Category: Industry
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 […]
Gemfields PLC announces preferred suppliers for supply chain
Nov 07, 2016 (LBO) – Ratnapura Lanka Gemstones, a subsidiary of Gemfields plc, has announced the shortlisting of preferred suppliers following the call for expressions of interest from licensed mining companies and registered gem dealers in Sri Lanka. “Through working with these preferred partners, Gemfields intends to establish a supply chain which would help grow […]
Ceylon Chamber concerned over pharma product pricing
Nov 07, 2016 (LBO) – The Ceylon Chamber of Commerce has expressed concerns about fixed prices on medicinal drugs announced by Government Gazette. “Sri Lanka has a strong and accessible public healthcare system, complemented by a quality private healthcare system that is catering to evolving needs of the Sri Lankan people,” the business chamber said […]
No permission to increase powdered milk: Finance Minister
Nov 04, 2016 (LBO) – Sri Lanka’s Finance Minister Ravi Karunanayake says that the prices of powdered milk will not be increased for whatever reason following the recent imposition of VAT on imported powdered milk. VAT was imposed on imported powdered milk with effect from November 1st under the new VAT Amendment Act. The Finance […]
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 […]
‘s
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 […]
EU team to visit Sri Lanka next week on GSP+ application
Oct 28, 2016 (LBO) – A four member delegation from the European Parliament will visit Sri Lanka next week to look at the groundwork laid for a successful GSP+ application, a statement said. “The team will also discuss the progress on national reconciliation and ways to empower women politically and economically,” said the delegation of […]
India’s sub-sea power cable can be a solution for Sri Lanka: PUCSL
Oct 28, 2016 (LBO) – The planned laying of a sub-sea electricity cable to transmit power from India to Sri Lanka can be one solution to the island’s looming power crisis, a senior official said. “We see this as a solution, the Indo-sea cable has been in discussion for some time with a pre-feasibility also […]
Sri Lanka’s tallest residential project to have fastest elevators
Oct 28, 2016 (LBO) – Sri Lanka’s tallest residential building, the Altair project, will have country’s fastest elevators, Aitken Spence said in a statement. Aitken Spence said that world’s largest manufacturer and maintainer of people-moving products Otis has been selected to provide high-speed elevators to the project in Colombo. Elevators Private Limited, a joint venture […]