Colombo (LNW): About 200 state-owned businesses and institutions have not submitted their annual reports to Parliament in the last two years, disclosed the Sectoral Oversight Committee on Alleviating the Impact of the Economic Crisis.
The Committee has ordered the Department of Public Enterprises to take steps to submit the annual reports of those bodies to the Parliament before October 30, 2023, Committee Chief MP Gamini Waleboda said.
Colombo (LNW): LNW hosted an honouring event for prominent filmmaker Prasanna Vithanage for winning the Kim Jiseok Award for the Best Picture at Busan International Film Festival 2023 for his film “Paradise”.
The event was held in Hilton Hotel, Colombo yesterday (20), with former Speaker of Parliament and Chairman of the National Movement for Social Justice (NMSJ) Deshabandu Karu Jayasuriya as the Chief Guest.
Vithanage, one of the pioneers of the third generation of the Sri Lankan Cinema, was honoured by the former Speaker and appreciated for his tireless efforts on bringing the Sri Lankan Cinema to the global level.
Mr. Jayasuriya has also been appreciated for his commitment and contribution as the former Speaker of Parliament to uphold democracy and rendering an outstanding service to the nation within the Democratic Socialist Republic of Sri Lanka.
Other dignitaries who attended the event include former Governor of the Central Bank of Sri Lanka (CBSL) and former State Minister of Finance of the Government of Sri Lanka Ajith Nivard Cabraal, former Minister of Health, MP (Dr.) Rajitha Senaratne, Chairman of the Land Registration Commission (LRC) of Sri Lanka Attorney-at-Law Panduka Keerthinanda, Chairman of People’s Leasing Pradeep Amirthanayagam, Managing Editor of LNW Media Network Chandima Withanaarachchi, and the Editorial Staff of LNW Media Network.
Photo Courtesy: Ajith Senevirathne
To view full photos, visit READPHOTOS
By: Staff Writer
Colombo (LNW): China is willing to offer assistance to Sri Lanka without political conditions and buy more of its exports, President Xi Jinping told his Sri Lankan counterpart during a bilateral meeting in Beijing on Friday (Oct. 20), foreign media reported.
Further, the two sides have agreed to strengthen the coordination on international and regional affairs.
According to the Embassy of Sri Lanka in Beijing, the two leaders have pledged to further consolidate the strong partnership and expensive cooperation between Sri Lanka and China.
The Sri Lankan president arrived in Beijing on October 16 to attend the 3rd Belt and Road Forum for International Cooperation.
A stream of leaders from emerging market countries reached Beijing for the meeting organized by the Chinese government to mark the 10th anniversary of its Belt and Road Initiative (BRI).
The 3rd Belt and Road Forum for International Cooperation kicked off on Wednesday (Oct. 18) under the auspices of President Xi Jinping, marking a significant milestone in international cooperation.
During the conference, President Xi unveiled a set of comprehensive policies, aligned with the BRI, reflecting its commitment to fostering global partnerships.
During the bilateral discussions, the two leaders have pledged to further consolidate the strong partnership and extensive cooperation between Sri Lanka and China.
Sri Lanka has informed the Chinese leadership about its interest to enter into a Free Trade Agreement (FTA) with China.
Chinese Vice Premier Ding Xuexiang expressed profound gratitude for Sri Lanka’s enduring support through the historic Rubber-Rice Agreement with the People’s Republic of China.
He emphasized that the Chinese people will always remember this gesture of goodwill and assured that China remains committed to extending its supportive hand to Sri Lanka.
The bilateral discussions between President Ranil Wickremesinghe and the Chinese Vice Prime Minister Ding Xuexiang took place in Beijing.
During this meeting, the Chinese Vice Prime Minister reaffirmed China’s unwavering support for the development of the Colombo Port City and Hambantota Port within the framework of the “Belt and Road Initiative”.
He also expressed confidence in the successful realization of both projects under the leadership of President Ranil Wickremesinghe.
President Ranil Wickremesinghe underscored the historical significance of the China-Sri Lanka Rubber-Rice Agreement, the first foreign commercial agreement entered into by Sri Lanka.
He emphasized the importance of establishing new commercial relations that align with the shared principles of both nations.
By: Staff Writer
Colombo (LNW): Sri Lanka and Thailand are now set to fortify export US dollar revenue and enhance the burgeoning ties between the two countries.
The Government of Thailand hosted a Sri Lankan trade delegation recently with a primary objective of fostering constructive discussions on bilateral trade involving halal certified products.
The aim of this momentous visit was to fortify export US dollar revenue and enhance the burgeoning ties between Thailand and Sri Lanka.
The delegation, comprised of nine distinguished members, represented by key corporate entities which included, the Royal Thai Embassy, the Halal Accreditation Council, John Keells Holdings, Pyramid Wilmar, Transtrade International, Benjarong, and Pulses Splitting & Processing Industry, all of whom brought their expertise and enthusiasm to the table.
The meetings and engagements that transpired during this delegation visit have paved the way for an exciting new phase of economic collaboration between Thailand and Sri Lanka.
Indications suggest that a formal ratification of a free trade agreement (FTA) between these two nations will take place in early 2024, further solidifying their economic partnership.
The Government of Thailand has harnessed its halal industry to boost export revenue and establish itself as a global heavyweight in the halal market.
Notably, halal food exports from the country experienced a remarkable surge from $ 247 million in 2003 to an astonishing estimated figure of $ 6.1 billion in the year 2021/22, underscoring its pivotal role in driving this phenomenal growth.
Moreover, Thailand has confidently secured its position as the world’s 15th largest exporter of Halal products, further strengthened by the certification of over 4,000 F&B manufacturing facilities by the Central Islamic Council of Thailand (CICOT), which encompasses an impressive array of 166,000 products.
Highlighting its unwavering commitment to nurturing the halal food industry, the Thai government took the pioneering step of establishing the Thai Halal Science Centre within the esteemed Chulalongkorn University.
Recognised as the “World’s First” institution of its kind, it seamlessly combines theology, science, and technology to elevate the global halal sector through innovation and cutting-edge research in creating halal food and ingredients.
During the delegation’s visit, they engaged in extensive trade-related discussions with representatives from prominent institutions such as The Thai-Sri Lanka Chamber of Commerce.
The Mexican-Thai Chamber, and the Pakistan-Thai Chamber. Additionally, the delegation actively explored potential business opportunities with CPF Food & Beverage Company Ltd. and KCG Corporation Public Company Ltd., both renowned manufacturers of halal-certified products.
In Sri Lanka, the Halal Accreditation Council has left an indelible mark by certifying over 240 manufacturing facilities, producing a staggering 8,000 halal-certified products.
These products contributed significantly to an estimated $ 1.7 billion in exports in 2022, constituting 60% of total food and beverage exports and 13% of the country’s overall exports. With the global halal market valued at an impressive $ 2 trillion.
By: Staff Writer
Colombo (LNW): Sri Lanka government is now in the process of updating and modifying Sri Lanka’s existing legislative framework in order to make the country an investment-friendly destination. State Minister of Investment Promotion Dilum Amunugama proclaimed.
It is expected to introduce new investment laws by the first quarter of 2024, without affecting other government entities’ current legal frameworks, he revealed.
Additionally, foreign investors do not receive their investment rights when they enter this country. As a solution, we must update our legislative framework to ensure that their investment rights are protected.
A seven-member committee consisting of Director Generals of government institutions has already been appointed to look into the existing laws that restrict investments.
Getting into a resilient mode after navigating severe economic turbulence, Sri Lanka is doubling down on its efforts to attract foreign direct investment and investors by rolling out a landmark investment law designed “to eliminate the existing complexities.”
The new investment law, the minister said, will ensure the rights of foreign investors to make Sri Lanka an investment-friendly destination.
To be unveiled by the first quarter of 2024, the game-changing law will feature several incentives for foreign investors. Also on the cards is an initiative to give free land ownership rights to foreign investors, he said.
Part of the new measures is the setting up of an Investor Facilitation Centre to provide comprehensive facilities, including addressing investor issues.
It will operate in close coordination with various government agencies. The centre would serve as a platform for investors to swiftly address their current challenges. Specific investment zones with the potential to attract investments to Sri Lanka have also been identified, according to the minister.
State minister Amunugama said the country of 24 million people is “back on track” after recovering from an economic crisis of unprecedented scale as it continues to make remarkable headway in restructuring its foreign debts as well as the revamping of several public institutions.
The BOI has approved investments of 682 million US dollars from January to July, he added.
Despite the ongoing economic crisis, the BOI has been able to attract Foreign Direct Investments of 1.75 billion US dollars exceeding the targeted amount of 1 billion US dollars for 2022, he mentioned.
The FDI target set by the country’s Board of Investments (BOI) for 2023 is $1.5 billion and it had already realized in Q1 of 2023 $ 211 million.
By: Staff Writer
Colombo (LNW): The Government has already prepared a comprehensive policy and guidelines to lift restrictions of all vehicle imports soon, Trade Minister Nalin Fernando disclosed.
Measures will be taken to allow motor traders to import all types of vehicles including private cars as the country was losing around Rs.300 billion in import tax revenue per year since March 2020, he said.
A special committee has been appointed recently by President Ranil Wickremesinghe to devise the policy and guidelines relating to vehicle imports, Finance Ministry sources confirmed.
Measures will be taken to allow motor traders to import all types of vehicles including private cars as the country was losing around Rs.300 billion in import tax revenue per year since March 2020, he said.
A special committee has been appointed recently by President Ranil Wickremesinghe to devise the policy and guidelines relating to vehicle imports, Finance Ministry sources confirmed.
The new vehicle import policy and guidelines will be presented to the cabinet of ministers for approval, a senior official of the ministry said adding that the future action to lift the import restrictions will be taken accordingly.
The Vehicle Importers Association of Sri Lanka (VIASL) has urged the Government to reconsider the ban imposed on importation.
Issuing a statement, the Association said it strongly condemns the statement made by an unendorsed Association with very similar abbreviations supporting the motor vehicle ban.
The vehicle import ban in Sri Lanka is threatening 100,000 jobs and 350,000-400,000 dependants as well as a number of industries and services which need mobility and transport, a motor vehicle industry association has said.
The import ban is also losing the government revenue which is being raked in by assemblers through tax-arbitrage, the Vehicle Importers Association of Sri Lanka said.
“As per the calculation carried out by VIASL, around 100,000 direct and indirect employees will have to be made redundant if the ban is to continue further,” the VIASL said.
Vehicle importers provide various employment opportunities ranging from accountants, sales executives, marketing executives, drivers, cleaners, security staff, etc.
“Furthermore, service areas such as clearing agents, interior cleaners, mechanics, car carrier operators, and service centers are directly dependent on the importation of motor vehicles.
Vehicle importers, as well as related service providers, have faced severe difficulties maintaining their business premises, paying off bank loans, rent and paying the salaries of their employees.”
The association said domestic vehicle assembly has quality issues as well as a loss of tax revenues.
VIASL strongly believes that this process does not add any value to the country’s economy and is merely designed for tax evasion and higher profit.
Colombo (LNW): Prominent Sri Lankan traditional dancer, Kalasuri Vishwakala Keerthi Rajini Selvanayagam, passed away on Friday (20).
She was a distinguished dance instructor who devoted her life to preserving and promoting distinctive Sri Lankan dance forms.
In 1975, she established her dance school, “Chamara Kala Nikethanaya”, with a vision to foster a society rich in culture, tradition, and customs via dance.
Information regarding her funeral arrangements will be provided in due course.
Colombo (LNW): Lalith Kotelawala, former chair of Ceylinco Consolidated and founding Chairman of Seylan Bank, has passed away while receiving treatment at a private hospital in Colombo.
He was 84 years old at the time of his demise.
Colombo (LNW): The officer in charge (OIC) of the Eheliyagoda Police station was discovered dead with gunshot wounds within his residence.
“An inquiry is underway to ascertain if it was suicide or a homicide,” the Police Spokesperson said in a statement.
