The Government has spoken of both Rupee and Dollar shortages. The severity of these problems is reflected in the following startling data points. On the lack of Rupees (or fiscal space) for the government, interest payments alone account for over 70% of revenue. This is possibly the highest in the world. In addition, salaries and…
The Hambantota International Port (HIP) has received FSS certification (Fitness for Service) for their tank farm facility. The certification was issued by Lloyd’s Register (LR), the World’s leading provider of classification, compliance and consultancy services to marine and offshore industries. This is a landmark achievement that will further strengthen the HIP brand in the maritime…
The efforts of Sri Lanka and Kenya to increase economic activities between the two countries had received further momentum during the visit of Minister of Youth and Sports, Minister of Development Co-ordination and Monitoring and State Minister of Digital Technology and Enterprise Development Namal Rajapaksa to Kenya in October, 2021. Although, the bilateral relations have reached over 50 years of friendship and cooperation, the…
Should optimise assets, not limit themselves to being solely agriculture businesses By Bhathiya Bulumulla Over the past three decades, the Regional Plantation Companies (RPCs) have established themselves as a critical stakeholder of Sri Lanka’s plantation industry. The RPCs were formed in 1992, primarily with the intention of bringing in the private sector, to improve the…
Minister of Industries, Wimal Weerawansha recently appointed the chairman and members of the Advisory Council of the Automobile Assembling and Automobile Components Manufacturing Industries in Sri Lanka. The appointments were made as part of the programme to focus greater attention on the twenty industries coming under the purview of the Ministry. The council consists of…
The available foreign reserves of the country can be used to either repay foreign creditors or to finance imports of essential goods and services required by its citizens. This is the dilemma facing Sri Lanka today. Repaying the full value of the bond using the limited foreign reserves available would provide a windfall gain to…
SriLankan Airlines is pleased to announce that the Airline reestablished a codeshare arrangement with American Airlines in December 2021, which is expected to offer customers enhanced connectivity and travel options across North America and Europe. This strategic partnership would allow the placement of the SriLankan Airlines’ code on American Airlines’ flights to US cities Miami…
Creating awareness and engaging the private sector on one of the most important anti-corruption tools in a democracy, the Ceylon Chamber of Commerce will conduct a webinar on ‘The Right to Information and the Private Sector’ on Tuesday, 18th January, 2022. The webinar is conducted in collaboration with Transparency International Sri Lanka (TISL), the Sri…
Recent rules issued by the Central Bank of Sri Lanka (CBSL) in respect of repatriation and conversion of export proceeds to Sri Lanka Rupees (LKR) have been misinterpreted by certain parties with vested interests. In particular, unfounded speculation has been mischievously spread that the CBSL rules require converting the entirety of workers’ remittances forcibly into LKR upon…
Transforming Tourism in Sri Lanka: Emerging from crisis as a strong, resurgent and rebranded industry The Tourism sector being a vital foreign exchange earner and source of employment in Sri Lanka’s economy has suffered multiple crises since the 2019 Easter attack and the ongoing COVID-19 pandemic. Recognizing the need to revitalize tourism, the European Union (EU) and…
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