Sri Lanka’s banking sector loans accelerated during the last three months as people continued to borrow more for consumption defying higher interest rates, SMEs for their working capital and some corporates to complete their mega expansion projects.
New investments in the hotel sector amounting to US $ 2.8 billion will require thousands of newly trained workers in the next couple of years. This was revealed by Minister of Tourism Development and Christian Religious Affairs, John Amaratunga at the 39th Graduation Ceremony of the Sri Lanka Institute of Tourism and Hotel Management (SLITHM) which was held at the BMICH this week.
Enhancing economic corporation, the Government of Sri Lanka yesterday signed three memorandums of understanding (MoUs) with the Government of Finland, on digitalization, health and education sectors in addition to two private sector agreements on higher education and fertiliser.
Doha Bank, the third largest conventional bank in Qatar yesterday inaugurated its representative office at World Trade Centre (WTC) in Colombo, becoming the first Gulf bank to be launched in the country. The bank is said to be aiming to promote bi-lateral trade and investments between the two countries while mulling over a potential FTA between Sri Lanka and Qatar.
The country’s budding ICT sector was yesterday looked up to by the government to help reach national export targets in the medium term and was urged to boost its efforts to ensure not only its progression, but also the industries it supports.
One Transworks Square (Pvt) Ltd together with Zhong Tian Ding Hui (ZTDH) Company yesterday announced that it is ready to transform Colombo’s skyscape with South Asia’s tallest building, rising to a height of 376 meters in 92 floors by 2021.
Hatton National Bank PLC (HNB), Sri Lanka’s second largest private sector lender by assets, yesterday announced a breakthrough partnership with popular retail department store, ODEL to lead the syndication of a Rs.5.4 billion loan to fuel the expansion of its flagship store at Alexandra Place, Colombo 7.
The Sri Lankan banks satisfy many of the key matrices such as growth, profits, efficiency and asset quality against most regional peers but the sector is in deep thirst for fresh capital as the banks brace for full implementation of BASEL III as early as in few months.
Sri Lanka is to amend the archaic customs law shortly to facilitate paperless trade and pre-arrival clearances at the Customs, Sri Lanka Customs Director General and National Trade Facilitation Committee Chairman P.S.M. Charles said.
Sri Lanka stands mostly at risk among frontier markets from a persistent rupee depreciation against the U.S. dollar as it will present fiscal troubles from bloating debt servicing needs, Moody’s Investors Service said in a special report on impact on Asia Pacific (APAC) sovereigns from currency depreciation.
The Sri Lankan government has identified the importance of having competent human capital to compete with the rapidly changing global economy as the country is geared to take off and advance as a fast growing middle-income country.
China hinted Sri Lanka’s growing importance in its ambitious US$500 billion One Belt One Road (OBOR) initiative claiming Sri Lanka is a ‘hub’ in its OBOR strategy. Sri Lanka meanwhile stressed of its own role in OBOR, and revealed that the Colombo Port City project despite the 25-year long timeline, is ‘progressing at great speed’.
Balancing diplomatic relations and being open to all countries for investment has been a key achievement of the current government, remarked Development Strategies and International Trade Minister Malik Samarawickrama at a forum in Colombo yesterday.
Professionals led by Sri Lanka Engineers Association (SLEA) and United Professional Movement (UPM) and backed by the Organisation of Professional Associations of Sri Lanka (OPA) and the influential government Medical Officers’ Association (GMOA) yesterday threatened with trade union actions if the government fails to ratify the Singapore Sri Lanka FTA (SLSFTA) in Parliament with 2/3 majority as it poses serious challenges to national securi
Sri Lanka has expressed interest in establishing direct banking links with Iran. President Maithripala Sirisena, who this week completed a two-day official visit to Iran, had expressed this during the bilateral discussions with Iranian President Hassan Rouhani.
Sri Lanka needs to promote rural entrepreneurship in a holistic manner to uplift over one quarter of the population trapped in poverty with daily earnings below Rs.400, despite the lowest ever absolute poverty figures reported in the country recently, according to the Central Bank Governor
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