Sri Lanka News

Sri Lanka News

Iraq seeks strengthening bilateral relations with Sri Lanka 0

MR09052013IQ_1Source: The Colombo Page

Sri Lanka and Iraq today discussed the mutual relations and ways of strengthening them when Iraq’s Labor and Social Affairs Minister Nassar al-Rubaie called on Sri Lankan President Mahinda Rajapaksa this morning at the President’s Office.

President Rajapaksa, remembering his own numerous visits to Iraq decades ago, said relations between the two countries must be strengthened to the level they were many years ago. Minister al-Rubaie agreed and thanked the President for re-establishing diplomatic ties with Iraq. More…

Sri Lanka Vietnam trade up 20-pct in first half 0

vietnamsrilankaSource: Lanka Business Online

Trade between Sri Lanka and Vietnam has risen 20 percent in the first half of 2013, Hanoi’s envoy to Colombo Ton Sinh Thanh said.

“Trade volume between the two countries in the first six months of the year reached 77 million US dollars, which is an increase of 20 percent,” Ambassador Thanh said at an event marking the national day of Vietnam.

“This is a quite high growth given the economic difficulties in the world.” More…

Sri Lanka truly shines in Beijing 0

srilankatourismSource: The Daily Mirror

“Sri Lanka Shines in Beijing,” a Rs. 150 million mega promotional campaign by Sri Lanka Tourism’s promotional arm, Sri Lanka Tourism Promotion Bureau (SLTPB) was concluded in Beijing, China, yesterday with the support of the Chinese government and the Sri Lankan Embassy in Beijing. More…

China FTA should be handled with care: Expert 0

srichinaFTASource: DailyFT

A Free Trade Agreement (FTA) between Sri Lanka and China, which is in the pipeline, will be a massive disadvantage to local manufacturers, a top local economist warned yesterday.

Institute of Policy Studies (IPS) Executive Director Dr. Saman Kelegama told a gathering of businessmen at the Sri Lanka-Italy Business Council organised by the Ceylon Chamber of Commerce that while Sri Lanka’s exports would benefit from access to China’s emerging middle classes, imports would decimate the fledgling local manufacturers. More…

Sri Lanka Fonterra resumes operations 0

fonterrasrilankaSource: Lanka Business Online

Fonterra, a New Zealand based milk producer said it was resuming operations at its Sri Lanka unit after assessing that there was no threat to staff.

“Last Friday we took the decision to temporarily suspend our Sri Lanka operations to protect our people, and to protect our farmer shareholders’ assets,” chief executive Theo Spierings said in a statement. More…

We no longer seek aid but trade: CB Governor 0

govcbsrilankaSource: The Daily Mirror

The Governor of the Central Bank yesterday said that Sri Lanka was no longer a country which seeks foreign aid but would only need trade with the international community.

“We no longer seek aid. What we want is other countries to trade with us,” said Ajith Nivard Cabraal, addressing an Israeli business delegation now in town on a week-long trade mission. More…

Sri Lanka lures foreign fishing companies 0

japanfishingSource: The Business Standard

Sri Lanka’s cash-strapped government is turning to Chinese and Japanese companies to boost its fishing industry.

Currently, Sri Lanka earns around $250 million annually from fish exports. Last year, Sri Lanka captured 486,000 metric tonnes of fish, according to government records. More…

Sri Lanka external trade expands in June 0

srilankatradeSource: Lanka Business Online

Sri Lanka’s exports rose 6.8 percent to 807.4 million US dollars in June 2013 from a year earlier with apparel exports up 14.9 percent to 356.8 million US dollars, official data showed.

Apparel exports to the US rose 24.8 percent while exports to the EU rose 6.7 percent in June, the Central Bank said. More…

SL records US $ 537 mn FDIs in first half 0

centralbanksrilankaSource: The Daily Mirror

Central Bank said the country has received US $ 537 million worth Foreign Direct Investments (FDIs) in the first half of 2013.

Sri Lanka has set a FDI target of US $ 2 billion for 2013. In 2012, Sri Lanka received US $ 1.34 billion in FDIs, falling short from a target of US $ 1.5 billion. More…

Sri Lanka port-related industries draw US1.6bn in investments 0

srilankaportSource: Lanka Business Online

Sri Lanka’s has leased land at Hambantota port in the south to industries which are expected to invest up to 1.6 billion rupees in petroleum, petrochemical and container terminals, a minister said.

Advance Surfacants of India Ltd will be leased land by Sri Lanka Ports Authority to set up a plant to produce aviation fuel and surfactants for 261 million US dollars, information minister Keheliya Rambukwelle said. More…