Archives Trade News

Pakistan Govt. appoints MTI for National Export Reforms

Daily Mirror /Wednesday, May 30, 2007

President Musharraf inaugurates key project; MTI outperforms major international consultancies to win pitch

MTI Consulting, in a landmark achievement, has out performed some of the big international consultancies to win the pitch for one of the major initiatives of the Government of Pakistan under auspices of the Trade Development Authority of Pakistan, in their endeavor to reform the national export strategy, structure and processes

The 24 month organizational development project agreement between the Pakistan Government and MTI Consulting was signed at the Governor’s House in Karachi – with President Musharraf, Provincial Governors, Key Cabinet Member and Leading CEOs in attendance Speaking at the launch of the Trade Development Authority of Pakistan (formerly Export Promotion Board), President Musharraf highlighted the impressive achievement of the Pakistan Government in the last 6 years – in terms of Export and Foreign Direct Investments, which have been a major contributor to the significant increase of the Pakistan GDP and the classification of Pakistan as a mid-income country

The Minister of State and Chief Executive of the Trade Development Authority of Pakistan (TDAP) Mr. Tariq Iqram (former Chief Executive of Reckitts) outlined the strategic, structural and legislative reforms being made by the Government of Pakistan in their endeavor to make further quantum leaps in Pakistan’s export performance. More>>

Focus on “Developing Sri Lanka as a Financial Hub” at Sri Lanka Economic Summit 2007

Daily Mirror /Wednesday, May 30, 2007

In Sri Lanka, the financial sector has expanded and developed significantly in the recent past and remained resilient, strengthening the capacity to support economic activity. Key financial indicators and the range of products and services offered indicate a strong performance of financial sector institutions. The sector currently contributes 12% to overall GDP and the fact that it has risen from 10% at the turn of the century to this level demonstrates the pace of growth.

Several policy initiatives taken have enhanced access to finance, mainly in the agriculture sector and in the small and medium enterprises (SMEs) sector. Legal enactments, broadening of prudential regulations to augment supervisory capabilities, and introducing state-of-the-art technology to mitigate systematic risks have all helped in strengthening and improving the financial infrastructure. Although capital market in Sri Lanka is not highly developed several measures have been introduced in this respect as well. More>>

Sri Lanka-Malaysia Business Council to participate in GLOBAL SME Trade Fair in Sept.

Daily Mirror /Wednesday, May 30, 2007

To celebrate 50 years of Diplomatic ties between Sri Lanka and Malaysia this year, the Sri Lanka - Malaysia Business Council of the Ceylon Chamber of Commerce has made arrangements to take 25 promising Sri Lankan exporters to the Global SME Trade Fair to be held from 5th to 8th September in Kuala Lumpur, Malaysia to promote bi-lateral business opportunities.

The Global SME 2007 will be the biggest event for small and medium businesses in ASEAN region to network and explore trade opportunities and forge smart business partnerships. The Global SME 2007 will be the gateway for Sri Lankan companies and entrepreneurs to accelerate their business network and exports. This International Market Place attracted over 11,000 visitors last year.

It is organized by The Small and Medium Enterprise International Corporation Association of Malaysia and the Kuala Lumpur Malay Chamber of Commerce.Malaysia is one of the most developed nations in Asia and is blessed with a harmonious, multi-religious and multi-racial society of 26 Million people with a high GDP per capita. Malaysia is the world's 19th largest exporter and today has emerged as the leading trading nation in ASEAN region. Malaysia has a steadily growing SME sector and a broad based manufacturing sector which accounts for 80% of the countries exports. Malaysia is one of the world's largest producers of microchips and palm oil. Today Malaysia is positioned as the gateway to Asia Pacific region which consist of many Asian tiger economies that are vital markets for Sri Lankan exports. More>>

Chamber forms Lanka - Maldives Business Council

Daily News /Wednesday, May 30, 2007

Hathoon Sheriffdeen

TRADE: Maldives is a very important trading partner of Sri Lanka, the third largest business partner in the region. The value of trade between Sri Lanka and Maldives is around US $ 54 million, Minister of Export Development and International Trade, Prof. G.L Peiris said at the inaugural meeting of the Sri Lanka-Maldives Business Council.

He said both countries should release tariffs on trade between the countries. The Minister of Economic Development and Trade of Maldives, Mohamed Jaleel, said Maldives is already a free trade zone. Through this the Sri Lanka- Maldives Business Council can challenge the country’s economic barriers.

The capacity of the cargo facilities should increase to compliment both economies. For this the Export Development and International Trade Ministry has made some arrangements with SriLankan Airlines, Prof. G.L Peiris said.

He said Sri Lanka has enough resources to develop the fruit and vegetable cultivation, which Maldives does not have. We also have skilled population seeking employment opportunities.

“We can utilise these resources to develop a warm relationship between the countries and develop both counties with the help of this Business Council.” More>>

Focus on Lanka's investor friendly atmosphere at Focus 2007 in LA

Daily News /Monday, 28 May 2007

Host of attractions at two-day exhibition:

LOS ANGELES: Focus Sri Lanka 2007, a trade, investment and exhibition which will be held in Los Angeles today and tomorrow will showcase Lanka as a paradise of investor friendly atmosphere.

Sri Lanka's Consul General in Los Angeles, California, Jaliya Wickremasuriya told Asian Tribune that more than 20 Sri Lankan trade and investment entities will participate in the 'Focus Sri Lanka' exhibition.

American businessmen will also learn at the exhibition that Sri Lanka had an impressive economic growth in the past decade or so.

It is with the dissemination of this favourable scenario that the Sri Lanka Consulate General office expects to tie a lasting bond between the two countries' entrepreneurs at the 'Focus Sri Lanka's exhibition in Los Angeles. The exhibition is also geared to educate the Americans of the potential in Sri Lanka and familiarise the visiting Sri Lankan businessmen and investors to the American trade environment to make it easier for them to interact with American counterparts, Wickremasuriya said.

The two-day event will also disseminate Sri Lanka's rich cultural heritage, attractive tourist destinations, beautiful and eye-catching topography conducive atmosphere for the Hollywood film-makers to use Sri Lanka as their future film location, Wickremasuriya said. More>>

National Chamber delegation makes inroads into Malaysian business circles

Daily News /Monday, 28 May 2007

Discussions: The National Chamber of Commerce of Sri Lanka (NCCSL) trade delegation which visited Malaysia recently had frutiful discussions with several leading chambers in Malaysia paving the way to explore bi-lateral business opportunities.

Malaysia is one of the most developed nations in Asia and is the world's 19th largest exporter. Malaysia has a steadily growing SME sector and a broad based manufacturing sector, which accounts for 80% of the countries exports.

Malaysia is one of the world's largest producers of microchips and palm oil. Today Malaysia is positioned as the gateway to Asia Pacific region, which consist of many Asian tiger economies that are vital markets for Sri Lankan exports. More>>

Jordanian business delegation to visit Lanka on investment mission

Daily News /Monday, 28 May 2007

Follow-up to President Rajapaksa's visit:

Shirajiv Sirimane

Delegation: Subsequent to the visit of President Mahinda Rajapaksa to Jordan recently, a 20-member Jordanian business delegation will visit Sri Lanka by the end of the year to pursue investment opportunities.

A 20-member local business delegation too was included for this tour and most of them found partners to start up business in Jordan. President Federation of Chamber of Commerce, Nawaz Rajabdeen who led the business delegation said that there are also many opportunities for Sri Lankans to start business in Jordan.

Already a Sri Lankan has set up an apparel factory and employs 1,500 Sri Lankans. "The biggest advantage in starting apparel industries in Jordan is that the finished products can go to the US duty free."

He said that the meetings the President had with senior Ministers and business leaders had opened new avenues for business especially for the fruit and vegetable sectors.

"Already there is an increased demand for Sri Lankan tea, spices and there is an emerging market for the gem and jewellery sector," he said. Sri Lankans too should pursue the opportunities in the industry and leisure sectors, as the incentives provided for foreign investors are very encouraging. More>>

Apparel Exporters Association picks FedEx as preferred air express partner

Daily News /Monday, 28 May 2007

The Apparel Exporters Association 200 Garment Factory Program (AEA 200 GFP) has selected Mountain Haw Express Ltd., the license of Federal Express Corp, as the preferred air express transportation partner.

Mountain Hawk Express, Director / General Manager Royce Samaratunge said: “We are delighted to be associated with the Apparel Exporters Association and we are looking forward to supporting the apparel industry to develop their businesses and compete internationally. As the world's largest air express transportation company, we are committed to providing the industry with fast and reliable delivery of documents and packages to more than 220 countries and territories worldwide. We also believe in building long standing relationships with our customers and the Apparel Exporters Association has provided us with the platform to further reinforce our relationships with apparel exporters.” More>>

BOI lures investments from Jordan

Daily Mirror / Friday, May 25, 2007

The Board of Investment (BOI) last week lured investments from Jordan on the sidelines of the program of the top level Lankan delegation led by President Mahinda Rajapaksa.

At a presentation, BOI Chairman Dhammika Perera made a case for Jordan investors to consider Sri Lanka for their business ventures.

"Despite many challenges Sri Lanka has faced during the last decade, our economy has remained strong and achieved sustainable growth. Last year in particular, was a year of significant growth where the economy posted a 7.4% expansion," Mr. Perera had said in his presentation.

"Currently our investor portfolio consists of some of the well known regional and global players. Operating in diverse businesses from manufacturing to services, investors cater to growing world markets. We support an advanced apparel sector, rubber manufacturing and a host of other sectors including BPO’s," he told Jordan investors.

He said that Sri Lanka has a pool of skilled labour, infrastructure that supports a sound investment – a superior telecommunications industry, transport networks, power and most importantly an investor friendly attitude. More>>

Sri Lanka to participate at China Kunming Import, Export Commodities fair

Daily Mirror / Friday, May 25, 2007

A seven member Business delegation led by Shamil Mendis, President, Sri Lanka- China Business Council and Deputy Chairman, Delmege Forsyth & Co. (Exports) Ltd. will be leaving shortly to participate at the Kunming Fair scheduled for June 6-10, 2007 at Kunming International Convention & Exhibition Centre, Kunming.

The Sri Lanka – China Business Council (SLCHBC) of the Ceylon Chamber of Commerce established with the objective of promoting trade, investment and joint ventures between Sri Lanka and China, keeping in line with its objectives, entered into an agreement of co-operation with the organisers of the China Import & Export Commodities Fair on March 22, 2007 to participate and promote the fair.

When Mr. Li Jiming Deputy Director General, the Department of Commerce of Yunan Province and Mr. Shamil Mendis, President, SLCHBC signed the agreement, they were both positive that this pioneering effort will lead not only towards further expansion of Trade and Investment between both countries but will also create a closer link with the Yunan Province. More>>

Sri Lanka Economic Summit 2007 to focus on agriculture, apparels

Daily News /Thursday, 24 May 2007

SUMMIT: The Sri Lanka Economic Summit takes place from June 6 to 8, 2007 at Oak Room, Cinnamon Grand, Colombo.

Chaired by Director-John Keells Holdings Sumithra Gunasekera, the focus session on Agriculture would bring together several significant speakers to share their experiences and views with regard to agro enterprise.

The session on ‘Agro Enterprise’ is intended to create awareness on the potential for development of the Agro sector in Sri Lanka by highlighting on avenues to add value, improve productivity and enhance exports.

The session is also expected to rouse new ideas on the type of initiatives that can be taken by the private sector in the light of international experiences and taking lessons from them. More>>

Panaluwa Industrial Park begins operations

Daily News /Thursday, 24 May 2007

Mohammed Naalir

HOMAGAMA: The Panaluwa Industrial Park in the Homagama Polling Division run by the Board of Investment was handed over to new investors by Rural Industries and Self Employment Promotion Minister S.B. Navinna at a ceremony.

Thirteen small-scale and medium-scale industrialists have been selected for the proposed Panaluwa Industrial Park. Minister Navinna ceremonially inaugurated factories within industrial park.

The Government has reserved Rs. 33 million for the industrial park so far. The investors hope to invest nearly Rs. 250 million. The Government has reserved a 14-acre land area for the proposed Panaluwa Industrial Park.

Land plots will be allocated to industrialists to start factories inside the industrial park on a 30-year rent basis on a nominal rent of Rs. 250 per month for each perch of land plot. Priority will be given to the printing sector, rubber industries, timber production and textile related products, food items in this industrial park. More>>

Pakistan-Sri Lanka trade zooming to US$ one billion mark

Daily Mirror /Thursday, 24 May 2007

Trade between Sri Lanka and Pakistan is growing and would reach the US $ one billion mark in the next five years, the High Commissioner for Pakistan in Sri Lanka, Shahzad A. Chaudhry said.

The High Commissioner of Pakistan, speaking at a programme organized by the National Chamber of Exporters last week in Colombo he said there is a sharp increase of trade after signing the FTA between the two countries in 2005.

He said trade, which was around US $ 35 million before signing the MoU, passed the US $ 200 million mark after the MoU. “Though this is a sharp increase it is not at all sufficient. Both countries have lot of potential that has been underutilized,” he said.

In the first six months of this year trade has passed the US S 285 million mark with the trade balance being in favour of Pakistan. Exports to Sri Lanka in the first six months were US $ 285 million. More>>

Economic Summit to discuss best positioning for Sri Lanka’s industry for the future

Daily Mirror /Tuesday, 22 May 2007

The Sri Lanka Economic Summit takes place from 6-8, June 2007 at Oak Room, Cinnamon Grand, Colombo.

Organized by The Ceylon Chamber of Commerce in partnership with the Board of Investment, this initiative is supported by the SAARC and Trade Promotion projects, implemented jointly by CCC and the German Technical Co-operation (GTZ) on behalf of the German Federal Ministry for Economic Co-operation and Development (BMZ).Industry sector in Sri lanka accounts for 27% of the country’s Gross Domestic Production and is estimated to employ around 1.8mn people, nearly one quarter of the labour force. The average growth in industry sector for the past four years is 6.4%. The Government’s L.C.Ten year development framework is projecting to increase this to 10.5% by 2016 which will raise the sector’s contribution to GDP to 34% by this year.

The sector also brings in close to 80% of the exports revenue. Sri Lanka being an island nation with a small market needs to aggressively focus on export development if the country is to reach a higher growth rate and sustain it. With industry contributing to four fifths of the nation’s exports industrial exports will need to increase substantially if these expectations are to be achieved. More>>

Sri Lanka, Jordan trade to be expanded

Daily Mirror /Tuesday, 22 May 2007

As a result of bilateral talks between King Abdullah Al Hussein of Jordan and the President Mahinda Rajapaksa, the trade activities between the two countries would be widen in the near future, Jordan Trade Minister Salim, Kahazaith told a gathering of Sri Lankan -Jordan entrepreneurs.

There are several trade agreements between the two countries and a good number of investment opportunities are open for Sri Lankan entrepreneurs in Jordan under the liberalized political and economic environment, he said. He also added that the trade balance which presently stands to the disadvantage of Sri Lanka would be eventually rectified.

Referring to the recent visit of the Sri Lankan President, the Minister added that the President’s tour has strengthened the trade ties and mutual understanding between the two nations. Meanwhile Foreign Minister Rohitha Bogollagama explained to the Jordanian entrepreneurs that the conflict situation in Sri Lanka was confined only to a certain area of the North and it was not a reason to reckon with, case of investment in the island.The Minister also told them that the Jordanian entrepreneurs have ideal opportunities for investment in Sri Lanka and extended an invitation for them to avail of such opportunities. More>>

Top exporter with a rural uplift penchant

by Ruwanthi Abeyakoon

Daily News /Tuesday, 22 May 2007

BUSINESS WOMAN WITH A HEART: She walked away with the Best Woman Exporter Award in 2004, 2005 and 2006. Managing Director, Daya Apparel Export (Pvt) Ltd, Anoma Gamage has proved the excellence of her business, bagging these many awards.

I manage the apparel out of the group of companies. The factory is situated at Ampara. Our objective was to uplift the area. People face many difficulties in this area. Ampara is about 360 kilometers away from Colombo. Our idea was to provide the people an opportunity to improve," she said. She said that there are 3000 workers in the factory. " The workers are mostly from Ampara. We upgrade and train them up to the Production Manager level," Gamage added

"At present we manufacture casual garments and do hundred per cent export. The main markets are USA and UK. We found a new market in South Africa and this month we will start exports. We are also planning to establish more small factories. In the South we have a joint venture factory. It is a running factory and we hope to expand it in the future," she explained. More>>

Mabroc – Kelani Valley teas achieve global first for Sri Lanka

Daily Mirror /Tuesday, 22 May 2007

UN Global Compact acknowledges ‘World’s Ethical Tea Brand’ conforming to social, ethical and purity standards

Kelani Valley Plantations Limited (KVPL), the Dipped Products owned plantation company and its marketing associate Mabroc Teas have achieved a world first with the launch internationally of a unique new range of single origin and blended teas positioned as ‘The Ethical Tea Brand of the World.’

Comprising nine pure Ceylon teas - six single-garden teas and three ‘Valley Range’ teas in leaf form and as tea bags, these teas launched initially in Japan, are the first products in the world to combine branding and advocacy to promote the principles of the United Nations Global Compact (UNGC) via product packaging.

The claim of these teas to be the ethical teas of the world is backed by three distinct facets, the company said. The first of these facets is KVPL’s ‘A Home for Every Plantation Worker programme’ under which the two companies have pledged that for every pack of Mabroc Kelani Valley teas sold globally, a share of the proceeds will be allocated towards improving the living conditions of 11,000 worker families on 27 plantations managed by KVPL. The Company initiated this programme in June 2006 with a view to make a difference to the lives of its estate community and to focus on areas such as living environment, health and safety, community capacity building and empowerment of youth. More>>

NCCSL leads successful business delegation to Malaysia

Daily News/ Monday, 21 May 2007

PROMOTION: National Chamber of Commerce of Sri Lanka (NCCSL) led a Sri Lankan business delegation to Malaysia from April 22 to 27. The purpose of the visit was to promote bilateral trade between Sri Lanka and Malaysia.

Sri Lankan business delegates had successful meetings with members of all the front line Chambers in Malaysia mainly Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM), SMI Association of Malaysia, Kuala Lumpur - Selangor Indian Chamber of Commerce and Industry (KSICCI) and Malaysian Associated Indian Chambers of Commerce & Industry (MAICCI), Malay Chamber of Commerce and Federation of Malaysian Manufacturers Association. More>>

‘e-technology’ programme can help bridge gap between ‘haves’ and ‘have nots’ - Science and Technology Minister

Daily News/ Monday, 21 May 2007

Rohan MATHES

COLOMBO: Science and Technoloy Minister Tissa Vitharana observed that in an era where the gap between the ‘haves’ and the ‘have nots’ is rising by the day despite the advent of technology, the e-technology programme of the ICTA would penetrate into the village to bridge the parity.

Minister Vitharana made this observation when he presided at the ‘News Goes Digital’-Certificate awarding Ceremony of ‘e-journalists 2007, at the World Trade Centre in Colombo last Thursday.

Thirty fulltime journalists joined the fore of Sri Lanka’s e-Journalist community following the receipt of their certificates and awards for their achievements under the Information and Communication Technology Agency (ICTA) e-Journalists training programme. The participants had been selected through a national-level screening process.

Minister Vitharana further said that albeit Sri Lanka could boast of a very high literacy rate in the South Asian region, nonetheless, are comparatively far behind in the e-literacy rate where it is in the order of about 10 per cent. More>>

Sri Lanka Economic Summit 2007 to stitch apparel sector’s course of GSP and beyond

Daily Mirror /Friday, May 18, 2007

The summit takes place from 6-8, June 2007 at Oak Room, Cinnamon Grand, Colombo.

The session on Apparels is intended to map out the direction for the private sector in Apparel sector development. A speaker will elaborate how the industry is looking to carve out a niche market for their product known as “garments without guilt”, indicating that compared to other countries Sri Lanka adhere to international labour norms in producing its garments. Other presentations will cover backward integration and value addition. The manufacturers with the support of the Government are promoting backward integration to improve lead times and to improve the utilization levels of GSP plus scheme. The latter requires production to take place in Sri Lanka from yarn stage. Another strategy adopted by the apparel sector is to push the industry to move up the value chain and become producers of apparel products for the high end of the market and to become a knowledge based industry. More>>

Welgama assures relief to footwear sector

Daily Mirror /Friday, May 18, 2007

A discussion was held under the patronage of Industrial Development Minister Kumara Welgama at the Industrial Development Ministry regarding the restrictions faced by the footwear manufactures of the island in their production process.

Manufacturers held a lengthy discussion with the Minister regarding the direct problems that they faced in their industries. Manufacturers face severe hardships due to the charging of taxes in the importation of soles.

Therefore, they requested the Minister to grant them permission to import soles duty-free. Herein the Minister assured the manufacturers that he would provide step-by-step solutions to their problems and would also provide the necessary assistance and incentives in a manner that the footwear manufacturers could meet up with the demand with supplies without any hindrance. More>>

Packaging industry contributes 5% to the GDP

Daily Mirror /Friday, May 18, 2007

Lanka Pack 2007 to showcase foreign, local products

By Uditha Jayasinghe

The packaging industry of Sri Lanka, which already contributes 5% to the GDP, is planning to leap-frog into the future with the “Lanka Pack 2007” exhibition.

The exhibition is to be held from June 15-17 at the BMICH and is expected to showcase over 100 packaging companies to the world. Among them will be a significant number of foreign manufactures from Taiwan, Singapore, China and India, the latter being the largest with around 30 contributors.

Vice-President of the World Packaging Organisation D. Ratnayake pointed out that the inclusion of foreign companies is a strong indication of the growth of the industry in countries such as India and China and Sri Lanka’s desire to grow with them in a mutually beneficial relationship.

“The packaging industry is a fast developing one and at this exhibition we are focusing on exchanging and transferring the technology neighbouring countries have to offer in order to improve our industry and become the launching pad for better potential. China and India are tagged to become world leaders in packaging and we need to work hand-in-hand with India to push standards further,” he said.

Visitors and potential buyers will have the opportunity to conduct a dialogue with the participants at the interactive exhibition, who will be showcasing innovative and award-winning packaging solutions that have won acclaim internationally. More>>

Regional business community strengthen partnership with provincial journalists

Daily Mirror /Friday, May 18, 2007

The Business for Peace Alliance, BPA, Sri Lanka’s regional business network committed to Regional Empowerment, Corporate Social Responsibility and Conflict Transformation, has launched a special communications programme with a regional focus.

This programme is designed to cater to the need for information on matters within BPA’s mandate amongst its membership of twenty four regional business chambers, community leaders in the regions and stakeholders at national and international levels.

The recently launched Communication initiative supports BPA’s objectives to generate peace dividends at local level, strengthen regional linkages and economic activity through Chambers of Commerce, lobby for regional aspirations through regional private sector inclusion in economic development and the peace process, to practice Corporate Social Responsibility at local level and create local ownership for regional empowerment and the peace process. More>>

New UN report shows industrial development as engine of economic growth

Daily Mirror /Friday, May 18, 2007

Developing countries need greater technological capabilities and flexibility to succeed in an increasingly competitive and fast paced global environment, according to a new report by the United Nations Department of Economic and Social Affairs.

The report, “Industrial Development for the 21st Century: Sustainable Development Perspectives,” was launched recently, the opening of a two-week session of the UN Commission on Sustainable Development that will focus on energy, climate change, air pollution and industrial development.

The 432-page volume examines industrial development as central to the process of structural transformation which characterizes economic development. It points to new challenges and opportunities facing today’s industrialisers as a result of globalization, technological change and international trade rules. It also discusses social and environmental aspects of industrial development. More>>

Tea export earnings rise

Daily News /Monday, 14 May 2007

INCREASE: At this week’s sale, a quantity of 5.96Mkg came under the hammer of which 1.11 Mkg were Ex-estate teas. Quantity wise, it represents a 20 per cent increase from last week’s auction.

Good demand for the better Tippy teas was witnessed as buyers from Iran and Dubai were showing a high level of interest whilst the CIS was also moderately active. Some well-made varieties finished the sale with significant price gains.

However, the Secondaries were met with less demand and were down, week-on-week.

The Select Best Pekoe’s that were lower last week pick-up whilst all other types remained firm to dearer.

The bottom OP and OPA’s gained by ten rupees or more with strong interest from exporters representing Libya. The Wiry types which were lower at the start of the sale improved significantly towards the finish.

In the currency market, the rupee moved from Rs. 110.80 to Rs. 110.81 against the US dollar. Exporters can expect a rate of between Rs. 110.80 to Rs. 111 during the coming week, according to analysts at BMR.

The latest data indicates that tea shipments during the first quarter of 2007 witnessed a drop of four per cent to 74.4Mkg as compared with the all time high of 77.8Mkg achieved last year. More>>

Sri Lanka Economic Summit 2007

Daily News /Monday, 14 May 2007

THE Ceylon Chamber of Commerce (CCC), in partnership with the Board of Investment of Sri Lanka (BOI), is organizing the Sri Lanka Economic Summit from June 6-8, at Cinnamon Grand, Colombo (themed “Spreading the wings of Development”), for the second year in succession.

The main objective of the session on Infrastructure Development (“Session 3: Public and Private Partnerships for Infrastructure Development”) is to create awareness of the key infrastructure projects that are being implemented or which are to be implemented in terms of the accelerated development drive. More>>

Apparel industry reassures its global buyers

Daily Mirror /Wednesday, 9 May 2007

Despite concerns over LTTE air raids and changes in flight times of airlines as well as suspension of night operations at the Bandaranaike International Airport from Thursday, the apparel industry has reassured its global buyers of continuity of economic activity in the country

The Joint Apparel Association Forum (JAAF) in a statement said that it has confirmed to buyers that production and export of apparel from Sri Lanka remains unhampered by concerns on the recent attempts by terrorists to destabilize the economic activity in the country. The security situation is under control and there is no need for undue apprehension. Airlines to and from Sri Lanka continues operating regularly with readjusted day schedules for enhanced security of passengers. The Colombo port is working without any disruption and all other related services are functioning normally.

“As you are aware, over the past two decades, the apparel industry has continued to flourish and increase its exports year on year, without any serious disruption. Even in the aftermath of the Tsunami, which caused enormous disruption to the economy, the apparel industry was able to fully serve the needs of its customers. Many of the production sites are situated in rural areas and as such, the effects of terrorist activity does not hamper its operations. As always the industry will continue to deliver and our valued customers need not entertain any reservations, as to the ability to deliver on our commitments,” states the JAAF’s assurance to global buyers of made in Sri Lanka apparel. More>>

Trade and Economic Cooperation activities in Sri Lanka

Daily Mirror /Wednesday, 9 May 2007

The EU is Sri Lanka’s largest trading partner accounting for Euro 2.6 billion of trade, which represents 20.8% of Sri Lanka’s total trade in 2005. Sri Lanka’s exports to the EU have increased steadily in the last 20 years and now accounts for 28.6% of the country’s exports almost on par with the US (31%). Garments have taken a growing place in Sri Lanka’s exports to the EU and now account for 56.7% of the total. EU is also Sri Lanka’s largest source of imports (15.5%).

The European Commission granted the GSP+ status to Sri Lanka in July 2005, which is a unilateral trade concession granted to developing countries that ratify and implement 27 international conventions on core human rights, labour rights and conventions on Environment and good governance principals.. Sri Lanka is the only country in Asia and one of only 15 countries in the world that enjoys this special status with the EU. Under this facility, Sri Lanka can export more than 7200 products categories duty-free to the EU.

The main benefits of the GSP+ scheme is that it encourages more value-addition in Sri Lanka and therefore encourages backward integration, which will result in the setting-up of new industries, thus creating substantial employment in the country. The granting of duty-free access to so many products, could encourage the Sri Lankan industry to diversify its product exports to the EU and reduce the vulnerability of companies and the country that otherwise would depend on few sectors of its economy for its foreign earnings. The GSP+ scheme will also attract foreign direct investment to Sri Lanka, especially from the region, since through this scheme products manufactured and exported from Sri Lanka will enjoy duty free-access to the EU as well. More>>

Sri Lanka Economic Summit 2007

Daily News /Wednesday, 9 May 2007

CONFERENCE: In keeping with the primary objective of Economic Summit 2007, session 1 has been named "Achieving Double-Digit Growth". Organized by The Ceylon Chamber of Commerce (CCC), in partnership with the Board of Investment of Sri Lanka (BOI), for the second year in succession, Economic Summit 2007 is themed as "Spreading the Wings of Development."

The first session of the summit, chaired by Minister of Enterprise Development and Investment Promotion, Dr. Sarath Amunugama, will elaborate the growth strategy that is envisaged by the Government for the country and identify what needs to be done to achieve it. More>>

EU becomes top export market for Sri Lanka

Daily News /Tuesday, 8 May 2007

Rohantha Athukorala

The "EU has taken over the leadership as the No. 1 export earning region with a commanding twenty percent growth in 2006. Focused changes are now required if Sri Lanka is to reap the real benefit of the GSP plus scheme"

EXPORTS: With overall exports exceeding $6.8 billion dollars in 2006 and the European Union (EU) emerging as the number one export region calls for Sri Lanka to re-evaluate the overall export strategy of the country and make policy changes to drive focused strategies. This outstanding export performance in 2006, to the EU has dislodged NAFTA, which has been the leading export region for the country for years.

The relative share of the EU to the total exports has gone up to 33 percent with a 2.2 billion dollars export revenue in 2006. This performance beats the 26 percent contribution in 2005 which explains the benefits the country is reaping from trade schemes such as GSP plus.

The total exports growth to the EU has increased by a commanding 20 percent which is an indication of the equity of Sri Lanka exports in this market. It is also an opportunity that Sri Lanka needs drive, with focused strategies. More>>

BOI to accept export documents electronically from June 1

Daily Mirror /Tuesday, 8 May 2007

The Board of Investment (BOI) is expected to process export documents submitted electronically via its service provider from June 1.

The move gives life to a project that was first initiated two years ago but had been stuck without proper implementation. The decision to fast track the service was initiated by new BOI Chairman and Director General Dhammika Perera with the responsibility cast on the Investor Services Department.

The Documentation Centre at the Air Cargo Village in Katunayaka, was declared open on November 1, 2004. But it has been noted that to date only import documents have been processed electronically.

BOI sources said airfreight export Cusdecs will be transmitted online to the respective service centres, through the service provider, who will be apprised and transmitted to the documentation centre at Katunayaka. The enterprise can directly visit Air Cargo Village Documentation Unit with the hard copies of the documents and the cargo. The cargo can be examined at Air Cargo Village Verification Unit, no sooner the documents are processed and directly taken to the airport for export. More>>

New BOI company markets local Gems and Jewellery

Daily Mirror / Monday, May 07, 2007

Ruslanka Gem Bureau has been established as a BOI approved company to promote Sri Lanka’s Gem and Jewellery Industry.

According to Mr. Izotov Alexander (Russia), Chairman and the principal investor of the new Company, more foreign investors will join in special projects to be launched by the company in relation to the Industry.

Lapidary Services and Manufacture of Jewellery for the international market will be the main focus of the Company. “We have planned our rough stone sourcing from several countries for the lapidary industry here thus helping to generate more employment opportunities for Sri Lanka”, he said addressing the well wishers at the inaugural ceremony.

An institute to serve as a ‘Total solution provider’ in all facets of the industry such as Lapidary, jewellery manufacture, designing, heat treatment with training facilities in these areas and gemological education will be our aim in the near future, he further added. More>>

How to get “Public – Private Partnerships for Infrastructure Development” right?

Daily Mirror / Monday, May 07, 2007

The Ceylon Chamber of Commerce (CCC), in partnership with the Board of Investment of Sri Lanka (BOI), is organizing the Sri Lanka Economic Summit, for the second year in succession. The primary objective of the Summit is to achieve a consensus and a partnership amongst the Business Community, Civil Society and Public Authorities, to fulfill the national aspiration for “A Better Sri Lanka For All”, through rapid economic development.

Through an exchange of views and shared experiences with a wide audience, revolving around the theme, "Spreading the Wings of Development", it is hoped that a convergence of perceptions on national priorities could be stimulated, towards realizing the targets projected in the Ten Year Plan of the Government. More>>

Trade and Investment – Unleashing the Potential under spotlight at Sri Lanka Economic Summit 2007

Daily Mirror / Friday, May 04, 2007

"Spreading the Wings of Development", The Ceylon Chamber of Commerce (CCC), in partnership with the Board of Investment of Sri Lanka (BOI), is organizing the Sri Lanka Economic Summit for the second year in succession.

Session 2 of Sri Lanka Economic Summit 2007, titled “Trade and Investment-Unleashing the Potential”, will elaborate on steps being taken by the Board of investment to make Sri Lanka a more attractive investment destination and the incentives that are offered to foreign investors.

Prof. G.L. Peiris, Hon. Minister of Export Development and International Trade, will chair the session while Mr. R.L. Juriansz, Chairman, Imperial Tea Exports (Pvt) Ltd would be the

Co-chairman.

This key session would be addressed by Mr. Dhammika Perera. Chairman/ Director General-

The Board of Investment of Sri Lanka (“Why Invest in Sri Lanka”) and Dr. Saman Kelegama, Executive Director-Institute of Policy Studies (“Potential for Trade and Investment through FTAs”). Mr. Roshan Lyman, Head of Trade Politics and Economic Cooperation, Delegation of the European Commission to Sri Lanka will speak on “New Opportunities to Enter the EU Market” followed by a Q & A session, where the featured panelists would be Mr. Sanjaya Sudhir, Commercial & Economic Counselor, Indian High Commission, Mr. Muhemmed Aejaz, First Secretary, High Commission of Islamic Republic of Pakistan and Mr. M.P. Wickremasinghe, Chairman, Ceylon Biscuits Limited.

Trade and Investment play a key role in economic development of a country. In order to achieve sustained economic growth of 8-10 percent, Sri Lanka needs to increase the rate of investment from the current level of 28 percent to 35-40 percent. Given the low rate of savings in Sri Lanka such an increase requires the country to attract a significant amount of foreign direct investments.

Sri Lanka is a small, developing country with great potential to be an attractive investment destination. Being a small market economy, Sri Lanka needs to attract foreign investments to produce high value added up-market products to targeted foreign markets as against countries like China and India, where the large domestic market is the main attraction to foreign investors. Sri Lanka also offers many opportunities for investment in developing its infrastructure facilities. Providing a business friendly, efficient, transparent and predictable investment environment with state of the art infrastructure is the key to becoming an attractive investment destination for foreign investors. More>>

March tea production recovers

Daily News / Friday, May 04, 2007

TEA:Tea production recovered dramatically in March after a disastrous February hit by post strike aftereffects and drought. The Sri Lanka Tea Board confirms that March production was 24.6 Mnkg up a healthy 42% on a very low 17.3 Mnkg produced during February this year.

All three elevations have recorded gains on the previous month. The greatest improvement however came from the previously strike hit High and Mid Grown sector up from 3.6 to 7.6 Mnkg (+ 111%) and 2.9 to 4.6 Mnkg (58%) respectively. Low Growns Increased 13% to 12.1 Mnkg from 10.6 Mnkg in February. The 2007 March crop figure of 24.6 Mnkg is however, 15% lower than the 2006 figure of 29.1 Mnkg.

The bad first two months have ensured that Q1 2007 at 63.1 Mnkg is the lowest since 1998. Production of black tea to end March ‘06 was a strong 76.5 Mnkg, making the current year’s figure 17% lower. More>>

Economic Summit to focus on “Achieving Double-Digit Growth”

Daily Mirror /Thursday, May 03, 2007

In keeping with the primary objective of Economic Summit 2007, Session 1 has been named “Achieving Double-Digit Growth”. The Summit hopes to achieve a consensus and a partnership amongst the Business Community, Civil Society and Public Authorities, to fulfill the national aspiration for “A Better Sri Lanka for All” through rapid economic development.

Organized by The Ceylon Chamber of Commerce (CCC), in partnership with the Board of Investment of Sri Lanka (BOI), for the second year in succession, Economic Summit 2007 is themed as “Spreading the Wings of Development.”

In the past, Sri Lankan economy grew at a moderate pace of around 5% pa., which has of late been accelerated to around 6% - 7%pa. If the living standards of the people of the country is to improved much more rapidly and the country is to keep pace with other developing countries in South Asia and elsewhere, Sri Lanka needs to accelerate its pace of growth to around 10% pa.

Growth in Sri Lanka has been largely concentrated in the Western Province, with nearly half of the country’s GDP being generated there. Hence it is not adequate to merely accelerate growth but it also needs to be diffused to other less developed regions of the country. The macro economic framework of the Government’s ten year development plan elaborates how growth is intended to be taken to double digit levels and spread to the regions over the next few years. More>>

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