Sri Lanka – Pakistan urged to strengthen trade and investment

Lahore Chamber of Commerce and Industry (LCCI) is the oldest and largest trade body in Pakistan with strong credentials having a large membership base standing around 20 thousand members.  

Growth is the key focus for the next 18 months – Takas CEO [Video]

Takas CEO Lahiru Pathmalal speaking to Daily Mirror - Business told that growth will be the main focus for the next 18 months. He further stated that giving the best customer service will be a main feature of their business model.

Colombo Dockyard lays keel for largest ever ship to be built in Sri Lanka

Colombo Dockyard PLC (DOCK), a subsidiary of Japan’s Onomichi Dockyard Company Limited, yesterday began the construction of the largest ship to ever be built in Sri Lanka on a US $ 53 million contract for Japan’s Kokusai Cable Ship Co. Ltd (KCS).

Promoting greater trade and investment among SAARC nations!

SAARC Chamber of Commerce and Industry President Suraj Vadiya presents a memento to Prime Minister Ranil Wickremesinghe at the inauguration of the SAARC Investment Forum held to promote greater trade and investment cooperation among SAARC countries, in Colombo yesterday. 

Rain and winds lash several districts

A couple at Galle Face, Colombo, struggles to brave the heavy rains with two feeble umbrellas. Several provinces in the country are experiencing a heavy rainfall with some areas inundated and creating the risk of landslides

Govt. launches ‘Vision 2025’

The good governance government, consisting of the United National Party and Sri Lanka Freedom Party, yesterday launched its latest economic policy document titled ‘Vision 2025’,

Apartment boom running out of puff amid CB reservations?

The Central Bank appears to have succeeded in its efforts at curbing the ‘irrational exuberance’ of property developers, with a slowdown being now witnessed in apartment construction amid fears of a possible property bubble.

Government mulls amending laws governing gem and jewellery industry

The slow developing gem and jewellery sector is slated to undergo a series of changes in the near future with the government looking at reviewing the laws governing the industry to ensure greater contribution to the country’s economy. 

Pakistan shares IMF experience with SL

To mark the 67th anniversary of its establishment, the Central Bank of Sri Lanka (CBSL) yesterday held the 67th Anniversary Oration, 

Property market funding puzzle gets murkier

In what could be an interesting revelation, some businesses are said to have been using their cash reserves to purchase real estate and apartments but have then resorted to bank borrowings under small and medium enterprise (SME) sector loan category to make up for such purchases.  

Primary Industries Ministry mulls implementing computer model to improve productivity of spices indu

The Primary Industries Ministry will be implementing a computer model to optimize the supply and the distribution of the growth of spices and allied products and increase productivity to reach a US$1.5 billion export target, according to the subject minister Daya Gamage.

Asia stocks resilient, dollar up before Yellen, Draghi speeches

REUTERS:  Asian stocks advanced yesterday, once again shrugging off a sluggish day on Wall Street, and the dollar strengthened as attention shifted to the central bankers’ symposium that began on Thursday in Jackson Hole, Wyoming. 

ADB pledges US $ 5bn to SL under new CPS

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.

Dialog Axiata trials 5G for first time in South Asia

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).  

Govt. mulls relaxing rules on BOI firms selling in local market

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.

Govt. aims to attract US $ 500mn FDI from Milleniya EPZ with Thai developer

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.

Toyota Corolla Classic Car Rally

The Toyota Corolla KE10 - KE55 car owners’ club held the 3rd grand Corolla Classic Car Rally yesterday.

Laksala becoming recognized brand among tourists visiting country

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. 

Down, but not out!

Ravi Karunanayake, who recently resigned as the Foreign Minister, after being linked to a controversial bond dealer under investigation,

Shangri-La Colombo to open doors in November

Shangri-La Hotels and Resorts yesterday announced that Shangri-La Hotel, Colombo is set to open on 16 November 2017. 

Ceylon Chamber praises govt. over H’tota port deal

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 launches Bakewell bakery equipment

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.

SL Customs opens office in Northern Province

Sri Lanka Customs Department recently opened a Sub Preventive Office in Kankasanturai after a lapse of 34 years under the patronage of Finance and Mass Media Minister Mangala Samaraweera and Northern Province Governor Reginald Cooray.

Markets slide, dollar slumps as North Korea fears spike

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.

Printcare to invest Rs.750mn in state-of-the-art label printing technology

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

Private credit soars in June

Sri Lanka’s private sector credit has made a surprise recovery in June on the contrary to the widespread expectation that demand for private loans is easing in response to the back-to-back policy 

Charming the tourists!

A group of foreign tourists and some local tourists watch a session of snake charming at the Victoria Park, Nuwara Eliya. 

Commerce Minster says 40% of Sri Lanka’s SMEs in food sector

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. 

Policy rates to remain steady this year despite IMF calls: Governor

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 to add 3 hotels to portfolio this year with Rs.850mn investment

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.