June 22, Colombo (LNW): Sri Lanka is working on attracting more direct investment from Saudi Arabia as Saudi support is seen as important to help put the Sri Lankan economy back on track.
Investment from Saudi Arabia has been identified as a key part of ongoing recovery efforts in Sri Lanka, said Falah Alhabshi Mowlana, Sri Lanka’s consul general in Jeddah.
The Board of Investment of Sri Lanka has been working with the country’s foreign missions to attract more foreign investors, Mowlana said, adding that the tourism and energy sectors are likely the most potential for Saudi investment.
“(The) tourism sector is one of the best sectors that can attract Saudi investment … If the opportunities in Sri Lanka in this sector can be presented in a proper way to Saudi nationals that will immensely impact Foreign Direct Investment to Sri Lanka.”
Sri Lanka and the Kingdom of Saudi Arabia will enter into a Memorandum of Understanding (MoU) aimed at attracting direct investment and enhancing the investment environment in both countries.
The agreement seeks to promote policy and legal reforms, provide advanced and integrated infrastructure facilities and streamline processes to foster a more investor-friendly climate.
“Both sides reached an agreement during the special meeting of the World Economic Forum, held in Riyadh, Saudi Arabia attended by Foreign Affairs Minister Ali Sabry in April,” Cabinet Co-Spokesman and Minister Bandula Gunawardena said yesterday.
Speaking at the weekly post-Cabinet meeting media briefing he disclosed that the agreement was reached when the Minister attended the World Economic Forum in Riyadh from 28-29 April.
“The agreement is part of a broader strategy to increase foreign direct investment in Sri Lanka by improving the overall investment landscape. This includes implementing key policy and legal reforms, upgrading infrastructure and redesigning processes to make investment more attractive and efficient,” he added.
The MoU is expected to open new avenues for economic collaboration between Sri Lanka and Saudi Arabia, benefiting both nations by creating a more conducive environment for business and investment.
Gunawardena explained that Sri Lanka lags behind regional countries in attracting foreign direct investments. “In 2023, Singapore attracted FDIs worth of $ 140 billion, India $ 70 billion, Vietnam $ 28 billion and Thailand $ 20 billion, while Sri Lanka only attracted $ 1 billion,” he said.
“This initiative aligns with Sri Lanka’s ongoing efforts to stabilise and grow its economy by leveraging international partnerships and attracting foreign capital.
With this MoU in place, both countries look forward to a strengthened economic relationship and the mutual benefits that come from increased direct investment and improved investment conditions,” he added.
June 22, Colombo (LNW): In the wake of high taxation on betting and gaming Sri Lankan authorities have officially taken a decision for the establishment of a gaming regulatory authority in the wake of ever increasing tax evasion by a handful of local casino owners as finance ministry sources disclosed.
The new authority would oversee casino tax collection, counter criminal activity and negative societal impacts from gaming, state minister of finance Ranjith Siyambalapitiya said.
Cabinet of Ministers gave a green light to the gambling regulatory authority, following a proposal submitted by the president recently.
The government has been trying to set up a regulatory body, aimed at ensuring casino owners pay their fair share of taxes.
State Minister of Finance Ranjith Siyambalapitiya recently said Sri Lanka has become one of the highest taxing countries in the world for casinos.
Speaking in Parliament on Wednesday during the debate on tax amendments related to casinos, he highlighted the Government’s efforts to improve tax collection from casinos. “Under the current regime, the Government has succeeded in adding 60% of a casino’s turnover to State revenue,” he said.
The State Minister also noted that previously, only income tax was collected from casinos, but the new measures include a licence fee of Rs. 500 million, an annual renewal fee of Rs. 500 million and a 15% turnover tax.
However, last week the Committee on Public Finance (CoPF) revealed that despite legal prohibitions, online casinos continue to operate openly in Sri Lanka, depriving the Government’s revenue without facing any repercussions.
CoPF directed the officials to expedite the implementation of the necessary laws to establish a regulatory authority, which is crucial for attracting foreign investors and securing the Government’s rightful revenue from the casino business.
It has also been agreed to issue new casino licenses, revealing that a 2010 law regulating casinos required such licenses, but that none had been issued.
According to recent estimates of the finance ministry, a sum of US $7.4 million in casino taxes were in arreas due to lack of regulatory oversight.
Ten new operators have applied for licenses to establish casinos in the country casinos but the government is yet to grant its approval, State Minister Ranjith Siyambalapitiya disclosed.
Minister Siyambalapitiya said the applications were in various stages of evaluation and no licenses have been issued so far.
Six casinos are currently operating in Colombo including Bally’s,Bellagio Entertainment, Casino Marina, Stardust, Continental Club, and The Ritz Club.
Singapore’s Kreate Design Pte Ltd is planning to invest $1 billion within the next three years to convert Colombo Lotus Tower, in Sri Lanka’s capital, into an ‘entertainment hub’, including a casino.
June 22, Colombo (LNW): China will continue to support Sri Lanka in achieving debt sustainability and aiding the country’s socioeconomic development, as it has consistently done in the past, stated a Chinese Foreign Ministry spokesman in Beijing.
Lin Jian, the spokesman, made these remarks during a regular press conference in response to a media query about the recent diplomatic consultations between China and Sri Lanka in the Chinese capital.
“Regarding the 13th round of China-Sri Lanka diplomatic consultations, China has released a readout, which you may refer to. What I can tell you is that the Chinese side has been providing assistance to Sri Lanka’s socioeconomic development to the best of our capability,” Lin Jian commented.
He further added, “We stand ready to continue to work with relevant countries and international financial institutions to support Sri Lanka’s debt sustainability.”
June 22, Colombo (LNW): The Committee on Public Accounts (COPA) has disclosed that approximately 15,000 cases are currently pending against institutions that have failed to pay Employees Provident Funds (EPF). As of December 31, 2021, nearly 5,000 of these cases had become inactive.
Several factors contribute to the backlog, including defunct institutions at registered addresses and company directors who have left the country. This information emerged during a COPA meeting in Parliament, which was convened to examine the Auditor General’s reports and assess the Department of Labour’s performance for 2021 and 2022.
In response to this issue, COPA has instructed relevant officials to compile and submit a comprehensive report detailing employers who have defaulted on EPF payments across all districts. This directive aims to provide a clearer understanding of the scope of the problem and to facilitate more effective enforcement actions.
Additionally, COPA addressed concerns regarding the lengthy processing times for welfare fund applications. These delays are often caused by incomplete information provided by applicants. COPA emphasized the need for streamlined processes to ensure timely and efficient disbursement of welfare funds to eligible individuals.
President Ranil Wickremesinghe emphasized the imperative of not forgetting the hardships endured in the past due to shortages of essential resources such as medicines, fuel and fertilizers critical for the country. He called upon all citizens to unite behind the government’s initiative aimed at fostering a new economic transformation in Sri Lanka, ensuring that future generations do not have to face similar challenges.
Responding to the allegations levelled by former President Maithripala Sirisena, a Spokesman for the Catholic Church on Friday said that the Archbishop of Colombo Cardinal Malcolm Ranjith has distributed over Rs. 500 million of financial aid received to assist the victims of the Easter Sunday attacks.
Senior Advisor to the President on National Security and Chief of Staff to the President Sagala Ratnayaka, announced that President Ranil Wickremesinghe has directed take the necessary measures to either rebuild or provide compensation, subject to a maximum limit, for houses that were completely damaged by the recent adverse weather conditions.
The Department of Prisons has released 289 inmates from prisons across the island under a special state pardon granted by President Ranil Wickremesinghe in view of Poson Poya Day.
On the request of the Sri Lanka Police, the High Commission of India has been facilitating capacity building training courses for the personnel of the Sri Lankan Police at the premier Police training institutions viz. Central Detective Training Institute (CDTI), Jaipur; CDTI, Hyderabad; CDTI, Kolkata and National Security Guard (NSG), Manesar in India.
It was disclosed at the Committee on Public Enterprises that due to dishonesty existing within the Corporation and the deliberate delay of 08 years and 08 months in issuing the relevant circular to the filling station owners by the marketing department of the Corporation, the Corporation has incurred a loss of Rs. 3,416 million for the period 2014-2022. In such context, COPE was of the view that the marketing department should assume responsibility for committing a large-scale fraud to the Corporation.
The Narcotics Control Unit of Sri Lanka Customs has apprehended an officer of the airport security division while attempting to smuggle 18 gold biscuits worth around Rs. 48 million out of the Bandaranaike International Airport (BIA) in Katunayake.
The Ministry of Buddhasasana, Religious, and Cultural Affairs has called for an investigation into an alleged distortion of the Karaniya Metta Sutta that has been circulating on social media. The Ministry reported receiving numerous complaints about an AI-generated video clip that purportedly distorts a Buddhist sutra from the Pali Canon, which has been widely shared on Facebook and TikTok.
The High Commission of India in collaboration with the Tourism Ministry celebrated the 10th International Day of Yoga as a 10-day Yoga Mahotsav by the Kandy Lake.
Sri Lanka women’s cricket team completed a clean sweep of the ODI series against the West Indies, clinching a decisive 3-0 victory as they won the third and the final match by 160 runs.
June 22, Colombo (LNW): The High Commission of India, in collaboration with the Tourism Ministry, celebrated the 10th International Day of Yoga by organizing a 10-day Yoga Mahotsav. The event featured various yoga sessions and activities aimed at promoting the benefits of yoga and fostering cultural ties.
A notable highlight was a session held by Kandy Lake, where a group of yoga enthusiasts practiced yoga with the iconic lake as a serene backdrop. The picturesque setting added to the spiritual and calming experience, emphasizing the harmonious connection between nature and wellness.
This celebration not only marked the significance of International Day of Yoga but also showcased the commitment of both India and Sri Lanka to promoting holistic health and cultural exchange through the practice of yoga.
June 22, Colombo (LNW): The United Nations Development Programme (UNDP) Sri Lanka recently launched the 2023/24 Global Human Development Report, themed ‘Breaking the Gridlock: Reimagining Cooperation in a Polarized World’. The Report was presented to the Director General of the Sustainable Development Council (SDC), Chamindry Saparamadu, by the Resident Representative of UNDP Sri Lanka, Azusa Kubota. The event, held in Colombo, was attended by representatives from the Government, private sector, development partners, and civil society agencies.
The Report highlights the urgent need to address uneven development, rising inequality, and political polarization. It underscores the importance of building a 21st-century architecture for global public goods, reducing polarization, and narrowing agency gaps to tackle contemporary development challenges and accelerate progress on human development and sustainable development. The Report reconfigures global interdependence and emphasizes the pivotal role of multilateralism in moving forward.
By focusing on these key areas, the Report calls for innovative approaches to cooperation and collaboration, stressing that global challenges require collective action and shared solutions. The launch event served as a platform to discuss these pressing issues and explore strategies for fostering more inclusive and equitable development in a rapidly changing world.
June 22, Colombo (LNW): On the request of the Sri Lanka Police, the High Commission of India has been facilitating capacity-building training courses for the personnel of the Sri Lankan Police at premier Police training institutions in India. These institutions include the Central Detective Training Institute (CDTI) in Jaipur, CDTI in Hyderabad, CDTI in Kolkata, and the National Security Guard (NSG) in Manesar.
India regularly offers fully funded training slots to Sri Lankan Police personnel for various courses designed to enhance the skills of the officers. Since the beginning of 2024, over 60 Police personnel, including junior, mid-level, and senior officers, have benefited from training courses on subjects such as crime scene management, artificial intelligence and cybercrime investigation, and VIP security training. These courses are provided by the Indian Government under the Indian Technical and Economic Cooperation (ITEC) and the ‘Aid to Sri Lanka’ programme. It is expected that over 130 Sri Lankan Police officers will be trained in India this year.
A batch of 23 senior Police officers recently left for New Delhi to attend a specially designed two-week course that started on June 18. Before departing for the course, the officers had an interaction with Indian High Commissioner to Sri Lanka, Santosh Jha. Currently, these officers are undergoing training at the National Investigation Agency (NIA) in various subjects such as terror financing, internal security dynamics, Islamic and other religious fundamentalism.
June 22, Colombo (LNW): President Ranil Wickremesinghe emphasised Sri Lanka’s commitment to advancing eco-tourism through the conservation of wetlands. He underscored the futility of waiting for external funding to combat climate change and environmental challenges, urging tropical countries to explore self-sustaining financial models tied to environmental projects.
Speaking at the closing ceremony of the inaugural WLI Asia Oceania Conference 2024 at Water’s Edge Hotel, Battaramulla on Friday (21), President Wickremesinghe highlighted Sri Lanka’s proactive stance.
The conference, organized by the Sri Lanka Land Development Corporation under the Ministry of Housing, aimed to foster collaboration for the sustainable management of wetlands. Held from June 17 to 21 at “Diyasaru” Wetland Park, Battaramulla, the event focused on the theme “Wetlands and Wetland Centers for Eco-friendly Tourism.”
Representatives from 15 countries including Sri Lanka, Korea, Mongolia, Philippines, Jordan, Myanmar, New Zealand, Nepal, Japan, Australia, China, India, Pakistan, Taiwan, and the United Kingdom participated, totaling nearly 100 delegates from over 70 wetland parks worldwide. Notably, the foreign delegates had the opportunity to explore Colombo’s urban wetlands, renowned as the world’s first wetland capital, during the three-day observation program.
At the ceremony, Executive Director of the Ramsar Convention’s East Asia Regional Center Suh Seung Oh, presented a memento to President Ranil Wickremesinghe, marking the culmination of the conference.
Addressing the gathering, President Ranil Wickremesinghe further commented: “Sri Lanka considers itself privileged that Wetlands International’s first conference is being held here, and you have taken ‘Diyasaru’ Park as a good example. Wetlands, much like elephants and others, are disappearing species or landmarks. How do we preserve them? That’s the issue.
Not only in urban areas but even in other regions, wetlands are disappearing. Partly due to the need for development, partly due to the need for people to live. Nevertheless, development and population expansion have taken their toll on wetlands. So, what you have undertaken is how to preserve them, and that is an objective we all agree with.
If you look at this, about 500 years ago, this whole area was covered by wetlands. When you take ‘Muthurajawela’ to the north, this area, which was once entirely wetlands, sometimes formed a fortress to safeguard the cinnamon trade and repel rival armies from the north and south. You can still see traces of that. But gradually, we have seen it being filled up. Yet, we have still managed to preserve some wetlands, and the minister and the corporation have done a commendable job. We must emphasize and prioritize the conservation of our wetlands. Thus, ‘Diyasaru’ Park is an example of this effort.
We are also planning to establish another tourist attraction over 1000 acres of wetlands in the south. In an area called ‘Deduwa’ near ‘Lunu ganga’, Bentota, which was also the residence of the late Geoffrey Bawa, the famous architect. This will be quite extensive. How do you preserve these wetlands?
As you proceed, you will encounter more wetlands in ‘Akurala’ that need preservation. Many wetlands will be preserved. Some will also feature eco-friendly tourism. Certainly, that is an area of focus. This is just a part of what we are doing in eco-tourism and wetlands. We are discussing another 1000 acres near Horton Place to create another tourist area. Sri Lanka will identify and certainly start safeguarding these areas, such as those essential for eco-tourism and wetlands.
However, we feel that there is much more in the world that we must safeguard. Therefore, we are also promoting the concept of the tropical belt. Within the tropical belt lie wetlands, savannas, these are crucial areas for combating climate change. These are the sinks that exist globally.
They are mainly located in the tropical belt. So, why not save them all? Or do our best to preserve them? Look at the Amazon. The Amazon is disappearing. What should we do in Africa? Consider all these things, whether wetlands, forests, or grasslands. Let’s determine how many of them can hold commercial value, not for profit-driven ventures, but as part of the environmental movement. Who is willing to invest money in this cause? Because it’s unlikely that much money will come from the developed world right now. At present, it’s probably going to places like Ukraine or Gaza, not here. Thus, we must take care of ourselves. Let’s explore how many commercial projects we can find in wetlands.
We are also examining the role the Indian Ocean can play as a sink, it is even more significant. We are now promoting a concept. Let’s consider how we can commercialize these areas, not for ordinary development but certainly for environmental purposes. How much can we achieve through green financing, through green economics, to obtain credit? This is what we need to focus on now.
The environment in our region, within the tropical belt, is under threat. We should not expect money to come from outside. That funding isn’t available. Therefore, we must rely on our own methods of generating commercial revenue to protect the environment and the tropical belt.
The government of Sri Lanka is also preparing legislation for an international climate change university, the first of its kind. It will be connected to many other climate change centers, following the model of the East-West Center. Those who come for short-term training or postgraduate studies will find it a central hub for climate change education and research.”
June 22, Colombo (LNW): Showers will occur at times in Western, Sabaragamuwa and North-western provinces and in Kandy, Nuwara Eliya, Galle and Matara districts. Heavy showers above 100mm are likely at some places in Western and Sabaragamuwa provinces and in Kandy, Nuwara Eliya and Puttalam districts.
Several spells of light showers will occur in Matale and Anuradhapura districts.
Strong winds of about (40-50) kmph can be expected at times over the Western slopes of the central hills, Northern, North-central and North-western provincesand in Trincomalee, Hambantota and Monaragala districts.
