Date: 25 July 2017

SriLankaItalia News

‘SL can serve as fulcrum of modern Indian Ocean region’
Posted on 01 Jan 1970

Given the shift in global power to the Indian Ocean, Sri Lanka’s geostrategic location places it in a unique position to serve as the fulcrum of a modern Indian Ocean region, said Minister of Foreign Affairs Ravi Karunanayake.

Speaking at the IOMAC-ONS Certificate Course Awards Ceremony in Integrated Marine Affairs Management at the BMICH, he said that in a modern context, one of the most important sea lanes of communication runs just South of Dondra Head where close to 200 shi... Read More ^

Celogen Lanka opens US$ 6.6 mn pharmaceutical plant in Pallekelle
Posted on 01 Jan 1970

Celogen Lanka (Pvt) Ltd opened a news plant to manufacture pharmaceuticals, recently at the BOI Kandy Industrial Park at Pallekelle.

The new plant was formally opened by President Maithripala Sirisena, with Rajitha Senaratne - Minister of Health and Indigenous Medicine and Upul Jayasuriya, Chairman of Board of Investment of Sri Lanka.

The manufacturing facility is very significant because it is a joint venture between Sri Lankan and Indian entrepreneurs with an investment val... Read More ^

Multiple inspections hurting Sri Lankan agricultural exports
Posted on 01 Jan 1970

ECONOMYNEXT – Poorly designed and multiple inspection procedures are hampering Sri Lankan agricultural exports, raising costs and time for exporters, according to a new study of export competitiveness, which calls for reduced checks and transit times. 

“Every hour of delay caused by various procedures adversely affects the quality and competitiveness of perishable agricultural exports,” said the study by Verité Research, a private t... Read More ^

Sri Lanka to exempt taxes on exports of IT, entrepôt trade, waste management
Posted on 01 Jan 1970

ECONOMYNEXT - Sri Lanka will exempt from income tax several activities including, agriculture, entrepôt trade, solid waste management, information technology and business process outsourcing, Finance Minister Ravi Karunanayake said.

A new inland revenue act (income tax law) is going to be presented to parliament shortly.

International logistics, multi-country consolidation will be included in the so-called hub-activities like entrepot trade that will be exempt from inco... Read More ^

Sri Lanka mulls more liberal visas for investors, professionals
Posted on 01 Jan 1970

ECONOMYNEXT – The Sri Lankan government is looking at a more liberal visa entry system for investors and professionals connected to foreign investments, Minister of Development Strategy and International Trade Malik Samarawickrama has said.

The move is aimed at bringing in skilled managers for investment projects, he was quoted as saying at the second European Union-Sri Lanka dialogue hosted by the minister and Board of Investment.

Read More ^

Posted on 01 Jan 1970

ECONOMYNEXT - Tourist arrivals to Sri Lanka rose 17.5 percent from a year earlier to 160,249 in April 2017 helped by a surge in European visitors as a partial closure of the airport ended.

Western European visitors rose 40.9 percent with UK visitors up 48.6 percent to 17,841, Germany up 47.1 percent to 11,866 and Switzerland rose 43 percent to 2,691.

From the smaller generating markets of Spain visitors were up 111 percent to 1,810, from ... Read More ^

Sri Lanka raises US$1.5bn for 10 years at 6.2-pct
Posted on 01 Jan 1970

ECONOMYNEXT - Sri Lanka has raised 1.5 billion US dollars at 6.2 percent from a 10-year sovereign bond, lower than the initial price guidance, after getting orders of more than 11 billion US dollars.

Bloomberg Newswires said US investors bought 58 percent of the issue, Europe 22 percent and Asia 20 percent.

Fund managers and asset managers bought 83 percent, banks 9 percent, insurance and pension funds 5 percent and others 3 percent.Read More ^

Australia temporary skilled worker program to Sri Lankans
Posted on 01 Jan 1970

ECONOMYNEXT - Australia's embassy in Sri Lanka has explained the changes made in April to its employer sponsored temporary skilled worker program.

The full statement is reproduced below:

Migration is vital to Australia’s economic growth and prosperity. Ongoing success in migration management requires constant recalibration to ensure the best outcomes for Australians and migrants alike.

On 18 April 2017, the Australian Government announced changes to our employer... Read More ^

Sri Lanka moves to standardise adventure tourism
Posted on 01 Jan 1970

ECONOMYNEXT - Sri Lanka plans to create 'standards' for adventure tourism in the sea, land and air with involvement of the military, a government statement said.

The move had been initiated by the Central Project Management Unit of the Ministry of National Policy and Economic Affairs and the Policy Development Office of the Prime Minister's Office with the Sri Lanka Tourism Development Board 

"There are International Standards for al... Read More ^

Sri Lanka Hambantota port deal seen helping build forex reserves
Posted on 01 Jan 1970

ECONOMYNEXT – Getting China to operate Sri Lanka’s loss-making, debt-ridden Hambantota port is aimed not only at reviving the harbour’s fortunes but also managing foreign currency reserves to relieve pressure on the rupee, a central bank official said. 

“The government is looking at a broader level, not just the port,” said Nihal Fonseka, a member of the governing board of Sri Lanka&rsqu... Read More ^