industry Sri Lanka to host a special German pavilion through their agencies in Sri Lanka that will display a wide array of German

Conflicting views on economy’s way forward

Billionaire businessman and corporate leader Dhammika Perera told a recent forum in Colombo that the government must prioritise economic growth focussing on employment generation, contradicting the Prime Minister Ranil Wickremesinghe and his government’s viewpoint that the government must prioritise fiscal consolidation to stabilise the economy in order to escape middle-inco

Prime Minister says govt. will talk to banks to bring down high interest rates

The government will collaboratively work with the banking sector to bring down the high market interest rates in the country, to boost private investment in order to support economic growth, Prime M

Govt. moves forward with digitalisation of economy

The government will begin the implementation of key programmes and formulating the required legislative reforms within the next three months to support the digitalisation of the Sri Lankan economy. Digital Infrastructure and Information Technology Non-Cabinet Minister Ajith P. Perera said drafting the Data Protection Bill and Cybersecurity Bill has reached the final stages and expressed confidence that they would be passed in

East Container Terminal delayed by Prez-PM cold war

The cold war between President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe is delaying the development of Colombo Port’s East Container Terminal (ECT), slimming the country’s chances of becoming a maritime hub in the region, a senior Cabinet minister admitted.

Eighth EU-SL investor dialogue consolidates economic relations, resolves important matters

The eighth EU-Sri Lanka investor dialogue was held at the Development Strategies and International Trade Ministry recently. Many of the earlier outstanding matters had been resolved through dialogue and the joint efforts of the Sri Lanka and European Union (EU) authorities.

PM affirms govt.’s commitment to labour reforms

As emerging technologies are disrupting the world of work creating winners and losers, Prime Minister Ranil Wickremesinghe said his government is committed to carry out labour market reforms for a smooth and inclusive transition towards a competitive social market economy.

Trade deficit expands over US $ 10bn in 2018

Sri Lanka’s trade deficit expanded over US $ 10 billion in the year 2018 despite a significant decline in the December trade deficit with a notable deceleration in the import expenditure, the data released by the Central Bank showed.

IFS poised to scale up operations in Sri Lanka

Sweden-based leading enterprise software solution provider, IFS, is poised to increase its workforce by 23 percent in Sri Lanka this year as the firm is shifting a large chunk of its overseas support functions to Sri Lanka, betting on the country’s “cost effective and innovative” talent pool.

Sri Lanka’s fiscal consolidation path challenging: Moody’s

Sri Lanka government’s efforts for fiscal consolidation will be challenging, given its ambitious revenue targets and election spending—which are difficult to do without—and their success will largely depend on policy effectiveness and faster economic growth, according to Moody’s Investors Services (Moody’s).

French giant Mechelin eyes Lankan tyre sector

Eric Le Corre, Corporate Vice President Public Affairs, Michelin and Nandita Khurana, Zone Head – Legal, Michelin, met Export Development Board (EDB) Chairperson/CEO recently to explore opportunities in the Sri Lankan tyre sector. French Ambassador Eric Lavertu, Economic Counsellor Herve Sarnelli, SLAMERP President Prabhash Subasinghe and EDB Advisory Committee Member Ananda Caldera were also present at the discussion.

Sri Lanka Tourism unveils new documentary at ITB

The world’s leading travel and trade show, ITB opened in Berlin, Germany on Wednesday (6th) where Sri Lanka took center stage with the inauguration of its stand-out pavilion and country branding amidst much grandeur and fanfare.

Luxury tax to hinder govt.’s plan to collect Rs.48bn from vehicle imports: VIASL

The proposed luxury tax on vehicles will hinder the government’s ambitious target of collecting Rs.48 billion in revenue from duties, as the proposed tax would lead to drastic decline in vehicle imports to the country,

SLASSCOM-Norway to collaborate on ICT development, start-up initiatives

The Sri Lanka Association of Software and Services Companies (SLASSCOM) and Norwegian Foreign Affairs Ministry expressed their intent to further collaborate in developing the information and communication technology (ICT) sector for sustainable employment generation in the future and to bring about innovation through knowledge transfer programmes. A letter of intent in this regard was signed by Norweg

Spending-heavy Budget 2019 targets elections

Finance Minister Mangala Samaraweera yesterday walked a tightrope presenting his second budget, trying his best to balance people’s aspirations in the backdrop of impending elections while proposing

Govt. urged to deal with ineffective SOE director boards

The country’s Finance Ministry should be empowered to deal with the ineffective director boards of the loss-making state-owned enterprises (SOEs), as notions of privatisation or public-private partnerships (PPPs) seem unrealistic, given the current political environment, according to National Agency for Public-Private Partnership Chairman Thilan Wijesinghe.

Adding final touches to Budget 2019

Finance Minister Mangala Samaraweera is seen in deep conversation with Treasury Secretary Dr. R.H.S. Samaratunga, as he was adding the final touches to Budget 2019, at his private residence ‘Rainbow End’, in Gorakana, Panadura, on Saturday. Samaraweera is expected to commence the budget speech at 1:30 p.m., on Tuesday, in Parliament

‘Medicare 2019’

The 10th edition of Sri Lanka’s only healthcare exhibition, ‘Medicare 2019’ opened at the Sirimavo Bandaranaike Memorial Exhibition Hall yesterday, under the patronage of Health Minister Dr. Rajitha Senaratne. Large crowds were seen making maximum use of the free medical services available on the opening day.

Maersk to expand container handling operations in Sri Lanka

Maersk A/S has announced plans to expand container handling operations at the Colombo Port. The announcement followed talks between Maersk Chief Executive Officer Soren Skou and President Maithripala Sirisena at the Presidential secretariat on Thursday. Maersk’s business partner, South Asia getaway Terminal (Pvt) Ltd. (SAGT) is said to be holding discussions with the Ports and Shipping Ministry and Sri Lanka Ports Authority (SLPA) regarding the e

SL to promote trade, tourism at Expo 2020 Dubai

Sri Lanka will make its debut at the upcoming Expo 2020 Dubai, with the aim of further promoting Sri Lanka as a tourist destination, facilitating international trade and attracting investors to the country.

SL Tourism eying 30-min programme on CNN Business Traveller with Quest

Sri Lanka Tourism is eying a 30-minute segment on the CNN Business Traveller programme hosted by Richard Quest to attract high-net-worth business and leisure tourists to Sri Lanka. A Sri Lanka Tourism Promotion Bureau (SLTPB) official said they are considering a proposal to obtain a 30-minute segment on the CNN Business Traveller programme rather than launching another media campaign to promote Sri Lanka tourism on CNN.

SL recalibrates borrowing strategy towards ISBs

Sri Lanka has recalibrated its borrowing strategy back to dollar denominated international sovereign bonds (ISBs) with the country’s yield curve normalising to below pre-political crisis level. “The yields have

So Sri Lanka IRONMAN 70.3 Colombo Expo launched

The much anticipated So Sri Lanka IRONMAN 70.3 Colombo Expo will showcase a range of health and wellness products from across the world, and is held from February 21st to the 24th, at the Shangri-La Hotel Colombo, Lotus Ballroom. The timings for the Expo would be Thurs