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SL’s coconut industry could generate US$ 2.5 bn in revenue

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February 03, Colombo (LNW): Randeewa Malalasooriya, President of the Coconut Milk Manufacturers’ Association, has highlighted the immense growth potential of Sri Lanka’s coconut industry, suggesting that it could generate up to US$ 2.5 billion in revenue, a substantial increase from the current average of US$ 850 million.

Malalasooriya told Ada Derana that there is need for strategic improvements in the sector to achieve this goal. He pointed out that the country must increase its annual coconut production to 4.5 billion nuts in the long run to meet growing demand, whilst also focusing on the import of lower-value coconut products.

These imports could then be processed into value-added products for re-export, boosting the industry’s overall output and profitability, he emphasised.

Malalasooriya further stressed the importance of reducing coconut wastage by shifting towards processed coconut food, a move he believes will have a significant impact on both the environment and the economy.

He also noted that approximately 50 per cent of the coconut industry’s revenue comes from kernel products, with Sri Lanka currently ranked as the fourth largest coconut producer in the world.

With the right strategies in place, the industry has the potential to earn USD 2.5 billion or more,” he explained. “Despite current challenges, Sri Lanka remains well-positioned to capitalise on the global coconut market, which offers significant opportunities for growth.

Looking to the short term, Malalasooriya expressed optimism that the industry could increase its revenue to around US$ 1.5 billion. “In the long term, we believe reaching USD 2.5 billion is very achievable,” he added, citing the need for focused attention on scaling production and improving practices across the sector.

To achieve these ambitious targets, Malalasooriya suggested that Sri Lanka could look to import raw coconut materials from countries like Indonesia or the Philippines.

These lower-value products could then be processed locally, adding value before being exported to international markets.

However, he also pointed out that the country faces challenges with the yield per coconut tree, which remains relatively low compared to global standards.

Increasing efficiency in this area, alongside transitioning more coconut consumption to processed forms, could significantly reduce waste and improve the sustainability of the industry.

Malalasooriya concluded by adding that the coconut sector holds vast untapped potential, and with strategic investment and enhanced production practices, Sri Lanka could vastly increase its contribution to the global market, benefiting both local producers and the national economy.

LKR experiences depreciation in January 2025 following strong 2024 performance

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February 03, Colombo (LNW): The Sri Lankan rupee saw a 1.7 per cent depreciation against the US dollar in January 2025, following a notable 10.7 per cent appreciation over the course of 2024, according to the Central Bank of Sri Lanka (CBSL).

Whilst the rupee had experienced a significant gain throughout the previous year, the early part of 2025 saw it face challenges as it weakened not only against the US dollar but also against several other major international currencies.

This movement reflects broader global market trends, with fluctuations in cross-currency values contributing to the rupee’s decline during the month.

On a more positive note, despite the depreciation in nominal terms, the Sri Lanka rupee’s real effective exchange rate (REER 24), which measures the rupee’s value against a basket of 24 currencies, showed a marked appreciation.

The REER 24 index, which stood at 70.2 at the end of 2023, rose to 76.7 by the end of 2024.

This indicates an improvement in the overall purchasing power of the rupee internationally, though it also points to a decrease in Sri Lanka’s external competitiveness during this period.

UAE to make major investment in Sri Lanka’s ports and airports

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February 03, Colombo (LNW): The United Arab Emirates (UAE) has committed to a significant investment in Sri Lanka’s port and airport infrastructure, according to a recent announcement from the Ministry of Transport, Highways, Ports, and Civil Aviation.

This development follows a key meeting between Minister Bimal Rathnayake and the UAE Ambassador to Sri Lanka, Khalid Al Ameri, where both parties discussed the details of the investment.

Ambassador Al Ameri confirmed that the UAE’s contributions would extend to the development of a new airport terminal, an exciting prospect for the country’s expanding aviation sector.

This collaborative initiative is expected to provide a substantial boost to Sri Lanka’s transport infrastructure, enhancing both its ports and airports to meet growing demand.

The UAE’s investment is seen as a sign of strengthening bilateral ties and increasing economic cooperation between the two nations.

In addition to the announcement of the UAE investment, the Ministry of Transport also revealed that President Anura Kumara Dissanayake is scheduled to visit the UAE later this month for official talks.

The visit aims to further strengthen the relationship between the two countries, with discussions likely to focus on expanding cooperation in trade, infrastructure, and development projects.

Hambantota Port poised to handle surge in vehicle imports following import ban lifting

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February 03, Colombo (LNW): Hambantota International Port (HIP) is well-positioned to support the anticipated increase in vehicle imports after Sri Lanka’s recent lifting of the import ban, with the port’s infrastructure and operational capacity now fully aligned to accommodate the expected rise in demand.

As Sri Lanka’s automotive market begins to recover, HIP has announced that it is ready to play a pivotal role in meeting the country’s growing import needs.

The port has seen remarkable growth in its capacity to manage vehicle imports, with state-of-the-art facilities and an experienced workforce to ensure smooth operations.

HIP’s Roll-On/Roll-Off (RORO) operations have been expanding rapidly over the past few years, with volumes rising significantly from 238,997 units in 2018 to 579,362 units in 2024.

Wilson Qu, CEO of HIPG, highlighted the port’s increasing prominence as a central hub for the nation’s automotive supply chain, noting the substantial growth in RORO traffic as proof of its expanding role in the industry.

To further enhance its capabilities, HIP has established a variety of specialised facilities to streamline the vehicle import process.

These include a dedicated customs inspection bay designed to facilitate quick and efficient checks of incoming vehicles.

This facility operates around the clock, featuring 24/7 CCTV surveillance and proper lighting to ensure all vehicles are thoroughly inspected for compliance with local standards.

For vehicles awaiting clearance or inspection, HIP provides secure storage solutions, including temporary spaces for imported vehicles before they undergo the necessary processing.

The port has also set up basic amenities for wharf clerks and importers, ensuring that the clearance process is both convenient and efficient.

One of the standout features of HIP’s new infrastructure is its Vehicle Processing Stations, which manage the necessary paperwork to expedite the release of vehicles, further ensuring a seamless experience for importers.

Additionally, the port has designed a new vehicle import yard specifically to handle large volumes of vehicles, with a storage capacity for up to 4,000 units, catering to both local imports and transshipment vehicles.

Security is paramount at HIP, with stringent access controls to ensure that only authorised personnel are allowed within the vehicle yards. The entire port, including the jetty and temporary storage areas, is fully fenced and continuously monitored by 24/7 CCTV.

The port also employs mobile and foot patrols to maintain safety and ensure accountability at every stage of vehicle handling. Furthermore, the port’s illumination is in line with international standards, ensuring high visibility and security at all times.

HIP has committed to investing an additional US$ 2 million in enhancing its infrastructure. This ongoing investment will further bolster its ability to handle increasing vehicle import volumes and continue to play a crucial role in the country’s automotive supply chain.

Government marks Independence Day with national flag display and energy conservation efforts

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February 03, Colombo (LNW): In a bid to commemorate the nation’s 77th Independence Day, the Ministry of Public Administration has issued a directive for all government institutions to display the national flag for an entire week.

This initiative aims to instil a sense of national pride and unity ahead of the significant national celebrations.

At the same time, the ministry has reinforced its earlier instructions to refrain from using decorative lighting during this period.

This is part of a broader effort to reduce electricity consumption and promote energy conservation, particularly in light of rising utility costs.

Security preparations for the upcoming Independence Day events have been ramped up, with 1,650 personnel from the police force and Special Task Force deployed to ensure the safety of attendees and smooth conduct of the celebrations.

In addition, authorities have rolled out a special traffic management plan to prevent disruptions to public transport and ensure the parades and main events proceed without incident.

The grand 77th National Independence Day celebration will be held tomorrow at Colombo’s Independence Square, with the President set to preside over the occasion.

However, this year’s observance will mark a departure from tradition, as the usual Presidential salute will not take place.

An International Badminton Tournament Where 559 Foreigners Will Compete For A Country That Is Thinking About A Sports Economy

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By Nishman Ranasinghe

February 01, Colombo (LNW): The participation of 559 foreign athletes has been confirmed for the 100 INTERNATIONAL CHALLENGE CHAMPIONSHIP BADMINTON TOURNAMENTS TO BE HELD IN SRI LANKA FROM FEBRUARY 25 TO MARCH 2. The tournament, which will be held at the Sugathadasa Stadium in Colombo, will be FOLLOWED BY THE 100 INTERNATIONAL BADMINTON CHAMPIONSHIP FROM THE DAY AFTER (MARCH 3) TO MARCH 8, centered around the same venue. Representing a number of large countries such as America, Canada, Japan, Malaysia, Indonesia, etc. 559 athletes are participating in the first tournament and there is still time left for the second tournament to register.

The Sports Ministry also has an opportunity to get involved as a government, in this tournament to be held at the Sugathadasa Stadium. By focusing on the energy that will be added to the country’s economy through this tournament, if not free, then by allocating the land for the tournament at a minimum price. However, the officials working in these sports administrative units are currently busier with getting the Sports Minister to implement the agendas of their friends, so it does not seem that the Minister has paid attention to the badminton tournament yet.

108 local athletes are also scheduled to participate in this tournament, and accordingly, the total participation in the tournament will be 667.

399 Male and 268 Female players are competing in the tournament. Since a large number of applications have been received for each competition category – men’s singles, women’s singles, men’s doubles, women’s doubles and mixed doubles – it is likely that a large number of players will have to compete in the qualification rounds, depending on the rankings, in order to be included in the main draw.

Two star hotels are already available near Colombo to provide accommodation for the tournament, and it is possible that cheaper hotels or more luxurious hotels will be reserved for the athletes and their friends and staff. It will be a special occasion that will bring dollars into the country. If the government has some policy agreement on this matter and reaches a common understanding on the concessions that can be provided in the use of resources that mainly belong to the Ministry of Sports in organizing such international competitions, it may be tempting not only for badminton but also for other sports to organize international competitions.

Health Minister calls for stricter oversight on Ayurvedic products and cosmetics

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February 03, Colombo (LNW): Health Minister Dr. Nalinda Jayatissa has issued a firm directive to officials to implement comprehensive regulations governing all ingredients and products within Sri Lanka’s Ayurvedic medicine and cosmetic sectors.

The move aims to ensure greater oversight and enhance the safety and quality of these widely used products.

The minister’s comments came during a ceremony at the Ayurvedic National Hospital in Rajagiriya, where the newly appointed Chairman and members of the Ayurvedic Medicines and Products Council were presented with their appointment letters.

Addressing the need for tighter control, Minister Jayatissa underscored the growing concern over substandard products entering the market.

He stressed that the primary goal of the new regulations is to guarantee that the public has access to safe, high-quality, and reliably standardised Ayurvedic products.

“The most pressing issue we face today lies within the cosmetics sector,” the minister explained. “There are serious health risks associated with many of these products, compounded by the illegal smuggling of unregulated items. Additionally, we must address the rise of cosmetic products falsely claiming to be Ayurvedic. To rectify this, we will need to amend the NMRA Act, a process that will take some time, but it is a crucial step towards improving the situation.”

Minister Jayatissa’s call for enhanced regulation follows growing concerns over the safety of certain Ayurvedic cosmetics, which have raised alarm among both the public and health authorities.

Badminton Brings Economic Boom to Batticaloa

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By Nishman Ranasinghe

Colombo, January 29 (LNW): The Eastern Province Badminton Tournament has not only showcased exceptional sporting talent but has also breathed new life into the local economy of Batticaloa. The event, which attracted hundreds of players and supporters, has created a ripple effect, benefiting businesses, transport services, and the hospitality industry.

A Sporting Revolution in the East

Over the past few years, Sri Lanka Badminton (SLB) has been instrumental in developing the sport at the regional level, ensuring that young talent emerges from across the country. Initiatives such as umpiring and coaching programs have contributed to raising the standard of the game, providing opportunities for skilled players to compete internationally.

This progress is evident in the rise of Viren Netthasinghe, Sri Lanka’s latest badminton Olympian, and upcoming stars like Ranithma Liyanage, who is on the path to Olympic qualification. Meanwhile, young talents like Sithumi de Silva and Isuri Attanayake continue to make waves both locally and internationally.

Under the leadership of Rohan de Silva, a prominent businessman and badminton enthusiast, SLB has secured financial backing to improve infrastructure and enhance the competitive level of the sport. This commitment has led to victories in every province and has fostered a deep-rooted passion for badminton within the Sri Lankan sports community.

The Batticaloa Boom

During the 2025 Eastern Province Badminton Tournament, the positive impact on Batticaloa’s local economy was evident. From increased demand for accommodation to thriving local businesses, the tournament became a catalyst for economic activity.

Local Pikmi driver Ramaya shared his experience, stating that the influx of visitors had boosted transportation services, with taxis and tuk-tuks in high demand. He pointed out that not only had rental incomes surged, but businesses in areas like Kanthankudi were flourishing, with extended operating hours catering to visitors.

“You can’t find a single vacant room here, sir. Everywhere is full of badminton players,” he noted enthusiastically.

His observations were backed by Delukshanth Vaas, Centre Manager at ICBT University’s Batticaloa Branch and a former Colts Cricket Club player. He highlighted that over 200 rooms were booked across the city during the tournament, with visitors spending on food, shopping, and entertainment.

“Many participants and their families took the opportunity to explore the city. Some went shopping in Pottuvil, while others stocked up on essentials like energy drinks and medicine,” Vaas explained.

Beyond the Tournament – A Sustainable Impact

Beyond the competition, the economic impact of sports tourism in Batticaloa has been profound. Small businesses, from local eateries to convenience stores, experienced a surge in sales. Visitors also explored Batticaloa’s unique landmarks, such as St. Sebastian’s Church, famously designed in the shape of a fish, and the Kalladi Bridge, home to the legendary “Singing Fish” phenomenon.

As Sri Lanka Badminton continues its regional expansion, tournaments like these not only nurture talent but also serve as a powerful economic driver, reinforcing the vital role of sports in community development.

With the success of this event, Batticaloa has proven that sports can go beyond competition—it can uplift entire communities, creating opportunities for growth and prosperity.

Sri Lankan business tycoon Harry Jayawardena passes away

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February 03, Colombo (LNW): Deshamanya Harry Jayawardena, one of Sri Lanka’s most influential industrialists, has passed away at the age of 82.

Known for his far-reaching business ventures and significant impact on the country’s economy, Jayawardena was a prominent figure in both the corporate and diplomatic spheres.

Born Don Harold Stassen Jayawardena, he was widely recognised for his leadership of Melstacorp PLC, a diversified conglomerate with interests in multiple sectors.

Jayawardena’s business acumen earned him a place among Sri Lanka’s wealthiest individuals, with Forbes ranking him among the country’s top billionaires.

Beyond his business achievements, Jayawardena also served as the Honorary Consul General for Denmark in Sri Lanka, further underlining his status as a key player in fostering international relations.

His leadership extended to several other prestigious companies, including the Distilleries Company of Sri Lanka and Aitken Spence, both of which were trailblazers in the Sri Lankan corporate world.

These two companies were notably the first from Sri Lanka to feature in Forbes’ list of the best-managed businesses outside of the United States.

Showers, thundershowers to occur in several districts: Fair weather to prevail elsewhere (Feb 03)

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February 03, Colombo (LNW): Showers or thundershowers may occur at a few places in Galle, Matara, Kalutara and Rathnapura districts in the evening or night, but mainly fair weather will prevail over the other areas of the island, the Department of Meteorology said in its daily weather forecast today (03).

Misty conditions can be expected at some places in Western, Sabaragamuwa, Central, North-western and Uva provinces and in Galle and Matara districts during the morning.

Marine Weather:

Condition of Rain:
Mainly fair weather will prevail over sea areas around the island.
Winds:
Winds will be north-easterly and speed will be (25-35) kmph. Wind speed can increase up to 45 kmph at times in the sea areas off the coast extending from Negombo to Mannar via Puttalam and from Matara to Pottuvil via Hambantota.
State of Sea:
The sea areas off the coasts extending fromNegombo to Mannar via Puttalam and from Matara to Pottuvil via Hambantota will be fairly rough at times.