Sri Lanka Tourism to face complete system overhaul
Sri Lanka’s key tourism state agencies are set to go through significant changes, adopt a new tagline, and a review of the existing promotional campaign following the establishment of the new National People’s Power (NPP) government as per their proposed tourism policy document. Structural and institutional changes are expected to take place under the new [...]
Excise Dept. under fire over liquor licence scandal
The Excise Department is facing serious allegations of corruption, particularly in the secretive issuance of liquor licences and the use of counterfeit security stickers, despite posting record revenues of Rs. 152 billion in the first nine months of this year, new administration sources said. Excise Commissioner General M.J. Gunasiri has denied these allegations, stating that [...]
Ceylon Tea buying likely to drop amid WA tensions
Sri Lanka’s tea industry is concerned with the escalation of tensions in West Asia as the winter buying season begins and orders are expected to drop this year owing to an unsound financial situation in most markets. National Chamber of Exporters (NCE) Chairman Jayantha Karunaratne explained, This is the tea buying season and with many [...]
Special committee to scrutinise corrupt IT deals
The new government is rounding up government IT projects amounting to at least US$4 billion that are ridden with corruption and malpractices and bring those perpetrators to book. A senior National People’s Power (NPP) adviser told The Sunday Times Business on Thursday that they are trying to appoint a committee to look into these mismanagements [...]
NPP’s new model to resurrect failed SOEs
In a new move to resurrect the loss-making state-owned enterprises (SOEs), the new government is proposing a public-private Peoples Partnership (P4). This emphasises the importance of incorporating community input and engagement into the processes in making the state-owned enterprises profitable, National People’s Power (NPP) politburo member Sunil Handunnetti told The Sunday Times Business on Thursday. [...]
Japanese are back
A source of embarrassment: We should hide our heads in shame! This is after Mizokoshi Hideaki, Ambassador of Japan, the country on which Sri Lanka relies heavily on for financial support and investments, this week chose to decry the corruption in Sri Lanka. This had led to the suspension of 11 Japanese projects including the [...]
Leaving the villages
Economics students are often fascinated by one of the important observations related to economic development – the diminishing importance of agriculture in the national economy. In other words, this means that the agriculture share of GDP continues to fall with economic development. And at the same time, the employment share of agriculture too continues to [...]
Fuel price reduction: Relief for citizens amid economic recovery
Sri Lanka’s new administration, led by President Anura Kumara Dissanayake, has lowered fuel prices by more than Rs. 20 just a week after taking office. This reduction is notably lower than the International Monetary Fund’s (IMF) cost-reflective price formula. While IMF-backed pricing aims to reflect actual costs, it can put significant pressure on businesses and [...]
Tour guides raise concerns over study
Sri Lanka’s tourist guides, in a letter to the ministry and the tourism authorities, have raised concerns about a recent study done on them to enhance their competencies in alignment with modern traveller expectations. The Sri Lanka Institute of National Tour Guides Association has requested clarification regarding the research findings in the document titled ‘Comprehensive [...]
Independent directors at Tokyo Cement
Tokyo Cement Company (Lanka) PLC has announced the appointment of Mano Sekaram and Ms. Averil Anne Ludowyke as Independent Directors to its Board, it said in a media release. Mr. Sekaram is a renowned tech entrepreneur and investor in the Sri Lankan IT industry with over 30 years of experience in the corporate arena. He [...]
Women’s Chamber of Industry and Commerce holds 39th AGM
The Women’s Chamber of Industry and Commerce (WCIC) held its Annual General Meeting (AGM), marking a pivotal moment in the organisation’s 39-year journey. This year’s AGM, led by Chairperson Anoji De Silva and the 15-member board, celebrated the chamber’s achievements during the 2023/24 term while setting the stage for future growth. Over the past year, [...]
Entries open for Effie Awards Sri Lanka 2024
The Effie Awards, the most anticipated event in Sri Lanka’s Marketing and Advertising industry, is now accepting entries for the 2024 competition. Renowned for honouring the most effective Marketing Communications campaigns, the Effie Awards Sri Lanka celebrates Creativity, Strategy and Results. Organised by the Sri Lanka Institute of Marketing (SLIM) in partnership with Effie Worldwide, [...]
Inland Revenue struggles to meet ambitious revenue targets
Sri Lanka is grappling with a persistent budget deficit, a problem that has plagued successive governments due to poor financial management. The country is now poised to miss its 2024 budget revenue targets, further underscoring its reliance on borrowing to cover financial gaps. The Ministry of Finance’s recent findings, coupled with projections from the International [...]
Sri Lanka seeks IMF support with alternatives for economic reforms
A high-level delegation, led by Krishna Srinivasan, Director of the IMF’s Asia Pacific Department, this week met with Sri Lanka’s newly elected President Anura Kumara Dissanayake to discuss the continuation of the IMF-supported economic reform programme. The talks focused on balancing the country’s reform objectives with alleviating the tax burden on citizens, particularly by reducing [...]
ILO Standards/guidelines to be ratified
The new government intends to ratify the International Labour Organisation (ILO) general principle stating that no recruitment fees or related costs should be changed to or otherwise borne by workers or job seekers. “We intend to have discussions with the ILO soon with regards to this and other standards,” National People’s Power (NPP) politburo member [...]
CWIT adds to Crane Fleet ahead of 2025 operations
Colombo West International Terminal (CWIT) has welcomed the delivery of its first 2 semi-automated Rail Mounted Quay Cranes (RMQCs) and three additional fully automated Cantilever Rail-Mounted Gantry Cranes (CRMGs). This shipment marks the second in a series of deliveries as the terminal gears up for Phase 1 operations in February of 2025, the company said [...]
ComBank crowned ADB’s Leading Partner Bank in Sri Lanka
The Asian Development Bank (ADB) has honoured Commercial Bank of Ceylon as its ‘Leading Partner Bank’ in Sri Lanka for trade and finance transactions for the fourth consecutive year. This reiteration of Commercial Bank’s trade and finance contributions to the national economy came at the ADB’s 10th Trade and Supply Chain Finance Programme (TSCFP) Awards [...]
Trident Corp appointed National Distributor for vivo
Trident Corporation, a dominant force in Sri Lanka’s distribution landscape, has been appointed as the official national distributor for vivo smartphones. This strategic partnership is poised to redefine the mobile sector by leveraging vivo’ s cutting-edge technology and Trident’s extensive local footprint, the company said in a media release. Partnership with vivo is both timely [...]
Eva leads effort to raise awareness on menstrual health
Eva, the leading sanitary napkin brand in Sri Lanka, has partnered with the Ministry of Education, Sri Lanka Police and Team Hero Foundation to launch a transformative educational initiative titled “Eva Danamuthu Daru – Danagenama Lokuwemu” under the national programme “Magaharunu Padama.” The “Eva Danamuthu Daru – Danagenama Lokuwemu” initiative aims to raise awareness about [...]
SL trade delegation forges strong links with Australia
The Sri Lanka Export Development Board (EDB), in collaboration with the Sri Lanka Consulate General in Melbourne (SLCG) and the Sri Lanka-Australia Chamber of Commerce (SLACC), successfully organised a trade delegation to Melbourne, Australia, last month. The delegation comprised 17 distinguished Sri Lankan companies, each selected through an interview process for their excellence in the [...]