Economic

Colombo International Container Terminals (CICT), the joint venture between China Merchants Holding International and Sri Lanka Port Authority has become the largest green terminals in South Asia.

National Savings Bank (NSB) has received the coveted Payment Card Industry Data Security Standard (PCI-DSS) certification, accepted worldwide.The Bank received the certificate of compliance for PCI-DSS Version 3.2.1from Qualified Security Assessor (QSA), SISA. The PCI Security Standards Council (PCISSC), the governing body of PCI-DSS, is a global organization for promoting Payment Card Industry Standards for the safety of cardholder data across the globe.

Minister of Development Strategies and International Trade Malik Samarawickrama met with the President of the Japan External Trade Organization (JETRO) Yasushi Akahoshi last week, and discussed cooperation activities to boost trade and investment between the two countries.

Sri Lanka’s business prospect of coir, the golden fibre, is now looking ahead of times with the initiating of traditional fibre mill modernisation programme for the first time countrywide by Tropicoir Lanka (Pvt) Ltd, a leading exporter of coir based products.

Sri Lankan entrepreneurs are to be made aware of raising equity based capital, funding requirement and growth prospects to improve their enterprises.

Petrol reduced by Rs. 2 and Super Diesel by Rs. 5

In the highly disruptive phase of Sri Lanka’s economy with elections around the corner, the Finance Ministry has embarked on a prudent path in bringing down large unproductive conspicuous public expenditure, official sources said.

Sri Lanka has been ranked as the ‘World’s Best Island’at the influential Travel + Leisure magazine’s annual awards scheme judged by readers’ survey.

The airline industry yesterday welcomed the reduction in charges, noting that the move will boost business climate and tourist arrivals. The Cabinet on Sunday gave approval for a slew of charges, including ground handling, aviation fuel and embarkation levy, to be reduced for six months, to assist the tourism industry to recover after the Easter Sunday attacks. At a special press conference yesterday, the Board of Airline Representatives (BAR) and the Sri Lanka Association of Airline Representatives (SLAAR) assured their full support to Sri Lanka Tourism, by increasing capacity and resuming cancelled frequencies.

Sri Lankan economy is now recovering gradually at a relatively healthy rate of 3.7 per cent (year-onyear) during the first quarter 2019, compared to 1.8 per cent recorded in the fourth quarter, following the Easter Sunday attacks, Central Bank announced.

Airport and Aviation Services (Sri Lanka) Ltd (AASL) has been appointed as the Service Provider to operate and maintain the Palali Airport and other aeronautical services under the Civil Aviation Act, No.14 of 2010, after development of the airport.

Sri Lanka takes a bold step to reassure foreign investors that the country is reinvigorating its potential as an emerging economy with major mega investment projects in the pipeline.

Asian Development Bank (ADB) has stepped in to assist the electrification and double tracking of the Kelani Valley Line in 2020. In addition, ADB will assist in developing Main Line and Coastal Line too.

With a profit of Rs.10 billion during the first four month of this year, Sri Lanka Ports Authority (SLPA) will be increasing the efficiency of the Colombo port.

A midst mounting pressure from opposition parties , the government will be going ahead new legislation making way for majority foreign owned companies listed on the Colombo Stock Exchange (CSE) to buy and build on free hold land in Sri Lanka.

The previous barrier imposed on land acquisitions done by foreign entities before April 01, 2018 will be removed by introducing an amendment bill to the Land (Restrictions on Alienation) Act No. 38 of 2014 previously amended in 2018.

The Cabinet of Ministers approved the proposal presented by Finance Minister. Mangala Samaraweera to revise the 2018 amended Act which removed the previous restriction of prohibiting the transfer of freehold land done after April 2018 with a foreign company exceeding the maximum foreign shareholding of 49 percent.

With the enactment of new legislation in parliament Majority foreign owned companies listed companies will be free from any legal barriers to buy and own free hold in Sri Lanka immaterial of its date of transaction.

Finance Ministry expressed the confidence that the amendment will spur foreign investment to play a more active role in CSE than a flaccid one and help boost market capitalisation.

The Government has taken a number of new initiatives to develop tourist hotspots in the country to facilitate and encourage more tourists to visit Sri Lanka.

Almost 85% of claims for payment for projects undertaken by private construction companies have been settled, according to Chamber of Construction Industry (CCI).

The Cabinet has approved the reduction of ground handling charges, aviation fuel and the embarkation levy for Six months.