April 17, Colombo (LNW):The first-ever Sri Lanka-Kyrgyz Republic Foreign Office consultations were held successfully in Bishkek, Kyrgyz Republic, on Monday, April 15, marking a significant step towards strengthening diplomatic and economic ties between the two nations. Foreign Secretary Aruni Wijewardane and Kyrgyz Deputy Foreign Minister Avazbek Atakhanov co-chaired the event.

Initiated as part of Sri Lanka’s broader strategy to forge stronger relations with Central Asian countries, the consultations led to the signing of a Memorandum of Understanding (MoU) on Bilateral Cooperation, further solidifying the diplomatic bond established since 1996.

The talks focused on expanding economic collaboration across various sectors, including apparel, gems and jewellery, tea, food and beverages, wellness and ayurvedic products, education services, and information and communications technology (ICT). Both nations also explored ways to boost tourism and enhance people-to-people connections, which are pivotal for cultural and social integration.

Additionally, discussions covered cooperation in multilateral and regional forums, developments in each region, and pressing global issues, reflecting a comprehensive agenda aimed at mutual benefit.

In a parallel meeting, Foreign Secretary Wijewardane engaged with the Vice President and members of the Kyrgyz Chambers of Commerce, agreeing to hold a virtual inaugural meeting between the commerce bodies of both countries to foster trade and investment links.

April 17, Colombo (LNW): Sri Lanka is advancing in its discussions with the International Monetary Fund (IMF) as both parties focus on finalizing the second review of the IMF’s Extended Fund Facility (EFF), a key step in their ongoing economic collaboration. This development was reported following a critical meeting between State Finance Minister Shehan Semasinghe and Dr. Krishnamurthy Subramaniam, the IMF Executive Director for Sri Lanka and India, which took place in Washington, D.C.

The meeting occurred on the sidelines of the 2024 Mid-Year Spring Meetings of the IMF and the World Bank, an event that Minister Semasinghe attended. During their discussions, Semasinghe highlighted the positive trajectory of the negotiations and emphasized the significant role of the IMF, the World Bank, and other international partners in aiding Sri Lanka during its severe economic crisis in 2022. He credited this international support as a pivotal factor in the country’s current stability and economic progress.

April 17, Colombo (LNW): Showers or thundershowers will occur at several places in Western, Sabaragamuwa, Central, North-western and Uva provinces and in Galle and Matara districts after 2.00 p.m.

Fairly heavy showers about 50mm are likely at some places in Western, Sabaragamuwa and North-western provinces.

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

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

By: Staff Writer

April 16, Colombo (LNW): Youth Agripreneurship Villages are to  be set up at Divisional Secretariat level, in a bid to attract youth to the agriculture sector, with the use of the latest technologies. 

Agriculture and Plantation Industries Minister Mahinda Amaraweera said that the programme will be implemented by selecting one village in each of the selected Divisional Secretariat area this year, under the first phase and to facilitate the farmers to use new technology and smart technology.

The Government Information Department noted that the government plans to create a youth agripreneurship community and to introduce agri-innovation to agricultural areas through the programme, with the aim of attracting the youth community to agriculture and developing their economic status.

The employment in the agriculture sector declined to 2.08 million last year, from 2.15 million a year earlier, after a temporary boost in 2020 and 2021, fuelled by the Covid-19 pandemic. 

The Cabinet of Ministers cleared the implementation of the Agripreneurship Villages establishment project, marking the first phase of this ambitious endeavour in 2024.

The significant initiative aimed at revolutionising the agricultural sector will select one village from each of the chosen Divisional Secretariat Areas to serve as the pilot site for Agripreneurship Villages.

“These villages will serve as hubs of agricultural innovation, equipped with state-of-the-art technology and smart solutions to facilitate farmers in adopting modern agricultural practices,” Cabinet Co-Spokesman and Minister Bandula Gunawardena said.

He said the primary objective of the project is to create a vibrant youth Agripreneurship community and introduce agri-innovation to rural agricultural areas.

“By encouraging a culture of entrepreneurship and innovation, the project expects to attract young individuals to the field of agriculture and elevate their economic status,” he added.

Gunawardena said through the integration of new technologies and smart solutions, farmers will have access to advanced tools and techniques to optimise crop yields, minimise resource usage, and enhance overall efficiency.

In addition, he said the project aligns with broader efforts to modernise the agriculture sector and address youth unemployment and rural poverty by providing young individuals with opportunities for entrepreneurship and economic empowerment in the agricultural sector.

The proposal to this effect presented by the Agriculture Minister Mahinda Amaraweera was approved by the Cabinet of Ministers at its meeting on Monday.

By: Staff Writer

April 16, Colombo (LNW): Sri Lanka does not have a comprehensive regime to stop ant-competitive behaviour but there are provisions to promote competition scattered among 37 pieces of legislation, according to an assessment by the Japan International Cooperation Agency.

There were both legal and regulatory provisions for promotion of competition and prevention of anti-competitive practices in as many as 37 enactments, with the purview and enforcement responsibilities distributed among both regulatory agencies as well as service providers.

The government is evaluating the existing legal frame work relating to market competition in Sri Lanka with the aim of introducing a comprehensive competition law.

The main aim is for the promotion of transparent and competitive business climate, finance ministry sources confirmed.

Although there were legislations relating to the concept of completion including the fair trading act no1 of 1987. But it has no relevance for international trade. 

Therefore Sri Lankan exporters, importers and traders are frequently facing anti-competitive practices of manipulating market driven prices, a high official of the ministry said.   

It is essential to create a conducive environment for these traders creating level playing field for competition in pricing and tariffs, he added.   

The policy inconsistency has become an obstacle for modern international trading logistics and, industrialisation in the country.       

In this juncture the Presidential Secretariat has stepped into expedite the process of devising a new comprehensive competition law regime seeking assistance of the Japanese International Cooperation Agency (JICA).

A seminar was held to share the current findings of the JICA’s assessment of the legal framework relating to market competition in Sri Lanka recently.

 A high level delegation from the Japan Fair Trade Commission (JFTC) joined the seminar to share their insight on the background and key aspects of the competition laws and the role of JFTC in securing a transparent and competitive business climate in Japan, from which useful lessons could be drawn for Sri Lanka.

The assessment OF the existing legal provisions and measures the same against internationally accepted competition law principles was being conducted by JICA on the request of the Presidential Secretariat, JICA disclosed. 

The assessment findings are expected to provide a foundation for policy dialogue on this aspect vital for fostering innovation and productivity which would benefit both the customers and the suppliers, it added.

Harsha Fernando, President’s Counsel, presenting the findings of the assessment at the seminar explained that, there are both legal and regulatory provisions for promotion of competition and prevention of anti-competitive practices in as many as 37 enactments, with the purview and enforcement responsibilities distributed among both regulatory agencies as well as service providers.

April 16, Colombo (LNW): The US’ Federal Bureau of Investigation (FBI) has initiated a criminal probe into the tragic collapse of a Baltimore bridge last month, which occurred when a vessel collided with one of its supports, the bureau announced yesterday (15).

FBI agents boarded the cargo ship Dali to conduct court-authorised law enforcement activities related to the crash, according to a spokesperson cited by Reuters.

However, no further details were disclosed, and the FBI declined to provide additional comments.

The incident, which transpired in the early hours of March 26, involved a substantial container ship en route to Sri Lanka losing power and striking a support pylon, resulting in the Francis Scott Key Bridge collapsing into the Patapsco River.

Tragically, six individuals lost their lives while working on the bridge during the collision.

The investigation into the bridge collapse will scrutinise various factors, including whether the crew of the cargo vessel Dali departed the port despite knowing about significant issues with its systems, according to Washington Post.

Safety investigators have retrieved the ship’s “black box” recorder, which contains critical data on its navigation, communications, and alarms, among other parameters.

Additionally, the US National Transportation Safety Board has conducted interviews with essential personnel from the cargo ship as part of its inquiry.

Efforts to clear the wreckage and restore traffic in the port’s shipping channel are ongoing. While replacing the bridge is expected to be a multi-year endeavour, authorities have established temporary channels to accommodate shallow-draft vessels navigating around the obstructed container vessel.

The US Army Corps of Engineers aims to open a new channel to the Port of Baltimore by the end of April.

It is noteworthy that at the time of the collision, the Dali was departing Baltimore bound for Colombo, Sri Lanka, with a crew of 21 members and two pilots to assist in navigating out of the port.

The vessel, registered under the Singapore flag, has been associated with previous incidents, including a collision in the port of Antwerp, Belgium, in 2016.

An inspection conducted in San Antonio, Chile, in June 2023, identified deficiencies in the vessel’s propulsion and auxiliary machinery, according to data from the Equasis website.

Singapore’s Maritime and Port Authority reported that the vessel passed inspections at foreign ports in June and September of the previous year.

Grace Ocean Pte Ltd is listed as the registered owner of the ship, which is managed by the Synergy Marine Group, with Maersk chartering the vessel.