- Liberalisation, promoting entrepreneurship, attracting FDI, boosting exports, helping SMEs
- Excise, Customs, Rent, Paddy Lands, Shop and Office acts and bankruptcy laws to be revamped
- Aims for 5% growth, 6% inflation, 4.5% deficit
- Electrical vehicle prices slashed by Rs.1 million, fuel vehicles to be phased out by 2040, carbon tax
- Development Bank for SMEs, angel fund for IT, 1,200 para-tariffs to be phased out
- Restrictions of foreign ownership in shipping to be removed, online travel agents to be charged 1% on commissions, VAT refunds for tourists, rationalisation of liquor licenses and taxes
- PPP guidelines to be issued soon, housing, roads and education go rural, urban hub for Colombo.
Monday, November 13, 2017
Friday, October 20, 2017
- · Agreement will cover the fields of investment partnership, trade relations, tourism promotion, and industrial cooperation
Wednesday, October 11, 2017
Tuesday, October 3, 2017
Thilan Wijesinghe – Chairman of the NAPPP
- Transport Sector Projects – Inland Water Transport, highway projects & inland airline system.
- Ports – Trinco economic corridor & East terminal through ADB Funding.
- Power & Energy projects – LNG Kerawalpitiya, 100Mw Solar Project & Waste to energy project.
- Petroleum Sector – Sapugaskanda & Hambantota refinery.
- Water – Welivita & Jaffna desalination.
- SEZ/Industrial Zone – Hambantota SEZ & Horana industrial zonand – New buildings to be constructed on PPP basis.
- Healthcare – 24 Projects related to import substitutions for healthcare.
- Education – Berkley University project
- Mineral Sector – Graphite & Phosphate extraction
- Millenium Challenge Corporation Project
2. Mr S. R. Attygalle, Deputry Secretary to the Treasury
3. Dr. Sarath Rajapathirane, Economic advisor to H.E. the President
4. Mr. Mangala Yapa, Director of BOI
5. Mr. Mano Tittawella, Senior advisor to the Finance Minister
6. Mr. Deshal de Mel, Advisor to the Finance Minister
7. Mrs. Dhara Wijethilake, CEO Ceylon Chamber of Commerce
8. Mr. Duminda Hulangamuwa, Tax Partner, EY
Monday, October 2, 2017
- $125 million dollar loan from the World Bank for the new Transport Connectivity and Asset Management Project
- $20 Million is allocated for this project from the UK Health Department
Wednesday, September 27, 2017
- GoSL has floated tenders for construction of 50,000 permanent brick and mortar houses
- The project is to be executed by the Ministry of National Integration and Reconciliation together with other relevant line ministries and agencies.
Tuesday, September 26, 2017
- Medtech app oDoc – score US$1 million seed funding
- This is the largest seed investment round for any startup in Sri Lanka.
Thursday, September 21, 2017
Sri Lankan born Venture Capitalist – Chamath Palihapitiya raises $600 Mn in IPO for Tech Investments
- Chamath had raised 600 million dollars in its IPO to invest in private tech companies
- There are about 150 private tech startups valued at over $1 billion
Wednesday, September 20, 2017
EDB Chairperson Indira Malwatte
· FTAs with Singapore, China and India will boost export-oriented investments and trade
- The country’s economy grew by 4% in the second quarter from a year earlier
- The industrial activities have recorded a considerable growth rate of 5.2%
- Services activities recorded a positive growth rate of 4.5% during Q2 of 2017.
- Says major investment and export plans already drafted
- About nine new investment zones in pipeline
Friday, September 15, 2017
- Invest Sri Lanka Forum to be held on October 16, 2017 at the Sofitel New York.
- The Forum is organized with the objective of promoting investment in the Sri Lankan capital market among US based institutional investors
- Sri Lanka has become the 2nd fastest growing market for VISA South Asia.
- Sri Lanka’s mobile phone penetration is at 92% and there are over four million internet users with mobile internet via smart phones, registering phenomenal growth
Monday, September 11, 2017
- Tax exemptions offered for investments made in Northern Province
- Individuals with a monthly salary of LKR 100,000 will be tax exempted
- SMEs and identified sectors will get a tax reduction from 28% to 14%
- PAYE tax will be enforced at end October, new act enforced from 1 April 2018
- Monthly interest income of senior citizens up to Rs. 125,000 will be tax exempted.
Thursday, August 31, 2017
- Sri Lanka has seen a notable increase in investor confidence
- Policy consistency, ease of doing business and the expansion of trade are key to attract FDI
Standard Charted Bank Chief Economist Asia Global Research David Mann said foreign investor confidence in Sri Lanka has seen a notable increase, especially in investing in fixed income channels including sovereign bonds and local currencies as the yields were quite attractive compared to other countries.
“There are extremely high yields compared to other economies, which had a lot more foreign participation. More gains are in store for Sri Lanka bonds due to their performance. You can say it is partly because of the IMF program and the path of travel,” he told journalists in Colombo yesterday.
Despite the speculation of a gradual depreciation, he said it was impossible to ignore the attractiveness of Sri Lanka’s yields. In terms of the global perspective, Mann said the big focus for the next few months was to see if US President Donald Trump would deliver actions rather than words, which is threatening a Government shutdown and the start of a war where markets will be put on shakier ground.
It was pointed that there is a lot of money on the sidelines still waiting to enter emerging markets for either better value or for some major event driven sell-off which will then trigger the offering of the opportunities they are looking for. “They are still spending the whole time waiting, meanwhile everything keeps climbing stronger and you actually see a lot of foreign investors starting to be obliged to get more adventurous. That is exactly somewhere behind why we have seen a surge of interest for markets like Sri Lanka, amongst all our foreign investor clients.
Further, it was highlighted that policy consistency, ease of doing business and the expansion of trade agreements were key factors to attract much-needed foreign direct investment (FDIs) to Sri Lanka, while admitting FDI per capita was low compared to other countries from the region.
“Tax changes have been ad hoc in the past. The investor needs to be assured that the tax policies will not be changed and getting the whole Inland Revenue Bill is critical at this point. Sri Lanka needs to attract FDIs that can bolster exports as most of the FDIs that have come to the country are in non-tradable sectors like construction.”
While acknowledging that the Government was working on these issues to smoothen the inflow of FDIs, he noted that the revamping of the Board of Investment (BOI) and Customs Department were time consuming. However, he expressed optimism over non-tradable FDIs once the Colombo Port City Project commences towards the second half of next year.
Wednesday, August 30, 2017
Tuesday, August 29, 2017
- Foreign inflows tops Rs 28 Bn
- This is the 2nd time in history the hurdle of Rs 28 Bn mark has surpassed
Thursday, August 24, 2017
- The Government is to construct 600 houses in 25 districts with the assistance of India
- The housing requirement Survey 2016 has revealed that 216,197 families in Sri Lanka have no house, or a land to build a house.
- The City of Colombo has been selected among the five biggest improved cities during the last five years in terms of livability by the Global Livability Report 2017.
- Out of 140 cities, Colombo is ranked at 124th with an overall rating of 51 out of 100 points.
“Unfortunately, the improvements have been marginal and have not seen liveability recover from previous levels or resulted in large shifts up the ranking.” the report said. For the seventh consecutive year, Melbourne in Australia is the most liveable urban centre of the 140 cities surveyed, closely followed by the Austrian capital, Vienna. In fact, only 0.1 percentage points separate the top two cities, and just 0.2 and 0.3 percentage points separate Canada’s Vancouver and Toronto (ranked 3rd and 4th, respectively), from Melbourne.
Tuesday, August 22, 2017
Liberalisation, promoting entrepreneurship, attracting FDI, boosting exports, helping SMEs Excise, Customs, Rent, Paddy Lands, Shop...
· “Sri Lanka is the latest addition to our worldwide R&D operations, and we are impressed with the engineering talent here”...
Sri Lanka has seen a notable increase in investor confidence Policy consistency, ease of doing business and the ex...