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Young Entrepreneurs to boost bilateral trade ties between SL and Egypt

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By: Staff Writer

Colombo (LNW): Young Lankan Entrepreneurs has taken measures to boost bilateral trade ties between Sri Lanka and Egypt to an ambitious target of $ 40 million by 2024. 

The Chamber of Young Lankan Entrepreneurs (COYLE) recently convened a special forum uniting key stakeholders to deliberate on strategies to boost bilateral trade ties between Sri Lanka and Egypt to achieve  this ambitious target. 

The focus of the forum held in July revolved around COYLE’s commitment to nurturing trade links with Egypt, highlighting the potential for mutual prosperity and underlining its dedication to nurturing robust commercial connections between the two countries.

Notable attendees included the Ambassador of the Arab Republic of Egypt to Sri Lanka Maged Mosleh, and Egyptian Assistant Foreign Minister for Asian Affairs Ayman Kamel.

Egyptian Ambassador Mosleh commended COYLE’s proactive approach to strengthening trade relations and emphasised Egypt’s keenness to expand trade and commercial partnerships with Sri Lanka. His sentiments aligned seamlessly with COYLE’s mission to promote mutual growth and facilitate robust economic cooperation between the two countries.

An integral point of discussion centred on revitalising the export of Ceylon Tea to Egypt. In the past, Ceylon Tea held a dominant position in Egypt’s market, but over time, it faced stiff competition from players representing other countries.

This combined with collective shortcomings on both sides unfortunately led to Ceylon Tea losing its market-leading position in Egypt. Thus, COYLE emphasised the need to regain Ceylon Tea’s market leadership and called for collaborative efforts between Sri Lanka and Egypt to accomplish this feat, a call that was enthusiastically supported by the Egyptian delegates.

According to the Export Development Board (EDB), Egypt stands as one of the top 50 destinations for Sri Lankan exports, amounting to $ 31.27 million in trade in 2022.

Concurrently, Sri Lanka imported goods worth $ 13.34 million from Egypt during the same period, solidifying Egypt’s position as a noteworthy import source for the country.

In 2022, Sri Lanka’s major exports to Egypt included desiccated coconut, tea, rubber tyres and tubes, knitted fabrics, woven fabrics, men’s outerwear, transport equipment, defatted coconut, and packaging materials, showcasing the diverse potential for collaboration between the two nations’ industries.

The forum acknowledged historical trade ties between the two nations while addressing recent challenges faced by Sri Lankan exporters trading with Egypt. Payment-related issues were a significant concern, particularly for the tea industry.

The lack of formal trade agreements was also highlighted, prompting discussions on expanding trade potential through new trade pacts and agreements.

In response to the hurdles encountered in exports to Egypt, the EDB reported a decline of 13.41% in Sri Lanka’s exports to Egypt compared to the previous year, with imports from Egypt experiencing a 69.44% decline due to import restrictions imposed during the 2022 financial crisis.

COYLE expressed determination to reverse this trend and promote consistent bilateral trade growth, and this was welcomed by the Egyptian delegation, and accompanied by pledges to support this goal.

Sports Minister issues extraordinary gazette over offenses in Sports

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By: Isuru Parakrama

Colombo (LNW): Sports and Youth Affairs Minister Roshan Ranasinghe has issued an extraordinary gazette involving the appointment of a special investigation unit for the implementation of legal provisions of the Prevention of Offenses in Sports Act.

The appointment stands in effect for a period of three years.

Fatal accident on A9 Road kills three

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Colombo (LNW): Three people were killed and eight others were injured following a fatal accident on A9 road.

The accident occurred in the Panichchakulam area along the A9 road, when a van plying from Colombo to Jaffna hit a truck early this (15) morning, Police said.

The truck collided with the van had rear-ended another truck parked in front of it, according to Police.

The deceased were identified as residents of Mulleriyawa, Wellampitiya, and Jaffna, aged 38, 46, and 58, according to Police.

The van driver was arrested over the accident.

Main Line train trips delayed due to engine breakdown

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Colombo (LNW): Train trips on the Main Line are experiencing delays due to an engine breakdown of a Colombo-bound train in Bulugahagoda area in Gamapaha, announced the Sri Lanka Railways.

Regrets are expressed over the inconvenience occurred to the public.

SL all-rounder Wanindu Hasaranga to retire from Test Cricket

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Colombo (LNW): Sri Lankan all-rounder Wanindu Hasaranga has announced that he will be retiring from Test Cricket, but expressed his continuous commitment to white ball formats.

Hasaranga has reportedly informed of his decision to the Sri Lanka Cricket (SLC), citing his desire to focus on limited overs Cricket and contribute his best to the National Team.

The Sri Lankan all-rounder is aiming to prolong his career as a specialist in limited overs formats and hopes to serve the nation to the best of his abilities, according to reports.

PM Dinesh Gunawardena leaves for China

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By: Isuru Parakrama

Colombo (LNW): Prime Minister Dinesh Gunawardena yesterday (14) left Sri Lanka on a four-day official visit to China.

The Sri Lankan Prime Minster is set to attend the 7th China-South Asia Expo and the 27th China Kunming Import and Export Exhibition jointly hosted by the Chinese Ministry of Commerce and the Yunnan provincial government, as the Chief Guest.

The exhibition will be held from August 16 to 20 in Kunming, China, under the theme, ‘Solidarity and Coordination for Common Development’.

State Ministers Tharaka Balasuriya, Janaka Wakkumbura and Kanaka Herath, MP Yadamani Gunawardena and Prime Minister’s Secretary Anura Dissanayake will accompany the Prime Minister as the Sri Lankan delegation to the exhibition.

Harin reveals immediate adoption of fixed Tourism Policy resistant to political changes

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PMD: Minister of Tourism & Lands Harin Fernando stated that a Policy for Tourism that does not change when the Government or the politicians are changed to be urgently presented to the county.

The minister mentioned that the policy, which was prepared after extensive study by the experts in the field, has now been forwarded to the cabinet, and the way of its operation will be presented to the country in the next two weeks.

The Minister of Tourism & Lands Harin Fernando expressed these views while joining the news conference held at the Presidential Media Center today (14) under the theme “Collective Path to a stable country”.

The minister who further commented said:

With the correct economic program that President Ranil Wickramasinghe is taking to build this country, there is an awakening in the tourism sector today. Among the leaders who refused to take over the country, it must be said that it is a great pleasure to work with the president who fearlessly accepted the challenge.

Development of the tourism sector can be pointed out as a major approach to solve the dollar crisis in the country. There is a modest happiness about the progress made today compared to the state of the tourism sector a year ago. President Ranil Wickramasinghe is making a great contribution to uplifting the country’s tourism industry. We should promote it more.

Sri Lanka is a very beautiful country. But no one has yet understood the value of its beautiful. And this country is a treasure. We have not yet thought how to use it. The President’s plan is to bring about the necessary change in attitude.

Politicians who have ruled this country for the past 75 years are responsible for the situation this country suffers in present. But today a single person is implementing the necessary policies to move the country forward.

We have already implemented the necessary program to make Sri Lanka a beautiful destination for tourists. Also, in order to further increase the number of tourists, many practical problems related to the tourism sector need to be solved.

It is also expected to introduce a program in the future to reduce the existing traffic in places that have gained tourist attraction in the country. Also, a special program has been planned to ensure the safety of tourists together with the Ministry of Public Security.

A mobile application for the convenience of tourists and a formal program to prevent various irregularities faced by foreign tourists are also going to be implemented.

Also, we are on immediate working to prepare a policy for tourism. The tourism industry of the country needs a national policy that does not change when governments and politicians are changed. The country’s tourism policy cannot be changed just because the change of its minister. Therefore, after a long analysis, we have forwarded a new policy for tourism which was prepared by experts in the field to the cabinet. We will present the country how it will work, within the next two weeks.

The challenge we had so far was to bring tourists to Sri Lanka. Also, the challenge to be faced in the future is how to maintain the quality of the tourism industry. Employees in the hotel industry in Sri Lanka leave for foreign jobs as soon as they get their first service certificate. Then another person is hired for it. I observe this situation as a big problem in the hotel industry in this country. We are taking immediate steps to solve that and other problems in the field as well.

It has also been decided to hold an open short film festival on the beautiful places of Sri Lanka targeting tourists. It has been planned to select the best 10 short films through a jury consisting of experts in the field and give them financial rewards, as well as provide them with formal training. This program is planned to be held annually.

Aiming at the promotion of the tourism industry, the ultra-luxury hotel of the Hilton Hotel chain is scheduled to be opened by the President on the 19th in Yala area. Along with that, it is planned to launch a series of tourism advertising programs.

Sri Lanka Original Narrative Summary: 15/08

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  1. Former CB Deputy Governor W A Wijewardena expresses serious concern about potential social unrest arising when implementing IMF proposals, leading to “IMF riots”: notes these reforms burden the poor more than the affluent, making it likely that SL could face similar challenges: previously, Wijewardene was an ardent advocate of SL seeking an IMF programme.
  2. UNICEF Report states 3.9 mn Sri Lankans are moderately food insecure: over 10,000 households face severe food insecurity: about 2.9 mn children need humanitarian assistance to access life-saving nutrition, health, education, water & sanitation, protection, and social protection services: 62% of households adopt livelihood-based coping strategies such as withdrawing savings, borrowing money, and buying food on credit to access food.
  3. Former UN Expert on Foreign Debt and Human Rights Juan Pablo says Sri Lanka’s austerity measures could do more harm than good: also says historical evidence shows that such measures fail to lead to higher growth rates, increased employment, or reduced poverty: stresses need to look at other measures during an economic crisis.
  4. Treasury concedes there has been a “significant shortfall” in revenue performance this year: Treasury Secretary Mahinda Siriwardene instructs Govt institutions to adhere to the stringent expenditure control measures until further notice, as the Govt is still struggling for “various reasons”.
  5. Life-saving surgeries at the Hambantota General Hospital halted as the only anaesthetist at the hospital has gone abroad without permission from the Health Ministry: Government Medical Officers Assn says that during the year ended 31May’23, 274 specialist doctors & 842 graded medical officers have migrated.
  6. JVP-led NPP leader Anura Kumara Dissanayake says SL’s sovereignty & national security are in jeopardy as an Indian company will gain access to citizens’ personal data through a project to print digital national identity cards: reveals that arrangements have been made to award the project to the Madras Security Printing Company.
  7. State Finance Minister Ranjith Siyambalapitiya says the proposed Betting & Gaming Levy Bill and the Gambling Regulatory Authority will regulate lotteries, gambling, gaming, horse racing, betting shops and casinos: also says establishing this law cannot be done in a hurry.
  8. Analysts say SL’s Call-Money interest rate and Treasuries’ yields are now determined by the IMF’s Net International Reserve target for SL, not inflation: warn that Forex pressure will emerge quickly leading to the currency falling, if a “reserve collecting” central bank cuts interest rates based on an inflation index number.
  9. Opposition Leader Sajith Premadasa accuses the Govt of attempting to sell state-owned media channels: asserts such ‘erratic’ decisions must not be made.
  10. Organic fertilizer production at the Welimada Ulugalawatta Organic Solid Fertilizer Processing Center under the National Food Promotion Board, commences: arrangements said to have been made to export 5000 MT of solid organic fertilizer processed at this center, to a cultivation project currently being built in Dubai, every month: at the same time, Minister of Agriculture Mahinda Amaraweera says the decision to use 100% organic fertilizer in the country has completely destroyed the agricultural sector.

A few showers to appear in several areas: Mainly fair weather to prevail elsewhere

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By: Isuru Parakrama

Colombo (LNW): Except for a few showers in Western and Sabaragamuwa provinces and in Galle and Matara districts, mainly fair weather will prevail elsewhere over the Island, the Department of Meteorology said in its daily weather forecast today (15).

Fairly strong winds about (40-45) kmph can be expected at times in western slopes of the central hills, Northern, North-Central and North-Western provinces, and in Trincomalee, Hambantota and Monaragala districts, the statement added.

Marine Weather:

Condition of Rain:
Showers will occur at a few places in the sea areas off the coast extending from Colombo to Matara via Galle.
Winds:
Winds will be south-westerly and speed will be (30-40) kmph. Wind speed may increase up to (45-55) kmph at times in the sea areas off the coast extending from Hambantota to Pottuvil and Puttalam to Trincomalee via Kankasanthurai and Mannar.
State of Sea:
The sea areas off the coast extending from Hambantota to Pottuvil and Puttalam to Trincomalee via Kankasanthurai and Mannar may be rough at times. The sea areas off the coast extending from Puttalam to Hambantota via Colombo and Galle may be fairly rough at times.

Indo-Pacific Environmental Security Forum begins in Colombo

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The Indo-Pacific Environmental Security Forum (IPESF) 2023, co-hosted by the US lndo- Pacific Command (INDOPACOM), Sri Lanka Navy (SLN), and Sri Lanka Coast Guard (SLCG) commenced at Shangri-La Colombo today (14th August 2023). The inauguration of the forum, held in a dignified sequence, was graced by the U.S. Ambassador to Sri Lanka, H.E. Julie Chung, Senior Adviser to the President on Climate Change, Mr. Ruwan Wijewardene, Chief of Defence Staff, General Shavendra Silva, Commander of the Navy, Vice Admiral Priyantha Perera and a host of distinguished invitees.

The four-day forum (from 14th to 17th August) is also attended by senior military personnel and top-level environmentalists in the Indo-Pacific region. The 12th edition of Indo-Pacific Environmental Security Forum will include presentations, panel sessions, and group activities to share lessons learned and best practices among environmental security stakeholders.

The first day of the forum focused on the theme ‘Climate Change and Security’ where the stakeholders exchanged views on developing actionable plans to address environmental security challenges. In the remaining days of IPESF 2023, the participants will continue to hold discussions under the themes of Maritime, Ocean and Water Security, Impacts of Urbanization and Land Security and Building National and Regional Resilience.

More than 140 senior officers from defence forces and top-level environmentalists from 28 countries in the Indo-Pacific are also taking part in this year’s Indo-Pacific Environmental Security Forum. Meanwhile, at the directives and guidance of the Commander of the Navy, the Sri Lanka Navy and Sri Lanka Coast Guard have made arrangements in place for the successful conduct of the event, in close coordination with INDOPACOM.

Source: Sri Lanka Navy