Category: Industry
Sri Lanka introduces Business to Consumer direct transaction under E-commerce
Oct 22, 2018 (LBO) – Sri Lanka’s Finance Ministry as envisaged in the Budget-2018 has established a regulatory framework enabling the Sri Lankan companies to initiate Business to Consumer (B2C) direct E-Commerce transactions with overseas customers.Sri Lankan Customers do enjoy this B2C e-commerce facility via E-bay and other trading platforms but not vice versa.Accordingly, hereafter […]
Status of BOI Director General Duminda Ariyasinghe still uncertain
October 22, 2018 (LBO) – The status of the Board of Investment’s Director General (DG) Duminda Ariyasinghe remains uncertain. Last week the BOI had rejected reports that he had tendered his resignation. Other sources have said that he has been dismissed by the appointing authority, President Maithripala Sirisena. There has still been no official word […]
Govt. will support retail sector to make Sri Lanka a regional shopping destination: Fin Min
Oct 19, 2018 (LBO) – Opportunities for the retail sector will continue to expand with Sri Lanka recently crossing the US 4,000 dollar GDP per capita threshold, the Minister of Finance said. Mangala Samaraweera told a retail forum in Colombo, Thursday. “Tourist arrivals this year have crossed the 2 million mark with growth of 11.6 percent, creating […]
AmCham appoints new Board of Directors for 2018/2019
(Press release) – The 26th Annual General Meeting of the American Chamber of Commerce in Sri Lanka (AmCham) was held in September at the Hilton Colombo Residences, ushering in the new Board of Directors for 2018/2019. Mr. Michael Koest is the newly elected President of AMCHAM.Mr. Koest takes over from Dr. Kumudu Gunasekera who successfully completed his […]
Mangala reveals fuel pricing formula
Oct 18, 2018 (LBO) – Sri Lanka’s Finance Minister Mangala Smaraweera reveled to media the recently introduced fuel price formula calculation method following repeated calls for it. “The Maximum Retail Price (MRP) of auto fuels has been established as follows MRP = V1 + V2 + V3 + V4,” he told reporters in Colombo a short while […]
Sri Lanka to implement tranche 2 of green power development program
Oct 18, 2018 (LBO) – Sri Lanka plans to implement the tranche 2 of the green power development and energy efficiency improvement investment program. The program includes three major components; transmission infrastructure enhancement, efficiency improvement of medium voltage network and demand-side management improvement for energy efficiency. Accordingly, Secretary of the Finance Ministry Dr.R H S […]
Sri Lanka vehicle registrations down in Sept 2018
Oct 17, 2018 (LBO) – Sri Lanka’s motor car registrations dropped to 4,990 units in September 2018 from 7,003 in the previous month following hike in taxes imposed by the government earlier this year, data compiled by JB Securities equities research shows. Total registrations were down to 34,293 units from 43,190 in the month of August. […]
Pharma industry withdraws 11 drugs from market: Importing not commercially viable
Oct 17, 2018 (LBO) – The Sri Lanka Chamber of Pharmaceutical Industry (SLCPI) in a statement to media said that despite persistent appeals, the Government has failed to address the issue of a fair and proper pricing mechanism for pharmaceutical products in light of the sharply depreciating Sri Lankan Rupee against the US Dollar. “With over […]
Sri Lanka DoC in breakthrough entry to world’s largest retail market
Sri Lanka’s Department of Commerce (DoC) has reported the country’s largest ever global trade linkage for Sri Lankan exports sector so far on 16 October in Colombo. The DoC also stressed that for the first time in a decade, Sri Lankan exports to this huge market has doubled. “The visit of China National Agriculture Wholesale […]
Mitra announces strategic plans to expand SL company in 2019 and rapidly growing ASEAN and East African regions
Oct 16, 2018 (LBO) – Mitra Innovation announced its plans for rapid global expansion this week, during their annual leadership and strategy programme in Colombo, Sri lanka. During the conference, the Mitra Innovation founders shared experiences and insights relating to the organisation’s progress during the year 2018. The founders also revealed plans to expand operations […]
SAARC looks to go high tech to boost regional trade : Minister
Oct 15, 2018 (LBO) – Despite low trade within the region, there is potential for using information and communication technologies to contribute to social and economic progress across South Asian countries, Minister of Industry and Commerce said. “Despite the challenges, the e-commerce and related sectors in the South Asian countries offer huge business and investment […]
FMO supports Nations Trust Bank’s growth and drives job creation in Sri Lanka
Oct. 15, 2018 (LBO) – FMO, a Dutch Development Bank recently arranged a US 50 million dollar syndicated loan for Nations Trust Bank (NTB) in Sri Lanka. The loan supports further growth in Nations Trust Bank’s business banking activities which, for a number of years,has been strategically geared more towards small and medium enterprises and […]