May 17, Colombo (LNW): Port City Colombo, a visionary multi-service special economic zone poised to transform Sri Lanka into the next global investment destination, provides the opportunities to a diversity of companies to upscale their businesses within the property development and key thrust sectors, whilst being supported by strong investor mechanisms, .

With the aim of becoming a world-class hub for corporate relations and the engine of Sri Lanka’s future economic development, Port City Colombo will empower large-scale business growth within the South Asian region through a reliable and competitive regulatory environment that enhances the ease of doing business. 

This progressive economically ring-fenced landscape is projected to reinvent the Sri Lankan economy, from one that has been traditionally focused on manufacturing and tourism to a contemporary system that is geared towards the export of services, Port City Economic Commission officials said. 

To be considered a Primary Business of Strategic Importance, companies are necessitated to demonstrate interest in real estate, social infrastructure, or commercial property development, and meet the threshold of a minimum investment of USD 100 million per land plot or USD 25 million per social infrastructure plot.

Corporate entities, who are interested in setting up business operations, could qualify as Secondary Businesses of Strategic Importance under the one of the following criteria: an annual global revenue of more than USD 50 million; a minimum of 100 employees within five years from commencement of operations; or an entrepreneurial venture with a valuation of at least USD 500,000. 

Apart from the above criteria, businesses also have the option of showcasing a contribution towards the social and commercial advancement of Sri Lanka by fostering innovation, knowledge transfer, technology transfer, research and development.

With strategic drivers including the ability to transact in sixteen different foreign currencies, 100% capital and profit repatriation, and 100% foreign ownership, Port City Colombo provides favourable conditions for international businesses to invest and set up operations, whilst fostering an increase in job creation and attraction of top talent for not just Sri Lanka, but also South Asia as a whole.

By driving trends in information technology, logistics, commercial services and more, Port City Colombo also aims to stimulate growth in Foreign Exchange through key business investments, which would further contribute to Sri Lanka’s economic development.

Showcasing a strong emphasis on inviting a higher influx of foreign direct investments, Port City Colombo enables commercial entities to become qualified as Businesses of Strategic Importance (BSI’s), which are designated Authorised Persons (AP’s) with a higher eligibility for incentives. 

This streamlined process is governed by the Colombo Port City Economic Commission, the single-window facilitator that regulates and administers all matters connected with businesses and other operations within the vicinity and from the area of authority of the Colombo Port City Special Economic Zone.

May 17, Colombo (LNW):Fonterra Co-operative Group Ltd has announced a step-change in its strategic direction, as it commits to deepening its position as a world-leading provider of high-value, innovative dairy ingredients.

As part of this, the Co-op has announced it is exploring full or partial divestment options for some or all of its global Consumer business, as well as its integrated businesses Fonterra Oceania and Fonterra Sri Lanka.

Chairman Peter McBride says this is a significant move for the Co-op which will set it up to grow long-term value for farmer shareholders and unit holders.

“We have conducted a strategic review which has reinforced the role of our core business. This is working alongside farmers to collect a sustainable supply of milk and efficiently manufacture products valued by customers, to deliver strong returns to farmer shareholders and unit holders,” says McBride.

CEO Miles Hurrell says the review has also given the Co-op confidence in the role it plays in the dairy nutrition value chain, with one of its greatest strengths being the production of world-class, innovative ingredients for customers to take to consumers.

“We believe we can grow further value for the Co-op by focusing on being a B2B dairy nutrition provider, working closely with customers through our high-performing Ingredients and Foodservice channels.

“This will be enabled by strong relationships with farmers, a flexible manufacturing and supply chain footprint, deeper partnerships with strategic ingredients customers, further investment in our Foodservice channel, continued delivery on our sustainability commitments and investment in innovation.

“In this context, we are exploring divestment options for our global Consumer business as well as our integrated businesses Fonterra Oceania and Fonterra Sri Lanka,” says Mr Hurrell.

Fonterra’s global Consumer business has grown over the years since Fonterra was formed and is performing well. It includes a portfolio of market leading brands such as Anchor, Mainland, Kāpiti, Anlene, Anmum, Fernleaf, Western Star, Perfect Italiano and others.

Fonterra Oceania is a fully integrated business, recently created through merging Fonterra Brands New Zealand and Fonterra Australia. It comprises Consumer, Foodservice and Ingredients businesses. Fonterra Sri Lanka comprises Consumer and Foodservice businesses.

Collectively, the businesses in scope for potential divestment utilised approximately 15% of the Co-op’s total milk solids and represented approximately 19% of Fonterra’s group operating earnings in the first half of FY24, with our Consumer businesses delivering strong underlying earnings.

“A divestment of these assets would help create a simpler, higher performing Co-op with our focus on our core Ingredients and Foodservice business and doing what we do best,” says Mr Hurrell. “As a next step, Fonterra will appoint advisors to assist with assessing divestment options.

May 17, Colombo (LNW): The International Monetary Fund (IMF) has commended Sri Lanka’s overall program performance as strong, according to Julie Kozack, Director of Communications at the IMF. Speaking to reporters in Washington D.C. on Thursday (16), Kozack highlighted key achievements and outlined the necessary steps for the continuation of Sri Lanka’s economic recovery.

Kozack noted that for the IMF Executive Board to complete its review, two critical components are required: the implementation of agreed prior actions by Sri Lankan authorities, and the completion of the financing assurances review. This review will verify contributions from multilateral partners and assess progress in debt restructuring.

Sri Lanka’s macroeconomic policies are showing positive outcomes, including a rapid decline in inflation, robust reserve accumulation, and initial signs of economic growth, all while maintaining financial system stability. These commendable results mark significant strides in the country’s economic recovery.

Looking forward, the primary focus for Sri Lanka is to conclude negotiations with external private creditors and implement agreements with official creditors. Kozack acknowledged the challenges in reaching a consensus with external bondholders, noting that initial debt restructuring negotiations ended in mid-April without an agreement. However, she emphasized that discussions are ongoing with the goal of reaching an agreement in principle.

May 17, Colombo (LNW): The University Grants Commission (UGC) has announced the postponement of all undergraduate examinations in universities due to an ongoing strike by non-academic trade unions.

UGC Vice Chairman, Senior Prof. Chandana P. Udawatte, stated that the strike, now in its 16th day, will affect over 50,000 undergraduates, preventing them from completing their degrees within the planned timeframe. Additionally, the issuance of the university admission manual for students who passed the Advanced Level Examination has been delayed.

The Minister of Education has submitted proposals to the Cabinet to address the issues raised by the non-academic staff. Despite these efforts, Co-Convener of the University Trade Union Alliance, Dhammika S. Priyantha, affirmed that the strike will continue indefinitely until their demands are met with satisfactory solutions.

May 17, Colombo (LNW): The Colombo Fort Police Station has begun an investigation into death threats made against State Minister of Finance Shehan Semasinghe. The threats were reportedly received via a phone call at the State Minister’s office on the afternoon of the 15th.

The anonymous caller threatened that Semasinghe would not be permitted to contest in the upcoming elections and warned of assassination if the threats were ignored.

In response to the threats, State Minister Semasinghe’s media unit confirmed that a complaint was lodged with the Colombo Fort Police, prompting the initiation of an investigation.

Addressing the media in Habarana, State Minister Semasinghe disclosed that the President has indicated that the Presidential Election will be held first, followed by other elections.

May 17, Colombo (LNW): Swami Govind Dev Giri Maharaj, Treasurer of the Shri Ram Janmabhoomi Teerth Kshetra Trust in Ayodhya, India, has arrived in Sri Lanka to usher in a new era in the country’s spiritual and cultural journey. He was accompanied by a delegation from the Ayodhya Shri Ram Mandir.

The visit was initiated by former British MP and MEP of the European Parliament, now Sri Lanka’s Presidential Envoy, Niranjan Deva Aditya, on behalf of President Ranil Wickremesinghe. The aim is to promote religious tourism between India and Sri Lanka. This meeting was facilitated by global Indian peacemaker Muralidharan Murthy, whose efforts have significantly impacted many lives worldwide.

Chairman of Supreme Global Holdings R. M. Manivanan and Rogan Muralidharan of IGS India played crucial roles in organizing the visit. Their efforts aimed to reconnect and revive the ancient relationship between Ayodhya and Sri Lanka, especially with the recent construction of the Ram Temple in Ayodhya sparking renewed interest in the sacred geography of the Ramayana.

Swami Govind Dev Giri Maharaj highlighted the importance of connecting Ayodhya’s Ram Temple with Sri Lanka’s Sita Eliya and the Seetha Amman Temple, emphasizing that together they create a comprehensive spiritual experience for devotees. He underscored the significance of King Vibhishana, whose palace was on the banks of the Kelani River and who is revered as a guardian deity in Sri Lanka.

The visit marked the launch of the “Ramayana Trail – The Sacred Mission,” an ambitious project to transform nine key sites along Sri Lanka’s Ramayana Trail into world-class spiritual and cultural monuments. Key locations include Ram’s Bridge in Mannar Basin, Ashoka Vatika in Sita Eliya, Divurumpola in Welimada, Ussangoda National Park, Rumassala in Galle, Koneswaram in Trincomalee, Manawari Temple in Chilaw, Ravana Cave in Ella, and the Kataragama Ramayana Trail.

This project aims to blend ancient spirituality with modern technology, such as AI, augmented reality, and virtual reality, to create immersive experiences for visitors. Swami Govind Dev Giri Maharaj endorsed the project, which is expected to boost spiritual tourism and contribute to Sri Lanka’s economic revival.

During his visit, Swami Govind Dev Giri Maharaj participated in the inaugural ceremony of the Ramayana Trail Project, where the project website was officially launched. The event included a delegation of Indian investors and support from prominent figures such as the High Commissioner of India Santosh Jha, Senior Advisor to the President on National Security and Chief of Presidential Staff Sagala Ratnayaka, former Speaker Karu Jayasuriya, and cricket icon Sanath Jayasuriya.

Swamiji expressed his gratitude for the warm hospitality of the Sri Lankan people and met with key spiritual leaders, including the Mahanayake of the Malwatte Chapter and the Mahanayake of the Asgiriya Chapter. He also visited the Sri Dalada Maligawa to view the Sacred Tooth Relic, reflecting on the enduring ties between India and Sri Lanka. Additionally, he conducted poojas at the Hanuman Temple and the Seetha Amman Temple, further strengthening the spiritual connection between the two countries.

May 17, Colombo (LNW): US Ambassador in Colombo, Julie Chung, visited the Green Memorial Hospital on Wednesday. Founded by American missionary doctor Samuel Fisk Green in 1847, it holds the distinction of being then-Ceylon’s first teaching hospital.

The Green Memorial Hospital, located in Jaffna, operates as a charitable institution under the management of the Jaffna Diocese of the Church of South India. During her visit, Ambassador Chung was welcomed by the Hospital’s Governing Council Chairman, Bishop Rt. Rev. Dr. V. Pathmathayalan.

May 17, Colombo (LNW): Prime Minister Dinesh Gunawardena highlighted the significant potential for enhancing trade, economic, and Buddhist ties between Myanmar and Sri Lanka. This statement was made during a meeting with Myanmar Charge d’ Affairs Lei Yi Win at Temple Trees on Thursday (16).

The Prime Minister emphasized that there are numerous opportunities to strengthen economic and trade relations in sectors such as gem and jewellery, tea and coconut trade, minerals, and tourism, with a particular focus on Buddhist tourism. He also proposed barter trade involving tea and coconut, noting Myanmar’s interest in exporting coconuts to Sri Lanka for processing and re-export to third countries.

Acting Ambassador Lei Yi Win suggested that Sri Lanka participate in the ‘Yangon Trade Fair’ to explore potential areas for imports, exports, and broader economic collaboration. She mentioned that this year marks the 75th anniversary of diplomatic relations between Myanmar and Sri Lanka, and Myanmar will also celebrate 1,000 years since the establishment of Theravada Buddhism during the Bagan Dynasty in the 11th Century.

Prime Minister Gunawardena noted the enduring influence of Buddhist teachings over 2,600 years, which have fostered strong religious and diplomatic ties between the two nations. He expressed gratitude for Myanmar’s role in organizing a Higher Ordination in Sri Lanka in the 19th Century, which contributed to the establishment of the Ramannya and Amarapura Nikayas sects.

Parliamentarian Yadamini Gunawardena, Prime Minister’s Secretary Anura Dissanayake, and Counsellor Thep Zaw Toe of the Myanmar Embassy were also present at the meeting.

May 17, Colombo (LNW): The government has decided to draft a Patient Safety Rights Charter aimed at ensuring the safety of hospitalised patients, announced Health and Industries Minister Dr. Ramesh Pathirana. According to global reports, one in seven hospitalised patients faces issues during their stay, highlighting the need for such measures worldwide.

Dr. Pathirana made this announcement during a discussion with hospital staff on Wednesday (15), following a special inspection tour of the Gampaha Wathupitiwala Base Hospital. The decision to prepare this Charter comes in response to the various problems patients encounter during hospitalisation.

The Minister noted that the proposal for a Patient Safety Rights Charter was discussed in the Parliament’s Sectoral Oversight Committee and might eventually become law. Last year alone, the Health Ministry received 700 complaints regarding issues arising during patient hospitalisation.

Emphasizing the importance of effective patient-clinician communication as a cornerstone of quality healthcare, Dr. Pathirana stressed the need for a special mechanism to ensure this vital interaction is maintained.