ECONOMYNEXT - Sri Lanka is looking to tighten oversight and governance of small lenders and not eliminate them through consolidation with larger entities, Central Bank Governor Arjuna Mahendran said. Though consolidation into larger entities which were more stable would make the system safer for depositors large banks sometimes did not have the focus to lend to micro-borrowers, he said. (read more)
(DFT) The BOI organised a special program for 57 non-resident heads of mission and defence advisors and defence attaches who were visiting Sri Lanka to attend the 68th Independence Day celebrations in Colombo. The group which consisted of many Ambassadors and High Commissioners was visiting different parts of the island under a program organised by the Ministry of Foreign Affairs.
The group visited the BOI’s Koggala Export Processing Zone and was briefed by G.R. Abeyratne, Director (Investor Services), BOI Regional Office/Southern Province, on the operation of Export Processing Zones (EPZ) and more specifically the Koggala EPZ. (read more)
(DFT) Prime Minister Ranil Wickremesinghe yesterday urged participants at a forum in Davos in Switzerland to base their operations in Sri Lanka to serve South Asia and beyond.
Speaking at an investment forum held in Davos ahead of the World Economic Forum, the Prime Minister acknowledged that 2016 would be a difficult year globally but there would be bright spots and Sri Lanka would be one of those (read more)
(LBO) – Sri Lanka’s Western Province ‘Megapolis’ plan will boost land prices in the suburbs and beyond in the long term, a research report said. “With the change in political power in 2015, we can now note that there is a further discussion about planning beyond Colombo to cover a Western Province ‘Megapolis’ under a dedicated Ministry,” the real-estate quarterly report – 2015 produced by the Research Intelligence Unit (RIU) said. (read more)
ECONOMYNEXT - Sri Lanka’s Institute of Policy Studies has started to study the feasibility of joining the Trans Pacific Partnership, which will connect people across Asia and the Americas, a top economist has said. “There should be a serious investigation about Sri Lanka joining the TPP, which would be a big spur to domestic reforms,” Razeen Sally, an international economist who is also chairman of Sri Lanka’s Institute of Policy Studies told a forum at Ceylon Chamber of Commerce (read more)
(DFT) Putting a personal touch on efforts to bolster Sri Lanka’s exports President Maithripala Sirisena yesterday reaffirmed his stance to assist exporters assuring that his Government would leave no stone unturned in supporting foreign exchange earners. (read more)
Negotiations are difficult by nature. Managing negotiations between 195 countries in order to arrive at a legally binding agreement, on the other hand, is nearly impossible. This was the problem that United Nations officials faced over two weeks at this month’s climate-change summit in Paris. To solve it, they brought in a unique management strategy. (read more)
Highlights: Salient points of the Budget Proposal – 2016 - Compiled by Tax & Regulatory Services Division of SJMS Associates
ECONOMYNEXT - Sri Lanka sold only 5.7 billion rupees of Treasuries at an auction Wednesday, rejecting other bids, data from the state debt office showed, raising fears of more money printing and pressure on the currency. (read more)
- More focused on increasing next year’s growth to 6.5%
- Governor says 20 November Budget is critical
- Emphasises Govt. should consider raising revenue without hurting the economy
- Reveals growing bilateral interest in funding Sri Lanka, especially from Japan -
(DFT) Despite many internal and external economic challenges, Sri Lanka’s banking watchdog, the Central Bank, is confident of recording a Gross Domestic Production (GDP) growth of 5.5% by the end of the year. “At the moment we are being conservative and looking at around 5.5% GDP growth by the end of this year (Read more)
ECONOMYNEXT – Sri Lanka’s private hospitals are poised for strong growth given favourable demographic trends in the island which has one of the world’s fastest-growing, ageing populations, Fitch Ratings has said. (read more)
(AD-Business) Having introduced Sri Lanka’s first IT Park in 2009, Orion Development, took its first steps towards the next milestone in the sector –Orion Towers, a state of the art, environmentally friendly, three-phase development in the heart of Colombowhich commenced construction recently.
Since its inception Orion City has sought to transform the scope of built-to-specification, cutting edge, commercial and office infrastructure through its philosophy of combining innovatory technology and international standards with a keen intuition for the needs of businesses. The company offers a comprehensive solution for the infrastructure requirements of 30international as well as Sri Lankan top corporates including Virtusa,Pearsons, WNS and Sri Lankan Airlines. (read more)
(AsiaMirror-Biz) Titantech (Pvt) Ltd, a distribution company in Sri Lanka announced their partnership with Palit Microsystems Inc, largest graphics card manufacturer in the world, to launch the latter’s full range of graphics cards for the Sri Lankan market. Through the market entry, Palit aims to be the number one brand in Sri Lanka. The company plans to do this via competitive pricing and premium service offered through Titantech. (read more)
(AD) The Central Bank of Sri Lanka (CBSL) has decided to continue unchanged its policy interest rates which decide the interest rates of commercial banks (read more)
(AD) Germany’s famous car-maker Volkswagen has signed an agreement with the Sri Lanka Board of Investment (BOI) to establish a USD 26.5 million investment motorcar assembling plant in the island (read more)
ECONOMYNEXT – Free trade benefits ordinary people of Sri Lanka and not just elites, but for more than half a century Mercantilist and collectivist myths had triumphed in the island, a top international economist and trade specialist said. (read more)
SWIMWEAR: Sri Lanka’s MAS group is already a major supplier into fashion swimwear brand like Victoria’s Secret and Triumph and sportswear brands like Speedo/MAS photo
ECONOMYNEXT - Sri Lanka is aiming to be the top spot for swimwear in the world with key international brands already sourcing a bulk of their products from the island, officials said, as the island planned a swimsuit fashion show. (read more)
Economynext - (Reuters) PetroChina, China’s biggest oil and gas producer, is likely to be awarded contracts worth millions of dollars to supply oil products to Sri Lanka after placing the lowest offers out of several companies, trade sources said on Wednesday (read more)
(DFT) – Total banking assets grew by 17.3% YoY to Rs. 6.97 b and accounted for 71.3% of country’s nominal GDP, says new report
- Gross loans and advances grew 13.7% YoY to Rs. 3.89 b
- Deposits grew 12.4% YoY to Rs. 4.68 b last year
- Project loans fuelled growth in 2014 with the 12 local banks disbursing Rs. 419 b
- Total borrowings in 2014 grew by 42.6% YoY to Rs. 1.44 b (read more)
Sri Lanka’s capital city Colombo has been placed on top of the list of fastest growing cities in the world, an annual travel study by the MasterCard stated. Among the 10 fastest growing cities in the world -based on data gathered over the last six years-, seven are in Asia.
Colombo is first in growth with a staggering 21% surge, with Chengdu, the capital of China’s Sichuan province, following in second. Abu Dhabi, capital of the United Arab Emirates, ranked third in terms of growth; Riyadh, Saudi Arabia, placed fifth (read more)
(LMD) Sri Lankan legal professionals stand to gain the required exposure to be part of the Legal Process Outsourcing (LPO) revolution, with the initiation of Vezarto LPO Academy, which is pioneering LPO training in Sri Lanka, resulting in attracting additional foreign exchange into the country.
At a LPO familiarisation programme conducted at the Sri Lanka Bar Association, Prof. Rafael Dean Brown stated that “Sri Lanka has immense potential in this segment, since the Sri Lankan justice system has evolved from English common law.” (read more)
COLOMBO, May 19 (Reuters) – Sri Lankan shares closed at their highest level in 11 weeks on Tuesday, led by banking and diversified stocks on the back of strong earnings (read more)
Sri Lanka developing new investment policy: BOI chief
COLOMBO (EconomyNext) – Sri Lanka’s investment promotion office is developing a new policy framework with the help of, economic, environmental and legal experts, an official said (read more)
COLOMBO (EconomyNext) Sri Lanka’s electric car ownership has started to gain traction with new registrations more than doubling – Nissan Leaf world’s most popular electric car, tests by US authorities show newer Leaf models to have a fuel economy of about 126 miles per petrol gallon equivalent. (read more)
(DFT) Expo 2015, which will be launched on 1 May, has attracted 200 key private sector entities said the Commission General for Sri Lanka Rohantha Athukorala while addressing tourism sector participants at the Sri Lanka Tourism premises (read more)
COLOMBO (EconomyNext) – Sri Lanka has opened the first electric car charging centre in Tickel Road in the island’s capital Colombo as part of a strategy to make 10 percent of all vehicles on the road driven by electricity (read more)
A dairy project designed and supported by the TEAR fund and New Zealand Government has helped revitalise the dairy industry Sri Lanka. (read more)
(DFT Sri Lanka commenced bilateral discussions yesterday with representatives from the European Union (EU) in relation to the recovery of GSP plus facilities. The talks commenced in the backdrop of increasing trade between Sri Lanka and the EU region which edged close to US$ 5 billion (read more)
(DFT) Optimistic about Sri Lanka’s increasing popularity of being an excellent knowledge hub in the region, Ironwood Legal aspires to become the largest LPO in Sri Lanka (read more)
DFT – Capitalising on the booming leisure and real estate sectors, Asia Capital Plc, in partnership with Belluna Co. Ltd of Japan, yesterday announced that they would invest over $ 130 million to develop three properties in Sri Lanka. The two companies have shortlisted a resort hotel in Galle worth $ 15 million, a city hotel in Colombo 3 worth $ 22 million and a mixed development project in Vauxhall Street costing $ 100 million. (read more)
EconomyNext – India and Sri Lanka have revived talks on upgrading their economic ties and to remove trade barriers with a visiting official saying Indian firms were keen to invest in the island. (read more)
(DFT) The Government yesterday called on American companies to explore fresh investment opportunities in Sri Lanka, assuring an era of good governance and support as well as a favourable climate. Supporting the positive outlook were top-level policy makers such as cabinet Spokesman and Health Minister Rajitha Senaratne, Power and Energy Minister Patli Champika Ranawaka, State Minister of Defence Ruwan Wijewardene, Deputy Minister of Policy Planning and Economic Development Dr. Harsha De Silva and State Minister of Higher Education Prof.Rajiva Wijesinha (read more)
(DFT) The Government’s vision is to accelerate Sri Lanka as a Logistics and Maritime hub in Asia. Sri Lanka is now well positioned with a developed infrastructure to promote investment in the logistics trade such as entrepot trade, offshore business, front-end services, headquarters operations and logistics services (read more)
(DFT) After weeks of uncertainty the new Government yesterday gave the green light for the mega $ 1.4 billion China funded port city project. (read more)
(LBO) “Indo-Sri Lanka relations have been historic and diverse and with the new changes in Sri Lanka, relations can move towards new and stronger levels,” Arindam Bagchi, Deputy High Commissioner of India to Sri Lanka said. (read more)
(DFT) Washington: The United States has commended the early steps taken by the new Sri Lankan government to implement the promises made during the election campaign. Assistant Secretary of State for South and Central Asia has said that the US was looking forward to work with the new administration (read more)
- YoY Jan-Nov exports up by 7.5% to $10.1 b
- ‘Apparels, fisheries delivered’-EDB Chairman Egodage
- Surge seen across multiple sectors
- Apparels net $ 4.45 b
Sri Lanka’s January-November exports have notched $ 10.1 b driven by a surge ‘across the board’ and specifically led by apparel and industrial products and the crucial apparel volumes appear to be almost on its annual earnings target. (read more)
(DFT) The January edition of business magazine LMD reports that “the impending presidential election appears to have curtailed the recovery of the LMD-Nielsen Business Confidence Index (BCI),” adding that the index “remains more or less at the same level of 142, as in November”. (read more)
(DFT) Abu Dhabi: Customs departments of the United Arab Emirates (UAE) and Sri Lanka have signed an agreement to boost the technical cooperation between the two agencies. Enhancing and promoting cooperation with its trade partners worldwide, through customs cooperation and applying the standards of corporate excellence to achieve strategic goals, protecting society’s security, facilitating trade and increasing cooperation with different countries across the world.” (read more)
(DM) The Chinese-funded Magam Ruhunupura Mahinda Rajapaksa Port (MRMRP) in Hambantota has recorded revenue of Rs.5.39 billion for the year 2014, compared to Rs.585.2 million in 2013, statistics released by Sri Lanka Ports Authority showed (SLPA).
(DM) NDB was conferred two prestigious awards at the recently concluded National Business ExcellenceAwards (NBEA) 2014.NDB won the ‘Gold Award for Business Excellence’ in the Banking sector, marking a significant leap from the previous years’ runner- up position.
(DFT) London: Britain’s Upper Parliament, House of Lords last week discussed plans to encourage more bilateral trade between the United Kingdom and Sri Lanka, one of UK’s most important bilateral trading partners.
(DFT) Tommy Hilfiger, owned by US-listed PVH Group and one of world famous designer brands, entered Sri Lanka last week, setting up shop at Arcade Independence Square.
Lifestyle retail mall, a 200-room NEXT Hotel and 180 residential units in mega complex by Abans Group and SilverNeedle Hospitality of Singapore
LTL Group’s flagship company, Lakdhanavi Ltd achieved another key milestone in its offshore expansion strategy when a $ 35 million long term syndicated loan agreement was signed with five financial institutions in Dhaka, Bangladesh last week..
(LBO) – Sri Lanka’s small and medium sector needs to adopt new technologies and add value to its product in order to grow its businesses to next level, an officer of German Development Cooperation (GIZ) said.
(DFT) Ranks 85th out of 175 countries, better than 91st place last year in global index of Transparency International (read more)