Sri Lanka Economy - News & Updates
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Sri Lanka to host Conference of the Governors of the South East Asian Central Banks (SEACEN)
The 45th Conference of the Governors of the South East Asian Central Banks (SEACEN) and 29th Meeting of the SEACEN Board of Governors were held on February 26 to 27, in Siem Reap, Cambodia. It was decided that Sri Lanka will hold the next conference in February 2011.
Participating at the Conference were Governors and representatives of the sixteen SEACEN central banks and an observer central bank.
The SEACEN members include Central Bank Governors from Brunei, Cambodia, Fiji, Indonesia, Korea, Malaysia, Mongolia, Myanmar, Nepal, Papua New Guinea, Pilipinas, Singapore, Sri Lanka, China, Thailand and Vietnam. Asian Development Bank Vice President Lawrence Greenwood was the keynote speaker at the conference.
Governors acknowledged that the recent global financial crisis underscored the presence of systemic risk generated from excessive leverage, the inter-connectivity of financial institutions and markets, and the pro-cyclical nature of the financial sector.
They recognized that solid micro-prudential regulation and supervision was essential.
This should be supplemented with macro-prudential policies to address potential financial and economy-wide systemic risks. They noted that further efforts are required to overcome a number of practical challenges with regard to implementation of the proposed prudential tools.
Governors noted the need for greater international coordination on macroeconomic policies and prudential regulations to promote global financial stability.
Sri Lanka Business News | Online edition of Daily News - Lakehouse Newspapers
The 45th Conference of the Governors of the South East Asian Central Banks (SEACEN) and 29th Meeting of the SEACEN Board of Governors were held on February 26 to 27, in Siem Reap, Cambodia. It was decided that Sri Lanka will hold the next conference in February 2011.
Participating at the Conference were Governors and representatives of the sixteen SEACEN central banks and an observer central bank.
The SEACEN members include Central Bank Governors from Brunei, Cambodia, Fiji, Indonesia, Korea, Malaysia, Mongolia, Myanmar, Nepal, Papua New Guinea, Pilipinas, Singapore, Sri Lanka, China, Thailand and Vietnam. Asian Development Bank Vice President Lawrence Greenwood was the keynote speaker at the conference.
Governors acknowledged that the recent global financial crisis underscored the presence of systemic risk generated from excessive leverage, the inter-connectivity of financial institutions and markets, and the pro-cyclical nature of the financial sector.
They recognized that solid micro-prudential regulation and supervision was essential.
This should be supplemented with macro-prudential policies to address potential financial and economy-wide systemic risks. They noted that further efforts are required to overcome a number of practical challenges with regard to implementation of the proposed prudential tools.
Governors noted the need for greater international coordination on macroeconomic policies and prudential regulations to promote global financial stability.
Sri Lanka Business News | Online edition of Daily News - Lakehouse Newspapers
shargilahmed
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Pakistan wins five World Economic Forum's Young Global Leaders awards
The Financial Daily Reporter
Staff Reporter
KARACHI: The World Economic Forum (WEF) Wednesday announced its Young Global Leaders (YGLs) for 2010. This year, five Young Global Leader awards have come to Pakistan. The recipients are: Syed Mustafa Kamal Mayor of Karachi, Hamid Yar Hiraj Minister of State for Commerce, Amir Jahangir Chief Executive Officer of SAMAA TV, Muhammad Tabba CEO Lucky Cement, and Umar Saif, Founder of Saif Center for Innovation. The honour, bestowed each year by the Forum, recognises and acknowledges up to 200 outstanding young leaders from around the world for their professional accomplishments, commitment to society and potential to contribute to shaping the future of the world.
For 2010, the Forum has selected 197 YGLs from 72 countries. They were shortlisted from all the walks of life (business, civil society, social entrepreneurship, politics & government, arts & culture, and opinion & media).
The Financial Daily Reporter
Staff Reporter
KARACHI: The World Economic Forum (WEF) Wednesday announced its Young Global Leaders (YGLs) for 2010. This year, five Young Global Leader awards have come to Pakistan. The recipients are: Syed Mustafa Kamal Mayor of Karachi, Hamid Yar Hiraj Minister of State for Commerce, Amir Jahangir Chief Executive Officer of SAMAA TV, Muhammad Tabba CEO Lucky Cement, and Umar Saif, Founder of Saif Center for Innovation. The honour, bestowed each year by the Forum, recognises and acknowledges up to 200 outstanding young leaders from around the world for their professional accomplishments, commitment to society and potential to contribute to shaping the future of the world.
For 2010, the Forum has selected 197 YGLs from 72 countries. They were shortlisted from all the walks of life (business, civil society, social entrepreneurship, politics & government, arts & culture, and opinion & media).
Lankan Ranger
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INTRAD EXPO 2010
The National Chamber of Commerce of Sri Lanka (NCCSL) in association with Government Ministries will be holding the International Trade Fair and Investor Forum INTRAD EXPO 2010 from May 7 to 9 at the BMICH, Colombo.
This is the seventh INTRAD Exhibition organized by the National Chamber of Commerce.
This will be a good opportunity for exporters, importers manufacturers, service providers and investors of all products and services locally and overseas to participate at the fair, in the identified sectors.
Sri Lanka Business News | Online edition of Daily News - Lakehouse Newspapers
The National Chamber of Commerce of Sri Lanka (NCCSL) in association with Government Ministries will be holding the International Trade Fair and Investor Forum INTRAD EXPO 2010 from May 7 to 9 at the BMICH, Colombo.
This is the seventh INTRAD Exhibition organized by the National Chamber of Commerce.
This will be a good opportunity for exporters, importers manufacturers, service providers and investors of all products and services locally and overseas to participate at the fair, in the identified sectors.
Sri Lanka Business News | Online edition of Daily News - Lakehouse Newspapers
Lankan Ranger
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Sri Lanka Etisalat unit mulls mobile phone banking
March 05, 2010 (LBO) - Etisalat's new Sri Lankan mobile subsidiary is in talks with banks to offer financial services on mobile phones, such as money transfers for migrant workers in the Middle East, a senior company official said.
Riyaaz Rasheed deputy chief executive of Etisalat Lanka said the mobile operator is seeking to tie-up with banks to offer the financial services.
"We're already talking to two of the biggest banks in Sri Lanka," he told LBO. Rasheed declined to identify the banks, citing non-disclosure agreements signed with them.
Etisalat, the United Arab Emirates-based telecom firm, acquired 100 percent of the Sri Lanka operation called Tigo from Millicom International in October 2009 and has renamed it Etisalat Lanka.
The celco is the third-largest mobile telephony operator in Sri Lanka with 2.5 million customers and an estimated market share of around 20 percent.
Rasheed said one business the company was looking at was money transfer services especially for Sri Lankan migrant workers in the Middle East where Etisalat has a strong presence.
"There is a huge Sri Lanka population working outside - in the Middle East market where Etisalat operates in a big way."
Migrant workers now remit money through banks or informal money transfer services.
Etisalat Lanka hopes to launch mobile banking operations before the end of the year and is waiting to see how services Etisalat has introduced elsewhere perform, Rasheed said.
Etisalat began mobile remittance trials from the UAE to India and the Philippines, both countries with big migrant workers populations, last year allowing expatriates to send money home using their mobile phones.
It has just struck a deal with Citibank to start the programme in India, with plans to expand it to Bangladesh, Pakistan and Egypt in the coming months, the group's chief marketing officer Essa al Haddad has been quoted as saying.
The service works with all types of mobile phones. The cost of the service was not available.
Financial services are being considered an attractive application for offering on mobile phones in which they are seen as 'virtual wallets'.
The GSM Association, an industry group of 800 wireless operators, estimates one billion consumers in the world have a mobile phone but no access to a bank account.
Mobile banking services are now being offered in the Philippines and South Africa, where 8.5 million and 4.5 million people are estimated to use such services.
According to the GSMA, about 40 million people worldwide use mobile money, and the industry is growing mainly in Africa and Asia where formal banking services are not as widely available as elsewhere.
Sri Lanka Etisalat unit mulls mobile phone banking - LANKA BUSINESS ONLINE
March 05, 2010 (LBO) - Etisalat's new Sri Lankan mobile subsidiary is in talks with banks to offer financial services on mobile phones, such as money transfers for migrant workers in the Middle East, a senior company official said.
Riyaaz Rasheed deputy chief executive of Etisalat Lanka said the mobile operator is seeking to tie-up with banks to offer the financial services.
"We're already talking to two of the biggest banks in Sri Lanka," he told LBO. Rasheed declined to identify the banks, citing non-disclosure agreements signed with them.
Etisalat, the United Arab Emirates-based telecom firm, acquired 100 percent of the Sri Lanka operation called Tigo from Millicom International in October 2009 and has renamed it Etisalat Lanka.
The celco is the third-largest mobile telephony operator in Sri Lanka with 2.5 million customers and an estimated market share of around 20 percent.
Rasheed said one business the company was looking at was money transfer services especially for Sri Lankan migrant workers in the Middle East where Etisalat has a strong presence.
"There is a huge Sri Lanka population working outside - in the Middle East market where Etisalat operates in a big way."
Migrant workers now remit money through banks or informal money transfer services.
Etisalat Lanka hopes to launch mobile banking operations before the end of the year and is waiting to see how services Etisalat has introduced elsewhere perform, Rasheed said.
Etisalat began mobile remittance trials from the UAE to India and the Philippines, both countries with big migrant workers populations, last year allowing expatriates to send money home using their mobile phones.
It has just struck a deal with Citibank to start the programme in India, with plans to expand it to Bangladesh, Pakistan and Egypt in the coming months, the group's chief marketing officer Essa al Haddad has been quoted as saying.
The service works with all types of mobile phones. The cost of the service was not available.
Financial services are being considered an attractive application for offering on mobile phones in which they are seen as 'virtual wallets'.
The GSM Association, an industry group of 800 wireless operators, estimates one billion consumers in the world have a mobile phone but no access to a bank account.
Mobile banking services are now being offered in the Philippines and South Africa, where 8.5 million and 4.5 million people are estimated to use such services.
According to the GSMA, about 40 million people worldwide use mobile money, and the industry is growing mainly in Africa and Asia where formal banking services are not as widely available as elsewhere.
Sri Lanka Etisalat unit mulls mobile phone banking - LANKA BUSINESS ONLINE
Omar1984
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KARACHI: The builders and developers of Pakistan and Sri Lanka with joint efforts and sharing each other’s expertise can play a pivotal role in promoting the construction of both the countries, Sri Lanka Consul General VS Sidath Kumar said. There has been a considerable increase in the trade between the two countries, he said this while expressing his views at a meeting held ABAD House Friday.
He recommended ABAD members to actively participate in the International Exhibition to be held in Sri Lanka from September 10 to September 12 this year. staff report
Lankan Ranger
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Sri Lanka leading in tea exports
Akbar Brothers Group has exported 42.3 million kilograms of tea in 2009.
They have also been ranked as one of the largest packetted tea exporters in 2009, with exports totalling 20.6 million kilograms.
In the Teabag Segment too, Akbar Brothers have emerged as a leading exporter with exports totalling 3.6 million kilograms, the company said.
"We have maintained the position as the largest tea exporter for the last 18 consecutive years. This achievement demonstrates that our customers worldwide, have abiding confidence in our products and services," Akbar Brothers Group Chairman Abbas Akbarally said.
He also pointed out that 2009 has been a very difficult year for all tea exporters with the global meltdown compounded by the shortfall in Sri Lanka's tea production.
"Despite these adverse circumstances, Sri Lanka has forged ahead to become the largest exporter of value-added tea products among all tea producing countries".
In 2009, Sri Lanka exported 41 percent of her total tea exports in the form of consumer tea products such as tea packets and teabags. India exports only around 20 percent of her tea exports in consumer packets and teabags.
The other countries such as Kenya, China and Indonesia export less than 5 percent of their tea exports as consumer products.
Sri Lanka maintains a big lead over all other tea producing countries in marketing value-added tea products.
Sri Lanka Business News | Online edition of Daily News - Lakehouse Newspapers
Akbar Brothers Group has exported 42.3 million kilograms of tea in 2009.
They have also been ranked as one of the largest packetted tea exporters in 2009, with exports totalling 20.6 million kilograms.
In the Teabag Segment too, Akbar Brothers have emerged as a leading exporter with exports totalling 3.6 million kilograms, the company said.
"We have maintained the position as the largest tea exporter for the last 18 consecutive years. This achievement demonstrates that our customers worldwide, have abiding confidence in our products and services," Akbar Brothers Group Chairman Abbas Akbarally said.
He also pointed out that 2009 has been a very difficult year for all tea exporters with the global meltdown compounded by the shortfall in Sri Lanka's tea production.
"Despite these adverse circumstances, Sri Lanka has forged ahead to become the largest exporter of value-added tea products among all tea producing countries".
In 2009, Sri Lanka exported 41 percent of her total tea exports in the form of consumer tea products such as tea packets and teabags. India exports only around 20 percent of her tea exports in consumer packets and teabags.
The other countries such as Kenya, China and Indonesia export less than 5 percent of their tea exports as consumer products.
Sri Lanka maintains a big lead over all other tea producing countries in marketing value-added tea products.
Sri Lanka Business News | Online edition of Daily News - Lakehouse Newspapers
Lankan Ranger
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Three-in-one textile exhibition begins
The apparel sector has a high degree of relevance and importance to Sri Lanka for rapid economic development.
The country is now in a position to derive full benefit from its inherent strengths and need to emphasis on value addition for more foreign exchange and quality, Export Development and International Trade Minister Prof. G.L. Peiris said.
Three exhibitions targeting the textile and apparel industry commenced at the Exhibition and Convention Centre (SLECC), Colombo yesterday.
The exhibition is an ideal platform to showcase Sri Lankan products where exhibitors, consumers and suppliers could meet under one roof.
The apparel sector needs to focus on quality as it will be the key to the future, Prof. Peiris said.
This is the best chance the country has to secure the facility, Sri Lanka Apparel Association Deputy Chairman Rohan Abeykoon said.
The three exhibitions held are Textech Sri Lanka 2010 International Expo, Sri Lankas International Textile Garment Technology and Machinery Expo; 4th Dye+Chem Sri Lanka 2010 International Expo, an exclusive international exhibition on dyes and fine and specialty chemicals and Colombo International Yarn and fabric Show 2010, targeted not only to the textile and apparel sector, but also the entire export sector.
These exhibitions were organized by CEMS - Conference and Exhibition Management Services USA.
Exhibitors from 10 countries are participating in these exhibitions which are targeted the entire business community.
Sri Lanka Business News | Online edition of Daily News - Lakehouse Newspapers
The apparel sector has a high degree of relevance and importance to Sri Lanka for rapid economic development.
The country is now in a position to derive full benefit from its inherent strengths and need to emphasis on value addition for more foreign exchange and quality, Export Development and International Trade Minister Prof. G.L. Peiris said.
Three exhibitions targeting the textile and apparel industry commenced at the Exhibition and Convention Centre (SLECC), Colombo yesterday.
The exhibition is an ideal platform to showcase Sri Lankan products where exhibitors, consumers and suppliers could meet under one roof.
The apparel sector needs to focus on quality as it will be the key to the future, Prof. Peiris said.
This is the best chance the country has to secure the facility, Sri Lanka Apparel Association Deputy Chairman Rohan Abeykoon said.
The three exhibitions held are Textech Sri Lanka 2010 International Expo, Sri Lankas International Textile Garment Technology and Machinery Expo; 4th Dye+Chem Sri Lanka 2010 International Expo, an exclusive international exhibition on dyes and fine and specialty chemicals and Colombo International Yarn and fabric Show 2010, targeted not only to the textile and apparel sector, but also the entire export sector.
These exhibitions were organized by CEMS - Conference and Exhibition Management Services USA.
Exhibitors from 10 countries are participating in these exhibitions which are targeted the entire business community.
Sri Lanka Business News | Online edition of Daily News - Lakehouse Newspapers
Lankan Ranger
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Sri Lanka tourist trade seen recovering fast
Over half-a-million tourists are expected to visit Sri Lanka this year as the travel trade bounces back strongly from the effects of a war with hotels so heavily booked that some are even refusing new reservations till end of March, officials said.
Tourism authorities have planned an aggressive global promotion campaign to lure visitors with events like night surfing and also attempts to tap the Sri Lankan diaspora to spread the word about the island's attractions.
With tourist arrivals up 31.9 percent in January alone from a year ago, the authorities expect the total number of visitors this year to increase by 25 - 30 percent given post-war revivals elsewhere.
"If you look at countries like Croatia and Vietnam, they experienced immediate growth in the tourism sector after the war end," says Dileep Mudadeniya, managing director of Sri Lanka Tourist Promotion Bureau.
Sri Lanka's 30-year ethnic war ended in May 2009, resulting in an immediate increase in tourist arrivals.
The revival has prompted international agencies to offer help to modernize tourism infrastructure.
Japan International Corporation Agency has offered 20 million US dollars to improve infrastructure in five towns that tourists frequently visit; Anuradhapura and Sigiriya in the north-central area, Nuwara Eliya and Kandy in the central hills, and Negombo on the west coast.
The World Bank is providing 18 million dollars 'capacity building' in tourism-related programs.
Mudadeniya said almost all hotels were running at 99-100 percent occupancy rates during the main winter season in the last three or four months and forward bookings are encouraging.
"I was told that 20 to 30 hotels are closed for any kind of new reservations till the end of March because they are fully booked."
The Tourism Promotion Bureau is promoting the country under its 'Visit Sri Lanka 2011' campaign highlighting the beaches, ruined cities, hilly resorts and wildlife parts that can all be experienced on the island in a short time.
"As a result of the diverse attractions we have within a small area, our intention is to promote all these areas to make sure that tourists can experience it all," Mudadeniya said.
The marketing campaign includes international promotions on leading TV stations like CNN and BBC and social networking services.
A string of events have been planned, starting from the week-long surf festival in Arugam Bay in the east, to an arts and craft festival in Sigiriya in June and a beach festival at Hikkaduwa in July.
Other international events include a jazz festival, the 'Colombo Fashion Week', a design festival and an international chess tournament.
Mudadeniya said there is also potential for the growth of cruise tourism.
"Sri Lanka, Maldives and India can provide good destinations for the cruise liners."
Louis Cruises is expected to resume calls from October this year.
Sri Lanka's newest attempt at MICE tourism, (Meetings, Incentives, Conventions and Events) is the use of the 'Jetliner', a passenger ferry once used for transporting troops, as a floating venue.
The vessel is fully booked till the end of March.
The authorities are looking at the Indian market to promote Sri Lanka as a convention centre for the Indian corporate sector.
Sri Lanka tourist trade seen recovering fast - LANKA BUSINESS ONLINE
Over half-a-million tourists are expected to visit Sri Lanka this year as the travel trade bounces back strongly from the effects of a war with hotels so heavily booked that some are even refusing new reservations till end of March, officials said.
Tourism authorities have planned an aggressive global promotion campaign to lure visitors with events like night surfing and also attempts to tap the Sri Lankan diaspora to spread the word about the island's attractions.
With tourist arrivals up 31.9 percent in January alone from a year ago, the authorities expect the total number of visitors this year to increase by 25 - 30 percent given post-war revivals elsewhere.
"If you look at countries like Croatia and Vietnam, they experienced immediate growth in the tourism sector after the war end," says Dileep Mudadeniya, managing director of Sri Lanka Tourist Promotion Bureau.
Sri Lanka's 30-year ethnic war ended in May 2009, resulting in an immediate increase in tourist arrivals.
The revival has prompted international agencies to offer help to modernize tourism infrastructure.
Japan International Corporation Agency has offered 20 million US dollars to improve infrastructure in five towns that tourists frequently visit; Anuradhapura and Sigiriya in the north-central area, Nuwara Eliya and Kandy in the central hills, and Negombo on the west coast.
The World Bank is providing 18 million dollars 'capacity building' in tourism-related programs.
Mudadeniya said almost all hotels were running at 99-100 percent occupancy rates during the main winter season in the last three or four months and forward bookings are encouraging.
"I was told that 20 to 30 hotels are closed for any kind of new reservations till the end of March because they are fully booked."
The Tourism Promotion Bureau is promoting the country under its 'Visit Sri Lanka 2011' campaign highlighting the beaches, ruined cities, hilly resorts and wildlife parts that can all be experienced on the island in a short time.
"As a result of the diverse attractions we have within a small area, our intention is to promote all these areas to make sure that tourists can experience it all," Mudadeniya said.
The marketing campaign includes international promotions on leading TV stations like CNN and BBC and social networking services.
A string of events have been planned, starting from the week-long surf festival in Arugam Bay in the east, to an arts and craft festival in Sigiriya in June and a beach festival at Hikkaduwa in July.
Other international events include a jazz festival, the 'Colombo Fashion Week', a design festival and an international chess tournament.
Mudadeniya said there is also potential for the growth of cruise tourism.
"Sri Lanka, Maldives and India can provide good destinations for the cruise liners."
Louis Cruises is expected to resume calls from October this year.
Sri Lanka's newest attempt at MICE tourism, (Meetings, Incentives, Conventions and Events) is the use of the 'Jetliner', a passenger ferry once used for transporting troops, as a floating venue.
The vessel is fully booked till the end of March.
The authorities are looking at the Indian market to promote Sri Lanka as a convention centre for the Indian corporate sector.
Sri Lanka tourist trade seen recovering fast - LANKA BUSINESS ONLINE
Lankan Ranger
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China emerges as Sri Lanka's top lender in 2009
China has emerged as Sri Lanka's biggest single lender in 2009, overtaking the World Bank and the Asian Development Bank, the treasury said Wednesday.
China lent 1.2 billion dollars to build roads, a coal power project and a port in the island's south last year, more than half the total of 2.2 billion dollars in foreign aid in 2009.
Project loans accounted for 1.9 billion dollars of the total, with another 279.6 million dollars in grants, the treasury said ahead of the 2010 budget.
"The government of China, Asian Development Bank and the World Bank were the three main donors who accounted for 1.9 billion dollars or 84.3 percent of the total commitment in 2009," the report said.
Lanka Business Report
China has emerged as Sri Lanka's biggest single lender in 2009, overtaking the World Bank and the Asian Development Bank, the treasury said Wednesday.
China lent 1.2 billion dollars to build roads, a coal power project and a port in the island's south last year, more than half the total of 2.2 billion dollars in foreign aid in 2009.
Project loans accounted for 1.9 billion dollars of the total, with another 279.6 million dollars in grants, the treasury said ahead of the 2010 budget.
"The government of China, Asian Development Bank and the World Bank were the three main donors who accounted for 1.9 billion dollars or 84.3 percent of the total commitment in 2009," the report said.
Lanka Business Report
Lankan Ranger
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Tea exports from Sri Lanka have exceeded $1 billion
Tea exports from Sri Lanka have exceeded the US $ One billion target for the past three consecutive years. Sri Lanka is the only tea producing country to surpass the US dollar One billion mark in tea exports.
The Government is supportive of the tea industry and has provided Rs. 4.5 billion for the fertilizer subsidy. It is important to re-plant where it is necessary for increased production, Sri Lanka Tea Board Chairman Lalith Hettiarachchi told Daily News Business.
The future of the industry he said depends on the quality of the re-planting process and concerted efforts are needed to upgrade tea production.
It is necessary to address the high cost of production as Sri Lanka records the highest cost of production, the Chairman said.
Vietnam, an up-coming producer, incurs less than one third of our production cost. Sixty percent of our cost of production is accounted for the labour cost. The country also records low per head count productivity - 15 to 20 kgs as against Indias 35 kgs and Kenyas 40 kgs. It is essential to address this issue, Hettiarachchi said.
We need to encourage increased tea consumption to maintain stable amount of foreign exchange and export volume. Our tea has a good demand in the world market and 96 percent of production is exported.
It is important to focus on value addition.
Sri Lanka is the largest exporter of pre-packed tea under brand names among the producing countries.
The country earns more revenue from tea exports than other countries.
Sri Lanka Business News | Online edition of Daily News - Lakehouse Newspapers
Tea exports from Sri Lanka have exceeded the US $ One billion target for the past three consecutive years. Sri Lanka is the only tea producing country to surpass the US dollar One billion mark in tea exports.
The Government is supportive of the tea industry and has provided Rs. 4.5 billion for the fertilizer subsidy. It is important to re-plant where it is necessary for increased production, Sri Lanka Tea Board Chairman Lalith Hettiarachchi told Daily News Business.
The future of the industry he said depends on the quality of the re-planting process and concerted efforts are needed to upgrade tea production.
It is necessary to address the high cost of production as Sri Lanka records the highest cost of production, the Chairman said.
Vietnam, an up-coming producer, incurs less than one third of our production cost. Sixty percent of our cost of production is accounted for the labour cost. The country also records low per head count productivity - 15 to 20 kgs as against Indias 35 kgs and Kenyas 40 kgs. It is essential to address this issue, Hettiarachchi said.
We need to encourage increased tea consumption to maintain stable amount of foreign exchange and export volume. Our tea has a good demand in the world market and 96 percent of production is exported.
It is important to focus on value addition.
Sri Lanka is the largest exporter of pre-packed tea under brand names among the producing countries.
The country earns more revenue from tea exports than other countries.
Sri Lanka Business News | Online edition of Daily News - Lakehouse Newspapers
Lankan Ranger
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Foreign exchange transactions relaxed
The Central Bank of Sri Lanka yesterday announced further relaxation of foreign exchange transactions with the following measures to be implemented with effect from March 11 in relation to foreign exchange transactions.
A Sri Lankan resident who is earning foreign exchange from investments abroad as approved by the Central Bank, engaged in providing international professional services in Sri Lanka or abroad, engaged in any occupation abroad or who have proceeded outside Sri Lanka for education and/or for medical treatment and exporters of goods will be permitted to open and maintain bank accounts abroad, the bank said.
The bank said that forward contracts in foreign currency to cover foreign exchange transactions related to trade in goods and services, remittances and approved foreign lending and borrowings, will also be permitted.
Under these measures the present 100 percent margin deposit requirement against advanced payments on the invoice value of selected items to be imported, will be removed.
The suspension on the pre-payment of import bills will be lifted.
Under this the existing different investment accounts, namely Share Investment External Rupee Accounts (SIERA), Treasury Bond Investment External Rupee Accounts (TIERA), Treasury Bill Investment External Rupee Accounts (TIERA-2), and Treasury Bill/Bond Investment External Rupee Accounts Deshabhimani (TIERA -D) maintained by non-residents in commercial banks will be permitted to be unified.
The unified account will be renamed as Securities Investment Account (SIA), the bank said.
The Central Bank states that the relaxation of these specific exchange controls would contribute to further improve investor confidence and stabilize the foreign exchange market, thereby paving the way to further integrate the Sri Lankan economy with the global economy.
Sri Lanka Business News | Online edition of Daily News - Lakehouse Newspapers
The Central Bank of Sri Lanka yesterday announced further relaxation of foreign exchange transactions with the following measures to be implemented with effect from March 11 in relation to foreign exchange transactions.
A Sri Lankan resident who is earning foreign exchange from investments abroad as approved by the Central Bank, engaged in providing international professional services in Sri Lanka or abroad, engaged in any occupation abroad or who have proceeded outside Sri Lanka for education and/or for medical treatment and exporters of goods will be permitted to open and maintain bank accounts abroad, the bank said.
The bank said that forward contracts in foreign currency to cover foreign exchange transactions related to trade in goods and services, remittances and approved foreign lending and borrowings, will also be permitted.
Under these measures the present 100 percent margin deposit requirement against advanced payments on the invoice value of selected items to be imported, will be removed.
The suspension on the pre-payment of import bills will be lifted.
Under this the existing different investment accounts, namely Share Investment External Rupee Accounts (SIERA), Treasury Bond Investment External Rupee Accounts (TIERA), Treasury Bill Investment External Rupee Accounts (TIERA-2), and Treasury Bill/Bond Investment External Rupee Accounts Deshabhimani (TIERA -D) maintained by non-residents in commercial banks will be permitted to be unified.
The unified account will be renamed as Securities Investment Account (SIA), the bank said.
The Central Bank states that the relaxation of these specific exchange controls would contribute to further improve investor confidence and stabilize the foreign exchange market, thereby paving the way to further integrate the Sri Lankan economy with the global economy.
Sri Lanka Business News | Online edition of Daily News - Lakehouse Newspapers
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Indices gain, turnover Rs. 837.6mn
Turnover at the Colombo Stock Exchange reached Rs. 837.6 million with both indices making gains.
The All Share Price Index gained 10.89 points, 0.28 percent, to close at 3,835.06 while the Milanka Price Index of more liquid stocks closed at 4,393.89, gaining 6.26 points or 0.14 percent, provisional data from the Colombo Stock Exchange showed.
The days share volume was a little more than 27.2 million shares. The number of trades amounted to 9,588. Sixty six counters made positive gains yesterday with 74 making negative returns.
The Island-Business
Turnover at the Colombo Stock Exchange reached Rs. 837.6 million with both indices making gains.
The All Share Price Index gained 10.89 points, 0.28 percent, to close at 3,835.06 while the Milanka Price Index of more liquid stocks closed at 4,393.89, gaining 6.26 points or 0.14 percent, provisional data from the Colombo Stock Exchange showed.
The days share volume was a little more than 27.2 million shares. The number of trades amounted to 9,588. Sixty six counters made positive gains yesterday with 74 making negative returns.
The Island-Business
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Sri Lanka eyes professionals remittances to boost forex earnings
Sri Lanka can achieve its development goals with the right use of its facilities and labour existing in the country, Treasury Secretary Dr. P. B. Jayasundara said.
Sri Lankans will have to work harder for several years for rapid economic development and the public and private sector should be ready for the upcoming challenges.
The focus should be on developing comparative advantages which exist in the country to reduce import costs and develop export revenues.
The livelihood of the Sri Lankans would also then be developed automatically with growing incomes.
The country should focus on further developing the foreign employment sector as it is the highest contributor to the national economy, and has a further potential to expand.
Sri Lanka has a potential to earn more than US$ 10 billion from foreign employment,
Foreign employment can help boost Sri Lankas national economy to grow if facilitated through right methods, bringing in foreign exchange, said Dr Jayasundara at the induction of the 20th president of thevInstitute of Chartered Accountants of Sri Lanka (ICASL).
The country currently earns over US$ 3.5 billion of foreign exchange, and the employees in the Middle East are the highest contributors.
Sri Lanka should look into professionals to earn more foreign exchange so that it can earn a higher amount from a lower number of Lankan expatriates.
The country has a good knowledge base, he said. The base is high in standard compared to the other developing countries in the region.
Sri Lankas business profile should be changed and methodized in to a more equalized and active system, he added.
This will also reduce issues arising from cheap labour, while entrepreneurs are forced to pay a fair salaries to employ professional labour, Dr. Jayasundara said.
The Island-Business
Sri Lanka can achieve its development goals with the right use of its facilities and labour existing in the country, Treasury Secretary Dr. P. B. Jayasundara said.
Sri Lankans will have to work harder for several years for rapid economic development and the public and private sector should be ready for the upcoming challenges.
The focus should be on developing comparative advantages which exist in the country to reduce import costs and develop export revenues.
The livelihood of the Sri Lankans would also then be developed automatically with growing incomes.
The country should focus on further developing the foreign employment sector as it is the highest contributor to the national economy, and has a further potential to expand.
Sri Lanka has a potential to earn more than US$ 10 billion from foreign employment,
Foreign employment can help boost Sri Lankas national economy to grow if facilitated through right methods, bringing in foreign exchange, said Dr Jayasundara at the induction of the 20th president of thevInstitute of Chartered Accountants of Sri Lanka (ICASL).
The country currently earns over US$ 3.5 billion of foreign exchange, and the employees in the Middle East are the highest contributors.
Sri Lanka should look into professionals to earn more foreign exchange so that it can earn a higher amount from a lower number of Lankan expatriates.
The country has a good knowledge base, he said. The base is high in standard compared to the other developing countries in the region.
Sri Lankas business profile should be changed and methodized in to a more equalized and active system, he added.
This will also reduce issues arising from cheap labour, while entrepreneurs are forced to pay a fair salaries to employ professional labour, Dr. Jayasundara said.
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Sri Lanka gets DHL airport facility
DHL Express, a global logistics company, said it has opened an 'airside gateway' facility at Sri Lanka's sole international airport north of the capital Colombo that will help speed up air cargo shipments.
Malcolm Monteiro, DHL's senior vice president and area director - South Asia, said the facility at the Bandaranaike International Airport in Katunayake offers quicker turnaround time for customers and would boost trade flows.
"This airside facility - the first of its kind in Sri Lanka - augurs very well for the country's economy and facilitation of trade," he told a news conference.
The 15,000 square-foot facility by DHL, which has a joint venture with the John Keells Holdings, was set up with an investment of 374,000 US dollars (43 million rupees).
Manish Patel, DHL Sri Lanka country manager, said the facility has a dedicated bonded warehouse with in-house customs presence that would facilitate trade with speedier clearances.
"With onsite customs staff all clearances happen under one roof so we're able to get shipments out in the fastest possible manner.
"For customers it means savings of almost half a day in transit time which is important for urgent shipments."
The facility also has a call centre open round-the-clock that enables customers to see the status of delivery of their cargoes.
Romesh David, president of JKH's transportation group, said the two companies had invested over 250 million rupees in last 15 years in improving logistics services, on technology, vehicles, and communications.
"This is another step in our effort as a nation to become a true hub in South Asia," he said. "Whether it is a 150 million dollar investment in a transshipment port or half-a-million dollars in an airside facility, we're bringing in world class facilities."
JKH has a big stake in South Asia gateway Terminals, a private transshipment terminal in Colombo port.
Sri Lanka gets DHL airport facility - LANKA BUSINESS ONLINE
DHL Express, a global logistics company, said it has opened an 'airside gateway' facility at Sri Lanka's sole international airport north of the capital Colombo that will help speed up air cargo shipments.
Malcolm Monteiro, DHL's senior vice president and area director - South Asia, said the facility at the Bandaranaike International Airport in Katunayake offers quicker turnaround time for customers and would boost trade flows.
"This airside facility - the first of its kind in Sri Lanka - augurs very well for the country's economy and facilitation of trade," he told a news conference.
The 15,000 square-foot facility by DHL, which has a joint venture with the John Keells Holdings, was set up with an investment of 374,000 US dollars (43 million rupees).
Manish Patel, DHL Sri Lanka country manager, said the facility has a dedicated bonded warehouse with in-house customs presence that would facilitate trade with speedier clearances.
"With onsite customs staff all clearances happen under one roof so we're able to get shipments out in the fastest possible manner.
"For customers it means savings of almost half a day in transit time which is important for urgent shipments."
The facility also has a call centre open round-the-clock that enables customers to see the status of delivery of their cargoes.
Romesh David, president of JKH's transportation group, said the two companies had invested over 250 million rupees in last 15 years in improving logistics services, on technology, vehicles, and communications.
"This is another step in our effort as a nation to become a true hub in South Asia," he said. "Whether it is a 150 million dollar investment in a transshipment port or half-a-million dollars in an airside facility, we're bringing in world class facilities."
JKH has a big stake in South Asia gateway Terminals, a private transshipment terminal in Colombo port.
Sri Lanka gets DHL airport facility - LANKA BUSINESS ONLINE
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