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Parliament adopts Port City Bill; Project Company invites investors to explore opportunities
CHEC Port City Colombo, the Project Company, invites local and foreign investors to explore the unique investment opportunities now available at Port City Colombo. Port City Colombo, now officially becomes the country’s first service-oriented Special Economic Zone (SEZ). The Sri Lankan Parliament, today adopted the Port City Economic Commission Bill with amendments. Full Statement Port […]
We will refer offers to the principal company for approval: Hemas Pharmaceuticals
Sole local representative for AstraZeneca and Pfizer in Sri Lanka, Hemas Pharmaceutical (Pvt) Ltd says that they will refer all offers other than directly from the manufacturer to the principal company for approval to ensure the importation of quality products. Releasing a statement, the company, however, added that they welcome the request by the Ministry […]
Sri Lanka records USD 798.9 Mn exports in April
Sri Lanka’s export performance continued its upward momentum in the first three months of 2021. Due to the Covid-19 pandemic-induced lockdown last year, exports were contracted by a record 64.63 percent in April 2020. However in April this year, exports grew up by 183 percent to US$ 798.9 Mn in comparison to the previous year. […]
CEAT ranked Sri Lanka’s Most Valuable Brand in ‘Motor’ segment
CEAT, the tyre brand manufactured in Sri Lanka by CEAT Kelani Holdings, has been ranked the most valuable consumer brand in the country’s ‘Motor’ segment in the 2021 Brand Finance rankings, and has moved up five places in the overall list. The world’s leading brand valuation consultancy assigned CEAT a Brand Value of Rs 2,024 […]
Last batch of detained migrant workers in Saudi Arabia returns to Sri Lanka
Repatriation of Sri Lankan migrant workers kept in the detention centres in Riyadh and Jeddah has been completed with the last batch of 103 detainees having returned to Sri Lanka in the Saudi Airlines SV 786 on 19 May. This is the last leg of the repatriation process initiated by the Embassy of Sri Lanka in […]
SriLankan Airlines signs MOU with Boeing
SriLankan Airlines and Boeing, the leading aerospace company in the USA signed a collaboration MOU in Colombo, Sri Lanka recently. The new agreement would enable both parties to explore airframe maintenance, component maintenance, training, and other commercial opportunities. The signing took place as a hybrid event in the presence of SriLankan Airlines CEO Vipula Gunathilake, […]
Third wave of pandemic highlights need for continued fiscal & monetary support: CBSL
The Sri Lankan economy, which rebounded notably during the second half of 2020 and early 2021 as per available indicators, is experiencing renewed disruptions due to the emergence of the third wave of the COVID-19 pandemic and related preventive measures, including isolations. “While its adverse effects on economic activity are expected to be lesser than […]
CBSL continues accommodative monetary policy to support sustained recovery of economy
The Monetary Board of the Central Bank of Sri Lanka, at its meeting held on 19 May 2021, decided to maintain the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank at their current levels of 4.50 percent and 5.50 percent, respectively. The Board said they arrived at […]
Foreign Minister meets EU Ambassadors in Colombo
Ambassadors of the European Union (EU) based in Colombo called on Foreign Minister Dinesh Gunawardena on Tuesday 18 May 2021 at the Foreign Ministry and discussed issues of mutual interest, including EU-Sri Lanka cooperation, and the GSP Plus process. The Foreign Minister welcomed the multifaceted cooperation existing between Sri Lanka and the EU. Follow-up action […]
FIU imposes Rs. 4 Mn penalties for 1Q 2021 to enforce compliance on Financial Institutions
As the regulator for Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) in Sri Lanka, the Financial Intelligence Unit (FIU) has imposed penalties, totaling to Rs. 4.0 million for the period from 1 January 2021 to 31 March 2021 to enforce compliance on Financial Institutions. Penalties have been imposed mainly on the violations of […]