Category: Economy
OBG Sri Lanka report:Looks at steps being taken to encourage innovation and boost export earnings to USD20Bn in 2019
Mar 27, 2019 (LBO) – A new report from research and consultancy firm Oxford Business Group (OBG) shines a spotlight on Sri Lanka’s wide-ranging plan to achieve upper-middle-income status. The Report: Sri Lanka 2019 looks in detail at the steps being taken to encourage innovation across the manufacturing industry as part of the national strategy to […]
‘s Chengdu delegation meets BOI Chairman, Eyes steel plant in Hambantota
mar 26, 2019 (LBO) – A delegation from Chengdu Association for Foreign Trade and Cooperation (CAFTEC) Chengdu, China visited the Board Of Investment and expressed interest in setting up a steel project in Hambantota. The aim of the visit is to promote Sri Lanka and particularly projects in Hambantota. The delegation who met with the Chairman […]
‘s Hambantota
Mar 25, 2019 (LBO) – Inaugurating the construction work of the US 3.85 billion dollar oil refinery project and the cement manufacturing plant in Hambantota, Prime Minister Ranil Wickremesinghe said the projects will create thousands of job opportunities in the area and surrounding districts. “These two projects are two mega investment projects that could be considered […]
‘s EXIM Bank for Central Expressway
Mar 22, 2019 (LBO) – The Export- Import Bank of China (EXIM Bank) has agreed to provide a concessional loan amounting to US 989 million dollars covering 85 percent of the contract price, for the Central Expressway Project – Section 1 from Kadawatha to Meerigama. The loan is the single largest loan approved by the […]
‘s NBFIs pressured by weak economic growth and vehicle sales
Mar 21, 2019 (LBO) – Fitch Ratings expects Sri Lankan non-banking financial institutions (NBFI) to continue to face pressure on asset quality and profitability in the medium term. The ratings agency says a slowdown in Sri Lanka’s economic activities and lacklustre growth in the sector’s core vehicle-financing segment continue to weigh on NBFI’s financial profiles. […]
Sri Lanka GDP grows 3.2-pct in 2018
Mar 21, 2019 (LBO) – The Department of Census and Statistics (DCS) releasing the estimated Gross Domestic Product (GDP) data said the islands economic growth rate for the year of 20 18 has been estimated as 3.2 percent. The GDP for Sri Lanka for the year of 20 18 (January to December) at constant (2010) price […]
EU-Sri Lanka investor dialogue discusses liberalization of shipping sector
Mar 18, 2019 (LBO) – The 8th EU-Sri Lanka investor dialogue was held at the Ministry of Development Strategies and International Trade and many outstanding matters were resolved through dialogue and the joint efforts of the two sides. “I am very pleased that we have made considerable progress in resolving outstanding issues and building up our […]
Sri Lanka vehicle registrations slowed in Feb. 2019 on slowing demand
Mar 18, 2019 (LBO) – Sri Lanka recorded total car registrations at 2,347 units in the month of February 2019 significantly down from 3,147 units the previous month and significantly down from 5,024 units 12 months ago, new data shows. Brand new motor cars recorded 434 units in February marginally up from 429 units the […]
”’ Rating
Mar 14, 2019 (LBO) – Fitch Ratings has assigned a final rating of ‘B’ to the following bonds issued by Sri Lanka on 7 March 2019: USD1 billion 6.85% bond due 2024, USD1.4 billion 7.85% bond due 2029. This replaces the expected rating of ‘B (EXP)’ that Fitch assigned on 6 March 2019. KEY RATING DRIVERS […]
‘s new tourism advisory committee gets down to work
Mar 14, 2019 (LBO) – With an eye on achieving the targeted 3 million tourist arrivals this year, a newly constituted Tourism Advisory Committee has been appointed by Minister of Tourism Development, Wildlife and Christian Religious Affairs, John Amaratunga. The 14 member committee comprises of private sector tourism stakeholders and is headed by business magnate Harry […]
Sri Lanka reserves at USD 6.9Bn at end 2018: Trade deficit declined
Mar 14, 2019 (LBO) – The trade deficit declined significantly in December 2018 (year-on-year) with a notable deceleration in import expenditure, data shows. Exports grew by 1.4 percent while imports fell by 15.3 percent in December 2018 (year-on-year), the Central Bank of Sri Lanka said. Total exports of goods grew by 4.7 per cent in 2018 […]
UK’s Flexicare launches USD 10Mn health care manufacturing facility in SL
Mar 13, 2019 (LBO) – Flexicare Lanka (Pvt) Ltd., a fully owned subsidiary of Flexicare Group, UK launched the construction of a state-of-the art modern manufacturing facility in Bandaragama with an investment of over US 10 million dollars, recently. The project is approved by the Board of Investment of Sri Lanka.Flexicare Group UK Managing Director, Hash […]