Category: Industry
‘s kidney disease prone areas
Nov 03, 2016 (LBO) – Sri Lanka has entered into a agreement with the Asian Development Bank to obtain 60 million dollars to implement clean drinking water facilities in the island’s chronic kidney disease prone areas, Wednesday. The project called the PuraNeguma – Local Government Enhancement Sector Project, will be utilized for the implementation of […]
Sri Lanka grants 25 year income tax waiver for Port City developer
Nov 02, 2016 (LBO) – Sri Lanka’s cabinet has approved granting of exemptions for the project company of the Colombo Port City in terms of the Strategic Development Project Act 2008. The CHEC Port City Colombo manages the project for the Chinese investor, China Communications Construction Company. The cabinet recognized the development of Port City […]
New pension scheme for Sri Lankan migrant workers
Nov 02, 2016 (LBO) – Sri Lanka’s government will implement a new pension scheme for migrant workers with effect from January next year, a cabinet decision showed. The cabinet has decided to withdraw 2 billion rupees from the Kuwait Fund of Sri Lanka Bureau of Foreign Employment as the initial capital requirement for the scheme. […]
Japan looks at SME business opportunities in Sri Lanka
Nov 02, 2016 (LBO) – Representatives from the World Business Society of Tokyo Small and Medium Enterprise Consultant Association (WBS) are currently visiting Sri Lanka to evaluate investment opportunities, the Board of Investment of Sri Lanka (BOI) said. The visiting delegation consisted of representatives of 19 Japanese enterprises who will act as consultants. They will […]
iflix adds Hindi & Tamil content for Sri Lanka internet TV viewers
iflix, the world’s leading Internet TV service for emerging markets is thrilled to announce the addition of hugely popular Hindi and Tamil programming to its world class content offering. From today, consumers can enjoy unlimited access to the best in Hindi and Tamil movies, in addition to the vast selection of popular, award-winning and iconic […]
USD1 bln expected from Hambantota port sale: CB Governor
Nov 02, 2016 (LBO) – Sri Lanka could expect a one billion dollar inflow to the economy in about five months time through the sale of a stake in the Hambantota Port, the Central Bank Governor said on Tuesday. The equity proceeds of a sale of an 80 percent stake to a Chinese investor could […]
Aitken Spence Travels Brings in Russian Charter to Sri Lanka
(PRESS RELEASE) – Aitken Spence Travels, the premier destination management company in Sri Lanka in collaboration with Coral Travel & their airline charter arm, Royal Flight in facilitating their first charter flight from Russia to Sri Lanka for winter 2016/17. The charter arrived this morning, 1st of November 2016 to the Bandaranaike International Airport. The […]
Korea Eximbank checks feasibility to create ICT hub in Sri Lanka
Oct 31, 2016 (LBO) – South Korea’s export and import bank is planning to conduct a comprehensive feasibility study to establish an ICT Hub for secondary education in Sri Lanka through a joint consulting firm. Sri Lanka has identified that the availability of highly skilled labor force is vital to the economic growth as well […]
Sri Lanka to have 500 public Wi-Fi spots before end 2016
Oct 31, 2016 (LBO) – Sri Lanka’s Digital Infrastructure Ministry is expected to complete opening of 500 free public Wi-fi spots in the island before the end of this year. The Ministry of Telecommunication and Digital Infrastructure recently reactivated 405 hotspots that underwent an upgrade. The ministry is to open 95 new public Wi-fi facilities […]
South Asia Textiles embarks on USD3mn expansion
Nov 01, 2016 (LBO) – Textile manufacturer South Asia Textiles says it will extend its one billion rupee expansion program with a three million dollar investment in state-of-the-art technology. “Some of the machinery to be introduced will be the aerodynamic Air-Flow textile dye machines with absolute minimal usage of water, a continuous washer which saves […]
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Oct 31, 2016 (LBO) – Sri Lanka’s Value Added Tax (VAT) hike 15 percent from 11 percent will make the island credit positive as it will facilitate fiscal consolidation by strengthening low revenue-to GDP ratio, Moody’s Investors Service said. “The government originally implemented the VAT hike in May, but retracted it in July after a […]
Sri Lanka to sell 80 percent of southern Hambantota port to Chinese firm
Oct 28, 2016 (Reuters) – Sri Lanka will sell to a Chinese company 80 percent of a $1.5-billion port in its south, where China has also been offered an investment zone, in a bid to cut the country’s debt burden, Finance Minister Ravi Karunanayake said. The move follows an offer made by Prime Minister Ranil […]