Category: Featured
Kabul calls for first direct air corridor, investment pact to revive Sri Lanka trade
Mar 19, 2019 (LBO) – Afghanistan has called to open a direct air corridor with Sri Lanka by 25th March in a effort to push an Investment Protection and Promotion (IPP) pact with Colombo to revive lagging bilateral economic ties. “The Government of Afghanistan launched the Air Corridor two years ago to take domestic goods to […]
World Bank approves USD70Mn to improve local services in rural Sri Lanka
Mar 19, 2019 (LBO) – The World Bank approved a US 70 million dollar credit to improve the quality of life of around one million people living in Northern, North Central, Eastern and Uva Provinces in Sri Lanka. The new local development project will put local communities at the center of planning and delivery of […]
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 […]
Making Sri Lanka go to the ‘MICE’
Whilst Sri Lanka continues to show a year-on-year growth in tourists, the focus thus far has only been on the number of tourists coming in, instead of the cash inflow and subsequent economic development. As of 2018, the local tourism sector is said to contribute 12% to the annual national GDP (Gross Domestic Product) of […]
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 […]
‘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 […]
Fuel prices increased; Petrol hiked to Rs.132
Mar 13, 2019 (LBO) – Sri Lanka Government increased the price of petrol (92 Octane) by 3 rupees to 132 rupees a litre and auto diesel by 1 rupee to 104 rupees from midnight yesterday, the finance ministry said. Petrol (Octane 95) will now be sold at Rs. 159, after an increase by Rs. 7 a […]
‘s Michelin eyes Sri Lanka for new operations
Mar 13, 2019 (LBO) – A delegation from Michelin, the French tire manufacturing giant met with the Board of Investment Chairman Hemasiri Fernando and Champika Malalgoda, Director General of the BOI. By acquiring Camso Lodestar the leader in the manufacture of solid rubber tires in the country and a BOI enterprise, Michelin are now established […]
SL foresee digitalization and 5G as ‘Energy Pill’ for Economic Growth: Min Harin
Mar 12, 2019 (LBO) – Sri Lanka’s Minister of Telecommunication, Foreign Employment and Sports, Harin Fernando pointed out government’s aim is to make Sri Lanka a benchmark in adopting Digital Technologies for Government administration and public affairs management, whilst the necessary technical infrastructure to facilitate this effort, especially in rural areas will be provided. He […]
SL fiscal consolidation plans challenging without policy effectiveness and faster growth
Mar 12, 2019 (LBO) – Achieving Sri Lanka’s deficit and debt targets will be challenging without a significant increase in fiscal policy effectiveness and faster Gross Domestic Product (GDP) growth, a rating agency said in a statement. ‘Sri Lanka’s ambitious fiscal consolidation targets – when the country has not had a fiscal deficit below 5.0 […]