Category: Trade
Thailand calls for FTA with Sri Lanka; triple bilateral trade by 2020
Mar 10, 2016 (LBO) – Thailand, South East Asia’s second largest economy has officially called for an FTA with Sri Lanka as both countries pushing for a three-fold increase in bilateral trade by 2020. Bilateral trade between Sri Lanka and Thailand hovered at 500 million US dollars in 2015. “Thailand is proposing a Free Trade […]
Sri Lanka extends Colombo Port City Project agreement by 6 months
Mar 10, 2016 (LBO) – The cabinet has approved the extension of the agreement on Colombo Port City development project agreement for a further period of six months from 15 March 2016. The Cabinet Committee on Economic Management has recommended allowing resumption of the project subject to limitations and conditions stipulated in the EIA report. […]
‘s total revenue in 2015
Mar 09, 2016 (LBO) – Ceylon Tobacco Company, a unit of British American Tobacco said the company contributed 91.6 billion rupees to the government during 2015 which accounts for 7 percent of the Government’s total tax revenue. “This constitutes approximately 88 percent of the value generated by the Company making the Government a key stakeholder […]
Sri Lanka tourism earnings up 23-pct; CSE net inflows down 97-pct in 2015
Mar 04, 2016 (LBO) – Sri Lanka’s earnings from tourism has increased significantly in 2015 recording a 22.6 percent increase against the previous year. In the twelve months to December, Sri Lanka has earned 2,980.7 million US dollars from tourism while earning 2,431.1 million US dollars in 2014. Workers’ remittances recorded a marginal decline of […]
China positive on trade, investment says Malik after visit
Mar 02, 2016 (LBO) – China is positive about Sri Lanka’s prospects as a strategically located platform for trade, investment and tourism, a statement issued following Minister Malik Samarawickrama’s recent visit to China said. “They saw opportunities for strengthening bilateral cooperation and looked forward to Prime Minister Ranil Wickramasinghe’s visit to China in April to […]
US calls on Sri Lanka to join Indo-Pacific Economic Corridor
Mar 01, 2016 (LBO) – United States called Sri Lanka to strengthen cooperation on issues of regional importance through multilateral organizations like the Indian Ocean Rim Association. “The United States encouraged Sri Lankan participation in its Indo-Pacific Economic Corridor initiative to increase economic connectivity among South Asian countries and with Southeast Asia, which is congruent […]
Sri Lanka Customs expedites cargo clearing process
Mar 01, 2016 (LBO) – Sri Lanka Customs has accelerated its cargo clearing service to minimize delays for importers and exporters. As per the new directions, every piece of cargo will be cleared within 3 days unless it has a legal issue or pending investigation. Customs Director General Chulananda Perera told reporters Monday that the […]
Sri Lanka explores possibility to join TPP: Foreign Minister
Feb 26, 2016 (LBO) – Sri Lanka’s government is currently exploring the possibility of applying to join the Trans-Pacific Partnership very seriously, Foreign Minister Mangala Samaraweera said. “A leading government think tank is preparing a feasibility study and we will be continuously evaluating developments on this front,” Samaraweera said. He was addressing a gathering at […]
Sri Lanka’s Carsons Cumberbatch December net up 66-pct
Feb 12, 2016 (LBO) – Sri Lanka’s Carsons Cumberbatch group profits rose 66 percent to 1.2 billion rupees in the December 2015 quarter from a year earlier, interim accounts showed. Carsons revenues were fell 9 percent to 20.6 billion rupees, while sales costs also fell 3 percent to 15.3 billion rupees, resulting in a gross […]
Customs duty increase on imported rice approved by cabinet
Feb 11, 2016 (LBO) – The government recently decided to increase the import duty on rice from 35 rupees to 50 rupees per kilogram effective from February 01, 2016. Finance Minister Ravi Karunanayake’s proposal to submit the relevant Gazette Notification under the “Revenue Protection Act” to the parliament for approval, has been approved by the cabinet […]
Sri Lanka IT professionals insist on greater transparency in ETCA
Feb 11, 2016 (LBO) – Sri Lanka’s IT professionals have raised concerns over the lack of transparency and industry involvement in formulating the proposed Indo-Lanka Economic and Technology Cooperation Agreement. President of Sri Lanka Information Technology Professionals Association Indika Gamage told reporters that the government has placed a huge commitment without reputed statistical or contextual […]
Sri Lanka’s Cargills (Ceylon) December net down 3 pct
Feb 10, 2016 (LBO) – Profits of Sri Lanka’s Cargills (Ceylon) group, which has interests in retailing and fast moving consumer goods, fell 3 percent to 463 million rupees, interim accounts showed. The group reported earnings of 2.07 rupees per share for the quarter. Revenues rose 19 percent to 18.1 billion rupees and cost of […]