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Sri Lanka

China-run Hambantota port in Sri Lanka links with Thailand’s Ranong

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ECONOMYNEXT – Sri Lanka’s China managed Hambantota Port has inked a deal with Thailand’s Ranong port with a view to developing shipping routes in the region, the company said. A joint working group will be established to develop coastal shipping in the Bay of Bengal between the two ports. Ranong Port had recently signed an agreement with India’s Krishnapatnam port. ... Read More »

Sri Lanka’s economy has shown ‘resilience’ after the Easter Sunday bombings

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Sri Lanka’s economy has shown a “fair bit of resilience,” with its key tourism sector bouncing back following the devastating Easter Sunday bombings, said a senior executive — despite predictions that growth would be hit this year. The South Asian country’s economy is in “decent shape” fundamentally, said Gihan Cooray, deputy chairman and group finance director at John Keells Group, ... Read More »

Sri Lanka mulls ‘digital free trade zone’ to help exporters, like China, Malaysia

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Sri Lanka plans to set up a ‘digital free trade zone’ to help exporters, especially small businesses, cut red tape and connect to global markets, like similar initiatives by China and Malaysia. “Digitally connecting companies to global value chains is an important aspect of the government’s digital economy strategy,” said M. C. L. Rodrigo, secretary to the Ministry of Digital ... Read More »

Govt. losing 20% revenue due to Customs leakages: Treasury

Workers direct the loading onto the MSC Tokyo cargo ship of a container of rice, part of a donation of 1,000 tonnes from the Brazilian government to the people of Sri Lanka, at Rio Grande Port in southern Brazil, January 25, 2012. From Turkey to Brazil, India to Saudi Arabia, a growning number of non-western donors are bringing fresh funds, a different mindset and their own experience of managing natural disasters to the global humanitarian aid scene. Picture taken January 25, 2012. To match feature DISASTERS-NEWDONORS/    REUTERS/Andres Stapff (BRAZIL - Tags: BUSINESS POLITICS SOCIETY)

The government is estimated to be losing nearly 20 percent revenue from Sri Lanka Customs (SLC) due to various revenue leakages, according to the Treasury. A senior Treasury official revealed that under-invoicing, under-valuation and misclassification have been identified as main reasons for revenue leakages from the SLC. He noted that SLC officials cannot be solely blamed as the private sector ... Read More »

The Port of Colombo Awards Night on Aug 30th

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The second Port of Colombo Awards Night organized by Sri Lanka Ports Authority, in collaboration with the Jaya Container Terminal (JCT), South Asia Gateway Terminals (SAGT) and the Colombo International Container Terminals(CICT) will be held on the 30th of August 2019 at the Shangri-La Hotel, Colombo. The Port of Colombo Awards 2019 will felicitate the main line operators and feeder ... Read More »

Sri Lanka headline inflation marginally increased in July

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Sri Lanka’s headline inflation as measured by the year-on-year change in the National Consumer Price Index (NCPI) increased marginally to 2.2 percent in July from 2.1 percent in June. According to Central Bank data, this was due to the monthly price increases of items in both Food and Non-food categories. The change in the NCPI measured on an annual average ... Read More »

Sri Lanka BOI holds Business and Investment Forum at Gujarat Chamber of Commerce and Industry

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Colombo: The Board of Investment of Sri Lanka recently held a Business and Investment Forum at the Gujarat Chamber of Commerce and Industry (GCCI) in Ahmedabad, targeting the Chamber’s membership. This Forum was supported by the Sri Lankan High Commission in New Delhi and the Sri Lanka Consulate General in Mumbai. Malik Samarawickrama, Minister of Development Strategies and International Trade ... Read More »

Teejay extends partnership with University of Moratuwa

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Teejay Lanka PLC, one of the largest knit fabric providers in South Asia, has announced an extension of its support to the University of Moratuwa for another two years, further strengthening a long standing and mutually beneficial partnership. A memorandum of understanding first signed in 2014 provided the now tight-knit organisations with a framework for a long-term collaborative relationship that ... Read More »

Sri Lanka industrial production up by 2.2-pct in Jun 2019

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Sri Lanka’s industrial production has increased by 2.2 percent in the month of June compared to the same month in 2018, new data show. Among the manufacturing industries; volume of products of ‘manufacture of paper and paper products’ (42.7%), ‘manufacture of coke and refined petroleum products’ (22.3%) and ‘manufacture of furniture’ (19.9%) have shown remarkable increases meanwhile ‘other manufacturing’ (36.6%) ... Read More »

Interbrand inspires new ‘Sri Lankan Made’ country-of-origin trademark

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Interbrand, the world’s largest and most influential brand consultancy, has completed the development of Sri Lanka’s country-of-origin trademark for the spices sector. The trademark supports growers, processors and manufacturers by helping them to clearly identify their products as ‘Sri Lankan Made’ and informs customers and consumers that all significant parts, produce, processing and products are of genuine Sri Lankan origin. ... Read More »

Teejay reports Q1 net profit growth of 62-pct

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Teejay Lanka PLC has made a strong start to 2019-20, reporting excellent top and bottom line growth at group and company level through efficient capacity utilisation, an improved product mix and effective curbing of non-strategic costs. Sri Lanka’s only multinational textile manufacturer reported group net profit of 453.7 million rupees and net profit of 376.5 million rupees at company level ... Read More »

Sri Lanka eyes int’l market opportunities in Colombo Port City

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COLOMBO, : With the conclusion of land reclamation in January 2019 and infrastructure development currently in full-swing, the cooperation between China and Sri Lanka in jointly building the Colombo Port City has entered a new stage. The two sides have been actively working together to attract global investments to the new city near the Colombo Harbor. Using the latest sustainable ... Read More »

Sri Lanka says illegal UK waste offloaded to India, Dubai

A worker inspects a container at North Port in Port Klang outside Kuala Lumpur in this January 8, 2009 file photo.   REUTERS/Bazuki Muhammad/Files

COLOMBO: A Sri Lankan investigation into nearly 3,000 tonnes of illegally imported hazardous waste has shown that some of it was sent on to India and Dubai, a top minister said Friday (Jul 26). Finance Minister Mangala Samaraweera told parliament the importer of the waste had reshipped about 180 tonnes of raw garbage to India and Dubai in 2017 and ... Read More »

UK Govt Launches Probe After Human Remains Found in Shipping Containers Sent to Sri Lanka

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London: The UK government has launched a probe into the over 100 shipping containers sent to Sri Lanka that appeared to carry human remains disguised as recyclable metals, according to a media report. The Sri Lankan customs on Tuesday ordered the return of 111 containers after finding extremely hazardous materials mixed in with mattresses, plastics and clinical waste. Officials at ... Read More »

Customs Department revelation on the garbage shipment

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COLOMBO : The Customs today(July 22) clarified facts on the containers of garbage that were imported into the country. 111 garbage containers shipped from the UK are currently held at the CICT terminal of the Colombo port, while another 130 garbage containers are currently at the Katunayaka free trade zone. Media spokesperson of the Sri Lanka Customs, Sunil Jayaratne noted ... Read More »

BOI inks agreement with edotco to equip Sri Lanka with Smart City Solutions

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July (LBO) – The Board of Investment (BOI) and edotco Sri Lanka, an integrated telecommunications infrastructure services company today entered into an agreement to invest in the latest Smart City solutions and energy-efficient systems. Under this agreement, the BOI grants edotco Sri Lanka the approval to deploy urban smart solutions throughout the country over the next 3 years. The BOI ... Read More »

Customs recovers illegal cigarette haul worth over Rs 1.3mn

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Colombo : Customs at the Bandaranaike International Airport arrested a suspect for importing a stock of cigarettes into the country illegally. According to customs officials, the suspect has carefully packed 27,720 cigarettes, manufactured in Dubai, into his luggage. The haul of illegal cigarettes is worth over Rs 1.386mn. The arrested suspect has been identified as a 42-year-old resident of Ridigama, ... Read More »

Sri Lanka leaves rates unchanged to support growth

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COLOMBO: Sri Lanka’s central bank left key interest rates unchanged on Thursday as expected, after cutting them in May to support the economy as tourism and investment plummeted in the wake of deadly suicide bombings in April. The Central Bank of Sri Lanka kept the standing deposit facility rate (SDFR) and standing lending facility rate (SLFR) steady at 7.50% and ... Read More »

Investors can expect steady returns in Sri Lanka

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Investors from the UAE looking to invest in Sri Lanka will find plenty of opportunities that promise steady returns, especially in the country’s ICT and tourism sectors, officials said at the UAE Sri Lanka Forum. Speaking at the event on Tuesday, Charitha Yattogoda, consul general of Sri Lanka to Dubai and the Northern Emirates, noted that the UAE is an ... Read More »

Sri Lanka could help Chinese manufacturers offset trade war impact

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Sri Lanka is wooing Chinese manufacturers, urging them to make use of its preferential duty-free treatment by the US and Europe as a way to offset the growing tariff pressure of the trade war. The country’s development strategies minister, Malik Samarawickrama, was in Beijing on Wednesday as part of an investment forum at the Sri Lankan embassy attended by dozens ... Read More »