Fragmented tour guides sector risks SL’s ability to cater to tourism targets: Study

Sri Lanka’s tourism industry is grappling with lower number of licensed tour guides, which could threaten the country’s ability to cater to the expected five million visitors by 2030.

JAAF criticises inconsistent policies amid political promises to boost exports

As all political manifestos, ahead of the elections, are filled with promises about boosting exports, the Joint Apparel Association Forum (JAAF), the apex body of Sri Lanka’s apparel sector, voiced sharp criticism regarding the inconsistency in translating these promises into action, warning that this long-standing issue has severely undermined Sri Lanka’s global competitiveness and investor confidence.

LTL Holdings announces largest IPO on CSE

Sri Lanka’s leading fully integrated power sector conglomerate, LTL Holdings Ltd announced the largest IPO to date on Colombo Stock Exchange (CSE), with plans to raise up to Rs.20 billion by offering 22.3 percent stake in the company.

August tourist arrivals fall furthest away from forecast

The tourist arrivals in August fell furthest away from the target seen so far during the year, according to the provisional data released by the Sri Lanka Tourism Development Authority.

July trade deficit up over higher imports, but exports remain robust

Merchandise trade deficit, what Sri Lanka spent for its imports over its exports, expanded in July and so was for the cumulative seven months as imports gained pace with the economy normalising.

Colombo inflation falls to 0.5% as food and non-food prices cool

Inflation in the Colombo district slowed sharply in August, as both food and non-food prices cooled after the government started cutting the tariffs of the utilities and fuel, ameliorating the price pressures through the supply chains.

Biz leaders get campaign economic briefing

As Sri Lanka prepares for its presidential elections on 21 September, candidates are unveiling their economic strategies, which could shape the country’s future.

Reform delays could suspend IMF programme, jeopardizing recovery

While the current International Monetary Fund (IMF)-backed debt sustainability path presents no silver bullet for the economy, possible attempts to stall the reforms in the aftermath of the upcoming presidential elections are likely to result in a suspension of the IMF programme and threaten the recovery, according to the latest report by Bloomberg Intelligence.

Vital to adhere to agreement with IMF: Wickremesinghe

As Sri Lanka will see some major changes in about three weeks time with the upcoming Presidential election, President Ranil Wickremesinghe asserted that to sustain economic growth, it’s vital to adhere to the agreement with the International Monetary Fund (IMF).

July apparel export earnings up 3.3% YoY

Sri Lanka’s apparel sector performance expanded in the month of July from the corresponding period of the previous year, indicating an improvement in the order books.

Times Education partners with Thai University in Industrial Tech

The College of Industrial Technology at KMUTNB and Times School of Higher Education sign MoU on academic cooperation, research, and student exchange.

Australia’s United Petroleum eyes US$ 30mn food venture in SL

Australia’s United Petroleum plans setup a food manufacturing venture in Sri Lanka with an investment of US$ 20-30 million to produce pies and other convenience food items under Australia’s iconic pie brand ‘Pie Face’.

Transshipment volumes fall for third month as Colombo Port faces new competition

The transshipment volumes declined for the third straight month, bringing to a four-month low in July this year, as the Colombo Port started to see competition from the newly operationalised Adani’s Vizhinjam Port located in South India.

Improvements in key sectors push July merchandise exports up 6.6% year-on-year

Sri Lanka’s merchandise exports climbed 6.6 percent year-on-year in July 2024 to US$ 1.087 billion due to higher earnings from apparel and textiles, tea, coconut-based products, spices, and seafood. Exports also edged up 1 percent compared to June 2024, reflecting steady momentum.

National consumer prices tad higher in July to 2.5%

The consumer prices measured nationally were a tad higher in July, rising by 2.5 percent from the same month a year ago, picking slightly up from 2.4 percent through June, as the higher base effects last year were dissipating.

Sri Lanka urged to enhance digital focus in hospitality sector

As Sri Lanka’s hospitality sector gradually gains global attention, two regional industry stakeholders highlighted the urgent need for Sri Lanka to step up its focus in facilitating its tourism industry in the digital landscape.

Consumer inflation to remain below 5% through first quarter of 2025

The Central Bank expressed its confidence about the ability to maintain inflation below its medium target of 5 percent through the first quarter next year, before seeing a temporary uptick in the prices towards the second half of 2025, before converging around the target level thereafter.

SL sets eyes on welcoming 3mn tourists next year

Sri Lanka has set its eyes on welcoming three million tourists next year, aligned with the Sri Lanka Tourism Promotion Bureau’s (SLTPB) plans to launch the much-awaited tourism promotion campaign covering the key source markets, starting from the second week of September this year.

SL urged to reassess debt plan and strengthen governance

Sri Lanka’s political and bureaucratic leaders should reassess the current debt sustainability plan with a fresh Debt Sustainability Analysis (DSA) to establish a realistic path out of the debt crisis, a top economist said, whilst also urging governance reforms to tackle corruption vulnerabilities.

Top economist questions viability of private sector’s poverty level wages

Sri Lanka’s private sector is quick to lament the brain drain and staff shortages but it seems that it is contributing to the problem by failing to offer salaries that support a decent standard of living.

Large apparel firms urged to lead country’s sustainability drive

As sustainability is no longer a choice but a necessity for the textile and apparel industry, a top public official stressed that large industry players have an inherent responsibility and a larger role to play in guiding and supporting the whole industry on the path to sustainability.

Economic recovery to boost SL’s insurance industry: CB Governor

Sri Lanka’s insurance industry is poised to benefit from the ongoing recovery in economic activity, Central Bank Governor Dr. Nandalal Weerasinghe said, as improved business conditions, low inflation and low interest rates in conventional financial products are likely to boost demand for insurance services on an overall basis.

Visa approval crisis threatens tourism sector

Sri Lanka’s tourism industry, which only recently celebrated the suspension of the VFS Global-led visa issuing system, is now grappling with a significant crisis.

SL maintains tourist arrival momentum in August so far

The tourist arrivals to Sri Lanka maintained momentum in August, as within the first eight days of the month, over 53,000 international visitors entered the country.

Apparel buyers may shift to SL until B’desh stabilises: JAAF

As Bangladesh, a major player in the global apparel market, grapples with a severe crisis, Sri Lanka is poised to benefit from some apparel orders in the short term, according to the Joint Apparel Association Forum (JAAF).

Growing demand for SL travel accommodations: Google specialist

Sri Lanka is becoming a favoured destination among the international travellers, with a notable increase in Google searches for accommodation, according to a US-based Google specialist.

SL commits to achieving SDGs, Net Zero carbon emissions by 2040

Sri Lanka affirmed its commitment to achieving Sustainable Development Goals (SDGs) and reaching net zero carbon emissions by 2040, for which President Ranil Wickremesinghe outlined some measures the island nation will roll out in this regard.

Sri Lanka among top three APAC countries for cyber vulnerability

Sri Lanka ranks among the top three countries in the Asia-Pacific (APAC) for cyberattack vulnerability, with nearly 35 percent of internet users affected in the first seven months of the year, according to the cybersecurity provider Kaspersky.

Tourism stakeholders urge swift return of ETA system

Sri Lanka’s tourism industry commended the decision to suspend the e-Visa portal run by VFS Global, but urged the reinstatement of the old online system at the earliest to minimise inconvenience for tourists.

IMF urges revenue measures and spending cuts for 2025 budget

The International Monetary Fund (IMF), during its recent mission to Sri Lanka, said the 2025 budget needs to be underpinned by appropriate revenue measures and continued spending restraint.