If trade barriers are overcome, trade within South Asia can increase three-fold, from $23 billion to $67 billion, suggests a new World Bank report. Sri Lanka has the potential to more than double its exports to South Asia. Increased intraregional trade will provide a greater variety of goods and services at cheaper prices for Sri…
Sri Lanka’s foreign exchange reserves had eroded by US $ 1.4 billion to US $ 7,180 million or US $ 7.18 billion by the end of September 2018, from US $ 8,584.54 million in August 2018, the latest data shows. Most of the reserves had been spent on maturing hedging deals and debt repayments and…
Sri Lanka’s Central Bank (CBSL) Governor Dr. Indrajit Coomaraswamy had told reporters recently that Sri Lanka will set up a monitoring mechanism to check if exporters are bringing earnings back to the country. “What we can do is put in place a monitoring system which we are hoping to do with the help of the…
Next Hotel Colombo and Kafnu Colombo will open their doors to welcome guests in third quarter 2019. This will mark the entry of Next Hotels and Kafnu into Sri Lanka, a fast-growing tourist destination. Next Hotel Colombo, which Kafnu is part of, is located in the iconic Colombo City Centre, a premier lifestyle destination in…
After a hiatus exceeding two decades, Sri Lanka is reviving bilateral trade with the second wealthiest economy in Gulf this week. “We are reviving the Sri Lanka-Kuwait Joint Trade Committee after 21 years. This shall be a new turning point in the long-standing Kuwaiti-Sri Lanka relations” said the Minister of Industry and Commerce Rishad Bathiudeen…
“If anybody is saying that the Chinese government gave its money to put Sri Lanka into a ‘debt trap’, I don’t agree with that. It’s an absolutely wrong conclusion,” Karunasena Kodituwakku, the ambassador of Sri Lanka to China, told CGTN’s The Point. His comments came amid accusations from critics who said China is setting a…
Executive Vice President of the Overseas Private Investment Corporation (OPIC) David Bohigian and other U.S. government officials visited Sri Lanka from October 3 to 5. The trip promoted U.S. investment in the region and strengthened cooperation with regional allies to drive economic growth and stability. The delegation met with Minister of Finance and Mass Media…
Reuters – The Sri Lankan rupee hit a record low for a third straight session on Friday due to dollar demand from importers and foreign banks amid outflows from government securities, while stocks rose for a third consecutive session to a more than one-week closing high. The rupee fell to its all-time low of 170.40…
Latest data outlines that as at 30th September 2018, 1,731,922 tourists had visited Sri Lanka for this year which is a 11.6% growth over last year when 1,551,931 tourists had visited the country for the same period (First nine months of the year). Further Sri Lanka’s tourist arrivals rose 2.8% in the month of September…
Over the next five years to 2023 strong growth is expected to continue in Sri Lanka’s fixed broadband sector, a recent report on the telecom industry titled ‘Sri Lanka – Telecoms, Mobile and Broadband – Statistics and Analyses’ highlights. Accordingly fixed broadband penetration in Sri Lanka remains very low mainly due to the dominance of…
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