Category: Trade
Vehicle registrations edge higher in November: JB Securities
Dec 26, 2016 (LBO) – Sri Lanka vehicle registrations edged higher in November compared with October, on most categories, likely driven by pre-budget demand, JB Securities said in a research note. Three-wheelers and hybrids showed higher registrations, while one Rolls Royce Wraith was registered in the luxury car segment. But vehicle registrations were down sharply […]
Sri Lanka exporters await confirmation of RAMIS
Dec 09, 2016 (LBO) – Sri Lanka’s Exporters Association, which represents a majority of the island’s exporters, has urgently called upon the Finance Ministry to confirm that RAMIS will be fully implemented, and that it will be operational by January 2017. Paperless SVAT system provided exporters with a significant level of relief towards the constraints […]
‘s trade potential
Dec 02, 2016 (LBO) – U.S. and Sri Lankan officials have held three seminars on trade policy to unleash the island’s trade potential, a statement said. The U.S. Department of State, in cooperation with the U.S. Department of Commerce, and Sri Lanka’s Department of Commerce held these seminars with more than 70 decision makers and […]
Sri Lanka establishes resident mission in Ethiopia
Nov 28, 2016 (LBO) – Sri Lanka has established a resident mission in Addis Ababa, Ethiopia to broaden ties with the nation located in the Horn of Africa. “With a view to broadening political, trade and economic relations with Ethiopia and also forge closer relations with the African Union (AU) that is headquartered in Addis […]
SL-China trade crosses USD4bn, 93-pct imports from China
Nov 23, 2016 (LBO) – Bilateral trade between Sri Lanka and China has crossed the 4 billion US dollar threshold for the first time last year, the industry and commerce minister revealed. The total trade turnover between Sri Lanka and China which was at 659 million US dollars in 2005, has surged to 4 billion […]
EU-Sri Lanka launch EUR 8mn project for SME trade competitiveness
Nov 16, 2016 (LBO) – The European Union has launched a 8 million euro project that will help Sri Lanka increase its small and medium enterprise trade competitiveness in regional and European markets. “This project has been jointly designed with the Government of Sri Lanka, and brings together policymakers, government agencies, business leaders, chambers of […]
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 […]
Sri Lanka’s increased VAT to be applied from Nov 01
Oct 28, 2016 (LBO) – Inland Revenue Department said the changes to VAT and NBT will be implemented with effect from November 01. Releasing a statement, its Commissioner General said further details will be updated in due course. As per the amendments passed, VAT will be increased from 11 percent to 15 percent while NBT […]
First blockchain trade in cotton from Texas to China
Oct 24, 2016 (LBO) – Australia’s Commonwealth Bank and Wells Fargo have used blockchain, the technology behind the digital currency bitcoin that can secure financial transactions, in the first global trade transaction involving a shipment of cotton. The shipment of cotton was from Texas to Qingdao in China — the trade involved an open account […]
Ceylon Chamber welcomes relaxing export proceeds rule
Oct 20, 2016 (LBO) – Ceylon Chamber of Commerce has welcomed the move to ease the rule on repatriation of export earnings, increased from the earlier 90 days to now 120 days, as formalized by a Gazette notification issued recently. The Chamber pointed out that this rule hurts Sri Lanka’s export competitiveness, compromises export orders, […]
European Council President pledges to support Sri Lanka GSP+
Oct 18, 2016 (LBO) – European Council President has pledged to Prime Minister Ranil Wickremesinghe the fullest support to regain the GSP+ concessions for Sri Lanka. The support came after Premier Wickremesinghe yesterday met Donald Tusk who has been President of the European Council since December 2014. Tusk who was previously the Prime Minister of […]
FDI key for trade and export growth: Chinese Minister
Oct 13, 2016 (LBO) – Foreign direct investment (FDI) plays a very important role for a country to develop its trade and export growth, a senior Chinese official said. “FDI is important for trade growth as it brings money, technological advantages and the latest management ideas which drive indigenous and innovative growth,” Wang Shouwen, Vice […]