A delegation from the Australian Border Force led by the Commander Joint Agency Task Force Operation Sovereign Borders of the Royal Australian Navy (RAN), Rear Admiral Justin Jones called on Commander of the Navy, Vice Admiral Priyantha Perera at the Navy Headquarters in Colombo yesterday (10).

During the ensuing discussion, they exchanged views on matters of bilateral importance, focusing on the efforts of the Sri Lanka Navy and Australian Border Force in stopping illegal people smuggling by boat to Australia as well as public awareness programmes being held in this regard. The cordial discussion drew to a close with an exchange of mementoes as a gesture of goodwill and cooperation.

In the joint media release issued by the Australian Border Force, Sri Lanka Navy and Sri Lanka Police, Commander of the Navy said people were still being lured to part with their hard earned savings and falsely believe that an illegal maritime journey will work. That was why educating communities on both the pitfalls as well as the legal pathway is vital to stemming the flow, he further added.

The Defence Adviser at the High Commission of Australia in Colombo, Captain Ian Cain, Deputy Chief of Staff of the Navy and Director General Operations, Rear Admiral Pradeep Rathnayake and a group of senior officers from the Navy Headquarters were also present on this occasion.

Source: SL Navy

COLOMBO, July 10 (Reuters) – Sri Lanka is likely to discuss energy, power and port projects during a presidential visit to New Delhi next week, the foreign minister said on Monday, as India tries to push forward stalled initiatives with its crisis-hit neighbour.

India’s support was critical for Sri Lanka last year after it almost ran out of dollars and sank into a financial crisis that left it struggling to fund essential imports including fuel and medicine.

India provided about $4 billion in rapid assistance between January and July in 2022, including credit lines, a currency-swap arrangement and deferred import payments, and sent a warship carrying essential drugs for the island’s 22 million people.

Sri Lanka will now focus on grid connectivity between the two countries, port development and renewable energy projects, largely in the northern part of the island, when President Ranil Wickremesinghe visits India from July 21 for two days, Foreign Minister Ali Sabry told reporters.

“Trincomalee energy-hub development, port development, possible refinery – basically we are discussing with India,” Sabry said, referring to a strategically important natural harbour on Sri Lanka’s northeast shore.

“We are now continuously reviewing the progress and finding ways to fast track those, if possible.”

The two countries want to expand and develop the Trincomalee harbour into a major port.

Regional rivals India and China have long battled for influence in Sri Lanka, which is strategically located in the Indian Ocean.

Sabry said both China Harbour Corp and Sinopec (600028.SS) were keen to invest in Sri Lanka. Sinopec has already been short-listed for a $4 billion refinery near southern Sri Lanka’s Hambantota port.

Sri Lanka is in talks with both countries to renegotiate its debt after defaulting last May. Sabry said the talks were making good progress.

“The idea is to conclude all these things by September and to officially come out of bankruptcy and start repayments,” he said.

Source: REUTERS

By: Isuru Parakrama

Colombo (LNW): An extraordinary gazette has been issued on the petroleum products licensing regulations for the import, export, selling or supplying petroleum products in Sri Lanka.

The gazette was declared by Power and Energy Minister Kanchana Wijesekara, in compliance with Section 07 of the Petroleum Products (Special Provisions) Act, No. 33 of 2002 read with Sections 05 and 06 of that Act on the advice and recommendation of the Committee appointed under Section 03 of that Act.

Accordingly, these regulations shall apply to an applicant and any person or body of persons issued with a licence under these regulations to import, export, sell, supply or distribute petroleum in the country under Section 05 of the Act.

The regulations are cited as the “Petroleum Licensing Regulations No. 01 of 2023.”

By: Staff Writer

Colombo (LNW): The Government is taking every possible step to attract more foreign direct investment into the country lobbying Indian investors to start joint ventures in the island.

Sri Lanka is expecting foreign direct investment inflows to rise by a fifth to US$1.3 billion this year, a government official said with India likely to play a lead role despite the Sri Lankan economy facing its worst crisis in decades.

Continuing his discussions with senior Indian private sector figures, Sri Lanka’s High Commissioner to India Milinda Moragoda held a meeting in New Delhi with the Federation of Indian Chambers of Commerce and Industry (FICCI) President Subhrakant Panda.

Panda, who is also the Managing Director of Indian Metals & Ferro Alloys Ltd. (IMFA), India’s foremost fully integrated producer of value-added ferro chrome, engaged in fruitful discussions with High Commissioner Moragoda.

Panda and the High Commissioner of Sri Lanka discussed a range of issues pertaining to possible cooperation between FICCI, Trade Chambers in Sri Lanka and the Sri Lanka High Commission.

The High Commissioner provided Panda with an update on the assistance provided by the Indian Government during the economic crisis.

Moreover, he underscored Sri Lanka’s current state of readiness to embrace large-scale investment from India. Panda shared valuable insights into FICCI’s rich history spanning 96 years, highlighting its vast network that encompasses not only India’s largest companies but also small and medium-sized enterprises (SMEs).

Both parties recognized the significance of targeted sector-specific investments, aiming for greater integration with the Indian economy. It was agreed to engage with Sri Lankan trade chambers and the High Commission to take this initiative further.

Although FDI inflow was pushed to the brink last year by power cuts, chronic shortages of fuel and food and soaring inflation, Sri Lanka managed to raise its FDI by 38% to $1.08 billion, data from the Board of Investment (BoI) showed.

Part of the bump came from India, which wants to keep China’s expansion in its neighbour in check. India’s Adani group signed up for two wind power plants worth $442 million last year.

In the first quarter, Sri Lanka has already received proposals worth $600 million, said BoI Director General Renuka Weerakone, with 22 new projects and six expansions.

“The acid test is really in what comes in, that is what really helps the economy,” she disclosed.Sri Lanka is banking on information technology, solar and wind, bunkering and mineral processing to attract investments.

India’s MCS Group has signed a $20 million deal for mineral processing, the largest Sri Lanka has received so far in 2023, Weerakone said.

“Japan is very interested in minerals, so is China,” she said. “The raw material we have is something we can really pitch to get new investments.”

Sri Lanka has untapped deposits of graphite, phosphate and other minerals to attract investors but policy frameworks are yet to be updated, creating a bottleneck for FDI, Weerakone added.

Over the last decade, China has invested about $3 billion in Sri Lanka, accounting for nearly a quarter of its FDI, while India made up about $1.3 billion. In the last two years, India took the lead, followed by the United Kingdom in 2022 and Netherlands in 2021.