May 10, Colombo (LNW): Under the auspices of Rohitha Bogollagama, the High Commissioner, the Sri Lanka High Commission in London inaugurated the Advisory Council of Sri Lanka’s Interests (ACSLI) on May 7, 2024. Comprising a diverse array of Sri Lankan and British experts spanning legal, banking, investment, tourism, and hospitality sectors, alongside representatives from UK polity and social and cultural spheres, the council convened for its inaugural meeting to address pivotal issues shaping Sri Lanka’s investment landscape.
Central to the deliberations were discussions on fostering an investment-friendly environment in Sri Lanka, with a focus on critical areas including taxation, employment laws, banking conveniences, and the burgeoning service sector, as well as the implications of new legislation concerning the Colombo Port City.
The council also explored strategies for implementing a visa program tailored to attract foreign investors, alongside initiatives aimed at bolstering air connectivity between Sri Lanka, the UK, and the Republic of Ireland.
High Commissioner Bogollagama, leveraging his expertise and vision, has committed to accelerating the influx of crucial investments into Sri Lanka. The council’s deliberations have yielded actionable proposals poised to be presented to the Government of Sri Lanka for further consideration and implementation, underscoring the collaborative efforts to fortify Sri Lanka’s position as an attractive destination for foreign investment.
May 10, Colombo (LNW): State Minister for Technology, Kanaka Herath, announced a significant milestone as the long-awaited bill to amend the Telecommunications Regulatory Act, dormant for 28 years, is set for presentation in Parliament. This reform underscores the government’s commitment to modernize regulatory frameworks in the rapidly evolving telecommunications landscape.
During a press conference themed “Collective Path to a Stable Country” held at the Presidential Media Centre (PMC), Herath outlined the government’s multifaceted approach to digital transformation. He revealed plans to introduce the National Cyber Security Act in May, a crucial step in safeguarding the nation’s digital infrastructure and data assets.
In a bid to invigorate the tourism sector, an allocation of Rs. 750 million has been earmarked for the development of the Pinnawala and Kithulgala tourism corridor, signaling the government’s dedication to nurturing key economic drivers.
Integral to Sri Lanka’s digital future is the endorsement of the National Digital Strategy 2030 by the cabinet, which encompasses six pivotal areas ranging from infrastructure enhancement to the digitization of small and medium-sized enterprises. Notable aspects include prioritizing cyber security, fostering digital literacy, and promoting digital financial services.
Highlighting collaborative endeavors, Herath underscored the upcoming global project promotion conference slated for June 25, aimed at attracting international investments in the burgeoning digital landscape. Additionally, initiatives such as the provision of 1,000 user-friendly classrooms for schools and the creation of job opportunities for non-IT graduates signify a concerted effort towards inclusive digital growth.
In response to the exponential growth in social media usage, Herath emphasized the imperative for a National Cyber Security Act to mitigate emerging threats. Collaborative efforts involving 29 government agencies and the Sri Lanka Computer Emergency Readiness Team (SL CERT) have been instrumental in fortifying cyber security measures, with five projects already in implementation.
The impending amendment to the Telecommunications Regulatory Act heralds a new era of regulatory clarity, enabling effective oversight of critical telecommunications infrastructure, including undersea cables. With Sri Lanka’s user base across social networks swelling to 74 million, these legislative and strategic initiatives underscore the nation’s commitment to harnessing digital technologies for sustainable growth and resilience in the digital age.
May 10, Colombo (LNW): Chairman of the Sector Advisory Committee for Automobile for the Ministry of Industries, Dimantha Jayawardena, revealed the Sri Lankan government’s steadfast commitment to fostering automobile component manufacturing as a pivotal sector for economic growth. With plans to elevate exports from the current $200 million to a staggering $1 billion, Sri Lanka’s automotive industry is poised for substantial expansion.
Despite enduring formidable challenges during the tumultuous business landscape of 2020, Sri Lankan automotive component manufacturers have rebounded triumphantly, positioning themselves as significant exporters on the global stage.
Jayawardena emphasized the Ministry’s proactive stance in bolstering prospective assemblers and component manufacturers, aiming to amplify job opportunities to 45,000 within the sector. The overarching ambition is to establish Sri Lanka as a prominent global automobile manufacturing hub by 2037, aligning with the meticulously crafted 20-year master plan for the automobile assembly industry.
The temporary embargo on motor vehicle imports has catalyzed demand for locally assembled vehicles, propelling the industry forward. Moreover, the impending establishment of a state-of-the-art Research and Development (R&D) and testing facility by the Industrial Development Board (IDB) underscores Sri Lanka’s dedication to innovation and quality assurance, essential elements for enhancing competitiveness in the global automotive market.
Strategically positioned at the crossroads of major trade routes between the east and west, Sri Lanka garners interest from international automotive giants eager to invest in the burgeoning market. Concurrently, a burgeoning preference among Sri Lankan consumers for locally assembled vehicles further augments the industry’s growth trajectory.
The landscape of Sri Lanka’s automobile assembly industry is undergoing a remarkable metamorphosis, attracting renowned brands such as Hyundai, Proton, BAIC, and Mahindra, among others. The approval for assembling an extensive array of vehicles, ranging from SUVs and cars to two-wheelers and buses, underscores the diversification within the sector.
The entry of electric bike assemblers like KD Rize, Dyno, and Senaro, alongside established players like JAC and FOTON, signals a paradigm shift towards sustainable transportation solutions. By year-end, the number of assemblers operating within the local automobile assembly industry is projected to surpass 30.
To ensure adherence to stringent quality standards, assemblers are mandated to achieve a domestic value addition of over 20% through the utilization of locally manufactured automobile components. Many local manufacturers have undergone rigorous product development and approval processes to uphold the esteemed global Original Equipment (OE) standards set by international brands.
Since the inception of the Standard Operating Procedure (SOP) in 2021, Sri Lanka has seen a surge in automobile and motorcycle assembly plants, with over fifteen currently operational. With four additional assembly plants slated to commence operations within the next three months, and an additional eleven registered by the Ministry of Industries, Sri Lanka’s automobile industry is on an upward trajectory towards unprecedented prosperity.
May 10, Colombo (LNW):Showers or thundershowers will occur at several places in most provinces of the island after 2.00 p.m.
Heavy showers about 100mm are likely at some places in Central, Sabaragamuwa, Eastern and Uva provinces and in Polonnaruwa district.
Showers may occur at several places in Western and Southern provinces and in Puttalam, Mannar, Kilinochchi and Jaffna districts during the morning too.
General public is kindly requested to take adequate precautions to minimize damages caused by temporary localized strong winds and lightning during thundershowers.
May 09, Colombo (LNW): President Ranil Wickremesinghe states that for the revival of the fallen country, economic stabilization and recovery programs were formally implemented and that as a result, the journey of economic growth started in the middle of 2023.
In a special statement in Parliament today (09), President Wickremesinghe said he assumed leadership of the country without any conditions, despite being a sole member of Parliament.
He cited his well-thought-out plan, extensive experience and international relationships as reasons for his confidence in the country’s recovery from its challenges.
Meanwhile, the Head of the State noted that economic growth is projected to be around 3% this year, with several local and international financial institutions offering similar forecasts.
The President also expressed that it is his expectation to conclude all negotiations by the middle of this year, and that the ultimate goal of debt restructuring is to reduce the total amount of debt to 95% of the GDP by 2032.
Furthermore, he mentioned that during the first three months of the year, the exchange rate of the US Dollar was brought to a level below Rs. 300 and the foreign reserves were raised to a value of more than USD 5 billion, noting that he was able to achieve this situation as he followed a challenging, difficult but the correct path.
Additionally, Wickremesinghe said a salary increment for government employees can be considered only next year based on the economic growth of 2024 and Government income since the current revenue of the government is not sufficient to consider such salary adjustment requests.
May 09, Colombo (LNW): In an alignment geared towards promoting sustainable energy adoption, People’s Bank and Hayleys Solar, the renewable energy arm of Hayleys Fentons Ltd., recently signed a Memorandum of Understanding (MoU).
It aims to catalyse the widespread adoption of solar energy by facilitating access to better financing options.
People’s Bank will provide loans to customers seeking to invest in rooftop solar power for their homes or businesses. These loans will empower individuals and enterprises to embrace solar power, thereby reducing their carbon footprint and contributing to a cleaner environment.
With the help of the introduced loan programs customers are given the option to go for an affordable loan instalment each month instead of continuing with the burden of a higher electricity bill. This monthly saving option is available for any system capacity and the savings amount will grow in relation to the capacity of each system. By availing of this option, customers can save on their monthly utility expenses and use those funds for other essential needs. In essence, customers will be making a one-time financial investment by replacing an expensive monthly expense with a more affordable one that will reap long term savings.
The collaboration between People›s Bank and Hayleys Solar marks a pivotal step towards achieving Sri Lanka’s renewable energy goals while fostering economic development. As the nation continues to prioritise environmental conservation and energy security, initiatives like this play a crucial role in driving the transition towards energy independence and a more sustainable future.
May 09, Colombo (LNW): Sri Lanka’s export community, represented by various chambers and associations, has come together to address critical issues hindering the country’s export potential.
In a clarian call to action, exporters have highlighted key concerns ranging from transparency and accountability in government agencies to challenges in accessing global markets and overcoming regulatory hurdles.
Through a series of recommendations, they seek to foster a conducive environment for sustainable economic growth and international trade.
Against the backdrop of a stagnating trend in merchandise exports, Jayantha Karunaratne, the President of the National Chamber of Exporters (NCE) of Sri Lanka, seized the opportunity to articulate the pressing issues facing the Chamber’s members.
Highlighting the gravity of the situation, he emphasized the urgent need for effective policy-making to counteract the stagnation of merchandise exports and propel sustainable economic growth.
The stagnation in merchandise exports, despite the occasional increase in Merchandise Exports in certain months, underscored the significance of collaborative efforts between the government and the private sector to navigate these challenges effectively.
Mr. Karunaratne’s speech echoed the feelings of Chamber members, who voiced their concerns regarding the adverse impact of the export stagnation on the nation’s economy.
Recognizing the pivotal role that exports play in bolstering foreign currency reserves and driving economic prosperity, there was a collective call for swift action and strategic collaboration to reverse the current trajectory.
In his impassioned plea for enhanced collaboration between the government and the private sector, He underscored the imperative for joint efforts to formulate and implement policies conducive to sustainable economic growth.
This collaboration, he stressed, is essential to address the multifaceted challenges confronting Sri Lanka’s export sector and to forge a path towards a resilient and thriving economy.
He further stated that long-term steady policies will positively impact foreign direct investments (FDIs) and startups.
In addition to policies, Mr. Karunaratne underscored the pressing need to address outdated laws and regulations that hinder Sri Lanka’s competitiveness in the global market.
Laws such as the customs ordinance and Labor Laws, among others, are relics of a bygone era and fail to reflect the evolving dynamics of the modern business landscape. Their antiquated provisions not only impede business operations but also deter potential investors and hinder the growth of startups.
To remedy this situation, he advocated for a comprehensive overhaul of existing laws and regulations to align them with current industry practices and global standards.
This entails a rigorous review process aimed at identifying outdated provisions and implementing necessary reforms to modernize Sri Lanka’s legal framework.
By doing so, Sri Lanka can enhance its attractiveness as a business destination and create an environment conducive to sustainable economic growth.
May 09, Colombo (LNW): Sri Lanka’s Dairy Industry is set to enhance the production and quality of liquid milk and milk based products in a new partnership with the Department of Animal Production and Health revolutionizing the industry.
Pelwatte Dairy Industries Limited (PDIL) has marked a significant milestone in Sri Lanka’s dairy sector by signing a Memorandum of Understanding (MOU) with the Department of Animal Production and Health (DAPH) to conduct Artificial Insemination (AI) under its Dairy Development Program.
This collaborative effort aims to modernize dairy farming practices, enhance livestock genetics, and boost dairy productivity across the nation.
Artificial insemination has emerged as a vital tool for improving livestock genetics and increasing agricultural productivity in Sri Lanka.
This practice involves the controlled transfer of semen from carefully selected bulls to female cows, with the goal of enhancing desirable traits such as milk production, disease resistance, and overall robustness.
As a leader in the dairy industry, Pelwatte Dairy recognizes the importance of leveraging advanced breeding techniques to benefit Sri Lanka’s agricultural landscape.
Through this partnership with DAPH, PDIL is committed to providing farmers with improved and efficient access to AI services, thus empowering them to enhance the quality of their livestock and increase their overall productivity.
“In partnership with the Department of Animal Production and Health, Pelwatte Dairy is p to spearhead the adoption of advanced breeding techniques in Sri Lanka’s dairy industry.
This collaboration signifies our unwavering commitment to empowering farmers, enhancing livestock genetics, and driving sustainable agricultural practices.
Together, we are paving the way for a brighter future for dairy farming in Sri Lanka.” Said Akmal Wickramanayake, Managing Director of Pelwatte Diary Industries Limited.
The collaboration addresses various challenges faced by farmers, including the availability of quality semen, adequate infrastructure, skilled technicians, and real time delivery of service to the farmers.
Under the policy-level decision by DAPH, private sector institutions like PDIL are now authorized to provide AI services to farmers, further facilitating the adoption of advanced farming techniques.
Pelwatte Dairy is poised to implement this initiative with the onboarding of four AI technicians from May 1st, 2024, reinforcing its commitment to driving positive change in the dairy industry.
Parallel to this initiative, Pelwatte Dairy has planned to train 15 individuals who are already milk suppliers to recruit them under the brand’s Dairy Development Unit, which will also be included under the MOU.
Through this MOU, Pelwatte Dairy aims to advance dairy development in Sri Lanka, improve farmer livelihoods, and contribute to sustainable agriculture and food security.
The company remains dedicated to upholding the highest quality standards and utilizing cutting-edge technology to meet the evolving needs of consumers and the dairy industry.
May 09, Colombo (LNW): Sri Lanka Liquid Petroleum Gas (LPG) storage, bottling and distribution has been upgraded to meet international operation and safety standards with the commissioning of Litro Gas Company’s state-of-the-art refurbished and upgraded facility at Mabima, Sapugaskande yesterday.
Litro Gas yesterday ceremonially opened its state-of-the-art refurbished and upgraded storage and bottling facility at Mabima, Sapugaskande which was maintained by Colombo Water and Gas Company from 1984 till its acquisition by Litro in 2001.
The ceremony was presided over by President’s Chief of Staff and National Security Advisor Sagala Rathnayaka.
Recognised as one of the largest in the region, the Mabima facility reinforces Litro Gas’s commitment to operational excellence and national energy security.
Commissioned in 1984 by Colombo Water and Gas Company, the Mabima Filling Plant has been completely refurbished after 40 years to meet international operation and safety standards, enhancing efficiency.
The refurbishment and upgrading of the Mabima facility, which cost a little over Rs. 1 billion, will ensure bottling and distribution efficiency for another 10 to 15 years for the country.
Mabima will play a vital role alongside the Kerawalapitiya plant, reducing dependency on the Kerawalapitiya filling plant, which was commissioned in 2014, a Litro high officials said.
Litro Chairman and CEO Muditha Pieris said, “Just as much as it was important to deliver an LPG cylinder that was extremely safe, it was important to safeguard the supply and distribution of LPG to our customers without any interruption.
During the period of 2015 to 2019, over two million households were converted to LPG from firewood, significantly increasing domestic LPG usage in the country, he said adding that with the market share being increased from about 73% to 85%, it is important to ensure an uninterrupted supply of LPG to the community.”
“This upgrade allows Litro Gas to manage a seamless LPG delivery process across the country, ensuring uninterrupted supply to its customers.
It is noteworthy that the cost of Refurbishing and Upgrading was done without any financial support or loan from an external party but with only the organisation’s finances.
Furthermore, it was with the participation of the whole Litro team that this was able to realise the project with the contribution of our own engineers at Litro and contribution of a few international experts,” Pieris said.
According to him, the project, originally planned in 2016, saw its finances secured in 2018 and was supposed to be commissioned in 2020.
However, due to the prevailing political landscape, the commissioning was delayed, even though all necessary machinery was secured by early 2020.
Reigniting the process for machinery, which was idle for two and a half years, was quite a task, as it entailed the infusion of new technology and expertise.
The refurbishment of the Mabima facility reflects Litro Gas’s commitment to safety, with robust educational programs and public awareness campaigns.
It also signifies Litro Gas’s dedication to efficiency and operational excellence, ensuring a reliable LPG supply chain for the nation.
Litro said Mabima will strengthen the supply and distribution along with Kerawalapitiya to fulfil the increasing demand for LPG in the country, creating jobs and export income.
May 09, Colombo (LNW): The Presidential Election will be held on a day between September 17 and October 16 this year, the National Election Commission said in an official statement.
