Category: Featured
Sri Lanka to set up sugar fund with ethanol tax and cess: Ravi
Nov 10, 2016 (LBO) – Sri Lanka will set up a special price stabilization fund for sugar cane, and give state land and a 100 percent capital allowance to set up factories as incentives to develop the industry, Finance Minister said. “I propose to establish a Sugar Stabilization Fund by imposing a 2 percent Cess […]
Sri Lanka economy expected to grow 6.3-pct in 2017: CB
Nov 10, 2016 (LBO) –Sri Lanka’s economic growth is likely to be around 5 to 5.5 percent this year and expected to increase to 6.3 percent in 2017 and to grow further thereafter at an annual rate of 7 percent or above, the Central Bank said. Releasing its half yearly publication, ‘Recent Economic Developments: Highlights […]
Sri Lanka govt to fund Rs635Mn development of BIA
Nov 10, 2016 (LBO) – Sri Lanka’s cabinet of ministers have given the go ahead to construct a new immigration hall, electronic mall and an expansion of the departure concourse at the Bandaranaike International Airport (BIA) with a total cost of 635 million rupees. Construction contract for the immigration hall and new mall construction had been awarded […]
Sri Lanka govt approves phase 2 of Central Expressway, only single bidders
Nov 09, 2016 (LBO) – Sri Lanka’s cabinet has given the nod to build the second section of Central Expressway which runs from Mirigama to Kurunegala for 39.29 kilometers. The contract in this regard has been divided into four (04) packages and only one set of bidders submitted proposals for each of four civil work contract packages. […]
Sri Lanka bans cinnamon imports and re-exports
Nov 09, 2016 (LBO) – Sri Lanka’s cabinet nod has been received to list Cinnamon as a banned commodity to import from other parts of the world. The move came after few incidents that Cinnamon produced in other countries re-exported to several countries under the Entrepot trade. Ministry of Primary Industries said as per the […]
Interview: Strength of potential partners key to LNG negotiations, says PRDS DG
Nov 08, 2016 (LBO) – The reputation and financial strength of potential partners is key to developing Sri Lanka’s LNG infrastructure, according to the head of the Petroleum Resources Development Secretariat (PRDS). “Introducing a new energy form of LNG and building up end-user dependency on it requires a low-risk approach to supply assurance,” Saliya Wickramasuriya, […]
‘s tourism minister highlights red-tape as major challenge
Nov 09, 2016 (LBO) – Sri Lanka’s ambitious plans to develop its tourism sector are being held up by too much bureaucracy, according to the island’s Minister for Tourism, John Amaratunga. Speaking ahead of the inaugural Asia Hotel and Tourism Investment Conference (AHTIC) in Colombo, he said: “One of the biggest challenges is the bureaucracy. […]
Sri Lanka welcomes first KLM flight after nearly 20 years
Nov 08, 2016 (LBO) – KLM Royal Dutch Airlines resumed flights to Sri Lanka on 01 November with a twice-weekly service between Colombo and Amsterdam operated by Boeing 787 Dreamliner aircraft, a statement said. On board were KLM VIPs and Joanne Doornewaard, ambassador of the Kingdom of the Netherlands to Sri Lanka and Maldives. Throughout […]
Nestlé Lanka invests Rs500Mn in Sri Lanka’s dairy industry
Nov 08, 2016 (LBO) – Nestlé Lanka, a unit of the Swiss-based food group, announced the opening of a new UHT milk plant in their factory in Kurunegala. The company has made an investment of 500 million rupees in the island’s dairy industry with the new production facility. Through this new investment on a UHT […]
VC fund BOV Capital invests in OMAK Technologies
Nov 08, 2016 (LBO) – BOV Capital has led a successful investment round for OMAK Technologies, a fast growing regional restaurant management solutions provider with roots in Sri Lanka. BOV Capital is the first Sri Lanka-and Singapore-based venture capital fund focusing on Sri Lankan ventures that export technology-oriented products and services. Having closed the new […]
Budget 2017 will bring change to Sri Lanka: Ravi K
Nov 08, 2016 (LBO) – Sri Lanka’s Budget 2017 will reduce cost of living and strengthen investments, the Finance Minister said. “Steps have been taken in the forthcoming budget to reduce cost of living while measures have been taken to strengthen investment in the country,” Ravi Karunanayake, Finance minister said following meetings with two former […]
Sri Lanka tourist arrivals up 14-pct in October 2016, India, China lead
Nov 07, 2016 (LBO) – Tourist arrivals to Sri Lanka were up by 13.7 percent in October 2016 from a year ago with Indian and Chinese markets growing in double digits, data from the state tourism office showed. Arrivals were up 13.7 percent to 150,419 visitors in October 2016 from 2015’s 132,280 visitors. India recorded […]