Sri Lanka, the first ever country in Asia has been offered the “Partner Country” status at the 82nd Izmir International Fair, the oldest Trade Exhibition in Turkey. Sri Lanka’s participation promoted Sri Lanka as a reliable destination for trade investment & tourism and showcased the best that the island paradise has to offer, under the theme “Sri Lanka -Wonder of Asia”. This theme is in line with the Mahinda Chinthanaya, vision of the President of Sri Lanka who has given the leadership to initiate a grand scheme of progress and development in the country.
The President of Sri Lanka Mahinda Rajapaksa and the Prime Minister of Belarus Mikhail Myasnikovich confirmed the mutual interest in such aspects as mechanical engineering, high technology, education, construction and tourism.
And right after the meeting in the Government House, the officials joined the business circles of the two countries. Multiple agreements, among which is the cooperation agreement between the National Center for Marketing and Price Conjuncture of the Ministry of Foreign Affairs of Belarus and the Export Development Board of Sri Lanka, were signed within the framework of the business forum.
Over 50 Small and Medium Eenterprises (SMESs) will take part in FACETS Sri Lanka 2013, the international gem and jewelry exhibition, according to the organizing committee. Organized by the Sri Lanka Gem and Jewelery Association (SLGJA), this year’s event held for its 23rd year, will be held from August 29 to September 1 at the Sirimavo Bandaranaike Memorial Exhibition Center.
FACETS 2013 not only provides ample opportunity for local businesses to showcase their capabilities to participating delegation from around the world, but also creates strong networking, knowledge sharing and skill enhancing opportunities for the SME sector enterprises. Local manufacturers will be able to acquire knowledge on technology, process, best practices and the importance of maintaining industry quality standards right throughout the event.
Sri Lanka’s northern Jaffna peninsula, which has emerged from a 30-year civil war, has untapped potential for greater investment and trade officials said.
We welcome all the new businesses and investments, K Pooranachandran, president of the Jaffna chamber of commerce and industry said.
Fresh fruit and vegetable exports recorded a 21.8% growth in the first six months of this year, said International Foodstuff Group of Companies, Chairman and a member of the Advisory Committee of the Export Development Board, Sarath de Silva.
He said that the fresh fruit and vegetable sector recorded this growth despite a slump in exports of other commodities. Export revenue has been declining since last year with a revenue drop of 6.8 percent in April this year according to the Central Bank. Export decline has been attributed to the low global demand for commodities.
Sri Lanka’s apparel sector is likely to benefit from the new regulations issued by the Finance Ministry of the country.
The regulations cited as the Finance Act - Commercial Hub Regulation (CHR) No. 1 of 2013, will be applicable on all new established enterprises in the country.
Under the regulation, any new enterprise which is established or incorporated in Sri Lanka, where at least 65 percent of its total investment has been from foreign sources, shall be exempted from the application of Provisions of the Customs Ordinance (Chapter 235), the Exchange Control Act (Chapter 423), the Imports and Exports (Control) Act, No. 1 of 1969, and acts referred to in schedule of the Principle Act as amended by the Finance Act, No.12 of 2013.
The Sri Lanka – France Business Council (SLFBC) which functions under the aegis of the Ceylon Chamber of Commerce held its 9th Annual General Meeting at the Ceylon Chamber of Commerce recently. The Council was inaugurated on February 4, 2004 with a primary objective of promoting trade, investment, tourism and services between Sri Lanka and France and to promote mutual understanding and strengthen the relationships between Sri Lanka and France.
Christine Robichon, Ambassador of France and Patron of SLFBC graced the occasion as the chief guest. Congratulating the newly appointed Committee she underlined that activities such as visit to France early this year demonstrated the usefulness of exchanging business delegations both ways. It was also mentioned that the partnership between the Embassy and Business Council went deeper with the successfully organised Symposium on Urban Development recently and the Embassy will continue to closely work with the Council in the future.
The country’s exports earnings for June recorded commendable growth. However, it is necessary to have the right balance between commodity and cost.
According to provisional Customs data, Sri Lanka is heading in the right direction despite challenges. Exports to our key markets the USA and EU, especially to USA have shown a satisfactory increase in June 2013, Sri Lanka Export Development Board (EDB) Chairman and Chief Executive, Bandula Egodage told Sunday Observer Business. The problems in our key markets indicate that we should focus on diversifying our markets to other regions. The Asian region comprising China and India has registered substantial economic growth, he said.
The notable feature of our exports during the last few years was the decline in exports, an ominous signal to the economy. The reason behind this decrease was the local and foreign market factors such as high cost of production, lack of strategic strength, non-preference by Western countries and economic crises in the occidental world.
Major products manufactured in Sri Lanka which took take the precedent role in its contribution to the export trade also shown decline trend. Under this situation, the export of fresh and marine water ornamental fish have significantly maintained export strength except 2012 and now showing nearly 20% increase of its export in 2013 up to August compare to the previous year.