August 07, Colombo (LNW): The Sri Lanka Economic Transformation Bill aims to convert Sri Lanka into a competitive, export-oriented, digital economy, with goals including sustainable debt, modernized agriculture, and inclusive growth.

The Bill targets a 5% annual GDP growth by 2027, a public debt to GDP ratio below 95% by 2032, unemployment below 5% by 2025, Net Zero emissions by 2050, and increased female labor force participation, reaching 40% by 2030 and 50% by 2040.

The Bill addresses the shortcomings of previous laws by providing specific sector-focused support, aimed at boosting investment and restructuring debt.

 However, concerns have emerged regarding the lack of penalties for failing to meet these ambitious targets, raising questions about accountability and enforcement. 

Nonetheless, setting high economic goals without penalties may foster a collaborative environment for developing favorable regulations between businesses and policymakers, finance ministry sources said.

The Bill proposes replacing the Board of Investment (BOI) of Sri Lanka Law with the Economic Commission to overcome inefficiencies, political interference, and inadequate support for diverse economic activities observed under the BOI. 

It also suggests establishing specialized bodies: the Economic Commission of Sri Lanka (EC), Investment Zones Sri Lanka (Zones SL), Office of International Trade (OLT), 

National Productivity Commission (NPC), and the Sri Lanka Institute of Exports and International Trade. 

Decentralizing functions and responsibilities among these autonomous bodies aims to ensure timely decision-making and efficient operation without the bottlenecks associated with a single large entity like the BOI. 

However, the success of these reforms hinges on competent individuals, not just the enactment of the Bill. There is a risk of creating ineffective bodies if flawed provisions allow political interference in appointing members to the Economic Commission and other institutions. 

To achieve true progress, appointments must be based on merit. Section 27(4) of the Bill allows the Economic Commission to sponsor training programs for personnel in investment and trade, enabling them to gain international perspectives and practices that can be implemented locally. 

An intriguing aspect of the Bill is the equal treatment of local and foreign investors, both eligible for the same incentives. Domestic investors must register their investments with the Economic Commission, ensuring they receive regulatory compliance assistance and access to incentives. 

The Bill mandates a 15-day response requirement for ministries and government departments to address inquiries or requests from the Economic Commission regarding approvals, authorizations, or permits for investors, streamlining processes and reducing delays. The lack of defined timelines in the BOI Law contributed to unpredictability and bureaucratic inefficiencies.

The establishment of ‘Invest Sri Lanka’ by the Economic Commission aims to help local businesses access potential investors and partnerships, enabling them to tap into new markets domestically and internationally. 

Section 50(e) of the Bill aims to create a dynamic, well-supported private sector by bridging the gap between local businesses and potential investors, fostering an environment conducive to growth and innovation. 

The Office of International Trade’s authority to accept development assistance from various sources, including organizations like the World Bank, IMF, or United Nations agencies, enhances its capabilities and resources. 

The Bill proposes investment zones for a wide range of industries, including manufacturing, technology, scientific research, high-tech agriculture, tourism, recreational enterprises, business services, and livestock enterprises.

August 07, Colombo (LNW): Several spells of showers will occur in Western, Sabaragamuwa and North-western provinces and in Kandy, Nuwara-Eliya, Galle and Matara districts.

Showers or thundershowers may occur at several places elsewhere of the island during the evening or night. Fairly heavy showers above 50 mm are likely at some places in Eastern, Uva and Northern provinces.

General public is kindly requested to take adequate precautions to minimize damages caused by temporary localized strong winds and lightning during thundershowers.

August 06, Colombo (LNW): Under the National Road Rehabilitation Project, led by the Ministry of Transport and Highways, the development of the road stretching from the Waga Railway Station to Moraketiya via Pinnawala has been inaugurated by Transport, Highways and Mass Media Minister Dr. Bandula Gunawardhana.

This road, essential to local residents, has been in disrepair for an extended period, causing significant transportation difficulties. Responding to persistent requests from local representatives and residents, the project to carpet the road has finally commenced.

During the inauguration, Minister Dr. Gunawardhana remarked, “As the Minister in charge of highways, I have observed that road construction projects have often been assigned to various contractors. To address this, funds were allocated to each Member of Parliament for their constituencies, managed by the engineers and officials of the Road Development Authority. However, public complaints indicate that these responsibilities are not being fulfilled correctly. There are ongoing complaints about road projects being incomplete and prolonged indefinitely. If this continues, we may revert to the old method of using private contractors for construction. We cannot allow a state of anarchy to be created by saboteurs, and necessary decisions will be made when required.

“Under the new circumstances in the country, no one in the public sector will benefit from theft. Public servants, as well as their family members and children, must declare their assets. If assets have increased unlawfully, the law will be strictly enforced. This law applies not only to public representatives but also to state employees and private sector workers. Legal frameworks have been established to prevent any opportunity for bribery and corruption.”

The event saw the participation of former Chairman of the Seethawaka Pradeshiya Sabha, Jayantha Rohana, along with former public representatives, state officials from the area, and numerous local residents.

August 06, Colombo (LNW): The Coconut Cultivation Board (CCB) has introduced a new hotline number, 1916, and a phone application called “Coconut App” to provide solutions for issues related to coconut cultivation. Starting today, growers can receive assistance in Sinhala, Tamil, and English.

The new hotline aims to address diseases affecting coconut cultivation and improve yield. Agriculture and Plantation Industries Minister Mahinda Amaraweera attended the launch event at his ministry, alongside CCB Chairman Panduka Weerasinghe, Managing Director Athila Weerasinghe, and Coconut Development Authority Chairman Prof. Roshan Perera.

Minister Amaraweera highlighted the challenges faced by coconut growers, such as diseases like white fly, red beetle, black beetle, and Weligama coconut leaf disease. He emphasized the irregular application of fertilizers and the need to increase annual coconut production from 3,000 million to 3,600 million coconuts.

To achieve this goal, the Minister stressed the importance of integrating technology into cultivation practices. During the event, Minister Amaraweera called the technical hotline 1916 and inquired about white fly damage, receiving prompt assistance from a CCB official.

August 06, Colombo (LNW): Fisheries Minister Douglas Devananda held a discussion with officials at his office in Jaffna last week to review the progress and address the shortcomings in sea cucumber farming. This industry has gained popularity among fishermen and investors in the Northern Province.

During the discussions, sea cucumber farmers expressed that the local community has shown significant interest in this industry, recognizing it as a major foreign exchange earner. They requested the expansion of sea cucumber farming to other areas, with many farmers planning to start cultivation on Kytes Island in Jaffna, seeking the Minister’s support for this initiative.

Minister Devananda emphasized the need for Northern fishermen to take a greater interest in sea cucumber farming, noting the substantial increase in farmers’ incomes. He also directed officials to provide necessary assistance to farmers not only in Kytes but throughout the Northern Province.

August 06, Colombo (LNW): The Election Commission has summoned the secretaries of all Cabinet Ministries and Provincial Chief Secretaries for discussions today, focusing on the alleged misuse of state property.

Election Commission Chairman R.M.A.L. Rathnayake revealed that complaints regarding the misuse of state property have been received, prompting the commission to take action.

In addition, the additional secretaries responsible for managing ministry properties and the officers overseeing these assets have been called before the Election Commission today. Notably, the chairmen of state corporations are also expected to appear before the commission.

August 06, Colombo (LNW): A special gazette notification has been issued, declaring the supply of electricity and all related services, as well as the supply and distribution of petroleum products and fuel, as essential services.

This communiqué, issued by Presidential Secretary Saman Ekanayake on the directives of President Ranil Wickremesinghe, was published yesterday (05).

The notification was made in accordance with the powers vested in the President under Section 2 of the Essential Public Services Act No. 61 of 1979.

August 06, Colombo (LNW): The Parliament is scheduled to convene from the 6th to the 9th of this month. Today, a Private Members’ Bill aimed at amending the Provincial Councils (PC) Elections Act is expected to be presented.

Additionally, an Adjournment Debate on the failure of the levee barrier along the Nilwala River, initiated by the Opposition, will be taken up.

Furthermore, the Committee on Public Enterprises and the Committee on Public Finance are expected to convene later in the day.

August 06, Colombo (LNW): At a press briefing titled “Collective Path to a Stable Country” held yesterday at the Presidential Media Centre, State Minister Lasantha Alagiyawanna underscored the significant impact of the transportation sector on ecosystems, both globally and locally, with vehicle emissions being a major contributor. To combat this, the issuance of smoke certificates is a measure aimed at maintaining air quality and reducing lung-related diseases.

The Ministry of Transport, the National Building Research Organization (NBRO), and the Central Environment Authority (CEA) are collaborating to expand the number of air emission measurement centers to 100 within the next six months. The data collected from these centers will be accessible online, allowing citizens to monitor air quality in real-time from anywhere in the world.

In addition, vehicle insurance and licenses will soon be obtainable at the same locations where emission certificates are issued. This integrated service will be available island-wide within two months, streamlining the process for vehicle owners.

To enhance road safety, the government is finalizing tenders for new data systems and equipment for the police, with implementation expected shortly after selecting a suitable candidate next month.

Furthermore, starting September 1st, a WhatsApp messaging service will notify drivers of traffic infractions. This service will run for two months, after which new laws addressing these violations will be enforced.