August 07, Colombo (LNW): Sri Lanka is gearing up to export Pharmaceuticals to Viet Nam as a major stride in tapping the East -Asian Market.

Ambassador of Sri Lanka to VietNam A. Saj U. Mendis, delivering the welcome remarks,at a  webinar on “Sri Lankan Pharmaceutical Industry” for Vietnamese pharmaceutical companies mentioned that although the pharmaceutical manufacturing in Sri Lanka is modest in its scale and scope when compared with VietNam, the quality of drugs produced in Sri Lanka is quite high.

 It is also adhering to the international standards such as ISO, WHO and EU GMP standards maintained by the industry, he said. .

Ambassador Mendis further stated that the Sri Lankan pharma companies are much eager and keen to associate, engage, form joint ventures, and to export to the Vietnamese market. 

He further noted that Viet Nam boasts a large pharma market in excess of US $ 10 billion and envisages it to reach $ 16 billion within the next couple of yeara. Mendis further added that Viet Nam is a rapidly developing economy, which could be described as amongst the fastest growing economies in the world, with a population of 100 million.

The Embassy of Sri Lanka in collaboration with Export Development Board (EDB) organised a webinar on “Sri Lankan Pharmaceutical Industry” for Vietnamese pharmaceutical companies a couple of days before the Medipharm Expo 2024 in Ho Chi Minh (HCM) city. 

This was organised in order to raise the awareness as well as the potential of Sri Lankan pharma sector to leading importers and manufacturers of pharma in Viet Nam. 

The webinar was attended by over 100 pharma companies in Viet Nam, Drug Authority of Viet Nam and Viet Nam Pharmaceutical Association along with the Sri Lankan pharma companies which are participating at the aforementioned Medipharma Expo 2024.

The pharmaceutical Sector has been identified as one of the promising and emerging sectors in Sri Lanka, not only to be developed as an import substitution industry but also as an export oriented industry which could earn and save foreign currency.

Considering the importance of strengthening the Pharmaceutical industry and increasing the sector’s contribution to the economy, EDB is also planning to tap Cambodia as a gateway to the East -Asian untapped Market:

Cambodia is a country which is spending more on healthcare with economic development. Both the government and the development partners from all over the world are committed for improving health system. 

Cambodia has a potential economic gateway to the pharmaceutical market of over fifteen million consumers. Cambodia is a dynamic crossroad linking Thailand, Laos and Vietnam.

1. President Ranil Wickremesinghe says that if ousted Bangladeshi Prime Minister Sheikh Hasina had released former PM Khalida Zia from jail long ago, she would still be the country’s Prime Minister. Addressing the Environmental, Social and Governance (ESG) Summit 2024 held in Colombo, Wickremesinghe stated that he welcomes the fact that Khalida Zia had been released from jail.
2. The Tamil Progressive Alliance (TPA) led by MP Mano Ganesan has decided to support Opposition Leader Sajith Premadasa at the upcoming Presidential Election. MP Ganesan said that they have reached a Memorandum of Understanding (MoU) with the ‘Samagi Jana Sandhanaya’ led by the Opposition Leader, to pledge their support in the 2024 Presidential Poll.
3. Sri Lanka Podujana Peramuna ( SLPP ) MP Dhammika Perera has informed the party that he will not contest the 2024 Presidential Election as the SLPP candidate due to personal reasons, sources said. Hence, the party leadership has decided to name an alternate candidate. Meanwhile, SLPP National Organiser Namal Rajapaksa is tipped to be named as the party’s presidential candidate, according to SLPP sources.
4. The Committee on Public Accounts (COPA) has expressed its displeasure over the performance of the Buildings Department and Ayurveda Department, when the committee met in Parliament recently under the Chairmanship of the State Minister Lasantha Alagiyawanna. The Committee Chair has pointed out during the meeting that COPA maintains a data system regarding the performance of government institutions under its purview and according to that data, the Building Department and the Ayurveda Department have been identified as the two institutions with the lowest performance.
5. The Election Commission says that a total of 121 complaints have been received since 31st July, pertaining to the 2024 Presidential Election. The election regulatory body said that this includes 68 complaints received by the National Centre for Election Complaint Management and 31 complaints received by the District Centres for Election Complaint Management.
6. The petition filed by plantation companies against the gazette notification issued by the Minister of Labor stipulating a minimum daily wage for plantation workers has been withdrawn.
7. The agreement for obtaining USD 300 million loan from the Asian Development Bank (ADB) for the implementation of power sector reforms and financial sustainability program has been signed by the Government of Sri Lanka and the ADB.
8. Cabinet approval has been granted for the integration of public sector information technology systems to enhance the efficiency and the quality of the public service. Issuing a statement, the Department of Government Information (DGI) said that it has been recognised that it is necessary to integrate information technology systems existing in the public institutions including corporations and Statutory Boards to perform the functions effectively and optimistically through the verification of information and minimization of duplication of data with the objective of enhancement of efficiency and quality of the public service.
9. Cabinet approval has been granted to enter into an agreement between the Governments of Sri Lanka and France for the establishment of a Regional Centre for Maritime Studies in Sri Lanka.
10. The track kit worn by Sri Lankan athlete Tharushi Karunaratne has been donated to be displayed at the Olympic Museum in Lausanne, Switzerland. The kit, autographed by 19-year-old Karunaratne is slated to be displayed in the Olympic Museum in honour of being the youngest athlete who represented the Asian region in the Women’s 800m event.

August 07, Colombo (LNW): The Sri Lanka Economic Transformation Bill aims to convert Sri Lanka into a competitive, export-oriented, digital economy, with goals including sustainable debt, modernized agriculture, and inclusive growth.

The Bill targets a 5% annual GDP growth by 2027, a public debt to GDP ratio below 95% by 2032, unemployment below 5% by 2025, Net Zero emissions by 2050, and increased female labor force participation, reaching 40% by 2030 and 50% by 2040.

The Bill addresses the shortcomings of previous laws by providing specific sector-focused support, aimed at boosting investment and restructuring debt.

 However, concerns have emerged regarding the lack of penalties for failing to meet these ambitious targets, raising questions about accountability and enforcement. 

Nonetheless, setting high economic goals without penalties may foster a collaborative environment for developing favorable regulations between businesses and policymakers, finance ministry sources said.

The Bill proposes replacing the Board of Investment (BOI) of Sri Lanka Law with the Economic Commission to overcome inefficiencies, political interference, and inadequate support for diverse economic activities observed under the BOI. 

It also suggests establishing specialized bodies: the Economic Commission of Sri Lanka (EC), Investment Zones Sri Lanka (Zones SL), Office of International Trade (OLT), 

National Productivity Commission (NPC), and the Sri Lanka Institute of Exports and International Trade. 

Decentralizing functions and responsibilities among these autonomous bodies aims to ensure timely decision-making and efficient operation without the bottlenecks associated with a single large entity like the BOI. 

However, the success of these reforms hinges on competent individuals, not just the enactment of the Bill. There is a risk of creating ineffective bodies if flawed provisions allow political interference in appointing members to the Economic Commission and other institutions. 

To achieve true progress, appointments must be based on merit. Section 27(4) of the Bill allows the Economic Commission to sponsor training programs for personnel in investment and trade, enabling them to gain international perspectives and practices that can be implemented locally. 

An intriguing aspect of the Bill is the equal treatment of local and foreign investors, both eligible for the same incentives. Domestic investors must register their investments with the Economic Commission, ensuring they receive regulatory compliance assistance and access to incentives. 

The Bill mandates a 15-day response requirement for ministries and government departments to address inquiries or requests from the Economic Commission regarding approvals, authorizations, or permits for investors, streamlining processes and reducing delays. The lack of defined timelines in the BOI Law contributed to unpredictability and bureaucratic inefficiencies.

The establishment of ‘Invest Sri Lanka’ by the Economic Commission aims to help local businesses access potential investors and partnerships, enabling them to tap into new markets domestically and internationally. 

Section 50(e) of the Bill aims to create a dynamic, well-supported private sector by bridging the gap between local businesses and potential investors, fostering an environment conducive to growth and innovation. 

The Office of International Trade’s authority to accept development assistance from various sources, including organizations like the World Bank, IMF, or United Nations agencies, enhances its capabilities and resources. 

The Bill proposes investment zones for a wide range of industries, including manufacturing, technology, scientific research, high-tech agriculture, tourism, recreational enterprises, business services, and livestock enterprises.

August 07, Colombo (LNW): Several spells of showers will occur in Western, Sabaragamuwa and North-western provinces and in Kandy, Nuwara-Eliya, Galle and Matara districts.

Showers or thundershowers may occur at several places elsewhere of the island during the evening or night. Fairly heavy showers above 50 mm are likely at some places in Eastern, Uva and Northern provinces.

General public is kindly requested to take adequate precautions to minimize damages caused by temporary localized strong winds and lightning during thundershowers.

August 06, Colombo (LNW): Under the National Road Rehabilitation Project, led by the Ministry of Transport and Highways, the development of the road stretching from the Waga Railway Station to Moraketiya via Pinnawala has been inaugurated by Transport, Highways and Mass Media Minister Dr. Bandula Gunawardhana.

This road, essential to local residents, has been in disrepair for an extended period, causing significant transportation difficulties. Responding to persistent requests from local representatives and residents, the project to carpet the road has finally commenced.

During the inauguration, Minister Dr. Gunawardhana remarked, “As the Minister in charge of highways, I have observed that road construction projects have often been assigned to various contractors. To address this, funds were allocated to each Member of Parliament for their constituencies, managed by the engineers and officials of the Road Development Authority. However, public complaints indicate that these responsibilities are not being fulfilled correctly. There are ongoing complaints about road projects being incomplete and prolonged indefinitely. If this continues, we may revert to the old method of using private contractors for construction. We cannot allow a state of anarchy to be created by saboteurs, and necessary decisions will be made when required.

“Under the new circumstances in the country, no one in the public sector will benefit from theft. Public servants, as well as their family members and children, must declare their assets. If assets have increased unlawfully, the law will be strictly enforced. This law applies not only to public representatives but also to state employees and private sector workers. Legal frameworks have been established to prevent any opportunity for bribery and corruption.”

The event saw the participation of former Chairman of the Seethawaka Pradeshiya Sabha, Jayantha Rohana, along with former public representatives, state officials from the area, and numerous local residents.

August 06, Colombo (LNW): The Coconut Cultivation Board (CCB) has introduced a new hotline number, 1916, and a phone application called “Coconut App” to provide solutions for issues related to coconut cultivation. Starting today, growers can receive assistance in Sinhala, Tamil, and English.

The new hotline aims to address diseases affecting coconut cultivation and improve yield. Agriculture and Plantation Industries Minister Mahinda Amaraweera attended the launch event at his ministry, alongside CCB Chairman Panduka Weerasinghe, Managing Director Athila Weerasinghe, and Coconut Development Authority Chairman Prof. Roshan Perera.

Minister Amaraweera highlighted the challenges faced by coconut growers, such as diseases like white fly, red beetle, black beetle, and Weligama coconut leaf disease. He emphasized the irregular application of fertilizers and the need to increase annual coconut production from 3,000 million to 3,600 million coconuts.

To achieve this goal, the Minister stressed the importance of integrating technology into cultivation practices. During the event, Minister Amaraweera called the technical hotline 1916 and inquired about white fly damage, receiving prompt assistance from a CCB official.

August 06, Colombo (LNW): Fisheries Minister Douglas Devananda held a discussion with officials at his office in Jaffna last week to review the progress and address the shortcomings in sea cucumber farming. This industry has gained popularity among fishermen and investors in the Northern Province.

During the discussions, sea cucumber farmers expressed that the local community has shown significant interest in this industry, recognizing it as a major foreign exchange earner. They requested the expansion of sea cucumber farming to other areas, with many farmers planning to start cultivation on Kytes Island in Jaffna, seeking the Minister’s support for this initiative.

Minister Devananda emphasized the need for Northern fishermen to take a greater interest in sea cucumber farming, noting the substantial increase in farmers’ incomes. He also directed officials to provide necessary assistance to farmers not only in Kytes but throughout the Northern Province.

August 06, Colombo (LNW): The Election Commission has summoned the secretaries of all Cabinet Ministries and Provincial Chief Secretaries for discussions today, focusing on the alleged misuse of state property.

Election Commission Chairman R.M.A.L. Rathnayake revealed that complaints regarding the misuse of state property have been received, prompting the commission to take action.

In addition, the additional secretaries responsible for managing ministry properties and the officers overseeing these assets have been called before the Election Commission today. Notably, the chairmen of state corporations are also expected to appear before the commission.

August 06, Colombo (LNW): A special gazette notification has been issued, declaring the supply of electricity and all related services, as well as the supply and distribution of petroleum products and fuel, as essential services.

This communiqué, issued by Presidential Secretary Saman Ekanayake on the directives of President Ranil Wickremesinghe, was published yesterday (05).

The notification was made in accordance with the powers vested in the President under Section 2 of the Essential Public Services Act No. 61 of 1979.