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Lanka economy grew by 3 % in 2002- ICES A private Sri Lankan research agency says that Sri Lanka's economy grew by about 3 % last year after growth rates of 5.3% in real terms during the 3rd quarter and 5.4% during the 4th quarter of the same year, noting it is a significant turnaround compared to the previous year that experienced economic contraction. The Economic
Research Division of the International Centre for Ethnic Studies
(ICES) said in its October-December 2002 quarterly review of the
economy that among the major agricultural crops tea production increased
while coconut production declined and rubber production remained
more or less static during the quarter under review. However, tea
prices dropped month after month during the last quarter. The ICES, which
has handled research on ethnic studies, gender, human rights, etc,
recently launched an economic research programme. The agency has
been presenting quarterly reports on the economy and connected developments
in the north. The report,
authored by economist Muttukrishna Sarvananthan, said interest rates
and the cost of living continued to decline during the last quarter
while public debt continued to rise during the quarter under review
with external borrowing accounting for 53% of the same. Sri Lanka's
exports declined while imports increased during the final quarter
of last year resulting in a significant increase in the trade deficit
during the 4th quarter compared to the previous quarter. Net foreign remittances increased by over 50% during the last quarter compared to the previous quarter. "This was the best quarterly performance in the past two years," the report said adding that total remittances received during 2002 were 17% higher than in 2001 at $ 1,097 million versus $ 938 million earlier. It said the reason for the huge rise in remittances during the 4th quarter could be the impending war on Iraq and the consequent political uncertainty in the West Asian region. Capital market
activities in the Colombo Stock Exchange showed a declining trend
in the last quarter while fish production data for 2002 shows the
first concrete indication of a resurgence of productive activities
in the Northeast region after the cessation of hostilities in early
2002. The report said the government has demonstrated that it means business by implementing many of the budget proposals made in March 2002. Introduction of the Value Added Tax (VAT), establishment of a Defence Committee to streamline and monitor defence expenditure, enacting of the Welfare Benefit Law, and requirement from the Secretaries of Ministries to submit annual accounts and performance reports to the Ministry of Finance within a strict time limit are praiseworthy. "The overhaul of the fiscal sector and the management of public finances by the present government are unprecedented in the post-independent economic history of the country," the report noted. Internet banking promotion at Commercial Bank The Commercial
Bank of Ceylon has organised a special promotion at five ofits main
branches and at all seven MiniCom Centres at Cargills Food CitySupermarkets,
aimed at popularising the Bank's Internet banking facility,"ComBank
Online" among the public. The promotion
will be held at Commercial Bank branches at Colombo 7 (Holiday Banking
Centre), Moratuwa, Negombo, Kandy and Galle City and at MiniCom
Centres at Staples Street, Majestic City, Kirulapone, Maharagama,
Gampaha, Kurunegala and Ratnapura. Internet banking enables account holders to enjoy a host of services 24 hours of the day throughout the year, from the comfort of their own homes, the bank said in a statement. The Internal Trade Department is planning action against a number of pharmaceutical importers for ignoring a directive issued by them under the Consumer Protection Act requiring pharmaceutical importers to submit prices of drugs as at November last year and any subsequent price revisions thereafter. Commissioner
of Internal Trade, Janaka Sugathadasa said the government lifted
the price control on pharmaceutical items with effect from November
l last year as a temporary measure and the intention of the directive
issued by the Department of Internal Trade was to monitor the price
movements, according to a Commerce Ministry statement. Sugathadasa
said the apparent non-cooperation by a large number of pharmaceutical
importers had severely hampered the monitoring exercise. The department
has now written to importers who failed to comply with the above
statutory requirement and threatened legal action if they don't
respond within a reasonable time period. Though there is no price control of pharmaceutical drugs, dealers are legally bound to exhibit a price list for the benefit of customers. Bilateral trade promotions between SL, Maldives Several business organisations from the Maldives including the State Trading Company have expressed interest in investing in the tea industry in Sri Lanka. This was disclosed
when Commerce and Consumer Affairs Minister, Ravi Karunanayake met
Maldives Trade and Industry Minister, Abdulla Yameen during a recent
trip to Male. Yameen said
the Maldivians are keen on investing in the tea plantation and processing
sectors. There was also the possibility of conducting training programmes
in Sri Lanka for Maldivian trade officers. Karunanayake also met Minister of Fisheries, Agriculture and Marine Resources, Abdul Rasheed Hussain and Minister of Transport and Civil Aviation, Ilyas Ibrahim. Those discussions focused on forming joint ventures between Sri Lanka and the Maldives in fisheries, fish processing and canning, including a possible joint venture between their state-owned fishing company, MIFCO and CWE, according to a Sri Lanka Commerce Ministry statement. Aitken Spence Travels wins PATA gold Aitken Spence
Travels has won the prestigious PATA Gold Award for 2003 for the
best Consumer Travel Brochure, with its managing director Gehan
M. Perera receving the award at a special ceremony at the Bali International
Convention Centre in Bali, Indonesia on April 14. The brochure
themed "For your fascination…", was well researched
and produced to cater to the growing nature-based tour segment.
Aitken Spence Travels have recognized the importance of developing
this segment in a responsible manner to cater to tourists in search
of knowledge who visit natural areas to gain cultural experience,
the company said in a statement. Pacific Asia Travel Association (PATA) is the leading international tourism industry association linking all tourism industry professionals and organizations in Pacific Asia formed over 50 years ago in USA. The statement said the company has set up a separate unit under the direction of Tikiri Ellepola, Director Planning and Development comprising of a team of zoologists, botanists and specially trained interpreters to develop this niche market in a sustainable manner. This is the second PATA Gold award for Aitken Spence Travels in the last three years. In 2001, it won the PATA Gold Award for education and training. World Bank Managing Director due in Colombo Peter Woicke,
Executive President, International Finance Corporation (IFC) and
Managing Director, World Bank, will be visiting Sri Lanka from May
2 to 5 accompanied by Dimitris Tsitsiragos, Director - South Asia,
IFC, the IFC announced last week. Woicke is scheduled
to hold discussions with senior government officials and also meet
a number of private sector clients of IFC in order to assess the
business climate in Sri Lanka. Last week, World Bank President James D. Wolfenson accepted an invitation from Minister for Economic Reforms, Science and Technology, Milinda Moragoda, to visit Sri Lanka later this year, when the latter met him in Washington. Emirates wins another regional award Emirates has
been named 'Best Airline Based in the Middle East/Indian Sub-Continent'
in the Official Airline Guide's (OAG) 2003 Awards. The Dubai-based
international carrier overcame fierce competition from rivals to
claim the prize at the 21st OAG Awards ceremony at London's Park
Lane Hilton hotel. OAG Worldwide
provides the world's most comprehensive and up-to-date flights database
with details on services by some 850 airlines. It is widely regarded as a definitive source of independent flight information for business travellers, arrangers, corporations and government agencies. |
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