By: Staff Writer

October 15, Colombo (LNW): In a strategic move to enhance trade relations with Sri Lanka, the United Kingdom has launched a series of initiatives aimed at deepening economic ties between the two nations.

The British government has introduced several programmes and mechanisms to facilitate trade and streamline processes for Sri Lankan exporters.

One of the most significant steps taken is the implementation of the Developing Countries Trading Scheme (DCTS). Minister of State for the Department of Business and Trade, Douglas Alexander, recently highlighted in the UK Parliament that the DCTS aims to reduce tariffs and simplify trading regulations for Sri Lankan businesses.

This initiative is designed to create a more accessible trading environment, enabling Sri Lankan exporters to compete more effectively in the global market.

The UK has also been proactive in its efforts to promote trade, investment, trade policy objectives, and export finance in Sri Lanka.

These activities are being coordinated by His Majesty’s Trade Commissioner (HMTC) for South Asia, who plays a crucial role in advancing UK-Sri Lanka trade relations. By focusing on these areas, the UK aims to boost its economic presence in Sri Lanka while fostering mutually beneficial partnerships.

A key component of the UK’s approach is the emphasis on bilateral discussions. Government officials from both nations engage in regular dialogues through forums such as the annual UK-Sri Lanka Strategic Dialogue.

These meetings serve as a platform to address trade-related issues and identify areas of mutual interest, ultimately aiming to expand business opportunities and strengthen economic cooperation.

Notably, the UK is currently the second-largest export market for Sri Lanka, accounting for approximately USD 1 billion in exports. This statistic underscores the importance of the UK-Sri Lanka trade relationship and highlights the potential for further growth through these new initiatives.

The DCTS, soon to replace the existing Generalized System of Preferences (GSP) framework, represents a tailor-made approach by the UK to help developing countries like Sri Lanka integrate more effectively into the global economy.

This scheme provides zero-duty benefits for over 7,000 eligible product lines from Sri Lanka, offering a significant advantage to its exporters.

The British government’s strategy to boost trade with Sri Lanka involves leveraging a variety of tools, including the DCTS, to cut tariffs and make trading rules more straightforward.

This comprehensive approach is further supported by targeted efforts to promote UK trade and investment in Sri Lanka. By combining these initiatives with ongoing diplomatic engagement, such as the UK-Sri Lanka Strategic Dialogue, the UK aims to build a robust and dynamic trading partnership with Sri Lanka.

By: Staff Writer

October 15, Colombo (LNW): The John Keells Group is set to open doors to Cinnamon Life at City of Dreams Sri Lanka, on 15th October 15, 2024.

Developed at an investment of over USD 1.2 billion by the John Keells Group, this is the largest and most ambitious private investment in the country which will redefine our tourism landscape, catering to a diverse clientele creating South Asia’s most dynamic destination for business, leisure, and entertainment.

This Complex boasts state-of-the-art ballrooms, event spaces, and conference facilities, positioning Colombo as a key destination for global Meetings, Incentives, Conferences, and Exhibitions (MICE) tourism

This ambitious development is expected to transform Sri Lanka’s tourism and entertainment sectors.

Cinnamon Life will feature 687 luxury rooms and Colombo’s largest event venue, capable of accommodating over 5,000 guests. The complex boasts state-of-the-art ballrooms, event spaces, and conference facilities, positioning Colombo as a key destination for global Meetings, Incentives, Conferences, and Exhibitions (MICE) tourism.

With a dedicated staff of over 1,500, including 250 chefs, Cinnamon Life offers an extensive range of dining experiences, from a French bistro to an American grill and a top-tier wine bar. Additional culinary outlets are set to open in the coming months. The resort is also designed as an ideal venue for destination weddings, combining modern elegance with local charm.

While the primary resort opens tomorrow, other elements of the project—including a luxury shopping mall, entertainment spaces, a gaming facility, and the ultra-luxury 113-room Nuwa hotel—will be completed by mid-2025, marking the final phase of this landmark development.

John Keells Chairperson Krishan Balendra called the project “transformational,” adding that it will elevate Colombo as a top destination for leisure and entertainment in the region. Once fully operational, City of Dreams Sri Lanka is expected to generate over 20,000 direct and indirect jobs, boosting both tourism revenue and foreign exchange earnings for the country.

“The Group is confident that the convergence of all elements in the launch of ‘City of Dreams Sri Lanka’ will unlock its full potential as a transformative development in South Asia and be a catalyst in creating tourism demand, foreign exchange earnings for Sri Lanka and generating employment,” said Balendra in a statement to the media.

Located in Colombo’s urban core, Cinnamon Life will also feature over 1,000 museum-grade artworks by Sri Lankan artists, further celebrating the country’s cultural heritage. The development aims to become a vibrant hub for art, music, fashion, and entertainment, offering both locals and visitors a dynamic new experience.

October 15, Colombo (LNW): The Export Development Board (EDB) has announced the appointment of Mangala Wijesinghe as its new Chairman and Chief Executive Officer.

This strategic leadership change aims to enhance the board’s effectiveness in driving Sri Lanka’s export growth and development initiatives.

Prior to his new role at the EDB, Wijesinghe held the position of Chief Operating Officer at Brown and Company PLC, where he gained extensive experience in operational management and strategic planning.

His background in the private sector, coupled with his expertise in trade and commerce, positions him well to spearhead the EDB’s efforts in promoting Sri Lankan exports on a global scale.

Wijesinghe succeeds Dr. Kingsley Jayasinghe, who has served the organisation with distinction and has been instrumental in advancing various initiatives during his tenure.

Under Dr. Jayasinghe’s leadership, the EDB made significant strides in enhancing the country’s export capabilities and fostering partnerships with international markets.

By: Isuru Parakrama

October 15, Colombo (LNW): The Sri Lankan government is set to strengthen its public debt management framework following the recent implementation of the Public Debt Management Act No. 33 of 2024.

This legislation mandates the creation of a Public Debt Management Office (PDMO), designed to ensure that public debt data is recorded accurately, comprehensively, and in a timely manner through a robust system.

Presently, Sri Lanka relies on the Commonwealth Secretariat Debt Recording and Management System (CS-DRMS) for the management of its foreign debt, a tool overseen by the Department of Foreign Resources.

However, the Commonwealth Secretariat has halted updates and annual licensing for the CS-DRMS, highlighting the urgent need for an upgraded system that meets contemporary requirements.

In light of this situation, the government has engaged in discussions with technical experts from the International Monetary Fund (IMF) and the World Bank to explore the establishment of the PDMO.

Two promising software alternatives have emerged: the Commonwealth Meridian software, provided by the Commonwealth Secretariat, and the Debt Management and Financial Analysis System (DMFAS) from the United Nations Conference on Trade and Development (UNCTAD).

After thorough evaluation, the government has favoured the Commonwealth Meridian software for adoption.

This choice is underpinned by several considerations, including its cost-effectiveness, streamlined data transmission capabilities, assurance of data integrity, and compatibility with existing systems, as detailed by the Cabinet Office.

In a meeting held on Monday, 14 October, the Cabinet of Ministers endorsed the proposal put forth by President Anura Kumara Dissanayake, who serves as the Minister of Finance, to procure the Commonwealth Meridian software.

Furthermore, the Cabinet plans to solicit recommendations from a procurement committee appointed specifically for this purpose to facilitate the acquisition process.

The Cabinet Office has emphasised that this initiative is expected to substantially enhance Sri Lanka’s capacity to manage its public debt more effectively, thereby ensuring increased transparency and accuracy in reporting debt-related information.

As the country faces various economic challenges, these improvements in debt management are seen as essential for maintaining fiscal stability and fostering investor confidence.

By implementing a more efficient system, Sri Lanka aims to better navigate its financial obligations whilst promoting sound economic governance.

By: Isuru Parakrama

October 15, Colombo (LNW): The Sri Lankan Rupee (LKR) further indicates the trend of depreciation against the US Dollar today (15) in comparison to yesterday, maintaining, however, below the Rs. 300 threshold, as per the official exchange rates released by the Central Bank of Sri Lanka (CBSL).

Accordingly, the buying price of the US Dollar has increased to Rs. 289.17 from Rs. 288.50, and the selling price to Rs. 298.17 from Rs. 297.49.

The LKR has also depreciated largely against several other foreign currencies, including Gulf currencies.