In a bid to rejuvenate its domestic economy, the Sri Lankan government has unveiled a multifaceted growth strategy that emphasizes two pivotal elements: expanding supply capacity and broadening market access. This comprehensive approach is geared towards driving economic recovery and growth in the nation.

Key aspects of this economic strategy include strengthening ties with traditional export destinations, such as the USA and the EU/UK, and deepening integration with regions in South Asia, South East Asia, and East Asia. Bilateral trade agreements play a crucial role in this strategy, with existing agreements in place with South Asian partners like India and Pakistan. Furthermore, Sri Lanka benefits from regional trade pacts, such as the South Asian Free Trade Area (SAFTA) and the SAARC Preferential Trading Arrangement (SAPTA).

Sri Lanka is actively involved in Preferential Trade Agreement (PTA) negotiations with Bangladesh, focusing on trade in goods. These negotiations, initiated in June 2021, are progressing through multiple rounds of discussions and aim to boost bilateral trade.

The country is also set to enter the 12th round of negotiations for the Economic and Technology Cooperation Agreement (ETCA) with India, a comprehensive agreement with a broader scope than the current India Sri Lanka Free Trade Agreement (ISLFTA).

Sri Lanka is expanding its engagement with ASEAN countries through Free Trade Agreements. The Sri Lanka Singapore Free Trade Agreement (SLSFTA) with Singapore is already in effect, and negotiations with other ASEAN nations like Thailand and Indonesia are underway.

In addition, discussions with China to establish a Free Trade Agreement have seen six rounds of negotiations, with the goal of gaining market access for Sri Lankan products in China.

Sri Lanka is also progressing towards joining the Regional Comprehensive Economic Partnership (RCEP) Agreement, the world’s largest Free Trade Agreement, highlighting its commitment to global economic integration.

These trade agreement negotiations are overseen by the National Trade Negotiation Committee (NTNC), appointed by the Cabinet. The NTNC, led by the Chief Negotiator of the Office of International Trade, comprises senior-level officers from various government departments and institutions, supported by subcommittees representing relevant ministries and departments.

These comprehensive trade initiatives are aligned with Sri Lanka’s vision of becoming a developed economy by 2048, in line with the government’s overarching goals for economic growth and prosperity.

Agriculture and Plantation Industries Minister Mahinda Amaraweera faces criticism over a smart project initiated by the Agriculture Ministry that allocated Rs. 38 million to restore a tank, specifically for water supply to a relatively small 1.5-acre paddy field in the Kurunegala district. The district’s farmers’ organizations have raised concerns about this expenditure, highlighting the dilapidated state of larger tanks that provide water for hundreds of acres of paddy fields in the same region.

Farmers’ representatives have pointed out that no consultations were conducted with relevant officials from the Agriculture Ministry, Regional Development Committees, or local farmers’ organizations regarding the restoration of the tank. Moreover, influential political figures in the area, who are attuned to the needs of the farming community, have echoed these concerns to Minister Amaraweera. They argue that renovating the tank without addressing the broader water supply issues in the region is impractical and a misuse of funds.

In response to the outcry, Minister Amaraweera has instructed project officials to ensure that initiatives funded by foreign sources must benefit the local population and not merely be extravagant endeavors. He emphasized the need for a more consultative approach, involving the input of local farmers, officials, and experts in the field, in order to make informed decisions on future development projects. The Minister also stressed the importance of fiscal responsibility, given that public funds are being utilized, and the obligation to repay funds received from foreign countries.

During the inauguration of a new fish store of the Ceylon Fisheries Corporation in Dunagaha, Divulapitiya, State Minister of Fisheries Piyal Nishantha de Silva revealed that the truth about fish imports to Sri Lanka would not only implicate middlemen but also some officials within the Fisheries Corporation. This move is part of an effort to enhance customer service and establish modern fish stores across the country.

State Minister de Silva emphasized that certain individuals within the Fisheries Corporation had been involved in financial fraud related to fish imports for a considerable period. The irregularities specifically pertain to the importation of thalapath, temporarily undertaken by the Fisheries Corporation, with the support of intermediaries.

The State Minister stressed the importance of safeguarding the Fisheries Corporation, fishermen, and consumers from such misconduct. The newly opened modern fish store in Dunagaha will provide customers with access to a range of fish, including mackerel, in addition to high-quality dried fish and Maldive fish, thus improving service quality and transparency in the industry.

In a recent conference held at the Narahenpita National Blood Transfusion Centre, Health Minister Dr. Ramesh Pathirana announced the allocation of Rs. 5.6 billion from the Treasury to settle essential payments for the supply of medicines. During the event aimed at addressing issues within hospitals and health institutions under the Health Ministry’s jurisdiction, the Minister also pledged to secure additional provisions for medicine supply over the next two months through a Cabinet memorandum.

Minister Pathirana emphasized his commitment to collaborating with the Treasury to clear outstanding bills owed by government hospitals and advancing the quality of healthcare services. He urged the support of all officials to successfully implement these initiatives.

The conference centered on critical matters such as the shortage of medical staff, drugs, and funding amidst the economic crisis, the introduction of the ‘Swasta’ data system, strategies to combat dengue outbreaks, and plans for improving maternal and child nutrition, primary health services, and medical staff training for foreign assignments.

The participants, including Provincial Health Service Directors, Hospital Directors, District Health Service Directors, and Health Ministry officials, resolved to devise short-term and long-term solutions to these issues. They also agreed to monitor progress in future conferences, ensuring the effective implementation of the proposed solutions.

An unidentified body was found in the Bolgoda River in Moratuwa. The individual is reported to be approximately 5 feet in height.

After conducting a preliminary investigation, the body has been transported to Kalubowila Hospital by the authorities. The police have initiated an investigation into this matter, and further details are expected to emerge as the inquiry progresses.

The Foreign Ministry of Sri Lanka has issued a travel advisory, urging Sri Lankan citizens to exercise extreme caution and refrain from traveling to areas affected by the ongoing conflict in the Middle East. In the wake of the current situation, the Ministry has recommended that Sri Lankans maintain constant communication with the Sri Lankan Missions in Tel Aviv (Israel) and Ramallah (Palestine) in case of any emergencies.

To provide immediate assistance and support, the Foreign Ministry has established two emergency hotline mobile numbers, which are administered by the Consular Affairs Division in Colombo. Sri Lankan nationals seeking assistance or guidance related to the Middle East conflict can reach out via these emergency hotline numbers: 0094711 757 536 or 0094711 466 585.

During regular office hours, the Consular Affairs Division of the Ministry of Foreign Affairs can also be reached via the following landline telephone number: +94 112 338 837, and inquiries can be sent through email to [email protected]. This advisory and the emergency contact information aim to ensure the safety and well-being of Sri Lankans affected by the conflict in the Middle East.

By: Staff Writer

Colombo (LNW): The police arrested a 54-year-old individual for operating a financial institution without the approval of the Central Bank of Sri Lanka and defrauding a staggering sum of Rs. 9.9 billion.

The suspect, who served as both the Director and shareholder of the firm, was taken into custody by the Financial and Commercial Crimes investigation on Thursday in Kandy.

Police said he is accused of misuse and money laundering. The Police Financial and Commercial Crime Investigation Unit is conducting further investigations.

Despite multiple warnings and awareness initiatives of the Central Bank on such fraudulent companies, public continue to invest in them for higher return on investments.