Date: 23 June 2017
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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, entrepĂ´t 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 ^

SRI LANKA TOURIST ARRIVALS UP BY 17.5 PERCENT IN APRIL
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 ^

Sri Lanka investor forum in Australia draw interest
Posted on 01 Jan 1970

ECONMYNEXT - An investor forum in Australia had drawn over 150 institutional investors, high net worth individuals and Sri Lanka born individuals living in the country, the Colombo Stock Exchange said.

The forum was organized by the CSE and Securities and Exchange Commission of Sri Lanka.

CSE Chairman Vajira Kulatilaka, who is an investment banker said Sri Lanka's stock were attractively valued now with relatively low price to earnings mu... Read More ^

EU asks Sri Lanka for 'concrete progress' on rights ahead of GSP+ decision
Posted on 01 Jan 1970

ECONOMYNEXT - The European Union has underlined the need for concrete progress on human rights ahead of discussions in Europe over approving GSP+ trade concessions to Sri Lanka in May.

"…[T]he EU drew attention to the importance of Sri Lanka making prompt and concrete progress in fulfilling international commitments on human and labour rights and environmental protection,"  a joint statement released after a meeting of the working group on governance, rule of law and h... Read More ^