In a pioneering move, TikTok has unveiled a captivating campaign in Sri Lanka aimed at boosting awareness and understanding of its Community Guidelines. This ambitious initiative revolves around a series of interactive workshops specially crafted to enhance creators’ grasp of the platform’s guidelines. In line with its unwavering commitment to ensuring user safety and cultivating a vibrant online space, TikTok’s campaign underscores its dedicated endeavors in promoting secure content creation practices.

At the heart of TikTok’s effort lies its meticulous Community Guidelines, a comprehensive framework that delineates the rules and benchmarks governing platform usage. These guidelines, which remain adaptable to emerging trends and potential risks, equip TikTok to effectively counter evolving online behaviors. Impressively, the latest updates, implemented since April 21 of this year, have been meticulously refined through consultation with over 100 global organizations and TikTok community members.

In a strategic move, TikTok is joining forces with some of Sri Lanka’s most prominent content creators. These influencers will craft content to enhance awareness of the platform’s Community Guidelines. Under the banner of #SaferTogether, the campaign’s landing page will serve as a hub for the Sri Lankan TikTok community. Here, users can engage with videos created by their favorite content creators, who will delve into the significance of understanding these guidelines and the positive impact it can have on content quality.

Asma Anjum, TikTok’s Safety and Integrity Regional Lead for South Asia, emphasized, “Through this initiative, we aspire to equip our Sri Lankan community with a robust comprehension of our Community Guidelines. This comprehension is pivotal in fostering a secure and optimistic space on TikTok, where creators can freely express their creativity.” Anjum elaborated that the campaign aims to share indispensable knowledge and tools with creators, empowering them to produce enriching content while upholding community safety.

TikTok’s advocacy for artistic expression and diversity comes to the forefront in this campaign. It encourages users to celebrate their creativity while respecting cultural nuances and amplifying positive values. The platform remains resolute in educating its diverse community about the inherent importance of Community Guidelines, ensuring that each user comprehends the expectations set for a flourishing digital environment. TikTok’s dedication to providing users with the necessary resources to channel their creativity responsibly and spread joy while safeguarding the community’s well-being is palpable.

Acknowledging the collaborative essence critical to online safety, TikTok extends its gratitude to numerous organizations and creators worldwide. Their invaluable contributions have enriched the Community Guidelines, a testament to the collective effort required to uphold a secure digital sphere.

Government focus on providing a salary to pre-school teachers- State Minister of Women and Child Affairs Mrs. Geetha Kumarasinghe

The State Minister of Women and Child Affairs Mrs. Geetha Kumarasinghe emphasized that steps will be taken to provide formal training for pre-school teachers in order to boost early childhood development.

The state minister also pointed out that the government has focused on providing a salary for pre-school teachers as well.

These statements were made by the State Minister of Women and Child Affairs, Mrs. Geetha Kumarasinghe, during her participation in a press conference at the Presidential Media Centre (PMC)  August (25) under the theme ‘Collective Path to a stable country’.

State Minister of Women and Child Affairs Geetha Kumarasinghe further said;

The government has paid more attention to the health of the children. Also, efforts are being made to raise the nutritional status of children. The government has already taken steps to launch a special nutrition program for children diagnosed with malnutrition. The government is also working to provide money to low-income families suffering from malnutrition to enable them to get nutritious meals. Arrangements have been made to provide financial assistance to identified families through the divisional secretaries located throughout the island.

Running pre-schools should be subject to certain regulations. The initial mental state of children is created by preschools. No one cares much about early childhood. That is why the government has decided to provide formal training to pre-school teachers. As in countries like Japan and Switzerland, the training level of preschool teachers should be brought to a higher level. It is also necessary to send them to such countries and provide them with proper training.

When starting a pre-school, it should be done under a legal framework. The pre-school teacher should be a graduate. They require their own specialized training. Some preschools have teaching assistants. Maybe that assistant was someone who had appeared for the regular exam. They have the experience of working with the head teacher for a long time. Therefore, we are negotiating with the Ministry of Education to provide them with good training as well as a salary. The mind of the teacher should be right. It also helps to increase the development of early childhood.

Some mothers leave their newborn babies on the streets. In other instances, they are killed. Do not do that. Give them to us. It is difficult to establish new child care centres based on the current economic situation. But attention is being paid to a system of taking care of children by creating separate places in government hospitals. Discussions are underway with the Ministry of Justice and the Ministry of Health in this regard.

Violence against women and child abuse in this country has risen to an alarming level. It has been suggested to conduct awareness programs on child abuse at the school level. When a schoolgirl or child is sexually assaulted, she hesitates to tell her parents. Maybe they will prefer to tell it to her best friend whom she trusts more. Therefore, schoolchildren should be consulted by programs on how to deal with this matter.

There are loopholes in the law regarding the abuse of women and children. Some women do not want to report such incidents to the police when they get abused. They feel ashamed when they go to present the complaint in public. In that regard, separate cubicles and women police officers have been deployed in every police station. Therefore, special attention and protection should be given to dealing with such women. Also, regarding the victimized women, the media should focus on acting under self-discipline in such a way that no one is prejudiced.

The previous program of providing nutritional support for pregnant mothers is being continued. Arrangements have been made to provide nutritional support to mothers registered in government maternity clinics. For this year alone, the government has allocated Rs. 11 million to provide nutritional support to pregnant mothers.

 A visionary ten-year plan encompassing two distinct phases of development strategies, aimed at positioning the region as a premier travel and leisure hub.

• Presidential Directive: Swift Resolution of Drinking Water Dilemma in Arugam Bay

• Urgent Measures to Address Land Title Challenges for Businesses

President Ranil Wickremesinghe has announced the swift implementation of a comprehensive plan to elevate the Arugam Bay tourist zone into a highly desirable destination for both local and international tourists, with the potential to generate substantial revenue.

The President emphasized the importance of meticulous planning in identifying areas that necessitate development, with the intention of executing these initiatives systematically. The President further highlighted the prospect of achieving significant income by promoting water sports such as water skiing, which holds popularity along the Arugam Bay coastline.

President Ranil Wickremesinghe conveyed these remarks during a meeting held tyesterday (25) with key stakeholders in the tourism industry within the Ampara district. The gathering brought together government officials and industry professionals, aimed at addressing pertinent challenges that have emerged within the tourism sector.

The President underscored that global reports predict tourism to contribute 10% of the global gross domestic product by the year 2035. He stressed that Sri Lanka should proactively prepare for this shift and highlighted the tourism sector’s potential to directly address the nation’s financial challenges.

President Ranil Wickremesinghe also outlined a two-phase development plan for the tourism industry in the Eastern Province, with the ambitious goal of completing it within the next decade.

Furthermore, during his ongoing tour of the Eastern Province, President Ranil Wickremesinghe conducted an inspection of Arugam Bay and Peanut Farm beaches in the Ampara district yesterday morning (25). The President personally assessed the areas’ shortcomings and engaged in cordial conversations with the tourists present there.

Following the site visit, President Wickremesinghe engaged in discussions with the local business community to gain insights into the challenges faced within the tourism sector in the area. This comprehensive engagement reflects the President’s commitment to actively addressing the needs and potential of the Eastern Province’s tourism industry.

In the process of developing the Arugam Bay Coastline into a prominent tourist destination, a proposal was put forth to relocate the existing fishing port to an alternative location, equipped with necessary facilities for fishermen. This proposal was conveyed to the President by Member of Parliament Mr. W.D. Weerasinghe. In response, the President emphasized the urgency of transforming this region into a dedicated tourism area while taking swift action on the proposal. 

Furthermore, the President’s attention was drawn to the challenges arising from the absence of permanent property deeds for business premises within the local tourism industry. President Ranil Wickremesinghe stressed the importance of promptly submitting a comprehensive report detailing these issues, with an expectation for viable solutions to be presented.

Another key concern addressed was the availability of drinking water for both business establishments and visiting tourists in the area. Recognizing that the construction of the proposed ‘Hada Oya’ drinking water project might take several more years, President Wickremesinghe directed officials to explore the installation of establishing water treatment plants at existing natural water sources, with assistance from the Navy to address these multifaceted challenges in the pursuit of transforming Arugam Bay as a premier tourist destination while ensuring the well-being of the local community and visiting tourists.

President Ranil Wickremesinghe emphasized the following points:

“Reflecting on the previous year, our nation faced an economic collapse that led us into a state of indebtedness. Thanks to well-executed government initiatives, we managed to avert bankruptcy this year, but the responsibility of repaying these debts remains. Additionally, foreign exchange is pivotal for propelling the country’s progress. Hence, maintaining a favourable trade balance is imperative; otherwise, we risk encountering another economic crisis in a decade due to escalating debt.

To counter this potential scenario, we have devised a novel program. Notably, substantial focus has been directed towards the Eastern Province, with a particular emphasis on the Trincomalee district’s development. In this endeavour, we have secured support from India for advancing the Trincomalee district.

Our plan encompasses harnessing the land portion of the left bank of the Mahaweli zone to facilitate development activities. This includes the establishment of a sizable investment zone spanning approximately a thousand acres. It’s crucial to highlight that, concurrent with the tourism industry’s advancement, an agricultural modernization scheme and a development project for the fishing industry are being formulated to elevate these industries’ prospects.

Moreover, a primary objective is to enhance the living standards of the Ampara district’s people, a region inhabited by economically disadvantaged individuals. This has been a key focus, driving the modernization of both the fishing and agricultural sectors in Ampara. The target of achieving a rice yield of at least 7 to 8 metric tons per hectare is set, with corresponding initiatives in animal husbandry being enacted in the province as well.

In the forthcoming decade, a concerted effort is being directed towards elevating the annual tourist influx from 2.5 million to 5 million initially, followed by a subsequent surge to 10 million visitors. Global projections underscore that by 2035, a significant 10% of the global GDP will be attributed to the tourism sector. Hence, nations must take heed of their contribution to this economic trend.

In line with this, a robust initiative seeks to attract no less than 10-20 million tourists annually to this region. The formulation of a comprehensive strategy to levy fees of $300 or $500 per day per tourist is in progress, aimed at materializing this goal within the Eastern Province.

Presently, the landscape of tourism exhibits distinctive features. A segment of tourists gravitates towards these provinces. Nurturing activities such as water skiing, which holds substantial tourist allure, becomes pivotal.

The complete transformation of this entire region into a dedicated tourist hub is a primary objective. Concurrently, the urban and rural development endeavours must continue to advance. It is imperative to distinguish between the advancement of tourism and the enhancement of people’s livelihoods.

A pivotal focus is directed towards the enhancement of the Ampara bus stand. Strategic arrangements must be crafted to facilitate tourists’ multi-day visits to the Ampara district. Furthermore, a holistic approach should be adopted to render the entire country an enticing destination for tourists. Diligent endeavours are underway to bolster revenue from the burgeoning tourism sector.”

Member of Parliament Mr. W.D. Weerasinghe

Discussing the issue of the fishing pier located at the entrance to Arugam Bay beach, an enduring historical concern has been raised. It’s noteworthy that as far back as 1987, the late President Mr. J.R. Jayawardena also deliberated on the potential removal of this structure. However, despite these considerations, the effort to address this matter, unfortunately, did not materialize.

Additionally, swift resolutions are sought for the challenges faced by individuals engaged in the tourism sector. In this context, the Honourable President Wickremesinghe convened a comprehensive discussion today involving officials from various institutions, including the Ministry of Environment, Department of Coastal Conservation, Department of Forest Conservation, and Department of Wildlife. We hold confidence in the President’s expert understanding of these complexities, and we anticipate the provision of appropriate solutions to these issues.

Member of Parliament Mr. S.M.M Musharraf, 

In the current discussion, I wish to emphasize that a comprehensive breakdown of President Wickremesinghe’s developmental vision for the area is superfluous. His profound understanding of these intricacies has become apparent, particularly following his first-hand exploration of Arugam Bay and Peanut Farm earlier today.

As the President continues to lead the nation’s development agenda, it becomes evident that his stewardship might need to extend over a prolonged period, possibly spanning 10 to 15 years. We steadfastly believe that successful development frequently hinges on the willingness to make difficult choices. The President is now actively implementing these crucial strategies and plans.

Member of Parliament Mr A.L.M. Ataullah

Our nation is graced with a wealth of historical heritage and natural magnificence that transcends provincial boundaries. Every region contributes its unique intrinsic value, endowed with distinct resources. Hence, the Eastern Province possesses the potential to significantly bolster the country’s economic foundation.

It is essential to acknowledge the profound value of our nation. By crafting solutions for its challenges and crafting policy decisions, we can navigate the path toward exceptional progress. We repose our trust in the President’s seasoned political intelligence to lead this charge.

Preserving antiquities as a shared heritage, encompassing all individuals born within this nation, is paramount. Equally, safeguarding the forest ecosystem necessitates a meticulous, well-devised strategy.

The event was attended by Senior Advisor to the President on National Security and Chief of Presidential Staff, Sagala Ratnayaka Eastern Province Governor Senthil Thondaman, and other officials.

Colombo (LNW): A Dutch cultural delegation is scheduled to visit Sri Lanka from August 27 – 31 to sign the legal document transferring the ownership of the cultural artifacts that will be returned to the island nation later this year.

The delegation will be led by Gunay Uslu, the State Secretary for Cultural and Media in the Netherlands.

The official delegation will consist of Barbera Wolfensberger, Director General Culture and Media in the Netherlands; Lilian Gonçalves-Ho Kang You, Chairperson of Dutch Colonial Collections Committee; and Dr. Alicia Schrikker, a Member of the Committee.

The objects planned to be returned include the famous Lewke’s canon, two Gold kastanes (ceremonial swords), a Sinhalese knife, a Silver kastane and two guns.

(A 1765 cannon looted from Sri Lanka displayed at the Rijksmuseum in Amsterdam, Netherlands)

The Embassy of the Kingdom of the Netherlands in Colombo said the visiting State Secretary is expected to meet with the senior officials of the Sri Lankan government to mark this historic moment.

The legal transfer of ownership will be signed at the Ministry of Buddhasasana, Religious & Cultural Affairs of Sri Lanka on August 28 (Monday). The delegation will visit a few places with religious and Dutch historic value in Sri Lanka.

With regard to the return of cultural artifacts, the embassy said the Netherlands, while acknowledging both the tangible and intangible heritage of Dutch colonial times in Sri Lanka, is critically looking at its own role in history.

In 2021 the Dutch government approved the policy for the return of cultural heritage objects that are in the possession of the Dutch State. The indigenous populations of colonial territories were served an injustice through the involuntary loss of objects that formed part of their cultural heritage, says the Dutch government.

Therefore Dutch government is keen to help rectify this historic injustice by returning cultural heritage objects to their country of origin and by strengthening international cooperation in this area, the embassy said further.

In December 2022, the Dutch government appointed an independent commission, the Advisory Committee on the Return of Cultural Objects from Colonial Context, chaired by Lilian Gonçalves-Ho Kang You, to assess and facilitate the return of colonial objects to their respective countries of origin.

At the request of Sri Lanka, this committee decided in July this year to advise to return 6 objects of cultural significance that were wrongfully brought to the Netherlands during the colonial period.

In 2021, researchers from both countries studied the provenance (background) of these objects extensively. In 1765, these items were taken as loot by the Dutch from the Kandyan Kingdom during the siege of the Palace.

The embassy said the people of the Netherlands feel a moral obligation to return looted or otherwise wrongfully acquired objects to their rightful owners.

“Righting the wrongs of the past is needed to heal the historic wounds. The return process is expected to form the basis for further cooperation between the two countries and the cultural institutions concerned.

The cooperation will mainly be focused on the exchange of technical expertise, knowledge sharing and education.”

Srilanka Board of Investment goes digital, looking at targeted initiatives to get from $ 1 billion in 2022 to $ 2 billion in 2023 by attracting 100 technology services companies with a new product, and a targeted programme to get 50 existing BOI companies to reinvest.

The Board of Investment (BOI) has launched a Virtual Help Desk at the World Trade Centre, Colombo 1 as part of its digital transformation strategy to digitise key customer touch points.

The BOI is also moving towards digitising the application process to cut back on the days needed for a project to be approved. Several other initiatives include an Employment and Banking Guide.

The aim is to improve the information flow and make it easier for potential investors, including the launch of a BOI mobile application.

The hallmark of the FDI destination is to create an investor-centric customer service design. The need for such a design will serve the multifaceted needs of investors.

Further, it will lead the system to the next level amidst Industry 4.0. The application of AI, Machine Learning leads to big data analysis, and Cyber manufacturing with the Internet of Things (IoT) brings smart factories, smart agriculture, and autonomous transportation which has become the new normal in today’s context.

Hence the data-driven connectivity-enabled business ecosystem will be the gold standard for doing business. The journey of digitization creates a much-needed business ecosystem that attracts the correct type of FDI to the country.

The Board of Investment (BOI) as the apex organization of investment promotion in Sri Lanka is the advisor, guide, and facilitator to every investor looking to make a home in Sri Lanka.

The first point of contact for global and local companies whom we handhold from the day they start exploring Sri Lanka as an investment destination. Therefore, we make every move in the interest of efficacy so that those who interact with the BOI, can do business with ease.

The BOI embarked on its Digital transformation amidst the pandemic and the solution for less human contact aims at a paperless documentation platform where any enterprise registered under the BOI can submit relevant documents electronically without a visit to the BOI office physically.

The sole objective of this system is to provide a speedy service to our valued enterprises where processes and procedures have been simplified and streamlined. The system is open to both local and foreign enterprises who aspire to embark on an investment journey with the BOI.

The system comprises six categories. Under the first category, enterprises/Customs House Agents (CHA) can electronically submit import and export Customs Declarations (CUSDECS) along with shipping documents to the BOI computer system (Asycuda Customs Computer System.

The second category, which is a Risk Management initiative and auto validation system, automatically validates relevant BOI compliances. When the CUSDEC is submitted to the system by CHA, it is confirmed to BOI by BOI enterprises through the web portal.

Automation of import of chemicals by the BOI enterprises, which is the third category, oversees the import of chemicals and quantities by the BOI enterprises while the submission of annual requirements of chemicals with quantities is updated electronically to the web.

The Department of Meteorology has issued a heat advisory, cautioning the public about an anticipated increase in the heat index – the perceived temperature experienced by the human body – to a ‘Caution’ level in certain areas of the North-central and Eastern provinces.

To ensure the safety and well-being of the public during this period of heightened heat, the Department has provided the following instructions:

1. Job sites: Stay well-hydrated and take frequent breaks in shaded areas to prevent heat-related stress.
2. Indoors: Be sure to check on the elderly and those who are unwell, as they are more vulnerable to extreme heat.
3. Vehicles: It is crucial to never leave children unattended in vehicles, especially during hot weather, to avoid potentially dangerous situations.
4. Outdoors: Minimize rigorous outdoor activities, seek shelter in shaded spots, and maintain proper hydration to prevent heat exhaustion or heat stroke.
5. Dress: Opt for lightweight and light-colored clothing to help reduce heat absorption and stay cooler.

In light of the ongoing arid weather conditions, the Disaster Management Centre has reported that the number of people affected has risen to 280,230. It is important for individuals and communities to stay vigilant, follow safety guidelines, and take necessary precautions to safeguard themselves and others from the adverse effects of extreme heat and dry conditions.

By: Staff Writer

Colombo (LNW): Sri Lanka’s private sector credit growth has been on the decline due to expectations of market interest rates falling, Central Bank report revealed.

It has come down to Rs 7,094.5 billion in June comparing to Rs.7714.2 billion in the same month last year, latest CB statistics shows.

Despite reduction in the central bank’s key policy rates and this month’s Commercial Bank’s Statutory Reserve Ratio (SRR), the private sector credit growth has still been on the decline.

The last available official data showed the year-on-year private sector credit growth contracted 8 percent in June following a 9.5 percent contraction in the previous month.

“The month-to-month changes are difficult to explain. Probably when the interest rates are coming down, still the expectation is that the rates are to come down further,” CB Governor Weerasinghe said.

The central bank held the key policy rates steady while announcing some reduction for the rate on pawning facilities, pre-arranged temporary overdrafts, credit cards, and penal interest rates to push the market interest rates down.

The central bank changed its tight monetary policy stance to an easing from June this year, aiming to spur a faltering economy with contraction. The central bank has estimated a 2 percent contraction this year.

The island nation has mostly seen contractions on a quarterly basis since it declared sovereign debt default in April 2022.

Though the central bank has reduced its monetary policy rates, the market lending rates are still high, analysts say. The central bank’s latest move to reduce some rates including on credit cards and pawning come as an effort to slash the market lending rates and boost the private sector credit.

“There may not be a significant demand for credit yet. When the expectation is for interest rates to come down further… the businesses would not start borrowing more and it’s only repricing the old loans into new loans that’s what is happening,” Weerasinghe said.

“It is too early for us to see the trend but (we) can see the decline of credit has probably turned around.

We will have to wait and see what the next month’s credit is. I think because of the expectations of interest rates coming down further, we may not see a significant expansion in private sector credit, he pointed out.

The State Trade Corporation (STC) has affirmed the government’s commitment to continue importing eggs as part of its strategy to alleviate the scarcity of eggs in the domestic market.

Asiri Walisundara, Chairman of the STC, stated that the decision to import eggs has proven effective in mitigating the shortage and ensuring a consistent supply. The STC, in line with a directive from the Cabinet, has been actively engaged in importing egg shipments to cater to the daily demand of 1 million eggs.

Walisundara further highlighted that the STC has obtained approval to carry out egg imports for the forthcoming three months, underscoring the government’s steadfast approach to addressing the supply-demand gap.

In an effort to tackle the shortage earlier this year, the Cabinet of Ministers granted authorization for the import of eggs from India. This move was aimed at alleviating the strain on the local market and ensuring a steady availability of eggs for consumers. The continuation of egg imports reflects the government’s commitment to sustaining a stable food supply and maintaining reasonable prices for essential commodities.

By: Staff Writer

Colombo (LNW): Central bank governor Nandalal Weerasinghe dismissed concerns over Sri Lanka purportedly failing to meet a number of commitments made to the International Monetary Fund (IMF) ahead of a September review, arguing that the authorities have made “good progress” in meeting quantitative targets.

Performance of the EFF arrangement will be monitored in terms of a comprehensive mechanism that comprises Quantitative Performance Criteria (QPCs), Continuous Performance Criteria (CPC) related to external arrears and Article VIII obligations, Indicative Targets (ITs), and the monetary policy consultation clause.

The first review of the IMF programme is set to take place from September 14 to 27 and will consider the programme’s performance until end-June.

If the IMF is satisfied with the progress of the programme, the executive board will approve a disbursement of roughly 338 million US dollars as the next tranche of the 2.9 billion-dollar EFF.

Responding to a question at a press conference on Thursday August 24, Weerasinghe said reports tracking the progress or lack thereof of Sri Lanka meeting its commitments to the IMF in exchange for a 2.9 billion-dollar extended fund facility (EFF) were largely based on inaccurate information.

Colombo-based private think tank Verité Research said on August 21 that Sri Lanka had verifiably met 35 of the trackable programme commitments of the IMF programme as of the end of July 2023, but had failed seven, according to the institute’s ‘IMF Tracker‘ online tool.

Though there will be an IMF mission arriving in Sri Lanka in September to assess the progress of the programme, it is not the deadline for all targets, according to the central bank chief.

“Structural reforms such as the recently passed central bank act are also being met, he said.

“So probably this assessment of this institution should be based on that kind of analysis. I’m sure knowledgeable media people will not be misled by that kind of statement.

With regard to domestic debt restructuring, Weerasinghe said both the government and central bank will make note of developments.

“There could be delays in implementation, but that doesn’t mean the direction we’re moving in has been reversed. [It may be] at a slower pace but still the commitment is to meet all the commitments by the completion of the first review,” he said.

The first review of the IMF programme is set to take place from September 14 to 27 and will consider the programme’s performance until end-June. If the IMF is satisfied with the progress of the programme, the executive board will approve a disbursement of roughly 338 million US dollars as the next tranche of the 2.9 billion-dollar EFF.

The Ministry of Foreign Affairs has announced that the 5th Round of Bilateral Political Consultations between Sri Lanka and Thailand is scheduled for August 28, 2023. This significant diplomatic engagement will take place at the Ministry of Foreign Affairs in Colombo.

Chaired jointly by Aruni Wijewardane, the Foreign Secretary of Sri Lanka, and Sarun Charoensuwan, the Permanent Secretary for Foreign Affairs of Thailand, the consultations aim to comprehensively review the state of bilateral relations between the two nations. The discussions will encompass various domains of cooperation and mutual interest, including politics, trade and investment, defense, culture, and tourism.

This engagement marks the continuation of diplomatic efforts to enhance and strengthen the relationship between Sri Lanka and Thailand. The previous round of Bilateral Political Consultations took place on February 28, 2018, in Colombo, and this forthcoming round is expected to build upon the progress made and explore new avenues of collaboration.

The consultations provide a valuable platform for both countries to assess their ongoing cooperation and strategize on areas of common concern, fostering a deeper understanding and reinforcing the bond between Sri Lanka and Thailand.

By: Staff Writer

Colombo (LNW): Colombo Port City Commission has received the parliamentary approval for its proposal to implement a comprehensive incentives programme in consultation with the Minister of Investment Promotion, with the guidelines for granting exemptions or incentives to businesses designated as Businesses of Strategic Importance (BSI).

This was a significant milestone in its journey, to transform the Colombo Port City into a globally competitive special economic zone (SEZ) Port City Commission sources revealed.

The Commission aims to attract global investors, promote economic stability, and position Sri Lanka as a leader in service exports. In accordance with the Act, the Commission identified businesses important for the success of the Colombo Port City to be designated as a BSI and recommended exemptions or incentives from the scheduled statutes of the Act.

To offer a competitive value proposition to potential investors, the Commission engaged with top international advisory firms such as PricewaterhouseCoopers, Ernst & Young, KPMG, and Boston Consulting Group for international benchmarking of selected factors.

These collaborations resulted in a proposed framework that establishes Colombo Port City as a globally competitive SEZ with transparent regulations and good governance principles, along with proposed sector incentives.

Businesses of Strategic Importance in Colombo Port City are classified into two groups: One is the “Primary Businesses of Strategic Importance” and the other “Secondary Businesses of Strategic Importance”.

Primary businesses involve the development of physical infrastructure of USD 100 million per land plot or USD 25 million in the Marina or Social Infrastructure. Secondary businesses encompass sectors such as international trade, shipping logistics, banking and financial services, information technology, and tourism, among others.

For “Primary Businesses of Strategic Importance,” two optional incentive schemes are available.

Scheme A offers exemptions or incentives from relevant enactments for 25 years, along with 50% off the prevalent corporate tax rate for 10 years after the initial 25-year period.

Scheme B provides an enhanced capital allowance of 300% on depreciable assets used within Colombo Port City, with deductions allowed for up to 40 years. All Authorized Persons thus qualified must select their preferred structure at the outset.

For “Secondary Businesses of Strategic Importance”, there are 04 alternatives of eligibility criteria for receiving the incentives or exemptions.

The criteria laid out are revenue, employment creation, projected enterprise valuation growth or a significant contribution to enhancing social development in Sri Lanka and creating an international financial centre within Colombo Port City.

Secondary Businesses of Strategic Importance will be eligible for exemptions or incentives from scheduled statutes of the Act for 25 years.

The Colombo Port City Economic Commission is the focal point, for investors as the Single Window.

Investment Facilitator, creating a Business Enabling Environment within the Colombo Port City’s Multi-Service, SEZ, and is also committed to fostering a successful ecosystem that attracts global investment and drives sustainable development in Sri Lanka.