June 22, Colombo (LNW):  Port City Colombo, the multi-services Special Economic Zone, is set to become the engine of Sri Lanka’s future economic development by opening up opportunities for local and international university-level students to pursue academics in diversified fields of study.

Fulfilling the regional demand for undergraduate and postgraduate degree programs in Engineering, Information Technology, Business Studies/Management, Finance, Marketing, and Medicine, Port City Colombo aims to contribute positively towards the reversal of ‘brain drain’ and reduction of the current skills gap in the local employment market. 

Soon to be showcased at Port City Colombo, the international university, commanding a premier record in research and development, is expected to position Colombo into a strategic regional hub for tertiary education.

 It will be located adjacent to the international school on a 2.5 Ha land plot, housing a number of key faculties staffed by acknowledged subject matter experts facilitating both undergraduate and postgraduate degrees. The international university is estimated to accommodate a capacity of 3,000 to 4,000 students. 

The university will offer a projected academic program in the field of medicine, which will support Port City Colombo’s vision of providing world-class learning and training facilities that would encourage prospective medical students to pursue their studies locally.

 With several medical students migrating overseas due to limited university placements in Sri Lanka and attractive post-graduate work permit programs, the university will create a thriving ecosystem where these students could equip themselves with the skills and competencies required for a successful career in medicine.

 This will also include a potential partnership with the teaching school at the proposed international hospital in Port City Colombo.

By providing undergraduate and postgraduate degrees in technology, the international university will further enable the growth of Sri Lanka’s IT sector, which is currently the third largest foreign exchange earner for the country. 

Having generated over $ 1.5 billion foreign exchange in 2022, this salient industry’s progress is presently impacted by a loss of skilled IT professionals and a limited number of graduates produced annually.

 The university at Port City Colombo aspires to mitigate the current supply gap in the market, with its assortment of academic programs, and strengthen Sri Lanka’s digital economy. 

Degree programs in the STEM field will also be a focus of the International University at Port City Colombo. 

With the goal of making Sri Lanka more globally competitive, the University will underscore the production of more STEM graduates that will contribute towards the progress of this ever-crucial sector. 

June 22, Colombo (LNW): The Financial Intelligence Unit of Sri Lanka (FIU-Sri Lanka) entered into a Memorandum of Understanding (MoU) with the Financial Intelligence National Centre of the Kingdom of Bahrain (FINC-Bahrain).

With the signing of this MoU, the FIU-Sri Lanka has entered into MoUs with 45 foreign counterparts for sharing of information for intelligence purposes.

FIU-Sri Lanka Director Dr. Subhani Keerthiratne and FINC-Bahrain Chief Executive Shaikha May Bint Mohamed Bin Khalifa Al Khalifa signed the MoU on behalf of the respective institutions.

The MoU was signed on 4 June, at the 30th Plenary of the Egmont Group, held in Paris, France to exchange financial intelligence related to money laundering (ML) and associated predicate offences, and in relation to terrorist financing (TF) offence.

This MoU has been entered into by the FIU-Sri Lanka, in terms of the provisions of the Financial Transactions Reporting Act, No. 6 of 2006.

The Financial Intelligence Units across the world enter into MoUs to cooperate with their global counterparts through exchange of information, in order to combat ML/TF, which are more often internationally connected and emanating from widespread criminal activities. 

The FINC-Bahrain serves as the Kingdom of Bahrain’s central hub for the collection, analysis, and dissemination of information regarding ML/TF. 

The FIU-Sri Lanka also functions as the focal point for Anti Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework for Sri Lanka and collects, analyses and disseminates information on suspicious financial transactions relating to ML/TF or any other unlawful activities.

The Kingdom of Bahrain has the foundation for an effective regime to combat money laundering and terrorist finance, but needs to further develop its measures based on risk.

The FATF and the Middle East and North Africa Financial Action Task Force (MENAFATF) jointly conducted an assessment of Bahrain’s AML/CFT system, based on the 2012 FATF Recommendations, and using the 2013 Methodology. 

The assessment is a comprehensive review of the effectiveness of Bahrain’s AML/CFT system and its level of compliance with the FATF Recommendations.

At the time of the on-site visit, Bahrain’s national risk assessment was ongoing. Although the country demonstrated a moderate level of understanding of its money laundering and terrorist financing risks, it should use the risk assessment, incorporating information from outside Bahrain, to further strengthen its measures. 

This includes amending the terrorism offence, which is currently inconsistent with the Terrorist Financing Convention, and pursuing both money laundering and terrorist financing in line with the country’s risk profile. 

June 22, Colombo (LNW): Sri Lanka is working on attracting more direct investment from Saudi Arabia as Saudi support is seen as important to help put the Sri Lankan economy back on track.

Investment from Saudi Arabia has been identified as a key part of ongoing recovery efforts in Sri Lanka, said Falah Alhabshi Mowlana, Sri Lanka’s consul general in Jeddah.

The Board of Investment of Sri Lanka has been working with the country’s foreign missions to attract more foreign investors, Mowlana said, adding that the tourism and energy sectors are likely the most potential for Saudi investment.

“(The) tourism sector is one of the best sectors that can attract Saudi investment … If the opportunities in Sri Lanka in this sector can be presented in a proper way to Saudi nationals that will immensely impact Foreign Direct Investment to Sri Lanka.”

Sri Lanka and the Kingdom of Saudi Arabia will enter into a Memorandum of Understanding (MoU) aimed at attracting direct investment and enhancing the investment environment in both countries. 

The agreement seeks to promote policy and legal reforms, provide advanced and integrated infrastructure facilities and streamline processes to foster a more investor-friendly climate.

“Both sides reached an agreement during the special meeting of the World Economic Forum, held in Riyadh, Saudi Arabia attended by Foreign Affairs Minister Ali Sabry in April,” Cabinet Co-Spokesman and Minister Bandula Gunawardena said yesterday.

Speaking at the weekly post-Cabinet meeting media briefing he disclosed that the agreement was reached when the Minister attended the World Economic Forum in Riyadh from 28-29 April.

“The agreement is part of a broader strategy to increase foreign direct investment in Sri Lanka by improving the overall investment landscape. This includes implementing key policy and legal reforms, upgrading infrastructure and redesigning processes to make investment more attractive and efficient,” he added.

The MoU is expected to open new avenues for economic collaboration between Sri Lanka and Saudi Arabia, benefiting both nations by creating a more conducive environment for business and investment. 

Gunawardena explained that Sri Lanka lags behind regional countries in attracting foreign direct investments. “In 2023, Singapore attracted FDIs worth of $ 140 billion, India $ 70 billion, Vietnam $ 28 billion and Thailand $ 20 billion, while Sri Lanka only attracted $ 1 billion,” he said.

“This initiative aligns with Sri Lanka’s ongoing efforts to stabilise and grow its economy by leveraging international partnerships and attracting foreign capital. 

With this MoU in place, both countries look forward to a strengthened economic relationship and the mutual benefits that come from increased direct investment and improved investment conditions,” he added.

June 22, Colombo (LNW): In the wake of high taxation on betting and gaming Sri Lankan authorities have officially taken a decision for the establishment of a gaming regulatory authority in the wake of ever increasing tax evasion by a handful of local casino owners as finance ministry sources disclosed.

The new authority would oversee casino tax collection, counter criminal activity and negative societal impacts from gaming, state minister of finance Ranjith Siyambalapitiya said.

Cabinet of Ministers gave a green light to the gambling regulatory authority, following a proposal submitted by the president recently.

The government has been trying to set up a regulatory body, aimed at ensuring casino owners pay their fair share of taxes.

State Minister of Finance Ranjith Siyambalapitiya recently said Sri Lanka has become one of the highest taxing countries in the world for casinos. 

Speaking in Parliament on Wednesday during the debate on tax amendments related to casinos, he highlighted the Government’s efforts to improve tax collection from casinos. “Under the current regime, the Government has succeeded in adding 60% of a casino’s turnover to State revenue,” he said. 

The State Minister also noted that previously, only income tax was collected from casinos, but the new measures include a licence fee of Rs. 500 million, an annual renewal fee of Rs. 500 million and a 15% turnover tax.

However, last week the Committee on Public Finance (CoPF) revealed that despite legal prohibitions, online casinos continue to operate openly in Sri Lanka, depriving the Government’s revenue without facing any repercussions.

 CoPF directed the officials to expedite the implementation of the necessary laws to establish a regulatory authority, which is crucial for attracting foreign investors and securing the Government’s rightful revenue from the casino business.

It has also been agreed to issue new casino licenses, revealing that a 2010 law regulating casinos required such licenses, but that none had been issued.

According to recent estimates of the finance ministry, a sum of US $7.4 million in casino taxes were in arreas due to lack of regulatory oversight.

Ten new operators have applied for licenses to establish casinos in the country casinos but the government is yet to grant its approval, State Minister Ranjith Siyambalapitiya disclosed.

Minister Siyambalapitiya said the applications were in various stages of evaluation and no licenses have been issued so far.

Six casinos are currently operating in Colombo including Bally’s,Bellagio Entertainment, Casino Marina, Stardust, Continental Club,  and The Ritz Club.

Singapore’s Kreate Design Pte Ltd is planning to invest $1 billion within the next three years to convert Colombo Lotus Tower, in Sri Lanka’s capital, into an ‘entertainment hub’, including a casino.

June 22, Colombo (LNW): China will continue to support Sri Lanka in achieving debt sustainability and aiding the country’s socioeconomic development, as it has consistently done in the past, stated a Chinese Foreign Ministry spokesman in Beijing.

Lin Jian, the spokesman, made these remarks during a regular press conference in response to a media query about the recent diplomatic consultations between China and Sri Lanka in the Chinese capital.

“Regarding the 13th round of China-Sri Lanka diplomatic consultations, China has released a readout, which you may refer to. What I can tell you is that the Chinese side has been providing assistance to Sri Lanka’s socioeconomic development to the best of our capability,” Lin Jian commented.

He further added, “We stand ready to continue to work with relevant countries and international financial institutions to support Sri Lanka’s debt sustainability.”

June 22, Colombo (LNW): The Committee on Public Accounts (COPA) has disclosed that approximately 15,000 cases are currently pending against institutions that have failed to pay Employees Provident Funds (EPF). As of December 31, 2021, nearly 5,000 of these cases had become inactive.

Several factors contribute to the backlog, including defunct institutions at registered addresses and company directors who have left the country. This information emerged during a COPA meeting in Parliament, which was convened to examine the Auditor General’s reports and assess the Department of Labour’s performance for 2021 and 2022.

In response to this issue, COPA has instructed relevant officials to compile and submit a comprehensive report detailing employers who have defaulted on EPF payments across all districts. This directive aims to provide a clearer understanding of the scope of the problem and to facilitate more effective enforcement actions.

Additionally, COPA addressed concerns regarding the lengthy processing times for welfare fund applications. These delays are often caused by incomplete information provided by applicants. COPA emphasized the need for streamlined processes to ensure timely and efficient disbursement of welfare funds to eligible individuals.

1. President Ranil Wickremesinghe emphasized the imperative of not forgetting the hardships endured in the past due to shortages of essential resources such as medicines, fuel and fertilizers critical for the country. He called upon all citizens to unite behind the government’s initiative aimed at fostering a new economic transformation in Sri Lanka, ensuring that future generations do not have to face similar challenges.
2. Responding to the allegations levelled by former President Maithripala Sirisena, a Spokesman for the Catholic Church on Friday said that the Archbishop of Colombo Cardinal Malcolm Ranjith has distributed over Rs. 500 million of financial aid received to assist the victims of the Easter Sunday attacks.
3. Senior Advisor to the President on National Security and Chief of Staff to the President Sagala Ratnayaka, announced that President Ranil Wickremesinghe has directed take the necessary measures to either rebuild or provide compensation, subject to a maximum limit, for houses that were completely damaged by the recent adverse weather conditions.
4. The Department of Prisons has released 289 inmates from prisons across the island under a special state pardon granted by President Ranil Wickremesinghe in view of Poson Poya Day.
5. On the request of the Sri Lanka Police, the High Commission of India has been facilitating capacity building training courses for the personnel of the Sri Lankan Police at the premier Police training institutions viz. Central Detective Training Institute (CDTI), Jaipur; CDTI, Hyderabad; CDTI, Kolkata and National Security Guard (NSG), Manesar in India.
6. It was disclosed at the Committee on Public Enterprises that due to dishonesty existing within the Corporation and the deliberate delay of 08 years and 08 months in issuing the relevant circular to the filling station owners by the marketing department of the Corporation, the Corporation has incurred a loss of Rs. 3,416 million for the period 2014-2022. In such context, COPE was of the view that the marketing department should assume responsibility for committing a large-scale fraud to the Corporation.
7. The Narcotics Control Unit of Sri Lanka Customs has apprehended an officer of the airport security division while attempting to smuggle 18 gold biscuits worth around Rs. 48 million out of the Bandaranaike International Airport (BIA) in Katunayake.
8. The Ministry of Buddhasasana, Religious, and Cultural Affairs has called for an investigation into an alleged distortion of the Karaniya Metta Sutta that has been circulating on social media. The Ministry reported receiving numerous complaints about an AI-generated video clip that purportedly distorts a Buddhist sutra from the Pali Canon, which has been widely shared on Facebook and TikTok.
9. The High Commission of India in collaboration with the Tourism Ministry celebrated the 10th International Day of Yoga as a 10-day Yoga Mahotsav by the Kandy Lake.
10. Sri Lanka women’s cricket team completed a clean sweep of the ODI series against the West Indies, clinching a decisive 3-0 victory as they won the third and the final match by 160 runs.

June 22, Colombo (LNW): The High Commission of India, in collaboration with the Tourism Ministry, celebrated the 10th International Day of Yoga by organizing a 10-day Yoga Mahotsav. The event featured various yoga sessions and activities aimed at promoting the benefits of yoga and fostering cultural ties.

A notable highlight was a session held by Kandy Lake, where a group of yoga enthusiasts practiced yoga with the iconic lake as a serene backdrop. The picturesque setting added to the spiritual and calming experience, emphasizing the harmonious connection between nature and wellness.

This celebration not only marked the significance of International Day of Yoga but also showcased the commitment of both India and Sri Lanka to promoting holistic health and cultural exchange through the practice of yoga.

June 22, Colombo (LNW): The United Nations Development Programme (UNDP) Sri Lanka recently launched the 2023/24 Global Human Development Report, themed ‘Breaking the Gridlock: Reimagining Cooperation in a Polarized World’. The Report was presented to the Director General of the Sustainable Development Council (SDC), Chamindry Saparamadu, by the Resident Representative of UNDP Sri Lanka, Azusa Kubota. The event, held in Colombo, was attended by representatives from the Government, private sector, development partners, and civil society agencies.

The Report highlights the urgent need to address uneven development, rising inequality, and political polarization. It underscores the importance of building a 21st-century architecture for global public goods, reducing polarization, and narrowing agency gaps to tackle contemporary development challenges and accelerate progress on human development and sustainable development. The Report reconfigures global interdependence and emphasizes the pivotal role of multilateralism in moving forward.

By focusing on these key areas, the Report calls for innovative approaches to cooperation and collaboration, stressing that global challenges require collective action and shared solutions. The launch event served as a platform to discuss these pressing issues and explore strategies for fostering more inclusive and equitable development in a rapidly changing world.

June 22, Colombo (LNW): On the request of the Sri Lanka Police, the High Commission of India has been facilitating capacity-building training courses for the personnel of the Sri Lankan Police at premier Police training institutions in India. These institutions include the Central Detective Training Institute (CDTI) in Jaipur, CDTI in Hyderabad, CDTI in Kolkata, and the National Security Guard (NSG) in Manesar.

India regularly offers fully funded training slots to Sri Lankan Police personnel for various courses designed to enhance the skills of the officers. Since the beginning of 2024, over 60 Police personnel, including junior, mid-level, and senior officers, have benefited from training courses on subjects such as crime scene management, artificial intelligence and cybercrime investigation, and VIP security training. These courses are provided by the Indian Government under the Indian Technical and Economic Cooperation (ITEC) and the ‘Aid to Sri Lanka’ programme. It is expected that over 130 Sri Lankan Police officers will be trained in India this year.

A batch of 23 senior Police officers recently left for New Delhi to attend a specially designed two-week course that started on June 18. Before departing for the course, the officers had an interaction with Indian High Commissioner to Sri Lanka, Santosh Jha. Currently, these officers are undergoing training at the National Investigation Agency (NIA) in various subjects such as terror financing, internal security dynamics, Islamic and other religious fundamentalism.