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Korean firm takes the lead towards developing Trincomalee industrial harbour
Sri Lanka’s initiative of developing Trincomalee as an “industrial harbour” is now underway with a Korean firm stepping into setting up a container factory in Trincomalee with US$ 50 million investment.
SL’s manufacturing sector continues its decline amidst up in services
In the wake of 11.8 percent contraction of the economy in the third quarter, the country’s manufacturing sector entered the fourth quarter with a downturn continuing In November 2022 as per the Purchasing Managers Index (PMI) of the Central Bank.
SL Government’s strict import limitations stabilize domestic rubber prices
Sri Lanka government has taken prompt measures to control rubber imports for export industries in a bid to keep domestic rubber prices up, State Minister of Finance Ranjith Siyambalapitiya said.
Government determines to undertake power sector reforms
In the wake of energy crisis resulting in power cuts triggered by dollar scarcity, Sri Lanka government is now determined to under take power sector reforms as part of economic revival, official sources said.
Sri Lanka to open five ‘vostro’ accounts with Indian Central Bank approval
The Indian government has opened five special vostro accounts for trade in rupee with Sri Lankan banks with a view of facilitating trade with the island nation, official sources said.