Economic

Sri Lanka’s value-added industry sector expanded with startups contributing its share in introducing innovative products in large scale during the first quarter this year, Finance Ministry data showed.

The government is mulling to cancel the lease agreements of state owned-valuable estates, land and property leased out to plantation companies and private firms over its failure to pay accumulated lease rent running up to millions of rupees.

REUTERS: Sri Lankan shares rose for a third straight session on Thursday to hit their highest close in nearly five months, led by a rally in banks, but the rupee weakened on higher importer dollar demand.

Tourism Minister John Amaratunga is to go to Cabinet once again to formalise and fast-track the much-delayed public relations (PR) and global promotion campaigns to boost the country’s image post-Easter Sunday terror attacks.

The Positive Sri Lanka initiative is generating an overwhelming response from the local business community as leading brands step forward to do their bit to restore the economy.

The Companies (Amendment) Bill 2019 received House approval yesterday, further reducing the difficulties investors undergo to register a new business in Sri Lanka. Industry and Commerce Deputy Minister Buddhika Pathirana moved the Motion in Parliament, highlighting the impact it would have in attracting much-desired foreign investment to the country.

Sri Lanka’s tea production in June saw a sharp gain of 3.9 million kilos to 27.1 million kilos from a year earlier.

The World Trade Centers Association (WTCA), of which World Trade Center (WTC) Colombo is a member, celebrates its 50th anniversary this year as the owner of the iconic global “World Trade Center” and “WTC” trademarks.

The implementation of the National Policy on Human Resources and Employment is now in wilderness due to inefficiency and lethargic attitude of bureaucracy.

We associate the concept of ‘Traceability’ with supply chains. Equally or more important is the traceability of non-biodegradable packing i.e. who is responsible, where does it end up and for how long?

REUTERS: Shares rose for a fourth straight session to hit their highest close in over five months on Friday, led by a rally in beverage and banking stocks along with healthy purchases by domestic investors. The rupee ended flat as inward remittances offset importer dollar demand.

In the wake of dwindling tax revenue collection, a Revenue Intelligence Unit has been established at the Ministry of Finance.

Customers of Hatton National Bank have been severely inconvenienced with the recent revision in their tariff (commission and service chargers) for its domestic operations and international remittances banking sector analysts alleged.

Says resources recycling not allowed under local Entrepôt trade regulations
Recalls BOI told Hayleys to suspend all future shipments on 26 Jan. 2018
BOI in process of developing new guidelines in consultation with stakeholders

Despite global and local challenges, Sri Lanka’s merchandised and service exports have risen by 11.4% to $ 8.5 billion in the first half of this year, prompting the Government to attribute it to a series of development efforts and assure further support. Releasing the latest yet provisional data, Development Strategies and International Trade Minister Malik Samarawickrama said yesterday that export sector performance was commendable, though he admitted there is significant scope for higher value. “The 11.4% growth, despite the impact of the October 2018 undemocratic constitutional coup, and the Easter Sunday tragedy, as well as global challenges, is very satisfactory. For the first time, three months of 1H 2019 - January, March and June - have produced over $ 1 billion worth of merchandised exports. We had originally set an ambitious $ 20 billion target for 2019, but we may miss it and end up at around $ 18.5 billion, which will be still higher than the $ 16 billion achieved last year,” Samarawickrama said.

New business registration will be made easy for investors with the enactment of the Companies (Amendment) Bill 2019 in Parliament on Wednesday.

World-renowned The Banker Magazine UK reaffirmed the Bank of Ceylon as being among the ‘Top 1000 Banks in the World’ with the country rank No. 1.

The Government plans to bring in new laws in September to enhance the scope and the independent decision-making ability of the Central Bank to further regulate the banking and the non-banking sectors, a top official said yesterday.