Preliminary results released by the Pacific Asia Travel Association (PATA) show a collective increase of 6% year-on-year for international arrivals into Asia/Pacific1 destinations during each of the months of October and November 2011. For the first 11 months of the year, South Asia was the star growth performer, followed by Southeast Asia, Northeast Asia and ...

Asia Pacific Business Coalition on AIDS CEO attends event The Lanka Business Coalition for HIV and AIDS (LBCH) on Monday launched its HIV and AIDS awareness campaign for this year at an event graced by the CEO of its umbrella Asia Pacific organisation. Stephen Grant, CEO of the Asia Pacific Business Coalition on AIDS (APBCA) ...

‘Sancharaka Udawa’, a one day meeting for all tourism related service providers was held yesterday at the Ceylon Continental Hotel with Economic Development Minister Basil Rajapaksa as Chief Guest. The main objective of this forum is to provide opportunities for those less exposed to mainstream tourism; creating a platform for small and medium service providers ...

NDB Investment Bank (NDBIB), the premier investment bank in Sri Lanka, concluded its most successful year to date, raising approximately Rs. 38 billion funds and retaining its unrivalled position as the market leader in investment banking. NDB Group Investment Banking Cluster CEO Vajira Kulatilaka commenting on this feat said: “We are proud to have retained ...

Sri Lanka and Indonesia this week set an ambitious goal of tripling bilateral trade to $ 1 billion within the next three years. The two countries have taken a decision to establish a Working Group on Trade and Investment to operationalise this goal, External Affairs Ministry said after the conclusion of Indonesia’s Foreign Minister Dr. ...

Following is the address delivered by The Hotels Association of Sri Lanka (THASL) President Anura Lokuhetty at the National Conference on ‘The Role of the Business Community in Reconciliation’ organised by Lakshman Kadirgamar Institute for International Relations and Strategic Studies (LKIIRSS):   Ladies and gentlemen, throughout the history of mankind, humankind has searched for ...

Declaring war on poverty, the Government is aiming to increase incomes in 2.5 million households this year and benefit the economy through import replacement, top officials said yesterday. Papers to the rescue? Economic Development Minister Basil Rajapaksa yesterday at a media briefing relied on newspaper articles to emphasise the rapid growth in agriculture, tourism as ...

The Sri Lanka Embassy in Vienna this week moved to its own premises.  “The opening of the Sri Lanka Mission at its own premises today is a landmark event in the bilateral relations between Austria and Sri Lanka”, stated State Secretary for European and International Affairs of Austria Dr. Wolfgang Waldner. The occasion marked the ...

To focus on skills development, trade, investment, sustainable development and business excellence to sustain GDP growth rate of 8%Following is the address delivered by National Chamber of Commerce of Sri Lanka President Asoka Hettigoda at the NCCSL’s 53rd Annual General Meeting Ayubowan, good evening. Let me extend a warm welcome to all of you to ...

Stable macro economic developments and peace dividends The food and beverage industry in Sri Lanka has become a thriving sector in the economy, propelled by the post war optimism and reaping maximum benefits from peace dividends since May 2009. Contribution to the Gross Domestic Product (GDP) by the food and beverages industry was recorded at ...

The Government of the People’s Republic of China has given concurrence to Sri Lanka to set up a new Consulate General in Guangzhou, the capital of Guangdong Province of Southern China. Yu Hong, Vice Director General of the Consular Department of the Ministry of Foreign Affairs of China presented the formal agreement giving concurrence to ...

The London Stock Exchange (LSE) is optimistic on Sri Lanka given the strong post-war upside for the economy and capital markets and is urging the country and companies to harness the global giant’s strengths and reach to grow better. “Following the end of the conflict, Sri Lanka has evolved with an attractive and strong growth ...

Iowa students “thrilled” to be in Sri Lanka to study biological and plant scienceWASHINGTON: A group of American students and professors from the University of Dubuque in Iowa arrived in Sri Lanka recently as environmental tourists, taking part in a curriculum that includes a two-week field course in Sri Lanka. The visit is part of ...

The world famous London Stock Exchange Group (LSE), whose origins could be traced back to 300 years, will hold its first-ever Board of Directors meeting in Colombo today. LSE Chief Executive Officer Xavier Rolet confirmed to the Daily FT yesterday that though the organisation has held Board meetings outside London, it will be the first-ever ...

Reuters: Sri Lanka’s tea production fell in 2011 from a record high in the previous year due to bad weather, but the top agricultural export earned a record $1.5 billion, the State-run tea board said on Thursday. Tea output in 2011 fell 0.9 per cent to 328.37 million kg from the previous year’s record 331.43 ...

Signifying another milestone of the Post-War development in Sri Lanka, the Jaffna International Trade Fair 2012 has been declared open yesterday by Douglas Devananda, the Minister of Traditional Industries & Small Enterprise Development. The Jaffna International Trade Fair (JITF), which is focused on marketing the opportunities in the virgin market of Jaffna peninsula to private ...

By Uditha Jayasinghe Sri Lanka’s impressive economic growth is motivating the US Department of Commerce to urge their companies to have a second look at the island nation, a top official said yesterday.  US Department of Commerce Deputy Assistant Secretary for Africa, the Middle East and South Asia Holly Vineyard told the media that the ...

Facing the short-term economic challengesThe macroeconomic imbalances Sri Lanka has achieved a growth rate of 8.3% last year and inflation fell to 4.9% year-on-year in December 2011. These are noteworthy achievements at a time when the global economic landscape has been hostile with a slowdown in the US and a crisis in Europe; key markets ...

By Dinali Goonewardene The Institute of Chartered Accountants (CA Sri Lanka) ceremonially inducted its 21st President, Sujeewa Rajapakse, at a ceremony at the Cinnamon Grand hotel yesterday. Rajapakse, who is the Managing Partner at BDO Partners, the fifth largest audit firm globally, took over for a two-year term from outgoing President Sujeewa Mudalige. Newly-inducted President ...

Sri Lanka is eyeing Japanese investments for the high potential US$ 13 million handloom industry, the Ministry of Industry and Commerce said yesterday. The industry’s potential and prospects for new investment opportunities were discussed between Minister Rishard Bathiudeen when new Japanese Ambassador N. Hobo paid a courtesy call on the former. “Sri Lanka’s growing apparels ...

Benefits of the present tourism boom are spreading to all the other sectors of the country, including heritage, arts and cultural sectors. During the period of terrorism many institutions in the cultural, arts and archeological sectors were severely affected. One of these institutions was the Cultural Triangle Project. As a result of reduced income from ...

The Comprehensive Economic Partnership Agreement (CEPA) seems to be set to hit the headlines again, after the Industry and Commerce Minister on a recent visit to India expressed strong interest in expanding business ties with Sri Lanka’s closest neighbour. Readers will remember that all past attempts to sign CEPA have resulted in many local businessmen ...

Sri Lanka readying for dedicated trade talks in MarchBeing the first FTA for India and Sri Lanka, the 1998 Indo-Sri Lanka Free Trade Agreement carries substantial sentimental value for Sri Lanka. Together, both countries can play a major role in elevating Indo-Sri Lanka economic relations from the current level to a much higher plane. The ...

Cabinet approval given, transit passengers also exempt Cabinet approval has been given for children under the age of 12 to travel without visa to Sri Lanka. Cabinet Spokesman Minister Keheliya Rambukwella told media at the weekly briefing that the exemption had been approved to facilitate tourism in the country. Accordingly transit passengers who exit the ...

In Sri Lanka we have population close to 21 million. According to China Tourism Academy (CTA), 57.39 million Chinese tourists travelled overseas in 2010! Global Trends Report 2011, which was released at World Travel Market in London, highlights the fact that Chinese tourists contributed US$ 57 billion on accommodation in 2011, third in the world ...

The Central Bank appeared to be unmoved by scepticism over its upbeat outlook for 2012, which was reiterated yesterday following the January monetary policy review leaving policy rates unchanged. UNP MP and Consultant Economist Dr. Harsha de Silva as well as Standard Chartered Bank have separately questioned some of the upbeat 2012 forecasts.   However, ...

Sri Lanka will be holding two fresh bilateral trade sessions today in Hyderabad – one with India and the other with the United Arab Emirates. The talks will be held at Andra Pradesh Hyderabad International Convention Centre in Hyderabad. Minister of Industry and Commerce Bathiudeen is currently in Hyderabad as a member of the Sri ...

By Uditha Jayasinghe With tourist arrivals expected to hit historic heights in 2012, the Government is fast-tracking new hotel projects around the country to meet room demands, a Minister said yesterday. Acting Economic Development Minister Lakshman Yapa Abeywardana told media that at least 2,500 new rooms needed to be added this year to facilitate the ...

“Our sense is that if we do not act boldly and if we do not act together, the economy around the world runs the risk of a downward spiral of uncertainty, financial instability and potential collapse of global demand… we could run the risk of what some commentators are already calling the lost decade” – ...

The ICT Agency of Sri Lanka (ICTA) played a major role in ‘Visa Online’ by linking the Lanka Gate Internet Payment Gateway (IPG) for making online payments. Also known as Electronic Travel Authorisation (ETA), Visa Online – introduced in its trial version on 1 October 2011 – became regular procedure with the dawn of the ...