Date: 23 September 2017
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Sri Lanka June exports up on ships, tea; imports slow
Posted on 01 Jan 1970

ECONOMYNEXT - Sri Lanka's exports rose 9.8 percent in June 2017 from a year earlier, helped by the delivery of two ships to Singapore and higher tea prices, while apparel exports fell, the central bank said.


Transport equipment exports rose to 54.3 million dollars in June from 7.6 million a year earlier.

Apparel exports fell 7.5 percent to 375.4 million dollars. Rubber products also rose 15.4 percent to 73.1 mi... Read More ^

Sri Lanka navy eyes increased sea marshals business
Posted on 01 Jan 1970

ECONOMYNEXT - Sri Lanka's new navy commander Wednesday announced plans to secure a greater role in providing anti-piracy security cover for international merchant shipping as the island emerged from a decades-long war.

Vice Admiral Travis Sinniah said Sri Lanka as a conflict-free nation in South Asia was well placed to protect international shipping between the pirate-infested gulf of Aden to straits of Malacca.

He said they were seeking ... Read More ^

‘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 ^

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 ^