By: Staff Writer

October 21, Colombo (LNW): Sri Lanka is advancing in climate action and sustainable finance with crucial support from the Global Green Growth Institute (GGGI). At the 13th Assembly and 17th Council Joint Session of GGGI in Seoul, Korea, Prabath Chandrakeerthi, Secretary of the Ministry of Environment, outlined key initiatives enhancing Sri Lanka’s climate resilience and sustainable development.

A major focus of the partnership is the revision of Sri Lanka’s National Adaptation Plan (NAP), which now includes the development of Provincial Adaptation Plans (PAPs) tailored to each of the country’s nine provinces. These plans are designed to enable region-specific climate adaptation actions, unlocking new opportunities for investment and paving the way for localized climate action.

GGGI has also been instrumental in promoting sustainable finance initiatives in Sri Lanka. It has developed frameworks for sovereign and private sector green bond issuances.

 A notable example is GGGI’s support to the Commercial Bank of Ceylon, which plans to raise Rs. 5 billion ($17 million) through a green bond issuance on the Colombo Stock Exchange in September 2024.

This initiative represents a significant step toward securing long-term financing for climate mitigation and adaptation projects, with GGGI also aiding the development of Sri Lanka’s sovereign bond framework.

On the international front, GGGI is strengthening Sri Lanka’s capacity for carbon trading under Article 6 of the Paris Agreement.

Together, they have developed an Article 6 readiness initiative to align Sri Lanka’s mitigation activities with global carbon market standards. This initiative is set to prepare Sri Lanka for effective participation in the global carbon market, allowing it to trade carbon credits efficiently.

GGGI’s efforts in Sri Lanka extend beyond finance and carbon trading. It actively supports the transition to e-mobility, aiming to reduce greenhouse gas emissions and improve air quality through low-carbon urban transportation solutions. This initiative aligns with Sri Lanka’s broader goals of low-carbon city development and reducing its carbon footprint.

The partnership also includes a focus on the sustainability of Sri Lanka’s tea industry, a vital export sector. The “Strengthening Tea Industry Sustainability in Sri Lanka” initiative aims to enhance environmental practices within the tea sector, ensuring its long-term sustainability.

As Vice President and Co-Chair of the GGGI Assembly and Council, Sri Lanka is set to expand its collaboration with GGGI in sustainable development projects. Chandrakeerthi expressed optimism about positioning Sri Lanka as a leader in green growth and climate resilience in the region.

Through initiatives in climate adaptation, green finance, carbon trading, and sustainable industry practices, Sri Lanka is making significant strides towards its environmental goals, with GGGI playing a key role in driving these advancements.

By: Staff Writer

October 21, Colombo (LNW): The tourism sector continues to experience a significant boost indicating a likely surpassing of this years target despite the change in government tourism ministry officials said.

The increase in arrivals reflects a growing recovery in global travel, with key markets such as Europe, Asia, and North America contributing significantly to the influx. Industry experts anticipate that, if current trends continue, the final tally for October 2024 could set a new post-pandemic monthly record for the tourism sector.

Tourism authorities are optimistic about this momentum and have noted the role of international marketing campaigns, improved airline connectivity, and the attraction of key cultural events such as the ongoing festivities at Kataragama. This growth is expected to provide a major boost to local businesses and the broader economy, as tourism remains a cornerstone of the nation’s revenue.

As the tourism industry continues its rebound, efforts to sustain this growth include enhancing visitor experiences, ensuring safety measures, and promoting less-explored destinations within the country.

Sri Lanka welcomes over 63,000 tourists in the first 15 days of October, pushing the cumulative total for 2024 to over 1.54 million visitors.

Despite the figures reflect a steady recovery for the country’s tourism sector; the visa processing issues have hampered growth, particularly in the early weeks of the month.

Tourist arrivals in the first half of October averages 4,233 visitors per day, with the first two weeks struggling to exceed 35,000 tourists per week.

Despite these challenges, Sri Lanka continues to draw significant numbers, with India remaining the top source market. The neighbouring giant contributed to 18,078 tourists in the first half of October, followed by China with 4,504 and the UK close behind with 4,495 visitors.

India has been a standout contributor to Sri Lanka’s tourism rebound, crossing the 300,000 mark for the year, with 304,634 arrivals year-to-date (YTD). The UK follows with 140,959 arrivals, and Russia ranks third at 130,701 for the year.

These key markets have provided much-needed support as Sri Lanka works to recover its tourism sector, which was severely impacted by multiple challenges over the past five years and political instability.

While the country has seen steady growth in 2024, challenges such as delayed visa processing have hindered Sri Lanka’s ability to fully capitalise on rising global travel demand. For 2024, Sri Lanka is aiming to draw 2.3 million and generate a foreign income $ 4 billion.

By: Staff Writer

October 21, Colombo (LNW): From October 15 to 22, a group of 14 top travel agents from various regions across Spain embarked on a journey to explore the best of Sri Lanka. This trip aims to provide these elite professionals with a firsthand experience of the island’s stunning landscapes and rich cultural heritage, showcasing why Sri Lanka is a destination worth visiting.

The familiarisation tour comes at a crucial time as Sri Lanka’s economic situation has stabilized, and tourist visa challenges have been resolved, creating a more favorable climate for tourism. This improved environment is set to benefit visitors and encourage growth in the industry.

Over eight days, the travel agents are exploring iconic sites like the ancient ruins of Anuradhapura, Sigiriya, Polonnaruwa, and Dambulla. They are also visiting the cultural city of Kandy, enjoying the picturesque highlands of Nuwara Eliya, and concluding their adventure in Colombo, Sri Lanka’s vibrant capital. Each location highlights the country’s unique blend of history, culture, and natural beauty.

Connaissance De Ceylan serves as the official ground handling partner, while Thema Collection provides luxurious accommodation throughout the journey. Turkish Airlines, the official airline partner, ensures a smooth travel experience for the group.

Spain has become the seventh largest source market for Sri Lankan tourism, with Spanish visitors being especially valuable as they tend to travel during the May to October period. This tour by Spanish travel agents is set to strengthen tourism ties between the two nations and expand future opportunities for growth.

Organized by Spain’s leading operator to Sri Lanka, this mission reflects a growing interest in Sri Lanka as a prime travel destination. The tour aims to boost Sri Lanka’s profile among Spanish tourists by offering agents firsthand knowledge of the island’s diverse offerings, from its ancient cultural sites to its lush landscapes.

According to Connaissance De Ceylan, “With recent developments like the easing of visa issues and improvements in tourism infrastructure, showcasing Sri Lanka’s attractions through tours like this is crucial. This experience will give Spanish travel agents valuable insights and help them promote Sri Lanka as an attractive destination for their clients.”

The initiative is a step towards enhancing the appeal of Sri Lanka among Spanish travelers, encouraging them to explore the island’s distinctive blend of history, culture, and natural wonders.

“With recent developments such as the easing of visa issues and other tourism-related improvements, trips like this are vital in showcasing the island’s allure, from its ancient heritage to its pristine landscapes.

This tour is expected to boost Sri Lanka’s profile among Spanish travellers, who will return with first-hand insights and a deeper appreciation for what the island has to offer,” Connaissance De Ceylan said.

By: Staff Writer

October 21, Colombo (LNW): At the recent BRICS+ Fashion Summit in Moscow, fashion leaders from over 50 countries, including Sri Lanka, announced the formation of the BRICS International Fashion Federation. This initiative aims to create new centers of influence, enhance global collaboration, promote sustainability, and provide growth opportunities for emerging designers.

Ajai V. Singh, Managing Director of Colombo Fashion Week (CFW), highlighted the importance of cooperation in the modern fashion industry. He stated, “Collaboration and knowledge sharing are crucial for growth. The BRICS Fashion Federation offers a unique opportunity for each member country to grow and learn from one another.

This initiative, led by Moscow, serves as a platform for open dialogue, transparency, and a united goal. It’s a promising start that Moscow can build upon to create a progressive global structure,.”he added

Singh was a featured speaker at the summit, discussing “Circularity and Sustainability” in fashion. Over the past 21 years, CFW has established a robust fashion ecosystem in Sri Lanka and was invited to contribute to developing fashion programs in emerging markets.

The memorandum establishing the BRICS International Fashion Federation was signed by leaders of fashion and textile associations, educational institutions, and fashion weeks from countries like India, South Africa, Russia, Ethiopia, Egypt, the USA, and several others. These representatives emphasized that collaboration with emerging fashion markets is a significant focus area.

Natalya Sergunina, Deputy Mayor of Moscow, described the creation of this Federation as a significant achievement of the BRICS+ Fashion Summit. She noted that this initiative reflects the shared vision and growth potential among global partners in the fashion industry.

The BRICS+ Fashion Summit, held in Moscow from October 3 to 5, is the largest fashion event focused on emerging markets, with representatives from over 100 countries in attendance.

One of the main goals of the new Federation is to foster connections between fashion organizations worldwide. Open to all who share its vision, the Federation plans to launch an official application process for new members once its website goes live.

Key objectives of the Federation include supporting local talent, promoting sustainable fashion practices, enhancing cultural exchanges, and creating a unified platform for emerging markets. The organization also intends to focus on the advancement of new technologies, preserving cultural traditions, and supporting arts and crafts.

In a statement, the Federation expressed its commitment to showcasing global talent and promoting eco-friendly practices within the fashion industry. It aims to reduce the industry’s carbon footprint by advocating for slow fashion—emphasizing mindful consumption and production.

This sustainable approach will be central to the Federation’s agenda as it seeks to minimize the environmental impact of fashion. With its emphasis on sustainability, innovation, and cultural exchange, the BRICS International Fashion Federation is set to play a transformative role in reshaping the future of global fashion.

By: Isuru Parakrama

October 21, Colombo (LNW): Sri Lanka has recorded a decline in the Overall Rate of Inflation for September 2024, with the National Consumer Price Index (NCPI) reflecting a deflationary trend at minus 0.2 per cent.

This marks a notable decrease compared to the inflation rate of 1.1 per cent observed in August of the same year, according to the latest data from the Department of Census and Statistics.

A key factor contributing to this reduction has been the decline in both food and non-food inflation rates.

Food inflation dropped to 0.5 per cent in September, down from 2.3 per cent in August.

This reflects a significant easing in the prices of essential food items, providing some relief to households struggling with cost-of-living pressures in recent months.

Non-food inflation also exhibited a downward shift, falling to minus 0.7 per cent in September from 0.2 per cent in the previous month.

The negative rate of inflation in this sector suggests a reduction in the cost of goods and services such as transportation, healthcare, and utilities.

This development could be seen as an indication of stabilisation in sectors that have been subject to price fluctuations over the past year.

See Full Report: http://www.statistics.gov.lk/WebReleases/NCPI_Sep_2024

By: Isuru Parakrama

October 21, Colombo (LNW): As Saudi Arabia and Sri Lanka commemorate the 50th anniversary of their diplomatic relations, Saudi Ambassador Khalid Hamoud Alkahtani has shed light on the depth of bilateral cooperation between the two nations.

Established in 1974, these relations have evolved over the decades, with the two countries forging closer ties in areas ranging from trade and investment to education and labour.

Speaking exclusively to Daily Mirror, Ambassador Alkahtani underscored that the relationship between Saudi Arabia and Sri Lanka is based on mutual respect and long-standing collaboration across various sectors.

Today, over 200,000 Sri Lankans are employed in the Kingdom, a number expected to rise as Saudi Arabia embarks on its ambitious “Vision 2030” project, which has opened up further opportunities in construction, healthcare, and hospitality.

The Saudi envoy also expressed confidence in increasing employment prospects for Sri Lankans as both nations continue to work together through various technical committees.

Reflecting on key milestones, Ambassador Alkahtani highlighted several important agreements that have been signed between the two countries over the years.

These include the Air Transport Agreement of 1991 and the Double Tax Avoidance Agreement signed in 2023, alongside a recent Memorandum of Understanding (MoU) on the Promotion of Direct Investment in 2024.

Such agreements are pivotal in fostering greater economic collaboration, and further deals in the realms of trade, investment, and environmental protection are currently under review.

The ambassador praised the ongoing official exchanges between senior representatives of both nations, noting how high-level visits have significantly contributed to deepening bilateral ties.

Notable visits included those of Saudi Arabia’s Minister of Foreign Affairs, Prince Faisal bin Farhan Al Saud, and Vice Minister Waleed bin Abdulkarim Al Khuraiji, both of whom held discussions with key Sri Lankan officials.

In turn, Sri Lankan officials, including the former Minister of Labour, Manusha Nanayakkara, and former Minister of Foreign Affairs, Ali Sabry, have visited Saudi Arabia to explore further avenues for cooperation.

One of the central pillars of Saudi-Sri Lankan cooperation has been the Saudi Fund for Development (SFD). Through this fund, Saudi Arabia has provided substantial financial aid for various development projects in Sri Lanka, focusing on education, infrastructure, and humanitarian work.

Current projects, such as the establishment of a medical faculty at the University of Sabragamuwa and the construction of housing for those affected by the tsunami, exemplify the Kingdom’s commitment to aiding Sri Lanka’s development.

Additionally, the King Salman Humanitarian Aid and Relief Center has contributed to ongoing humanitarian efforts in the country, particularly during Sri Lanka’s recent economic difficulties.

Looking ahead, the ambassador expressed optimism about the future of bilateral relations. He reaffirmed the Kingdom’s support for Sri Lanka and outlined areas for further cooperation, particularly in trade, investment, and political consultations.

With Saudi Arabia’s “Vision 2030” driving significant changes within the Kingdom, both nations stand poised to strengthen their ties in ways that will benefit their respective economies and people.

By: Isuru Parakrama

October 21, Colombo (LNW): The Sri Lankan Rupee (LKR) indicates slight depreciation against the US Dollar today (21) in comparison to last week’s Friday, 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. 288.61 from Rs. 288.52, and the selling price to Rs. 297.60 from Rs. 297.53.