Category: Economy

The Industries Ministry says that roads dedicated for factories and associated infrastructure like housing and recreation would be set up all over the island.rn rnThe first of these roads will be developed in line with a mega industrial exhibition in the Southern Province next year.rn rnldblquote They can have their swimming pools residential accommodation for […]

The project, spearheaded by the Industries Ministry, has already begun in Nikaweratiya, with a 12-mile stretch being developed with Rs.150 mn in private sector funds.rn rnldblquote These will be dedicated industrial roads for future industrial development. The duty of investors will have their individual compounds developed in line with future needs, such as housing units […]

ldblquote We expect a resurgence of economic activity in consequence to the commencement of these talks, dblquote Prof.G. L. Pieris said in a media briefing last week. rnldblquote Soon after the talks the Prime Minister will preside over a high profile investor forum meeting in New York. The Secretary General of the UN Mr.Kofi Annan […]

Janashakthi Chairman Chandra Schaffter said the acquisition was funded through a bank loan from Commercial Bank.rn rnJanashakthi earlier, picked up a 51 percent of NIC for Rs. 450 mn. Janashakthi has also picked up the 10 percent stake gifted to NIC quote s employees.rn rnSchaffter says the balance acquisition paves the way for the formal […]

Exports fell to US$ 336 mn in June from US$ 437 mn a year earlier.Imports on the other hand slipped 9 percent to US$ 465 mn during the period, mainly due to lower imports of food and beverages, investments and defence equipment. rnThe overall result, pushed the trade deficit up by 11 percent to US$ […]

Though GST was charged at 12.5 per cent and NSL at a nominal rate of 6.5 per cent the effective rate was around 21 per cent. rnrnUnder VAT the highest rate is only 20 per cent. rnrnThe finance minister is calling on the business community not to raise prices without cause. rnrnldblquote You should consider […]

There will be more focus on value added exporters. rnrnAwards will be given for Traditional Agriculture, Non-traditional agriculture, value added tea, industry, gems and jewellery and service providers to exporters, like government departments.rn

Deputy Finance Minister Bandula Gunawardana says the government sector initiative to reduce prices to reflect the zero duty on essential items is intended to set an example for the private sector to follow suite. rn rnMost state institutions that benefit from the zero duty will in effect absorb the 6.5 per cent National Security Levy […]

Mopping up past mistakes and infusing fresh discipline in the 225 state owned enterprises, a mandatory Code of Best Practices in Corporate Governance has received the cabinet green light.rn rnSeven of the largest public enterprises and four state banks are to be re-hauled when the code comes into force by January 1 next year, before […]

Surveys have indicated that unofficial operators are offering attractive rates and better service to expatriate workers. rnThe foreign exchange is kept out of the banking system and the national economy. rnMinister Samarasinghe was speaking at the launch of a new award scheme for foreign employment agencies launched by the Bureau of Foreign employment.rn

Sri Lanka is pushing for trade in services including tourism, shipping, software, agriculture and port development to be included under the FTA. rnSri Lanka also looking to push agro exports in cloves and spices where locals have a competitive edge in terms of lower prices and quality goods. rnIndian help is also being sought for […]

Despite a dismal 0.1 percent growth in the first quarter, Central Bank quote s Deputy Governor P M Nagahawatte says the economy is on target to achieve a 3.7 percent growth this year. rnThe bank quote s Statistics Director, Dr. Anila Dias Bandaranaike said improved rains, recovery in imports, the recent rally in the stock […]