Javed to lead trade delegation
Daily
News /Monday, 31 December 2007
Chairman Pak-Sri Lanka Business Council of FPCCI, Rehmatullah Javed
will lead the trade delegation to Colombo, Sri Lanka on the occasion
of Single Country exhibition to be held from January 10 to 14.
According to FPCCI press release here during his stay in Colombo, Rehmatullah Javed will be meeting Minister of Commerce and Trade and Director of Exports Development Board of Sri Lanka Ms. Manel D' Silva.
The purpose is to enhance bilateral trade and economic relations and intensify interaction. Associated Press of Pakistan.
Repeated awarded winner Diamond Cutters celebrates 20
Daily
News /Monday, 31 December 2007
Ganga PRADEEPA
Diamond Cutters Limited (DCL), a well established diamond cutting and polishing company celebrated its 20th year anniversary recently at the company premises.
Diamond
Cutters has a reputed name in the field of diamonds in Sri Lanka and
abroad, as a trusted source to provide the requirements of the customers
in the trade. Diamond Cutters started in 1987 December with 80 employees
cutting and polishing diamonds for a Japanese customer. More>>
Export promotion or import substitution?
Sunday Times / Sunday December 30, 2007
By Nishantha Kamaladasa, CEO of Distance Learning Centre
I was listening to a recent discussion on TV where a Sri Lankan, working in Saudi called the discussion panel and commented that Sri Lanka was a country where everything is imported from other countries; not even a simple bicycle is made here. The panel members also took the comment as an important intervention and started harping about Sri Lanka not being able to produce what is required by its people. More>>
Sri Lanka’s Shilpa Sayura project wins prestigious i4d Award
Sunday Times / Sunday December 30, 2007
The Shilpa Sayura project, initiated under the Information and Communication Technology Agency of Sri Lanka’s (ICTA) e-Society Development Initiative gained international recognition last week when it won an i4d award at the eINDIA 2007 Conference in New Delhi, India. It has also been selected as finalist for the Stockholm Challenge GKP awards to be held in Kualalampur , Malaysia on December 13th . Project Leader Niranjan Meegammana will leave the country for Malaysia to attend the award presentation ceremony. Addressing a press conference held in Colombo recently. More>>
Laugfs moves into solid tyres, hotels
Sunday Times / Sunday December 30, 2007
Laugfs Holdings plans to construct its own gas terminal and also expand market penetration in LP Gas both in the domestic and industrial sectors next year, the company said. More>>
Govt’s aim to distribute resources evenly - GL
Daily News /Friday, 28 December 2007
The Government intends to channel economic dividends and other resources away from areas that have been enjoying such benefits, to other parts of the country where such inputs are needed most, Export Development and International Trade Minister Prof. G. L. Peiris said.
He
was speaking at a meeting at the Export Development Board Kandy Office
to inaugurate a Chamber of Exporters of the Central Province and to
distribute business promotion funds among export-oriented businessmen.
More>>
Tea Shakthi to increase factory units
Daily News /Friday, 28 December 2007
Ramani KANGARAARACHCHI
The Tea Shakthi Fund is to set up 15 new factory units and earn a profit of Rs. 112 million on factory operation under the development plan of 2008. It is expected to earn Rs. 1,316 million from 5,300 mt of made tea and to make a profit of Rs. 25 million from fertiliser and Rs. 0.57 million from local tea sale. More>>
Massive energy and water savings:
Daily News /Friday, 28 December 2007
Lankan
spearheads conservation drive in Dubai Chamber
The Dubai Chamber headquarters is a prime example of how massive energy
and water savings can be achieved in an existing facility. MEP Middle
East reports. More>>
BoI signs agreements for six new projects
Daily News /Friday, 28 December 2007
The Board of Investment of Sri Lanka signed agreements for six new projects on December 20. The six agreements signed by the Board of Investment of Sri Lanka are for a total investment of an estimated US $ 5.52 million. More>>
Inland revenue contributed double digit tax to GDP in 2006
Daily
News /Friday, 28 December 2007
D. Rangalla, Deputy Commissioner of Inland Revenue
In the economic literature on taxation, policy reveals little concern for weakness in tax administration. A good tax policy proposal and technological progress is thought to unambiguously improve the tax system.
However, administrative constraints may prevent the establishment of an optimal tax system, particularly in suffering from a scarcity of trained administration. With the recent changes in Tax-to-GDP ratios many countries have reflected the combined impact of changes in economic growth and lower rates of taxation on personal and corporate income. More>>
Natural rubber global demand high
Daily News / Thursday, 27 December 2007
Ramani KANGARAARACHCHI
The global demand for natural rubber (NR) continues to be higher than supply and Sri Lanka would require 180,000 mt of NR by 2016 with a land productivity of 1,800 kgs per hectare which would result in NR prices to remain high in the future.
Director General ,Department of Rubber Development Wimal Rubasinghe said. He said that NR production has to be increased through productivity improvements in the short term and through increased rubber extent in the long term to meet this future challenge. More>>
Economy shows 7% growth rate in 3Q
Daily News / Thursday, 27 December 2007
Inflation at 19.3% in November
The economy is estimated to have expanded by seven per cent during the third quarter of the year, subsequent to registering a growth of 6.2 per cent during the first half, the Central Bank said yesterday.
This expansion was supported by the healthy performance in the Industry and Services sectors and the recovery in the Agriculture sector. Output in the Agriculture sector has been underpinned by higher production of tea and rubber, benefiting from favourable weather conditions, as well as continued high global demand. More>>
Lanka seeks to raise pineapple exports to Pakistan
Daily News / Wednesday, 26 December 2007
Seeking to increase its fruit exports, the Sri Lankan Government has undertaken a marketing campaign to sell pineapples to Pakistan.Pineapples in Sri Lanka are grown over 4,750 hectares producing over 35,000 tons a year. The fruit is grown on a large scale in the country as it has a ready demand in the international market.
Fruits and nuts constitute less than one per cent of Sri Lanka's total exports, official data shows.
Besides pineapple, Sri Lanka exports jak fruit, passion fruit and avocado. Moves are afoot to encourage high density planting and intensive management to enhance production of high quality pineapples, officials said.
Last month, the Consulate General of Sri Lanka in Karachi organised a Sri Lankan pineapple promotional campaign.
Besides carrying out demonstrations on the correct way of cutting pineapple, the promoters in Karachi also let the public taste the delicious fruit. More>>
Natural rubber global demand high
Daily Mirror / Wednesday, 26 December 2007
Ramani KANGARAARACHCHI
The global demand for natural rubber (NR) continues to be higher than supply and Sri Lanka would require 180,000 mt of NR by 2016 with a land productivity of 1,800 kgs per hectare which would result in NR prices to remain high in the future.
Director General ,Department of Rubber Development Wimal Rubasinghe said. He said that NR production has to be increased through productivity improvements in the short term and through increased rubber extent in the long term to meet this future challenge.
The Ministry of Plantation Industries expect to add 40,000 ha of new rubber extent during 2007 to 2016 under its development initiatives.
The major contribution which is 20,000 ha will come from Moneragala district. A donor funded project is underway to improve the rubber industry in (Small Holder our Growers Estate Development Programme)in Moneragala. More>>
Agreements for export orders signed
Daily
News /Wednesday, 26 December 2007
Nadira GUNATILLEKE
The State Pharmaceuticals Manufacturing Corporation (SPMC) has recorded Rs. 80 million in profit in 2007. This is the highest profit recorded by the Corporation in its history, a Ministry spokesman said.
The
SPMC manufactures around 245 pharmaceuticals.
Diltiazem Hydrochloride tablets USP 60 mg for Angina attack and Hypertension,
Atenolol tablets BP 50 mg for high blood pressure, enteric coated aspirin
tablets 150 mg which is used as a pain killer and commonly used for
fever and Theophylline Extended Release tablets 150 mg for Asthma and
Dialysis and also for Arthritis condition are few newly introduced drugs.
Arrangements
have also been made to produce four new syrups. The Government has spent
a large amount of funds to import the above drugs so far. The SPMC has
also increased the number of shifts to two and this is another factor
that contributed to the increase in profits in 2007 than 2006. More>>
New Consumer Price index for Sri Lanka
Daily Mirror / Wednesday, 26 December 2007
The Department of Census and Statistics (DCS) will adopt a new consumer
price index in the new year to reflect the modern income and expenditure
patterns of households, the Department said.
The new index compiled by the DCS with a base year of 2002 is released
to the public and is to be done on a monthly basis in the futur. The
CCPI(N) will therefore be used as the official index for measuring inflation
in Sri Lanka. The base weights of this index will be revised at five,
yearly intervals.
A separate index called “Core Inflation Index” based on the CCPI(N) is also compiled by the DCS to be used for monetary policy purpose. The core inflation index will exclude those items covered under Consumer Protection Act (wheat, milk powder and gas), National Transport Commission Act, Telecommunication Regulatory Commission Act and the Post Office Act and the items with some Government intervention in pricing, to obtain a measure of underlying tread in inflation. More>>
'Removal of constraints
need for bilateral trade growth'
Daily
News / Wednesday, 19 December 2007
Minister of Export
Development and International Trade G.L. Peiris on called for removing
the 'constraints' and 'inhibition' that hamper the growth of bilateral
trade. Delivering the inaugural address at a two-day conference on "India-Sri
Lanka: Trade and Investments," organised by the Observer Research
Foundation, Chennai Centre, the Confederation of Indian Industry (CII),
and the Deputy High Commission of Sri Lanka, Chennai, he said that after
the Free Trade Agreement was signed, the trade between the two countries
grew from $557 million in 2000 to $2.7 billion in 2006. However, there
was some degree of laxity with regard to the rules of origin, value-addition
and non-tariff barrier.
"We are trying
to solve this problem by talking to the officials concerned.
The Foreign Direct
Investment is also on the rise. Substantial investments are being made
by Sri Lankan firms in
Minister urged Indian
entrepreneurs to take advantage of the Generalised System of Preference
(GSP) Plus that facilitated export of 7,200 products from
Melfort innovates
roasted green tea for Japan
Daily
News / Wednesday, 19 December 2007
Sri Lankan consumption
of green tea is just ten per cent of the total local product. The balance
90 per cent of the green tea produced in
The market for green
teas is highly concentrated in the Western province, Director Operations,
Melfort Green Teas, Tiran Peiris said.
Melfort is looking
for a new market for its innovation of "roasted green tea".
This is a very demanding type of green tea in the Japanese market, very
expensive too.
"We can earn
a large amount of foreign exchange by exporting green tea to the Japanese
market.
We have already distributed samples of roasted green tea to our partner companies to explore the export potential globally, he said. The Japanese processing recipe of green tea is very expensive and demanding in the global market.
Emerging markets
drive activity; China
Daily
News / Wednesday, 19 December 2007
Global initial public
offering (IPO) activity reached record levels in 2007, with capital
raised at an all-time high and the number of companies choosing to go
public in the first 11 months of this year exceeding the whole of 2006,
according to figures released today by Ernst & Young.
From January through
November 2007, US$255 billion was raised globally through 1739 IPOs
compared to US$246 billion raised in 1729 deals in the whole of 2006.
The year-end spike
in IPO activity seen in 2006 looks likely to be repeated in 2007 with
preliminary data for the first two weeks of December indicating a further
US$18 billion raised in 91 IPOs.
This record level
of activity has been achieved despite the absence in 2007 of the mega-deals
seen in recent years. The largest IPO of 2007 to date was
IPO activity continues to be driven by the emerging markets, which accounted for the majority of the largest deals of the year; 14 out of the top 20 IPOs, compared with nine of the top 20 in 2006. By industry, financial companies continue to dominate, representing one-quarter of all funds raised. Industrial and real estate also accounted for some of the biggest deals of 2006.
ADB assistance
to improve education, SMEs in Sri Lanka
Daily
News / Wednesday, 19 December 2007
The Government entered
into an agreement with the Asian Development Bank (ADB) to improve quality
relevance effectiveness, and equity of access to secondary and tertiary
education under the Education for Knowledge Society Project.
These two projects
worth over US$ 130 million will accelerate the development of Small
and Medium Enterprises located outside the
The total investment
for the Education for Knowledge Society Project is US$ 105.3 million
and it comprises of US$ 65 million loan and US$ 15 million grant from
the ADB and US$ 25.3 million from the Government of Sri Lanka.
These funds will
be utilised for upgrading 150 provincially administered secondary schools
in the poorest administrative divisions under the Isuru schools programme
enabling them to offer advanced level science streams. Facilities for
teaching in key subjects such as Information and Communication Technology
(ICT), English and Technical subjects will be improved. Computers and
internet facilities for 2125 schools and 15000 scholarships for poor
students will also be provided.
BOI contributed
to the development of IT and BPO sector
Daily
News / Wednesday, 19 December 2007
Among the sectors
of the national economy that the Board of Investment of Sri Lanka has
sought to actively promote, is the IT and BPO sector like many Asian
nations, Sri Lanka has identified the IT and BPO sector as areas of
economic activity that will be developed in the future.
The "IT Industry"
is an umbrella term that covers software development, programming and
also the Business Process Outsourcing (BPO). Many of the 100 or so companies
that constitute the local industry are SMEs which have been actively
involved in the development of software products and have provided services
for both the local and export markets.
The IT/ BPO sector
is one, which offers great potential for growth. In just one decade
it underwent a nearly twenty-fold growth. In 1996 it was a US$ 5 million
industry that rose to US$ 66 million in 2001 becoming a US$ 98 million
industry in 2006.
It is therefore
understandable that the
BoI approves cluster of projects
Daily
News / Thursday, 20 December 2007
Sri Lanka Board
of Investment has approved a cluster of nine investment projects worth
Rs.13,844 million.
The projects are
expected to generate 900 direct jobs, the sources said.
The largest of them
is the Kalpitiya Tourist Hotel project with
an investment of Rs.13,000 million. This project
alone is expected to create 400 jobs, the sources said.
A project incorporating
tea cultivation, preparation and export will be started under the programme,
Nipayum Sri Lanka Industries.
Industrial Advisory
Committee meets
Daily
News / Thursday, 20 December 2007
A productive plan
should be made for the coming five or ten years to save foreign exchange
through the development of the industrial sector, Industrial Development
Minister Kumara Welgama said.
"There should
be a plan and a target without which we cannot achieve anything,"
the Minister said.
A discussion with
the Industrial Advisory Committee of the Ministry to plan the projects
for the future was held yesterday.
He said there were
10 Corporations under the Ministry of Industrial Development including
textile industrial sector too. Therefore the progress of the industrial
sector would stop if immediate solutions are not found with a special
interest.
The Ministry had
contributed a great account relevant to the progress of the industrial
sector of the country and identified their drawbacks as not being able
to find instant solutions.
Daily
News / Thursday, 20 December 2007
"What the FTA
did for commodities, the CEPA can do for services," G. L. Peiris, Minister for Export Development and International
Trade, said at a seminar organised by the
Federation of Indian Chambers of Commerce and Industry here on Tuesday.
Since the FTA came
into force, the bilateral trade has jumped from $557 million in 2000
to $2.7 billion in 2007, with the biggest sectors being petroleum products,
metals and machinery, transport equipment and pharmaceuticals.
But with the CEPA
set to ease the movement of people and services between the two countries,
'Removal of constraints
need for bilateral trade growth'
Daily
News / Wednesday, 19 December 2007
Minister of Export
Development and International Trade G.L. Peiris on called for removing
the 'constraints' and 'inhibition' that hamper the growth of bilateral
trade. Delivering the inaugural address at a two-day conference on "India-Sri
Lanka: Trade and Investments," organised by the Observer Research
Foundation, Chennai Centre, the Confederation of Indian Industry (CII),
and the Deputy High Commission of Sri Lanka, Chennai, he said that after
the Free Trade Agreement was signed, the trade between the two countries
grew from $557 million in 2000 to $2.7 billion in 2006. However, there
was some degree of laxity with regard to the rules of origin, value-addition
and non-tariff barrier.
"We are trying
to solve this problem by talking to the officials concerned.
The Foreign Direct
Investment is also on the rise. Substantial investments are being made
by Sri Lankan firms in
Minister urged Indian
entrepreneurs to take advantage of the Generalised System of Preference
(GSP) Plus that facilitated export of 7,200 products from
Melfort innovates
roasted green tea for Japan
Daily
News / Wednesday, 19 December 2007
Sri Lankan consumption
of green tea is just ten per cent of the total local product. The balance
90 per cent of the green tea produced in
The market for green
teas is highly concentrated in the Western province, Director Operations,
Melfort Green Teas, Tiran Peiris said.
Melfort is looking
for a new market for its innovation of "roasted green tea".
This is a very demanding type of green tea in the Japanese market, very
expensive too.
"We can earn
a large amount of foreign exchange by exporting green tea to the Japanese
market.
We have already distributed samples of roasted green tea to our partner companies to explore the export potential globally, he said. The Japanese processing recipe of green tea is very expensive and demanding in the global market.
Emerging markets
drive activity; China
Daily
News / Wednesday, 19 December 2007
Global initial public
offering (IPO) activity reached record levels in 2007, with capital
raised at an all-time high and the number of companies choosing to go
public in the first 11 months of this year exceeding the whole of 2006,
according to figures released today by Ernst & Young.
From January through
November 2007, US$255 billion was raised globally through 1739 IPOs
compared to US$246 billion raised in 1729 deals in the whole of 2006.
The year-end spike
in IPO activity seen in 2006 looks likely to be repeated in 2007 with
preliminary data for the first two weeks of December indicating a further
US$18 billion raised in 91 IPOs.
This record level
of activity has been achieved despite the absence in 2007 of the mega-deals
seen in recent years. The largest IPO of 2007 to date was
IPO activity continues to be driven by the emerging markets, which accounted for the majority of the largest deals of the year; 14 out of the top 20 IPOs, compared with nine of the top 20 in 2006. By industry, financial companies continue to dominate, representing one-quarter of all funds raised. Industrial and real estate also accounted for some of the biggest deals of 2006.
ADB assistance
to improve education, SMEs in Sri Lanka
Daily
News / Wednesday, 19 December 2007
The Government entered
into an agreement with the Asian Development Bank (ADB) to improve quality
relevance effectiveness, and equity of access to secondary and tertiary
education under the Education for Knowledge Society Project.
These two projects
worth over US$ 130 million will accelerate the development of Small
and Medium Enterprises located outside the
The total investment
for the Education for Knowledge Society Project is US$ 105.3 million
and it comprises of US$ 65 million loan and US$ 15 million grant from
the ADB and US$ 25.3 million from the Government of Sri Lanka.
These funds will
be utilised for upgrading 150 provincially administered secondary schools
in the poorest administrative divisions under the Isuru schools programme
enabling them to offer advanced level science streams. Facilities for
teaching in key subjects such as Information and Communication Technology
(ICT), English and Technical subjects will be improved. Computers and
internet facilities for 2125 schools and 15000 scholarships for poor
students will also be provided.
BOI contributed
to the development of IT and BPO sector
Daily
News / Wednesday, 19 December 2007
Among the sectors
of the national economy that the Board of Investment of Sri Lanka has
sought to actively promote, is the IT and BPO sector like many Asian
nations, Sri Lanka has identified the IT and BPO sector as areas of
economic activity that will be developed in the future.
The "IT Industry"
is an umbrella term that covers software development, programming and
also the Business Process Outsourcing (BPO). Many of the 100 or so companies
that constitute the local industry are SMEs which have been actively
involved in the development of software products and have provided services
for both the local and export markets.
The IT/ BPO sector
is one, which offers great potential for growth. In just one decade
it underwent a nearly twenty-fold growth. In 1996 it was a US$ 5 million
industry that rose to US$ 66 million in 2001 becoming a US$ 98 million
industry in 2006.
It is therefore
understandable that the
Free pavilion for Lanka at China Commodity
Fair
Daily
News / Tuesday, 18 December 2007
The Beijing Chamber
of Commence has invited Sri Lankan companies to participate in the inaugural
South Asian Commodity Fair from December 28 to 30.
Ambassador in China
Karunatilleke Amunugama said this is a good opportunity for Sri Lankans
to showcase their products in
"Most of the
trade shows that are held in
He said the trade
balance between the two countries favour
Research management
partnership crucial for rapid rubber industry boom
Daily Mirror / Tuesday, December 18, 2007
Sir Henry Wickham’s
removal of rubber tree seeds from their native
The rapid development of the rubber industry has depended upon the application of two favourite sciences, Agronomy and Chemistry. Plant breeding and colonal selection and propagation were started by the Dutch before 1920 and brought to its highest level by The Rubber Research Institute during the years 1925 to date. Selection alone has resulted in an increase of between 8 and 6 fold in rubber productivity per hectare during the years 1940 to 2000. Chemistry has made possible the processing of rubber into pure and purer rubber culminating in the technically specified rubber system of commercial presentation as early as in 1965.
Hybrid coconut
variety introduced in N'Eliya district
Daily News / Tuesday,
18 December 2007
The Government
plans to increase coconut export earnings from Rs. 18 billion to Rs.
50 billion within five years, said Plantations Minister D.M. Jayaratne.
Jayaratne was speaking
at the launch of the coconut planting campaign in the Nuwara Eliya district
which is being undertaken for the first time.
A hybrid coconut
variety developed by the Coconut Research Institute to suit the climatic
conditions of Nuwara Eliya was planted in Haggala and
CRI officials sought
Chinese assistance to develop a coconut variety after inspecting the
coconut cultivation in Haina island in
India, Russia,
China
Daily News / Tuesday,
18 December 2007
India, Russia
and China vowed to boost trade and investment with each other after
a one-day meeting that saw officials and businessmen from the three
countries gather in New Delhi this weekend.
A top Indian foreign
official admitted that the three countries needed to do much more to
further economic links.
"Investment
between these three countries is quite insignificant," said Nalin
Surie Saturday, according to a Press Trust of India agency report.
"
The Russian ambassador
to
Lanka sparkles at China
Daily News / Monday, 17 December 2007
A
record number of exhibitors and visitors were at the China International
Gold, Jewellery and Gem Fair -
The event was a success with both exhibitors and buyers reporting an increase in confirmed orders during the four day fair.
The Sri Lanka Pavilion,
a hive of activity
The Shanghai Fair became the first choice for an international jewellery
bonanza in eastern
Encouraging results were recorded at the 2006 edition of the Fair, with 6,401 buyers from 48 countries and regions attending, while domestic buyers came from 24 provinces, autonomous regions and municipalities.
The total number of visitors last year represented a 19 percent increase compared with the 2005 Fair.
The 2007 edition was the largest in the Show’s three year history and set records in terms of visitors, exhibitors and exhibition space. More>>
Bartleets Weekly Tea Surveillance up to December 12:
Strong demand from CIS, Japan
Daily News / Monday, 17 December 2007
The quantity of tea arriving at the Colombo Tea Auction this week has picked up from 5.050 mkg to 6.152 mkg as compared to the previous sale. Ex-estate crops too have picked up from 0.589 mkg to 0.908 compared with last week.
Ex-Estate market
has shown a higher demand due to the low crop. Strong demand was visible
from CIS and
In the Leafy-grade
segment, as predicted last week Pekoe prices moved up further overtaking
OPA prices whilst
ACFA Sri Lanka goes international
DailyMirror / Monday,
17 December 2007
Asian Customs Brokers chiefs meet in
The Head of Customs Brokers Associations of Australia, China, India, Korea, Japan, the Philippines and Sri Lanka as members of the Federation of Asia-Oceania Customs Brokers Associations, FAOCBA, met in Yokohama, Japan, recently at a meeting chaired by Stephen Morris, Executive Director of Customs Brokers and Forwarders Council of Australia.
It is the first seminar for FAOCBA members to join together and discuss mutual concerns of Customs Brokers business, which was jointly, initiated by Mr.Hideo Hirose of Japan Customs Brokers Associations and Mr.Huang Rufeng of China Customs Brokers Associations.
Mr.Darryl Sharp of Customs Brokers and Forwarders Council, CBFC of Australia, Mr.Huang Rufeng of China Customs Brokers Association, CCBA, Mr.Ram Sharma Chunduru of Federation Of Freight Forwarders in India, FFFI, Mr.Young Kim of Korea Customs Brokers Associations, KCBA and Mr.Hirose of Japan Customs Brokers Association, JCBA, led their respective delegations, and Ms. Marivic Briones of Federation of Accredited Customs Brokers, FACB Philippines and Mr.M.S.M.Niyas of Association of Clearing and Forwarding Agents ACFA Sri Lanka also attended. The Meeting noted the Close alignment of and Shared Information on Customs Brokerage Systems in the respective economies. More>>
BoC expands operations in India, London
Sunday
Times /Sunday December 16, 2007
By Bandula Sirimanna
The Bank of Ceylon
(BoC) is to diversify its operations in
The BOC plans to
set up small branches and ATM centres under its financial operation
expansion initiative in
CDA allocates Rs.
19m for coconut industry in 2008
Daily News / Friday,
14 December 2007
The Coconut Development
Authority (CDA) has allocated Rs. 19 million for 2008 to develop the
coconut industry targeting a saving of 536 million nuts within the year
by way of reducing the wastage taking place at present.
Chairman of the
Authority D. J. U. Purasinghe said as a short-term plan Copra and Coconut
oil will be imported temporarily under duty free concessions to avoid
shortage.
He said 35 per cent
of the total coconut used domestically are wasted as a result of not
making the maximum use of coconut by housewives.
The long-term plan
will be implemented to avoid this situation by launching a special campaign
which will include educating the public, introducing new technology
and encouraging the private sector to introduce new products.
Daily Mirror / Friday, December 14, 2007
Top fashion tycoon
eyes hub status for leading brand Per Una in
George Davis the
creator of Next of the UK who was on a brief visit to Colombo speaking
with the Daily Financial Times observed that it was the “can do”
attitude and speedy delivery of the people of Sri Lanka, among other
reasons that had attracted the country to being established a hub for
the manufacture of his key designs for the Per Una label.
He has already produced
headware garments for women such as knitted hats during the past three
months which have proven its potential. “I actually do invest
a lot of time and money in hubs in
MAGA wins Construction
Excellence Award
Daily News / Friday,
14 December 2007
MAGA Engineering
won the excellence award at the ICTAD Construction Excellence awards
ceremony at the Galadari Hotel,
It has won 22 Construction
Excellence awards and merit awards and has made history by becoming
the construction company which has won the highest number of awards
in the field in
L.H.Piyasena Pvt
Ltd won the second place and Sanken Lanka won the third award at the
event.
Chairman, ICTAD,
Archt. Asitha J. Pathirage said it was the most important day of the
year, for the entire construction community in the country as it recognised
the abilities and the commitment of the winners.
Tea sector gets
Rs. 109 m for brand promotion
Daily News / Thursday,
13 December 2007
The Ministry of
Plantation Industries has allocated Rs. 109 million for the tea industry
to sustain its leadership as a quality tea supplier to the global market.
Ministry Secretary
J Abeywickrama said these funds will be utilised for uni-national promotion,
trade fairs, brand promotion, generic promotion, Lion Logo registration
and local promotion.
He said the Sri
Lanka Tea Board which is responsible for the supervisory functions of
the tea industry in
An incentive scheme
for value added tea with the Lion Logo is inplace under the brand promotion
scheme.
Dipra wins
Daily News / Thursday,
13 December 2007
Two elevators fabricated
here, will be exported to
Managing Director,
Dipra Engineers D. D. Anton said this project is the first project for
"We are working
to increase our market share in this area. Since the elevator fabricating
business is a very complicated job, companies catering to this sector
is low.
The elevator business
is a demanding business in
"Our representatives
will be sent to
"In
Brandix wins international
Green Apple Awards
Daily News / Thursday,
13 December 2007
Conferred by The
Green Organisation, an independent, non-political, non-activist, non-profit
environment group dedicated to recognising, rewarding and promoting
environmental endeavours and initiatives around the world, the award
is the organisation’s top accolade for environmental best practice
at international level.
It was presented
to Brandix Finishing Ltd., (BFL) Ratmalana for the company’s innovative
efforts to achieve zero disposal of solid waste and sludge to landfill
by converting its effluent to environmentally, economically and socially
relevant by products.
One of these products,
solid construction bricks made from sludge generated by the garment
washing, dyeing and finishing processes at BFL is already in use for
the construction of a vocational training centre for the differently-abled.
US, EU cut tariffs
on green products
Daily Mirror / Wednesday, December 12, 2007
The US and EU have
proposed the liberalisation of trade in ‘green’ goods and
services in order to help developing countries mitigate harmful carbon
emissions and adapt cleaner technology.
This joint proposal
came during the current global warming talks being held in Bali, Indonesia
where industrialised and developing countries are battling it out to
reach a consensus on CO2 emissions cuts and climate change controls
which would help map out a final agreement to succeed the Kyoto protocol
expiring in 2012.
As a major feature
of the summit, developing countries are urging wealthy nations to spur
more funding and incentives for them to invest in mitigation and adaptation.
This follows recent
calls by the UN Secretary General for wealthy nations to facilitate
the transfer of clean technologies and green products to help developing
countries reduce their emissions.
Pineapple promotional
drive in Karachi
Daily News / Wednesday, 12 December 2007
The Consulate General
of Sri Lanka in
The pineapple cutting
demonstration was performed by the Chefs from the Sheraton Hotel,
The pineapple pieces
were served to the guests and the public who visited the
More than 5,000
people visited the pineapple show. In addition to the pineapple promotional
campaign, Sri Lankan Airlines, Dilmah Tea Agent in
Daily Mirror / Wednesday, December 12, 2007
“There have
been some disharmonious notes in China-US relations this year.
The inclination
to politicise (trade) issues has increased,” Chinese Vice
Premier Wu Yi said
in her opening remarks to annual one-day trade talks.
“Trade restrictions,
and protectionist measures, can only hurt both sides.” A number
of US lawmakers have introduced or threatened new legislation targeting
alleged unfair Chinese trade practices, amid an ever-expanding trading
imbalance between the two sides.
Industrial sector needs
more nursing
Daily Mirror / Wednesday, December 12, 2007
The
industrial sector can do a lot to progress in the modern world. It is
a great help to obtain foreign exchange and to minimize the outflow
of exchange. His Excellency the President has a great interest to develop
the country through the upliftment of local industries. Consequently,
each sector in the industrial field has the potential for noteworthy
progress. In order to undertake what is good for the country, firm plans
should be made for five or ten years; and there should be targets says
Minister Kumara Welgama who also added that without targets no real
improvement is possible.
The minister made
these comments when participating at a discussion of plans for the coming
years in association with the Industrial Ministry Advisory Committee
and officials connected with the industrial sector.
High cement demand
from India , China
Daily
News / Wednesday, 12 December 2007
Tokyo Cement company
will introduce the latest cement grinding technology from
The company will
increase its total investment to US$ 97 million with the installation
of new vertical Roller Mill.
Company Joint Managing
Director Kuni Yanagihara told Daily News the Company is ready to give
maximum supply to the market from January next year to reduce the existing
shortage of cement. He said the cement shortage in
Netherlands facilitates fair
trade opportunities for Lankans
Daily News / Tuesday, 11 December 2007
"Wereldwinkel"
which means the world shop is an organisation that imports handicraft,
spices, sweets and other gift items from developing countries to assist
entrepreneurs trying to reach the international market.
The organisation
provides an opportunity for the rural entrepreneurs to sell their products
at a fair price.
There are no intermediates
in the trade and the small and medium entrepreneurs are given an honest
and a fair price for their products.
Hiske Zwaan from
the "2Bfair" organisation said she imports goods made by handicapped
from the project Jayamedura in
"They are mostly
wooden handicraft and paintings. Through the fair price project the
handicapped will find a market for their products," she said. More>>
Lanka should introduce
inflation targeting - IMF
Daily News / Tuesday, 11 December 2007
He said that this
would help to stabilise the economy and both the Central Bank and Governments
to work together in this regard.
"It means that
there is to be regular communication to markets by the Central Bank
and what they are doing to bring the inflation down."
Countries that adopted
inflation targeting have been able to reduce the level of inflation
and reduce the variability of inflation.
"Research shows
that inflation targeting has worked rather well in many other countries,"
he said.
Japan pledges Yen 1.9b aid for Sri Lanka
Daily News / Tuesday, 11 December 2007
During discussions
with Japanese Prime Minister Yasuo Fukuda and Foreign Minister Masahiko
Komura,
Among the proposed
projects were setting up of a National Workers' Hospital (a budget hospital
for working class), Moragahakanda project, construction of a modern
training school for nurses, a Liquid Nitrogen Gas (LNG) project and
Eastern development.
The Japanese Government
gave a positive response to all these proposals and pledged a total
financial assistance package worth Yen 1,900 million. More>>
Daily Mirror / Tuesday, 11 December 2007
In today’s globalised world, winning companies compete by reaching outside their walls to harness knowledge, resources and capabilities. These firms set a context for innovation and then invite customers, partners, advisors and other interested third parties to co-create products and services along with them. Companies that focus narrowly on “domestic market goals” or turn inward will fail in the new era. Likewise, firms that fail to diversify their activities geographically and develop robust global innovation webs will find themselves unable to compete in the global economy. Sri Lankan companies cannot lag behind and should not ignore going global in this context.
Rupee volatile against greenback Monday
Daily Mirror / Tuesday, 11 December 2007
Dec
10, 2007 (LBO) - The Sri Lanka rupee came down from early highs of 108.10/20
against the greenback to lows of 109.50 in spot trade Monday showing
unusual intra-day volatility, dealers said.
On Monday the local
currency stabilized from lows of 109.50 to around 109.00 after a state
name that usually represent the monetary authority sold dollars.
Exporters dumped
dollars last week fearing a 'carry trade' style hit on the rupee by
speculative foreign capital after authorities lifted foreign investor
limits on high yield Sri Lanka government bonds.
A government deal
to delay about 90 million dollars worth oil payments to
Govt's intention to distribute resources evenly - G.L.
Daily News / Monday, 10 December 2007
The Government intends to channel economic dividends and other resources away from areas that have been enjoying such benefits to other parts of the country where such inputs are needed most, Export Development and International Trade Minister Prof. G. L. Peiris said.
He was speaking
at a meeting at the Kandy Office of the Export Development Board to
inaugurate a Chamber of Exporters of the
Prof. Peiris said the Government was keen to achieve a balanced economic development within a structured policy framework. More>>
Daily News / Monday, 10 December 2007
Concerned over the
slow pace of growth bilateral trade,
Trade, Marketing
and Consumers Affairs Minister Bandula Gunawardena said
Gunawardena said
this during a discussion with the Federation of Pakistan Chambers of
Commerce and Industry (FPCCI) Vice President Zubair F Tufail in
Strong demand for tea at auctions
Daily News / Monday,
10 December 2007
A slightly smaller volume of 2.7 mkg of low growns that were on offer
last week, met with excellent demand, particularly for the small leaf
grades.
In the leafy category, the select best BOPIs maintained last levels, however the balance shed Rs. 10 to Rs. 15. The select best OPIs decline Rs. 5 to Rs. 10 but others maintained last levels.
Select best OPAs were firm, whilst the balance advanced Rs. 10 and more at times, as the sale progressed. Better Ops gained Rs. 5 to Rs. 10, however, poorer types met with improved demand and prices gained Rs. 10 to Rs. 15. More>>
Chamber of Small Industry celebrates 44:
Government must support export promotion incubator system
Daily News / Monday, 10 December 2007
“If the Government can support and make sure that the export promotion incubator concept works properly, then the stakeholders of small and medium sized industries will have a brighter future, said President Sri Lanka Chamber of Small Industry Aloy Jayawardene at their 44th anniversary celebrations at the Water’s Edge recently.
The country’s
foreign trade deficit and foreign borrowings are growing rapidly year
after year and we have observed a general tendency to send our human
resources out of the country with a view to bridging this deficit.
But, the repercussions of that is, we are losing the services of our
most valuable human resources to develop our own economy, leaving aside
the social impacts of keeping them away from their own families. More>>
Bartleets weekly tea surveillance report up to December 5:
Growth in demand from
Daily News / Monday, 10 December 2007
Once again the quantity of tea arriving at the Colombo Auction dipped significantly to 5.050 mkg as compared with 5.222 m kg in the previous sale. This weeks Ex-estate crops too drop to 0.589 m kg as compared with 0.646 m kg last week.
Ex-Estate market
was strong as a result of comparatively few numbers of sales scheduled
to December. Another factor driving the market upwards could be the
scarcity of good crops from high grown areas as compared to recent times.
Exporters to
In the Tippy market, buyers from
BOI agreement with Rocell Ceramics
Sunday Times /Sunday December 9, 2007
The Board of Investment (BOI) signed an agreement with Rocell Ceramics Ltd this week to set up a plant to manufacture porcelain tiles for the local and export market.
Channa Palansuriya and Eshan De Silva (BOI board members) signed the agreement on behalf of the BOI while Nimal Perera (Managing Director) and Tharaka Thoradeniya (Director, Marketing and Business Development) represented Rocell Ceramics.
BOI Chairman Dhammika Perera, who is normally present and signs these agreements, was absent probably because he is also the deputy chairman of Rocell Ceremics.
The manufacturing plant is an investment of US $ 13 million with commercial production expected to start by 2010. More>>
Exporters hurt by ban on fresh nut exports
Sunday Times /Sunday
December 9, 2007
By Bandula Sirimana
It is the first
time fresh coconut exports have been banned, although Coconut Development
Authority (CDA) officials say it’s temporary and due to lower
production and rising local prices. The officials said local nut prices
are at Rs 26-28 while consumers say it’s a phenomenal Rs 40 per
nut. Exporters say
Out of
Twenty large scale coconut exporters have been affected by the ban and their businesses are on the verge of collapse. CDA officials said the ban was imposed by the National Cost of Living Committee headed by Prime Minister Ratnasiri Wickremanayake and this committee is expected to review the ban in three months.
The current domestic demand for fresh coconuts is at around 2000 million nuts while the balance 900 million nuts are shared amongst coconut-based industries. More>>
Brandix to support EDEX 2008 as Platinum Sponsor
Daily Mirror /Friday,
December 07, 2007
Country’s largest apparel exporter to showcase depth of industry
and available career opportunities at largest Higher Education and careers
expo
Scheduled to take place at the BMICH Colombo from 18th to 20th January and Queens Hotel Kandy on 22nd and 23rd January 2008, the fifth edition of this annual event expects participation by more than 130 exhibitors and visitor numbers to top 100,000, according to its organisers, the Royal College Union.
Commenting on the decision of the Brandix Group to support this initiative, Brandix’s Chief Peoples Officer, Nigel Forbes said: “EDEX gives Brandix the opportunity to showcase the depth of the apparel industry as well as the Group and the diverse career options available. It also gives us a platform to present opportunities for vocational and professional growth and development within our organisation.”He disclosed that Brandix, a vertically-integrated end-to-end solutions provider to global fashion superbrands, has major plans for expansion and growth within the country and the region, as it aspires to be a US$ 500 million organisation by 2010. As it ramps up to achieve its growth objectives, the organisation will require many more talented individuals to fuel this growth. More>>
Daily Mirror /Friday, December 07, 2007
The Sri Lanka rupee
extended gains against the greenback Thursday as panicky exporters sold
dollars fearing more 'carry trade' style activity from hedge funds,
dealers said, after authorities relaxed foreign investor limits on local
bonds.
Foreign Activity
The rout of the greenback in Colombo was triggered Wednesday after foreign names dumped dollars in the market, with dealers believing the hedge funds were buying into government bonds of just over 12 months maturity. More>>
CIC Agri Biz set to ensure no decline in paddy crop
Daily Mirror /Friday, December 07, 2007
CIC Agri Businesses,
the trendsetter in Sri Lankan agriculture launched a premium quality
rice “Golden Crop” to the market recently aimed at ensuring
there would not be a decline in paddy prices.
The high quality rice which is grown at CIC’s own farms in Hingurakgoda,
Peiwehera and Talawa is also processed and milled in the Company’s
new state of the art rice mill that has just commenced trial operations.
Apart from being
a foreign exchange saver, Golden Crop rice will also help to ensure
that the country’s paddy prices will not decline as currently
Business Letter:
The real potential of
Daily News /Thursday,
6 December 2007
The Ceylon Leather Products Ltd, formerly government owned Ceylon Leather
Corporation in the recent past has become very popular among the investors/brokers
of the Colombo Stock Exchange.
The assets rich
company with 8.1 acres at Mattakkuliya within the
The company also derived a substantial portion of revenue from exports and the tannery located in a land in extent of 4.7 acres is considered the largest in the country.
Stock analysts and research divisions of leading stockbrokering companies have been conducting in depth studies in the recent past to ascertain actual value of the company mainly based on the valuable substantial land holdings. More>>
Third largest export agricultural crop:
Saving
Daily News / Thursday, 6 December 2007
The Cinnamon Industry of Sri Lanka spans several years as being a traditional industry in the country. In early years cinnamon, being one of the most important spices, had been used in the barter system of trade where goods were exchanged instead of money.
The botanical name
Cinnamomum zeylanicum Blume, signifies the Sri Lankan origin of the
plant. The cinnamon plant produces five major commercial products namely;
quills, featherings, chips, leaf oil and bark oil. From these the major
export products are the quills which accounts for about 90% of the whole
industry.
Cinnamon is the third largest export agricultural crop of
Brandix to support EDEX 2008 as Platinum sponsor
The
Lanka wins major construction
contract in
Daily News /Wednesday,
5 December 2007
Mohammed Naalir
Minister Senaratne said this is part of the main contract of US $ 500 million signed with the Chamber of Commerce of Qatar. The agreement to commence the construction of the luxury villas will be signed on December 10 at the Construction and Engineering Services Ministry.
State Engineering Corporation Chairman Kumara de Silva and the Qatar Chamber of Commerce Chairman will sign the contract. More>>
Trade between
Daily News /Tuesday, 4 December 2007
The bilateral trade
between
Minister who received
a visiting delegation from the Confederation of Indian Industry (CII),
Hayleys Agro wins another award for boosting agriculture
Daily News /Tuesday,
4 December 2007
Hayleys Agro Products Limited (HAPL), Sri Lanka's leading marketer of
inputs for the agriculture sector has won yet another prestigious accolade
for its multi-faceted contribution to the evolution of the sector.
The company, which is commercially involved in virtually every stage of the life cycle of agro produce, was presented the Gold Award in the Agriculture and Plantations category last week at the National Business Excellence Awards conducted by the National Chamber of Commerce.
Hayleys Director and HAPL Managing Director Rizvi Zaheed said new investments in bio technology that will revolutionise some aspects of agriculture and a demonstrated commitment to knowledge integration, capacity building and sustainability were among the key factors that won the company this important award. More>>
Sri Lankan entrepreneurs given a boost
Daily News /Tuesday,
4 December 2007
By Naveen Jayawardena
Sri Lankan Entrepreneurs received the highest honours, given for such at the recently concluded Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL) awards.FCCISL organized the ‘Sri Lanka Entrepreneur of the Year’ for the 12th occasion, to honour those who have excelled in the competitive world of business.
President FCCISL, Nawas Rajabdeen, said the recognition given by the awards is a moral boost for the genuine efforts by them. “The federation pioneered the awards 12 years ago and has added few more titles along the way.” He highlighted that one unique feature of the awards having an island wide coverage. Also the awards recognize entrepreneurs in different categories. Rajabdeen said this is an effort to increase growth throughout the country. “Islandwide economic growth is essential if the country is to stand on itself.” He added that organizing an island wide competition of this magnitude is no easy task but the federation has been up to the task. More>>
World eye on Lanka products:
‘Footwear, leather industry has much potential’
Daily News /Monday, 3 December 2007
“It is my
view that Footwear and Leather Industry has much potential today, which
the apparel industry had two decades ago. Prof. G.L. Peiris, Minister
of Export Development and International Trade at the inaugural ceremony
of ‘Sri Lanka Footwear and Leather Fair 2007’ at the BMICH,
The first ever exhibition of Sri Lanka footwear and leather goods was inaugurated at the Sirimavo Bandaranaike Exhibition and Convention Centre, Colombo last Saturday and it was organised by the Export Development Board under the guidance of Ministry of Export Development and International Trade, Ministry of Industrial Development, Industrial Development Board, Sri Lanka Footwear Association and Sri Lanka Small and Medium Footwear and Leather Goods Association jointly.
The exhibition had 150 stalls. Local and foreign suppliers of raw materials, machinery and components also displayed their products at the exhibition. More>>
Business Tea Market
Bartleets Weekly Tea
Surveillance upto November 28:
Daily News /Monday, 3 December 2007
Leafy grades witness
overall improvement
Once again the quantity of tea arriving at the Colombo Auction dipped
significantly to 5.222 mkg as compared with 5.903 mkg in the previous
sale. This week’s Ex-estate crops amounted to 0.646mkg as against
0.752mkg last week.
In the Tippy market,
Leafy-grades witnessed an overall improvement in all grades across the board except for BOP1. Two all-time records were broken as the OPA and OP1s reached new highs. More>>
Latvian trade delegation here
Daily News /Monday, 3 December 2007
A trade delegation
from
This is the fourth
trade delegation visiting
The trade delegation
has been organised in co-operation with the Honorary Consulate of Sri
Lanka in
CCC sets up SME unit
Sunday Times /Sunday December 2, 2007
The Ceylon Chamber of Commerce (CCC) recently now established a SME Unit at the Chamber. The SME Unit would be the focal point for SME support services offered by the CCC and it would also focus on strengthening the close cooperation with regional/district chambers developed during the implementation of tsunami livelihood development programmes, the chamber said.
The main objectives of the SME Unit are to increase the Chamber’s focus on the SME sector and enable the Chamber to make appropriate interventions in support of the growth and development of the SME sector, and to extend the Chamber’s outreach into the regions through continuation of some of the micro and small enterprise development activities initiated in the aftermath of tsunami
The SME Unit will act as the focal point for SMEs interested in obtaining business information, business advisory services and a range of BDS services.
An SME Desk Manager and an Executive, with the guidance of a Senior Executive, will manage the affairs of the SME Unit. More>>
Tea Factory among top 5 Factory Hotels in the world
Sunday Times /Sunday
December 2, 2007
London-based The
Independent recently released its review of the top five factory hotels
in the world with Sri Lanka’s first theme hotel, The Tea Factory
being selected as one of them. The balance four hotels hail from
The Tea Factory is part of Aitken Spence Hotels and lies alone and unique, on the slopes of the tea plantations at Kandapola, high above the Nuwara Eliya town. Built during the British Raj in the 1930s, it was later resurrected in 1992 and transformed into a luxury hotel. More>>