Colombo (LNW): Despite economic contractions, State Minister of Investment Promotion Dilum Amunugama announced that Sri Lanka’s Board of Investment (BOI) has successfully attracted investments totaling US$1.8 billion, with US$1.5 billion being foreign direct investments (FDI).

Participating in a progress review and investor awareness program organised by the Board of Investment, the State Minister disclosed that from January 1, 2023, to November 23, 2023, the value of approved and registered projects had increased to US$1.8 billion.

A notable highlight is the remarkable 122 per cent growth in foreign investment projects compared to the previous year, contrasting with slower progress in domestic investments.

This year, the Board of Investment has greenlit several new projects, particularly in the energy sector, shaping the country’s trajectory in this field.

Notably, high-value investments from major entities like Adani Corporation, Sinopec, and RM Parks (in collaboration with Shell) are expected to significantly impact the country’s energy sector in the future.

The surge in projects is primarily attributed to substantial investments in the energy sector, while other sectors such as tourism, information technology, business process outsourcing (BPO), communication, and manufacturing also witness significant investments.

Minister Amunugama highlighted that countries like China, India, the United States, Hong Kong, the United Arab Emirates, France, Korea, Germany, and Singapore are set to join the investment framework in 2023.

By: Staff Writer

Colombo (LNW): Sri Lanka is ready to revitalise the bilateral engagement with Bulgeriya in a new roadmap for increasing cooperation in the ICT, agriculture, labour, education, tourism and manufacturing sectors, where prospects for mutual benefit were promising.

Newly appointed SL Ambassador in Bulgariya Dhammika Kumari Semasinghe outlined the opportunities for Bulgarian investors and businesses as Sri Lanka continued to emerge as an important logistics hub in the Indian Ocean region.

Its economy became more competitive through the Government’s structural and digital reforms program, with focus on modernising agriculture and upscaling the tourism sector.

She expressed these views when she presented her credentials to Bulgarian President Rumen Radev recently.

President Radev welcomed the accreditation of Sri Lanka’s envoy as a timely impetus to reactivate bilateral ties and proposed increasing engagement at the political, institutional, people-to -people (tourism and education) and business-to-business levels to add value to the over six decade long relationship.

Recalling the emerging economic stature of Asia, and recognising Sri Lanka’s strategic commercial importance in that context, he shared Bulgaria’s interest in expanding relations with Sri Lanka.

He assured Bulgaria’s goodwill and ready support to transform the bilateral engagement into a productive multifaceted partnership.

President Radev expressed keen interest in having Sri Lankan niche products and cuisine made available to the Bulgarian people.

He was surprised and delighted, when Ambassador Semasinghe shared details of the already established Sri Lankan health-food store “Ceylon Spice” and the Sri Lankan restaurant –“rCurry- Sri Lankan Cuisine” in the heart of Sofia, Bulgaria’s capital city

Bulgarian Chamber of Commerce and Industry (BCCI) head Tsvetan Simeonov and Ambassador of Sri Lanka Dhammika Kumari Semasinghe Wednesday discussed opportunities for the development of bilateral trade and economic ties.

The meeting was also attended by Sri Lanka’s Honorary Consul in Bulgaria Borislav Sarandev, the BCCI said in its latest Infobusiness newsletter.

The Ambassador said that she is in Bulgaria to present her letters of credence, which will mark the start of more active bilateral relations.

Agreements on governmental level will be signed to help develop bilateral economic cooperation.

Bulgaria and Sri Lanka can cooperate in the import of workers, she said, specifying that her country’s population is young, educated and offering specialists in all fields of industry and services.

The sides discussed opportunities for presenting at the BCCI traditional products from Sri Lanka, such as textiles, jewelry, spices, and tea, as well as information on the options for doing business in the Asian country.

Simeonov recalled that the BCCI has signed memoranda of cooperation with partners from Sri Lanka: with the Federation of Chambers of Commerce and Industry of Sri Lanka and the Ceylon Chamber of Commerce.

By: Staff Writer

Colombo (LNW): The Central Bank Governor Dr. Nandalal Weerasinghe says additional monetary policy easing will be paused in the near term, leaving room for market interest rates to fall lower in accordance with current and previous monetary policy easing measures.

“All licenced banks need to take swift measures to reduce market lending interest rates to ensure that the benefits of the series of monetary policy easing measures are adequately passed on to businesses and households,” he added.

Noting that 14 banks have taken proactive measures to reduce lending interest rates, he acknowledged that 10 banks have not complied with the directive. “We have notified them and actions will be taken against those banks if they fail to comply before 31 December,” he added.

“With the moderation of market lending interest rates, credit to the private sector is expected to increase, thereby supporting the envisaged rebound of domestic economic activity,” he added.

The Monetary Board anticipates a swift, sizeable and broad-based reduction in overall market lending interest rates in line with the monetary policy easing measures affected since June 2023.

Such adjustment in interest rates is imperative to ease the domestic monetary conditions further.

Market interest rates are expected to normalise in the period ahead. Market interest rates continued to adjust downwards, and most benchmark interest rates have declined significantly.

Meanwhile, the yields on government securities are also adjusting downwards with falling risk premia.

The reduction of policy interest rates by 100 bps in this monetary policy review is expected to create further space for market interest rates to adjust downward and normalise in the period ahead.

Reflecting the transmission of the relaxed monetary policy stance, outstanding credit to the private sector by the banking sector expanded on a monthly basis in September as well as in October 2023 based on provisional data.

With the moderation of market lending interest rates, credit to the private sector is expected to increase further in the period ahead, thereby supporting the envisaged rebound of domestic economic activity.

Policy interest rates are further reduced in view of the stable inflation outlook over the medium term and subdued demand pressures.

.The monetary Board viewed that, with this reduction of policy interest rates and based on the available information, further monetary policy easing will be paused in the near term, given the space for market interest rates to adjust downwards in line with the current and past monetary policy easing measures.

Colombo (LNW): The Sri Lankan Rupee (LKR) happens to be largely steady against the US Dollar today (27) in comparison to last week’s Friday, as per leading commercial banks in the country.

At Peoples Bank, the buying and selling prices of the US Dollar remain unchanged at Rs. 322.90 and Rs. 334.15, respectively.

At Commercial Bank, the buying price of the US Dollar has dropped to Rs. 322.24 from Rs. Rs. 322.49 and the selling price to Rs. 332.50 from Rs. 332.75.

Sampath Bank follows the same pattern, with the buying price at Rs. 324 and the selling price, Rs. 334.

Colombo (LNW): Sri Lanka Insurance (SLIC) hosted a special event to honour the significant contributions of insurance brokers to the country’s insurance industry.

Held at the Hilton, Colombo, the event recognised the essential role played by insurance brokers in enhancing the industry and contributing to the economy.

SLIC annually acknowledges the efforts of brokers, with the recent event being particularly special as five veteran brokers were felicitated for their outstanding dedication.

The honourees include Nihal Senarathna, Hema Wijeratne, Vernon Edirisinghe, Victor Colambage, and Ray Pompeus, each with remarkable service records ranging from 50 to 70 years.

The event was attended by boards of directors and senior officials from insurance broker companies, as well as key figures from Sri Lanka Insurance.

The recognition underscores SLIC’s appreciation for the pivotal role of brokers in the industry.