Sri Lanka’s budget transparency improves in 2017

Sri Lanka improved its budget transparency last year compared to two years ago under the Open Budget Survey, although it ranked the second lowest among its South Asian peers, according to Verite Research (Pvt) Ltd.

SL-S’pore FTA credit positive for both sovereigns: Moody’s

The Sri Lanka-Singapore Free Trade Agreement (SLSFTA) signed last week is credit positive for both sovereigns and more so for Sri Lanka as the trade pact is expected to enhance cross-border trade of goods and services and would promote foreign direct investments (FDIs) between the two countries, Moody’s Investors Service said. 

BOI says FDI topped US $ 1.6bn in 2017

Foreign Direct Investment (FDI) to Sri Lanka grew to over US$1.63 billion in 2017, doubling from the US$802 million achieved in the previous year, the state-run investment promotion agency said. 

Jaffna International Trade Fair opens

The Jaffna International Trade Fair (JITF 2018), the largest consumer exhibition and trade fair in the fast-growing Northern region opened yesterday, for the 9th consecutive year. Here Primary Industries Minister Daya Gamage and Northern Provincial Council Chief Minister C. V. Vigneswaran taking a look at products on display.

Govt. has no intention to bring bond rogues to book: Cabraal

Former Central Bank Governor Ajith Nivard Cabraal said yesterday the government was taking extreme measures to control the damage caused by the Central Bank (CB) bond scam instead of taking action to bring the culprits to book.

Govt. to set up agency to monitor RPCs

The Plantation Industries Ministry will set up an agency to monitor the 20 regional plantation companies (RPCs) on their tea production operations and financial affairs. “We have to get the processes right. Especially in the RPCs, we have to get some monitoring system in place,” Plantation Industries Minister Navin Dissanayake said yesterday during a media briefing.

Broad trade and investment plan to follow SL-S’pore FTA

In the post-free trade agreement (FTA) era, the Sri Lankan and Singaporean governments now have to create a comprehensive trade and investment plan in a collaborative manner to boost bilateral commerce, according the Singaporean Minister for Trade and Industry (Industry) S. Iswaran.

New twist to Sri Lanka’s impending power crisis

Striking a heavy blow to the aspirations of the Ceylon Electricity Board (CEB) engineers to include coal in Sri Lanka’s future power generation mix, their peers working at the Norochcholai coal power plant have in a petition noted that fly ash from the plant is becoming an unbearable health hazard for the power plant’s employees and nearby villages. 

Hela Clothing ships one millionth garment from Ethiopia

Hela Clothing, one of Sri Lanka’s leading global apparel solutions provider recently produced and shipped their one millionth garment from their factory in Ethiopia. 

EDEX Expo 2018 kicks off

Sri Lanka’s largest education exhibition and job fair, EDEX Expo opened at the BMICH yesterday. The expo which is held for 32nd time was declared open by Prime Minister Ranil Wickremasinghe as Chief Guest. Education Minister Akila Viraj Kariyawasam was also present on the opening day. 

Exports grow 11% in first 11 months of 2017

The exports continued to record a growth momentum for more than eight months in 2017, compared to 2016, except in three instances, the Export Development Board (EDB) said this week.

Serendib Flour Mills to inject over 27mn Swiss francs into business

Serendib Flour Mills (Pvt.) Ltd, the second largest flour mill in Sri Lanka, hopes to further catch up to its competitor over the next three years with foreign direct investment (FDI) exceeding over 27 million Swiss francs. 

India lends US$ 45mn to develop KKS harbour

Export-Import (Exim) Bank of India has extended a US $ 45.27 million credit line to Sri Lanka to upgrade and rehabilitate the Kankesanthurai (KKS) harbour as a commercial port.

Visiting Chinese billionaire pledges US $ 30mn investment in SupremeSAT

Xiaoru Cai, a Forbes-listed young billionaire of mainland China, has signed the partnership agreement and committed to invest US $ 30 million into SupremeSAT, the Sri Lankan satellite company, through his Shenzen-listed company, Tatwah Smartech.

Building higher reserves shouldn’t be done at all costs: IMF

The Central Bank of Sri Lanka must be careful when building up more foreign reserves than planned if they come at the cost of overall macroeconomic performance, according to the International Monetary Fund (IMF).

Pakistan Single Country Exhibition 2018 kicks off

The Pakistan Single Country Exhibition 2018, organised by Trade Development Authority of Pakistan (TDAP) in association with the High Commission of Pakistan in Sri Lanka, kicked off its third edition of the event at the BMICH yesterday.

CEAT Kelani to invest Rs.3bn in local tyre industry over next two years

CEAT Kelani Holdings yesterday announced an infusion of Rs.3 billion in new investments for the enhancement of manufacturing capacity, new product development and growth of exports, in a significant vote of confidence in the prospects for the India–Sri Lanka joint venture tyre manufacturing operation.

PM tours Trinity Steel

Prime Minister Ranil Wickremesinghe yesterday took a tour of the Trinity Steel Ltd factory at the Katunayake export processing zone. He was joined by Trinity Steel Chairman Tilak De Zoysa and Managing Director Arun Mirando.

Laugfs Hambantota port LPG venture faces roadblocks

Construction of the connecting pipeline of the US$ 80 million LPG import-export terminal of Laugfs Gas PLC in the Hambantota port has been unofficially halted without further explanation, according to the company’s head.

Cabraal says his hands are clean

Former Central Bank Governor Ajith Nivard Cabraal yesterday denied that any wrongdoing related to bond auctions had occurred during the period from 2008 to 2014, as alleged by the prime minister.

Japanese Foreign Affairs Minister visits Colombo port

The Japanese Foreign Affairs Minister Taro Kono paid a special visit to the Sri Lanka Ports Authority (SLPA) following his official visit to Sri Lanka. 

Sri Lanka records highest tourist arrivals in 2017

Tourist arrivals to Sri Lanka reached an all-time high of 2,116,407 in 2017, according to the latest data released by the Sri Lanka Tourism Development Authority. The arrival figure for 2017 represents a 3.2 growth or 65,595 more arrivals over the preceding year when the figure crossed the 2 million mark for the first time.

Port City construction in full swing

Work on the US $ 1.4 billion China-funded Colombo Port City is steaming ahead. The developing company, China Harbour, is expected to invest a further US $ 1 billion on the construction of three 60-storey buildings within the Port City that will house the proposed Colombo International Financial Centre. The Central Bank expects FDI flows into the Port City and Hambantota port to drive Sri Lanka’s growth 

CB announces 6-month programme to revive ETI Group finance firms

The Central Bank on Tuesday revealed a host of measures to bring the illiquid, mismanaged, non-banking financial institutions (NBFIs) in the ETI Group back into liquidity within six months, after placing the management of the parent company in the hands of an expert panel. 

SL-Singapore FTA first draft forwarded for Cabinet approval

The first draft of the Sri Lanka-Singapore Free Trade Agreement has been forwarded to the Cabinet of Ministers for approval ahead of the visit of Singaporean Prime Minister Lee Hsieng Loong to Sri Lanka later this month, a leading civil servant said.

Central Bank sets record straight on CIFL

The Central Bank last week defended itself against the accusations of misconduct made by the stakeholders of the troubled financial institution, Central Investment and Finance PLC (CIFL), saying that the banking and finance sector regulator has acted according to the regulations in this particular case.

Marginal impact on Lankan exports by US GSP pause : Rishad

Non-renewal of US Generalized System of Preferences (GSP) does not affect our US trade in a significant way, said Industry and Commerce Minister Rishad Bathiudeen at a meeting with top officials at his ministry yesterday.  

Central Bank confident of achieving US $ 10bn in foreign reserves next year

The Central Bank yesterday said that Sri Lanka’s foreign reserves may reach up to US$ 10 billion next year, discrediting concerns raised by ratings agency Moody’s earlier this month.

France lends euro 13.9mn for Lankan dairy projects

Marking the over 45-year- old development cooperation between Sri Lanka and France, the Government of French Republic agreed to extend its assistance to Sri Lanka by providing a euro 13.9 million 

Think tank highlights importance of tourism research

The Institute of Policy Studies (IPS), an autonomous government affiliated think tank recently called on greater attention to be placed on research into the country’s burgeoning tourism sector in order to maximize the benefits and minimize the harm from tourism. During a recent Twitter chat on the State of the Economy 2017, IPS