Three newly appointed ambassadors to Sri Lanka handed over their credentials to President Ranil Wickremesinghe at the Presidential Secretariat this morning (24).
New ambassadors have been appointed for Switzerland, European Union and Iran.
Accordingly, HE Dr (Ms) Siri Walf the Ambassador of Switzerland in Colombo, HE Ms. Carmen Moreno the Ambassador of the European Union in Colombo and HE Dr. Alireza Delkhosh the Ambassador of the Islamic Republic of Iran in Colombo presented their credentials to President Wickremesinghe.
Tharaka Balasuriya, the Minister of State for Foreign Affairs and Secretary to the President Mr. Saman Ekanayake were present on this occasion.
Colombo (LNW): Taking yet another step towards a Greener Nation, Sri Lanka is embarking on mega floating solar power projects on water reservoirs, lakes, and where conditions are right.
The government seeks project proposals for the design and building of an innovative 150-200 MW solar power plant in the Samanalawewa reservoir following the approval given to a pilot project to install Floating Solar Panel Power Plants with Korean assistance.
Republic of Korea has agreed to provide a grant amounting 6.83 Billion Korean Won for the implementation of a pilot project to install floating solar panel power plant with 1 MW capacity on the surface of Kiriibban Wewa reservoir and Chandrika Wewa reservoir in the Ratnapura District six months ago.
In the latest move of promoting this concept , cabinet of ministers has given approval to call proposals for 150-200 MW floating solar power plant in Samanalawewa reservoir on Monday 23 this week.
Upon careful evaluation, it has been determined that there is considerable untapped potential to implement solar power generation projects on the surface of reservoirs managed by the Ceylon Electricity Board (CEB) and the Sri Lanka Mahaweli Authority.
It has been identified that the Samanalawewa reservoir, under the purview of the CEB, offers an optimal location for the construction of a floating solar photovoltaic power plant.
A statement comprising weekly Cabinet Decisions issued by the Government Information Department noted that the proposed plant is slated to have an impressive capacity of approximately 150 to 200 megawatts, marking a substantial leap towards cleaner and more sustainable energy sources.
The move is in association with the national procurement guidelines governing infrastructure facility projects.
Recognizing the pressing need for sustainable energy solutions, it has been acknowledged that generating solar electricity on the surface of reservoirs, through the construction of floating solar power plants, represents a fitting solution for countries with limited land availability.
The initiative aligns with Sri Lanka’s broader efforts to transition towards renewable energy, reducing dependency on traditional fossil fuels.
Meanwhile Sri Lanka will to go ahead with a pilot project to install Floating Solar Panel Power Plants on the surface of Kiriibban Wewa reservoir and Chandrika Wewa reservoir in the Ratnapura District.
Korea Institute for Advancement of Technology is acting as the monitoring agency for the pilot project on behalf of the Korean government, said the Department of Government Information.
Colombo (LNW): Exports in September had declined below the $ 1 billion mark to lowest in five months, provisional data released by the EDB revealed yesterday reinforcing private sector concerns on mounting challenges.
Sri Lanka’s exports in September had dipped below the US $ 1 billion mark to lowest in five months, provisional data released by the EDB revealed yesterday reinforcing private sector concerns on mounting challenges
The country’s export performance continues to remain overshadowed by declining apparel exports, with merchandise export income in September plummeting by 12 percent year-on-year (YoY) to US$ 951.5 million.
Earnings from apparel & textile products, Sri Lanka’s major industrial export, fell 24.6 percent YoY to US$ 361.8 million. For the January-September 2023 period, such exports fell 19.4 percent YoY to US$ 3.6 billion.
The global economic slowdown and higher inflation in Sri Lanka’s major apparel markets such as the US, the EU and the United Kingdom, has resulted in lower demand for apparel products.
Local exporters anticipate this trend to continue until the end of this year, resulting in a loss of US$ 1 billion in exports. Apparel exports generated US$ 5.95 billion for Sri Lanka in 2022.
Meanwhile, diamond, gems and jewellery exports fell 32.7 percent YoY to US$ 39.6 million in September 2023, while earnings from rubber-based products remained flat at US$ 82.9 million.
Tea exports in September 2023 edged up 1.8 percent YoY to US$ 119.9 million, while earnings from coconut-based products fell 2.4 percent YoY to US$ 64.3 million.
Sri Lanka earned US$ 38 million from spices and concentrates exports in September 2023, down 6.9 percent YoY.
Seafood exports rose 50.9 percent YoY to US$ 28.2 million while ornamental fish exports increased 47.1 percent YoY to US$ 2.5 million.
Export of electronics and electronic components generated an export revenue of US$ 38.8 million in September 2023, down 9.5 percent YoY.
For the January–September 2023 period, Sri Lanka’s total merchandise export revenue stood at US$ 8.96 billion, down 10.3 percent YoY.
Sri Lanka’s primary export markets include the US, the UK, India, and the European Union.
Sri Lanka also has two free trade agreements (FTA) with India and Pakistan. Under these two FTAs, Sri Lanka exported US$ 87.2 million worth of goods in September 2023, up US$ 12.7 percent YoY.
Meanwhile, according to the Export Development Board (EDB), the estimated value of services exports for the January-September 2023 period was US$ 2.3 billion, up 55.6 percent YoY.
The services exports estimated by EDB consists of ICT/BPM, construction, financial services and transport & logistics.
Colombo (LNW): The Ministry of Tourism has unveiled an incentive package in its recent efforts to boost international tourism to Sri Lanka with the approval from the Cabinet of Ministers this week.
Minister of Tourism and Lands Harin Fernando presented these proposals to enhance the country’s appeal to tourists and improve its competitive edge in the region.
The first approved proposal involves launching a pilot project to grant free tourist visas to visitors from seven countries.
Tourist visas will be provided at no cost to travellers from China, India, Russia, Thailand, Indonesia, Malaysia, and Japan until March 31, 2024.
This initiative aims to keep pace with other Asian destinations that are striving to rejuvenate their tourism sectors impacted by the COVID-19 pandemic.
Furthermore, approval was granted for the introduction of a single payment package ticket that allows foreign tourists access to world heritage sites and historical places.
The primary objective is to simplify the process for tourists, making it more convenient for them to visit these sites without the hassle of dealing with traffic.
Under this new system, tourists can purchase tickets at the airport or online.
Additionally, tourists will have the option to buy railway coach tickets online or at the airport, providing a one-time ticket solution for their travel needs.
These measures aim to improve the overall tourist experience and encourage more visitors to explore Sri Lanka’s cultural and historical treasures.
This incentive package is being offed to tourists at a time the country experiencing new revival in the industry with more travelers’ visiting the island.
Sri Lanka’s tourism industry welcomed a total of 64,317 tourists in the first 19 days of October, but this figure represents only 56% of the monthly target set at 147,789, leaving stakeholders cautiously optimistic with just 12 days remaining.
The surge in arrivals during the first 19 days of October has boosted the cumulative number of visitors for the year to 1.08 million, demonstrating a resilient recovery following the multiple challenge-induced downturns.
India emerged as the leading contributor to the tourist influx, accounting for 15,861 arrivals during the first 19 days of October, followed by Russia with 5,666, the UK with 5,279, Germany with 4,241, and China with 4,055 arrivals.
Sri Lanka has set its sights on a year-end target of 1.55 million tourists, signaling confidence in the country’s ability to re-establish itself as a premier tourist destination.
Year-to-date figures reveal a consistent trend, with India maintaining its position at the forefront, accounting for 216,171 tourists. Russia followed with 137,966 arrivals, and the UK contributed 96,122 visitors to Sri Lanka’s growing tourism sector.
Industry analysts said the steady recovery underscores the resilience and appeal of Sri Lanka as a destination of choice, offering travellers a rich blend of cultural heritage, natural beauty and hospitality.
Colombo (LNW): The Japanese Government has agreed to provide a grant of JPY 200 million, under their economic and social development programme, towards the development of Sri Lanka’s fisheries industry.
The grant aims to empower the fisheries industry by developing freezer facilities and supplying modern equipment, in a bid to add further value and uplift the living standards of the fishing communities in the Northern and Eastern provinces.
Accordingly, the grant, amounting to roughly Rs. 435 million, is expected to supply ice production machines and digital scales for the Ceylon Fisheries Harbour Corporation,.
The Japanese grant will provide funds to procure fishing nets for the National Aquaculture Development Authority and deep freezers, along with tractors installed with deep freezers, to the Department of Fisheries and Aquatic Resources.
Meanwhile the Asian Development Bank (ADB) has agreed to provide USD 100 million (Rs32.83 billion) for a new project set to be launched by the Sri Lankan government, titled the ‘Small and Medium Enterprise Development Finance Project’.
The project aims to aid those entrepreneurs of Small and Medium Enterprises (SMEs) who find it difficult to finance their businesses.
Meanwhile, the establishment of a ‘National Credit Protection Institute’ was also agreed on, through which banks will prioritize asset-based lending over cash-flow based lending, allowing for less rigidity.
The ‘Small and Medium Enterprise Credit Scheme Project’ was initially implemented by the government of Sri Lanka, with financial support amounting to USD 165 million from the ADB, to provide investment and working capital loans to SMEs at concessional interest rates.
The proposed project is a line of credit through 13 participating financial institutions (PFIs) to targeted small and medium-sized enterprises (SMEs) in Sri Lanka, including SMEs that are led by women, are first-time borrowers, do not sufficient collateral and are located outside of Colombo.
The fund allocation for 10 PFIs has been made on a competitive basis. The project also includes an attached technical assistance (TA) for (i) developing innovative financial schemes for SMEs and promoting export-oriented cluster development (funded by the Japan Fund for Poverty Reduction (JFPR)
It is also for developing an ecosystem for women entrepreneurship in Sri Lanka (funded by the Women Entrepreneurs Finance Initiative (We-Fi).
Today, on October 25, the Sri Lankan Rupee exhibited a slight depreciation against the US Dollar in commercial banks when compared to rates on the previous Tuesday.At Peoples Bank, the buying and selling rates for the US Dollar have increased from Rs. 318.62 to Rs. 320.91 and from Rs. 331.91 to Rs. 333.18, respectively.
In contrast, the Commercial Bank has reported that the buying and selling rates for the US Dollar remain unchanged at Rs. 319.50 and Rs. 330.50, respectively.
Sampath Bank has observed a similar trend, with the buying rate of the US Dollar increasing from Rs. 321 to Rs. 322 and the selling rate rising from Rs. 331 to Rs. 332.
These fluctuations in exchange rates can be influenced by various factors, including market dynamics, economic conditions, and global events. It’s important for individuals and businesses engaged in foreign exchange transactions to stay updated on currency rate changes to make informed financial decisions.
Colombo Oktoberfest 2023, the much-anticipated celebration of Bavarian culture, concluded in a grand style at the iconic Lotus Tower in Colombo. From October 2nd , 4th to 8th 2023, the festival took attendees on a memorable journey through the streets of Munich, offering six unforgettable nights of revelry from 6pm to 1am each day.
This year’s Colombo Oktoberfest surpassed all expectations, providing an authentic and immersive experience of Bavarian culture. The electrifying tunes of the German band Sound Tattoo, accompanied by the delightful presence of German hostesses, set the perfect backdrop for an unmatched Oktoberfest atmosphere. Local bands, including Flame, Redeemers, OIC, Magic Box Mixup, Slipping Chairs, and Misty, contributed to the festival’s vibrant ambiance with their spectacular performances.
Colombo Oktoberfest 2023 was not just about music and fun; it featured traditional Oktoberfest games and carnival-style entertainment, seamlessly blending tradition with festivity. Renowned TikToker and social media influencer Eric Heinrichs animated the event, infusing it with an extra dose of excitement. Street-style performers, including jugglers, magicians, and clowns, captivated the audience with their mesmerizing acts.
The success of Colombo Oktoberfest 2023 was made possible through the generous support of core sponsors, including Official Lifestyle Partner – Nation’s Trust Bank American Express, Hospitality Partner – Cinnamon Grand Colombo, Beverage and Indulgence Partner – Elephant House, Official Grooming Partner – BIC, Telecommunication Partner – SLT Mobitel, Dairy Partner – Fonterra Brands. Official Magazine Partner – Living Magazine, Official Digital Outdoor Media Partner – Emerging Media, PR Partner – HighVoltage PR, Outdoor Hoarding Partner – RICHARDSON OUTDOOR (PVT) LTD, Digital Equipment Partner – Global Events (Pvt) Limited, Printing Partner – Kaleidoscope Print & Media Solutions, Fragrance Partner – Black night & Secrets, Transportation Partner – Ebert Silva and Online Booking Partner – Book My Show.
The venue was transformed into a picturesque Bavarian village town square, complete with stalls that exuded the charm of a traditional marketplace. Cinnamon Grand, Colombo, served up a delectable array of traditional dishes, showcasing succulent meats and sausages, satisfying the culinary cravings of festivalgoers.
As Colombo Oktoberfest 2023 came to a close, both organizers and attendees celebrated the event’s resounding success. The festival not only honoured Bavarian culture but also left an enduring mark on all those who had the privilege of being part of this unforgettable cultural experience.
The Colombo High Court on Thursday (18) ordered Randika Rajapaksa and Chandula Rajapaksa, two directors of Samson Engineers (Pvt) Ltd belonging to DSI Samson Group, and Company Secretary Varuni De Silva to not interfere with the duties of DSI Managing Director Sajith Rajapaksa.
Sajith, filing the case, pointed out that the two directors and the secretary of the company conspired and exerted pressure on him hampering his duties.
Sajith also said that they had deliberately disrupted his work to make it difficult to run the company by deliberately neglecting the company’s operations, by holding frequent meetings and by obstructing his administrative affairs.
DSI Samson Group, which is one of the largest private companies in the country, has about 30 subsidiaries. The conflicts within the Board of Directors had begun following a proposal made by a former managing director to evenly distribute the shares of the company among the family members.
The former managing director has submitted the proposal to the Board of Directors in the first week of April this year.
It was reported that some of the most profitable subsidiaries of this company are being operated by the sons of this managing director.
Sajith is one of the sons of the said managing director and Samson Rubber Products (Pvt) Ltd, which brings in the highest foreign exchange, is managed by Sajith.
The Inland Revenue Department (IRD) of Sri Lanka has introduced a significant financial relief initiative designed to support the well-being of senior citizens aged 60 and above. In a statement, the department underlined the purpose of the program, which is to provide financial assistance to the state’s senior citizens.
Key highlights of the program include:
Eligibility: All senior citizens aged 60 or above, with an annual income not exceeding Rs. 1,200,000 (for the period from April 1st to March 31st of the following year), and who have had Advance Income Tax (AIT) deducted from their interest income at a rate of 5% by banks or financial institutions, are eligible to apply for the refund.
Refund Limits: Senior citizens can claim a maximum refund of up to Rs. 25,000 per quarter. This provision ensures that eligible individuals can benefit from this initiative throughout the year, covering the period from April 1st, 2023, to March 31st, 2024.
Mode of Refund: The refund amount will be directly deposited into the designated bank account of the senior citizen, ensuring a secure and efficient delivery.
Application Process: Interested individuals can apply for the refund by completing simple application forms available on the IRD’s website (www.ird.gov.lk) or by visiting the nearest metropolitan or regional office.
Documentation: Applicants will need to provide supporting documentation, including copies of their identification, proof of age, bank statements reflecting interest income, and documents confirming the Advance Income Tax deductions.
Review and Processing: After the application is submitted, the IRD will review the documents and verify the eligibility criteria.
Assistance: The IRD is dedicated to providing guidance and assistance throughout the application process, with customer support teams available at metropolitan and regional offices to offer support as needed.
For more detailed information about the Senior Citizens’ Advance Income Tax Refund Program, individuals can visit www.ird.gov.lk or contact the IRD’s Call Center by dialing 1944. This initiative aims to provide much-needed financial relief and support to senior citizens in Sri Lanka.
Sri Lanka’s Cabinet has approved a groundbreaking initiative to grant visa-free entry to visitors from seven countries, including India, China, and Russia, as a pilot project extending until March 31, 2024. This significant move aims to promote tourism and enhance the country’s appeal to international travelers, as declared by Tourism Minister Harin Fernando.
In a tweet, Minister Fernando confirmed that the Cabinet has sanctioned visa-free entry for visitors from India, China, Russia, Malaysia, Japan, Indonesia, and Thailand, effective immediately.
This decision follows the Ministry of Tourism’s previous announcement that a cabinet paper had been presented in a recent Cabinet meeting proposing free tourist visas for foreigners from five countries visiting Sri Lanka. Prime Minister Dinesh Gunawardena, Tourism and Lands Minister Harin Fernando, Minister of Public Security Tiran Alles, and Minister of Foreign Affairs Ali Sabry jointly presented the cabinet paper.
The primary objective of this visa exemption for tourists from several nations is to attract a greater number of visitors to Sri Lanka, with the aspiration of reaching five million tourist arrivals in the coming years, as articulated by the Tourism Ministry. This initiative aligns with China’s announcement of Sri Lanka as one of the 20 countries open to Chinese tourists for travel.
By eliminating the need for visas, this program is anticipated to save travelers time and money while promoting a surge in foreign tourists visiting Sri Lanka. Additionally, the Ministry plans to introduce an e-ticketing system for most of the country’s tourist sites in the near future, streamlining the visitor experience and further enhancing the nation’s allure as a travel destination.
