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Sri Lanka’s Services exports recorded a new high in 2023

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By: Staff Writer

January 31, Colombo (LNW): Sri Lanka’s Services exports recorded a new high in 2023 with a strong rebound whilst shipment of goods lagged amidst challenges as per provisional data released by the export development board yesterday.

As against a 6% decline in 2022, services exports last year shot up by 63% to surpass the $ 3 billion mark. Merchandised exports on the other hand, declined by 9.5% to $ 11.85 billion, statistics from the Export Development Board revealed.

Robust performance by the services sector helped Sri Lanka finish 2023 with $ 14.95 billion in total exports, down marginally by 0.39% from $ 14.99 billion in the previous year.

The highest performance of total exports was $ 15.91 billion in 2018. However, 2023 performance was also far below the original target of $ 18.51 billion.

The services sector also beat the original forecast of $ 2.58 billion for 2023. Merchandise exports target was $ 16 billion.

In 2023, the value of ICT exports is estimated to have increased by 13.2 % to $ 1.26 billion. Construction, and transport and logistics services exports are forecasted to have increased as well, according to the EDB.

Except for tea, spices and concentrates, Electrical and Electronic Components (EEC) and food and beverage, all the other key export sectors including apparel and textiles, rubber and rubber finished products, coconut and coconut-based products and seafood underperformed in 2023.

“We cannot estimate the numbers for 2024 amid the highly volatile internal and global scenario,” the EDB Chairman Dr. Kingsley Bernard said.

He said the EDB in collaboration with the Investment Promotion Ministry has obtained technical support from the International Trade Centre (ITC) based in Geneva to revisit its existing Export Strategic Plan – National Export Strategy (NES).

“The key focus for 2024 is on reviewing the existing NES to align it with contemporary market challenges and harness emerging opportunities to boost exports. The ITC has not yet informed final details regarding the targets but it will soon be announced,” Dr. Bernard added.

Earnings from export of tea, spices and concentrates, electronics and electronic components and food and beverages increased by 4.06 %, 7.42 %, 0.62 % and 0.37 % respectively during the period of January – December 2023 compared, in comparison to the corresponding period of 2022.

Earnings from export of Electrical and Electronic Components (EEC) increased by 0.62 % to $ 486.66 million in the period of January to December 2023 compared to the corresponding period of 2022.

This increase was due to the strong performance in exports of printed circuits (52.37 %), switches, boards and panels (3.78 %) and boilers/ piston engines/ pumps and vacuum pumps (639.88 %) in the period of January to December 2023 compared to the corresponding period of 2022.

Earnings from export of Tea increased by 4.06 % to $ 1,390.9 million in the period of January to December 2023. This increase was mainly due to the strong performance in export of tea packets (10.95 %).

Shasheendra Rajapaksa sworn in as State Minister for Irrigation and Water Resources Management

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January 31, Colombo (LNW): Shasheendra Rajapaksa took the oath of office as the State Minister for Irrigation and Water Resources Management in a ceremony presided over by President Ranil Wickremesinghe at the Presidential Secretariat a short while ago.

FAO prepares for 37th Asia Pacific Regional Conference in Sri Lanka

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January 31, Colombo (LNW): A delegation from the Regional Office of the Food and Agriculture Organisation of the United Nations (FAO) has arrived in Sri Lanka to oversee the organisational activities of the upcoming 37th session of the Asia Pacific Regional Conference (APRC).

The conference, scheduled to take place in Colombo from 19th to 22nd February 2024, will bring together ministers of agriculture and high-ranking officials from 46 member countries across the Asia Pacific region.

During their visit, the representatives of the FAO’s regional office met with Sri Lanka’s Minister of Agriculture, Mahinda Amaraweera, to discuss the preparations and agenda for the upcoming conference.

The Asia Pacific Regional Conference serves as a platform for ministers and officials to engage in discussions on challenges and priorities related to food and agriculture, fostering regional coherence.

This year’s conference will focus on key themes such as the state of food and agriculture in the region, agrifood systems transformation, and solutions tailored to the needs of smallholders and family farmers.

The FAO delegation’s presence underscores the organisation’s commitment to addressing crucial issues in the Asia Pacific region and promoting collaboration among member countries.

Pakistani Court sentences ex PM Imran Khan and Wife to 14 years in prison for corruption

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January 31, World (LNW): A Pakistani court has sentenced former Prime Minister Imran Khan and his wife to 14 years in prison for corruption, according to prison officials.

This follows a separate conviction the previous day in which another special court found Khan guilty of leaking state secrets, resulting in a 10-year prison sentence.

The corruption charges against Khan and his wife involve allegations of retaining and selling state gifts during Khan’s tenure as the country’s premier.

The court’s decision marks a significant legal development for the prominent political figure, known for leading Pakistan’s Tehreek-e-Insaf (PTI) party and serving as the Prime Minister.

These legal proceedings add a layer of complexity to the political landscape, with implications for Khan’s role and influence within Pakistani politics.

The convictions and sentences are subject to legal processes and may have broader ramifications on the political dynamics of the country.

SL aims for 100,000 additional overseas jobs in 2024, focuses on Japanese language proficiency

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January 31, Colombo (LNW): The government intends to create 100,000 additional foreign job opportunities for Sri Lankan citizens this year, announced State Minister of Social Empowerment Anupa Pasqual.

The Minister outlined this initiative during a press briefing held at the Presidential Media Centre (PMC) under the theme ‘Collective Path to a Stable Country.’

Recognising the potential of international job markets, the government intends to send 10,000 individuals proficient in the Japanese language to secure employment abroad.

This strategic move aims to leverage existing language skills and tap into new markets, providing lucrative opportunities for the workforce.

State Minister Anupa Pasqual emphasised the government’s commitment to investing in skills development and training programmes to ensure that Sri Lanka’s workforce is well-prepared for the demands of the global job market.

Empowering beneficiaries is the government’s ultimate objective, Pasqual went on, adding that they are moving beyond simply providing financial assistance.

The State Minister further emphasised that the government’s revamped system focuses on creating opportunities for foreign employment, with 10,000 Japanese Language Proficiency Test passers already placed abroad and a further 100,000 foreign jobs targeted.

In addition to enhancing professional skills through targeted training programmes, the government plans to promote the cultivation of high-value crops such as tea, cinnamon, and pepper for export.

This dual approach, combining skill development and export-oriented agriculture, is expected to pave the way for sustainable economic empowerment.

MDMK Leader Vaiko urges Indian Government to navigate Sri Lanka relations cautiously

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January 31, Colombo (LNW): Vaiyapuri Gopalsamy, better known as Vaiko, the General Secretary of the Marumalarchi Dravida Munnetra Kazhagam (MDMK) and Member of Rajya Sabha, has called upon the Indian government to approach its relationship with Sri Lanka with careful consideration, particularly in light of China’s increasing presence in the island nation, The Hindu reported.

During an all-party meeting chaired by Defence Minister Rajnath Singh in New Delhi, Vaiko emphasised the strategic significance of China’s construction of a port in Hambantota, highlighting the potential threat that could emerge from the south.

In addition to geopolitical concerns, Vaiko drew attention to the alleged attacks on Tamil fishermen by the Sri Lankan Navy, expressing deep concern over the reported fatalities of over 800 fishermen.

He urged the Indian government to address this issue promptly, emphasising the importance of safeguarding the lives and property of Tamil fishermen.

During the meeting, Vaiko also took the opportunity to criticise Tamil Nadu Governor R.N. Ravi, accusing him of making inconsistent remarks on various issues.

Responding to claims that Governor R.N. Ravi attributed India’s independence to Subhas Chandra Bose, Vaiko pointed out the Governor’s clarification and suggested that the Minister may not have been adequately informed on the matter.

Furthermore, Vaiko expressed apprehension about the potential threats to Indian democracy, cautioning against the implementation of policies driven by “Hindutva forces,” such as one country, one election, one language, and one religion, which, according to him, could pose significant risks to the democratic fabric of the nation.

LKR value against USD at commercial banks today (Jan 31)

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January 31, Colombo (LNW): The Sri Lankan Rupee (LKR) has appreciated against the US Dollar today (31) in comparison to yesterday, as per the exchange rates of leading commercial banks in the country.

At Peoples Bank, the buying price of the US Dollar has dropped to Rs. 310.88 from Rs. 312.35, and the selling price to Rs. 321.71 from Rs. 323.34.

At Commercial Bank, the buying price of the US Dollar has dropped to Rs. 309.60 from Rs. 311.45, and the selling price to Rs. 320.50 from Rs. 321.50.

Sampath Bank follows similar pattern with the buying and selling prices of the US Dollar dropping to Rs. 312 from Rs. 313 and Rs. 321 from Rs. 322, respectively.

Beliatta mass shooting: Three more suspects apprehended

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January 31, Colombo (LNW): The Police have arrested three additional suspects believed to be involved in aiding and abetting the recent shootings in Beliatta, where five individuals lost their lives.

Two suspects were taken into custody in the Hungama Police Division, while the third suspect was apprehended in the Matara Police Division on Monday (29), according to Police.

The arrested individuals, aged 28, 42, and 58 years, are residents of Negombo, Alawwa, and Boossa, respectively.

The police assert that these suspects played a role in disposing of the T-56 firearm used in the shootings and were also involved in financial transactions related to the incident.

All three suspects have been handed over to the Beliatta Police for further investigations into the tragic events that unfolded on January 22, 2024, resulting in the deaths of five individuals, including Saman Perera, the Leader of the ‘Our Peoples Party’ (Ape Jana Bala Pakshaya).

‘Yukthiya’: 729 more suspects apprehended

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January 31, Colombo (LNW): In a continued effort to combat drug-related activities, the Police Special Task Force (STF) has arrested an additional 729 suspects in the ongoing islandwide special operation known as ‘Yukthiya.’

The Ministry of Public Security reported that the arrests took place during multiple raids conducted within the last 24 hours, concluding at 12.30 am today (31).

As part of these operations, law enforcement authorities also seized various narcotics, including 146 grams of heroin and 119 grams of crystal methamphetamine aka ‘ICE’.

Launched in December of the previous year, the ‘Yukthiya’ special operation aims to curtail and eliminate drug-related activities within Sri Lanka.

The recent arrests contribute to the sustained efforts of the STF in addressing the complex issue of narcotics trafficking and related crimes.

Resignations follow presidential directive for restructuring at Sri Lanka Telecom

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January 31, Colombo (LNW): Sri Lanka Telecom (SLT) witnessed a significant change in its Board composition as Board members submitted their resignations.

This move comes in response to President Ranil Wickremesinghe’s recent directive to the Treasury Secretary to promptly reconstitute the SLT Board.

In an official disclosure to the Colombo Stock Exchange (CSE) on the matter, SLT PLC informed that Chairman and Independent Non-Executive Director Reyaz Mihular tendered his resignation, effective from January 29, 2024.

Additionally, five other Directors, namely Rohan Fernando (former SLT Chairman), Lalith Seneviratne, Ranjith Rubasinghe, Mohan Weerakoon, and Treasury representative K.A. Vimalenthirarajh, submitted their resignations in a separate filing to the CSE.

Notably, Rohan Fernando also stepped down as Chairman of SLT Subsidiary eChanneling PLC.

On January 26, under the directive of President Wickremesinghe, Secretary to President Saman Ekanayake announced the appointment of a new set of Board Directors for SLT.

The newly appointed members include K.D.D.D. Arandara (Chairman), Dr. K.A.S. Keeragala, Attorney-at-Law Dinesh Vidanapathirana, Prof. K.M. Liyanage, Dr. D.M.I.S. Dassanayake, and Chathura Mohottigedara as the Treasury Representative.

According to reports, this restructuring stems from the government’s concerns over SLT-Mobitel’s legal challenge against the proposed merger between telecom giants Dialog Axiata and Airtel.