The Asian Development Bank will be providing up to US$ 5 billion in financing to Sri Lanka through its new Country Partnership Strategy (CPS) over the next five years until 2022, in order to help the country transition into the upper middle income status.
Sri Lanka yet again showcased its dominance as the regional hub for telecommunications with Dialog Axiata demonstrating 5G (Generation) technology for the first time in South Asia, paving the way for next generation wireless connectivity with speeds in excess of 35 Gbps (gigabits per second).
The Board of Investments (BOI) regulations, which limit companies operating in free trade zones from selling in the local market, may be relaxed, Development Strategies and International Trade State Minister Sujeewa Senasinghe said.
The hyped up Milleniya Export Processing Zone (EPZ) in the Kalutara District, which is to be developed as a public-private partnership with Thai industrial park development giant, Rojana Industrial Park Public Company Ltd (Rojana), will attract US $ 500 million in its initial phases, the Sri Lankan government said yesterday.
Laksala, Sri Lanka’s apex market facilitator that promotes the country’s historic arts and crafts, is becoming a recognized Sri Lankan brand among tourists visiting Sri Lanka, Minister of Industries and Commerce Rishad Bathiudeen says.
While lauding the government for the steps taken to develop the Hambantota port as a public private partnership (PPP), Ceylon Chamber of Commerce (CCC) yesterday in a statement urged the government to ensure that the principle of collective responsibility is respected to inspire confidence in its decision making process.
East West Marketing, a fully owned subsidiary of Nawaloka Holdings has widened its portfolio through ‘Bakewell’, a brand that houses an prominent range of bakery equipment to meet the emerging and growing needs of today’s out of home professional chefs, bakers and caterers.
AFP: Asian equities extended heavy losses yesterday as a worldwide sell-off triggered by US President Donald Trump doubling down on his North Korea rhetoric showed no sign of abating. European markets also slid in early trade after Wall Street indices suffered their biggest losses in nearly three months Thursday, while the dollar struggled to recover from eight-week lows below 109 yen as investors fled to safe haven assets.
Top packaging exporter and pioneer in Sri Lanka’s tea packaging sector, Printcare PLC, is to invest Rs.750 million in new label printing technology hitherto unavailable in Sri Lanka, the company said. “We have a history of innovation and a track record of introducing new technologies. These investments follow our rich history of knowing where the curve is going and staying ahead of it,” Printcare PLC General Manager Krishna Ravi
A huge sub-sector within Sri Lanka’s crucial Small and Medium Enterprises (SME) that directly impacts national food supply and security is being positioned for exports. Encouraged by raging exports in this sector, Sri Lanka has begun work on the country’s first ever international standard food testing and safety centre that directly focuses even the village food producers in the country.
Sri Lanka’s key policy interest rates are unlikely to change for the rest of this year despite calls from the International Monetary Fund to tighten the rates further, according to Central Bank Governor Dr.Indrajit Coomaraswamy said.
Jetwing, one of Sri Lanka’s three largest hospitality and tourism firms, is adding three new hotels to its portfolio later this year with Rs.850 million in investments, with the properties located at extreme ends of the island from the capital Colombo.
The work on the proposed industrial zone in Kalutara by the Thai-based company, Rojana, on a 1000-acre land, which will have about 200 factories, is likely to start by next year in October, International Trade State Minister Sujeewa Senasinghe said.
The government could be following in the footsteps of its predecessors in project development, as the US$ 2 billion Colombo Suburban Railway Project aiming to modernize and electrify railroads under the grand Megapolis Plan has only taken into account an overly optimistic scenario, an expert warned.
Sri Lanka will finally sign a US$1.1 billion deal today to lease the southern Hambantota port to China, after several months of delay caused by local protests and claims by opposing politicians that this would threaten national security.
A senior economist this week voiced concerns over the country’s trade strategy saying that Sri Lanka should not “overhype” the potential gains from trade but should cautiously explore the ways of integrating with the global economy.
As Sri Lanka stands at crossroads, thirsty for improved economic progress and prosperity, the country’s Central Bank chief yesterday requested the private sector to take the lead in moving forward the island nation’s debt-ridden economy.
Sri Lanka’s new tax bill, demanded by the International Monetary Fund (IMF) as a condition for a third tranche of aid disbursed this week, would seek to ensure that all citizens pay direct taxes and cut indirect taxes, top Finance Ministry officials said.
The Prime Minister Ranil Wickremesinghe will soon take a decision on the restructuring of the state-run national carrier SriLankan Airlines over the next couple of months, following the submission of recommendations by a Cabinet committee this week, amid efforts to find a partner to manage the debt-ridden and loss-making airline.
Canada issues travel advisory over serious risk in Arugam Bay
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Sri Lanka Tourism invites global travellers for upcoming season
Russian embassy urges citizens to stay vigilant in Arugam Bay
US Embassy issues travel warning for Arugam Bay
in Dept. of Geology remain unassessed since 1964
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