By: Staff Writer

January 08, Colombo (LNW): Japan’s recent assistance for Sri Lanka is ranging across a broad spectrum of initiatives, including the debt restructuring process, the finance ministry announced.

The Finance Ministry Secretary Mahinda Siriwardane explained the implementation status of various macroeconomic reforms and the debt restructuring process during the Japan-Sri Lanka Economic Cooperation Policy Dialogue – 2024.

Mr. Siriwardana requested future cooperation from the Government of Japan including the existing Yen loan projects as a catalyst to attract further investment, along with technical and financial support for the ongoing reforms associated with the IMF programme.

He further outlined the investment climate that Sri Lanka intends to build and invited Japanese investors to actively evaluate potential investments in Sri Lanka.

He emphasized Sri Lanka’s firm commitment to ensure comparability of treatment between all holders of external debt from the outset of this process.

The Secretary reiterated Sri Lanka’s commitment to implementation of governance related reforms, underpinned by a number of ongoing legislative and institutional measures.

In Response, Endo Kazuya, Director-General, International Cooperation Bureau if Japan expressed his appreciation for Sri Lanka’s efforts to recover from the economic crisis and shared his expectations of a speedy recovery.

Furthermore, he outlined his appreciation of the government’s commitment on continuing the economic reforms supported by the IMF programme.

DG Endo reiterated the importance of the early completion of signing of a Memorandum of Understanding (MoU) on debt restructuring between the Official Creditor Committee (OCC) and the Sri Lankan government, as well as the need to ensure transparency and comparability in agreements with creditors outside the OCC.

The Japan-Sri Lanka Economic Cooperation Policy Dialogue – 2024 was held on January 05, 2024 at the Ministry of Finance in Colombo.

The forum was in order to exchange views on matters pertaining to the Japanese funded project portfolio, exploring future developments, and prospective economic cooperation between Japan and Sri Lanka going forward.

The Japanese delegation was led by. Endo Kazuya, Director-General, International Cooperation Bureau, Ministry of Foreign Affairs of Japan.. K. M. Mahinda Siriwardana, Secretary, Ministry of Finance, Economic Stabilization and National Policies and Endo Kazuya, Director-General, Co-Chaired the meeting along with both relevant government officials.

The two sides also exchanged views on Japan’s future economic cooperation with Sri Lanka, including the existing Yen loan projects, to stabilize and reinforce Sri Lanka’s economy as well as overcome its socio-economic challenges.

DG Endo stated that Japan will continue to provide support to the people of Sri Lanka to help the country fully recover from the economic crisis as soon as possible and return to a path of progressive development.

By: Staff Writer

January 08, Colombo (LNW): The Hambantota International Port (HIP) in 2023 proved itself as the fastest growing Roll-on/roll-off transshipment port in the region, official sources said.

With 700,000 transshipment vehicles handled, the port marked a significant 26% increase from 2022 figures.

The milestone figure was achieved with Glovis vessel MV. HAE SHIN V.003B handling 3626 units for transshipment to Ulsan port, South Korea.

“The port is geared and ready to handle volumes that are getting larger each year, not only because it is expanding capacity and location, but also because of our quality service, and timely berthing facilities with no waiting time for customers with tight schedules.

The reliability of our services, coupled with connectivity to important destinations, and competitive pricing formulas, makes HIP an extremely attractive proposition,” says HIP’s General Manager Commercial & Marketing Lance Zuo.

COO Tissa Wickramasinghe said the 700,000 units handled by the port this year, places HIP at the top end of the league, with other RORO transshipment locations in the competing region.

“This is a commendable achievement for a port that has been in operation for just six years, and we achieved this amidst various challenges from lockdowns to a serious economic downturn in the country.

While our Roll on Roll off (RORO) operations teams are to be commended for their excellent service, our marketing team has done a tremendous job in promoting the port.

When the Hambantota International Port Group (HIPG) took over, the Port Management team made a strategic decision to go for low hanging fruit and establish HIP as a regional transshipment hub for RORO cargo.

The entire strategy was developed in line with that. The Port entered into agreements with RORO lines giving them the assurance of expert handling of their transshipment cargo with uncompromised quality and reliability,” Wickramasinghe added.

New RORO customers were also attracted, to develop transshipment volumes, especially the Japanese lines, who were more focused only on handling domestic import cargo.

“Our commercial team visited customers from across the world, meeting traders and dealers in Japan and other countries to attract volumes to the port. We developed a dedicated team to follow global trends in RORO transshipment scenarios and developments.

This enabled us to make the required investments in new equipment, new technology and IT systems. Another approach we took was when new situations developed, for example the Red sea, HIP presented customers the required options and necessary facilities to overcome difficulties. This has helped us to build win-win partnerships,” the COO said.

HIPG has already made a significant investment in expanding yard space and installing modern equipment. Frequent training sessions are held for operations staff and familiarization visits to international terminals are facilitated for the relevant teams.

By: Staff Writer

January 08, Colombo (LNW): As the world opens up to travel post-pandemic, Sri Lanka stands poised to showcase its unique beauty and vibrant culture to the world.

Sri Lanka’s tourism sector has been steadily growing over the past decade, attracting millions of visitors from around the world.

The tourism industry in the island is diverse, offering a wide range of experiences to suit every traveler. From the golden beaches of the southern coast to the lush tea plantations in the central highlands, the country’s natural beauty is unparalleled.

Furthermore, the rich cultural heritage, with ancient ruins and temples scattered throughout, adds a unique charm to the overall experience.

Sri Lanka’s tourism industry has kicked off 2024 on an optimistic note, with provisional data revealing a robust start, surpassing 30,000 arrivals in the first week.

“We are yet to receive the official figures, but I learned that it has exceeded the 30,000 mark as of Friday. It is encouraging to see the boost in arrivals, giving a positive outlook for the industry.

We hope the industry will be able to maintain the growth momentum throughout the year,” Tourism Minister Harin Fernando disclosed.

As per provisional data released by the Sri Lanka Tourism Development Authority, during the first four days of the month it has welcomed a total of 25,619 visitors.

The figures for the first week of January 2024 indicate an upward growth compared to the 20,875 registered in the same period in 2023, with Russian tourists leading this increase.

The daily arrivals have also more than doubled, reaching over 6,400, compared to the levels of over 3,300 recorded in the same period last year, showcasing a noteworthy improvement in tourist influx.

Breaking down the top markets during the first week of January 2024, Russia led with 5,060 arrivals, followed by India with 3,333 and Germany with 2,109.

Other notable markets contributing to the positive trend include the UK, Australia, China, France, Netherlands, US and Maldives.

Sri Lanka Tourism has set ambitious targets, aiming to welcome 2.5 million tourists and earn $ 4.6 billion. Furthermore, the long-term strategy envisions increasing arrivals to 5 million and generating an impressive $ 21.6 billion within five years.

“As Sri Lanka strives to recover and rebuild its tourism sector, these early indications of growth in arrivals bring a sense of optimism for the industry to move towards its long-term growth targets,” Fernando added.

Though missing the target of 1.55 arrivals and $ 2.7 billion income in 2023, the Minister said that the private sector-led industry showed its resilience and appeal to the world by ending the year with 1.48 million holidaymakers and generating $ 2.06 billion.

By: Staff Writer

January 08, Colombo (LNW): In a remarkable display of international cooperation, India is stepping up its support for Sri Lanka’s depleting railway system with a substantial investment exceeding US$1 billion, channeled through five Lines of Credit (LoC) projects.

India is the sole creditor providing vital assistance to Sri Lanka’s struggling railway network, as revealed by the Indian High Commission in its recent announcement

Minister of Transport, Highways and Mass Media Bandula Gunawardena and High Commissioner of India to Sri Lanka Santosh Jha ceremonially launched track rehabilitation work at Galgamuwa Railway Station commencing upgradation of railway line including ancillary works from Maho to Anuradhapura on Sunday (Jan. 07).

The Ministry of Transport and Highways and IRCON International signed a new Contract for design, installation, testing, and commissioning of a Signaling system for Sri Lanka Railways, from Maho to Anuradhapura at a cost of US$ 14.90 million under an Indian LOC.

The upgradation of the from Maho to Anuradhapura on the mainline is the second phase of a Line of Credit project for track rehabilitation from Maho- Omanthai (128Km) which was undertaken by an Indian Public Sector company, IRCON, under an Indian Line of Credit (LOC) of USD 318 million, the Indian High Commission in Colombo said in a statement.

The cost of the entire project is US$ 91.27 million of which the second phase of rehabilitation from Maho-Anuradhapura is scheduled to be completed in a period of six months, it mentioned.

Minister of Transport Bandula Gunawardena expressed gratitude to India for the support extended to Sri Lanka, especially in the transport sector. Appreciating the work carried out by IRCON in Sri Lanka in the past few years, he also called for greater Railway cooperation between the two countries.

The High Commissioner expressed happiness that as a long-standing development partner of Sri Lanka, India had executed projects for development and rehabilitation of Sri Lanka’s Northern and Southern Railway line over the past several years, in line with the priorities and requirements of the Government of Sri Lanka.

He underscored the importance of modernization of Railways in enhancing mobility of goods and services in Sri Lanka thereby boosting economic activity.

India’s public sector company, IRCON, started its operations in Sri Lanka in March 2009 and has contributed towards modernization of Sri Lanka Railways by reconstructing the entire railway line network in Northern Province (253 Km) and upgradation of Southern line (115 km).

It has also contributed to ensuring safety and reliability through a modern signaling & telecommunication system on 330 km stretch of Railway line, it added.

Furthermore, the Indian High Commission in Colombo mentioned it is notable that India’s support to Sri Lanka under its various LOCs has continued despite the debt standstill announced by the Government of Sri Lanka in April 2022.