FDI up 51% to $ 817 m; investors to get privilege cards: Minister

Published : 1:26 am  August 20, 2014  |  Category: Business  |  Leave a Comment  |  376 views  |  

By Waruni Paranagamage The Government yesterday said that Foreign Direct Investments (FDIs) had risen by 51% to $ 817 million by the end of the second quarter from a year earlier, and looks to woo more by issuing privilege cards to investors. Investment Promotion Minister Lakshman Yapa Abeywardana told the media yesterday that post-war Sri Lanka remains attractive for foreign investors judging by the year’s inflows so far. “Based on provisional figures, there has been $ 817 million in FDI in the first two quarters of this year, which is a 51% increase,” the Minister said. “Within the past 35 years the country has received $ 9.9 billion in FDI of which $ 7.1 billion was achieved within... 


Focus on manufacture-based economy by next budget

Published : 2:49 am  August 19, 2014  |  Category: Business  |  Leave a Comment  |  460 views  |  

President Mahinda Rajapaksa instructed the officials to focus more attention on building up a manufacture based economy by the next budget. Accordingly, views, ideas and proposals are being entertained from many sectors of the public, Deputy Secretary to the Treasury Dr. B M S Batagoda said. Over 23,000 individuals, groups and organizations sent their proposals to prepare the last year’s budget. More proposals from the public are expected this year as well. The government has already focused more attention on developing infrastructure facilities and upgrading living standards of the people. Many proposals to increase salaries of the State and Private sector employees have already been received... 


Ceylon Chamber presentation on ‘Value Addition through Irradiation’

Published : 2:48 am  August 19, 2014  |  Category: Business  |  Leave a Comment  |  319 views  |  

The Ceylon Chamber of Commerce in association with the Sri Lanka Gamma Centre will be organising a presentation on ‘Value Addition through Irradiation’ on 4 September at 9 a.m. at the Ceylon Chamber of Commerce auditorium. It will focus on explaining the role of the Sri Lanka Gamma Centre (SLGC), what irradiation is, benefits of Irradiation for manufacturers/exporters, facilities available and services provided, etc. Irradiation is the process by which an object is exposed to radiation. The exposure can originate from various sources, including natural sources. Most frequently the term refers to ionising radiation, and to a level of radiation that will serve a specific purpose, rather than... 


Link Natural retains MTI for internationalisation

Published : 2:48 am  August 19, 2014  |  Category: Business  |  Leave a Comment  |  584 views  |  

Link Natural Products, one of Sri Lanka’s iconic R&D based herbal health care brands, has retained the services of MTI Consulting’s international network of Associates to aid in its process of internationalisation. “Our fast growing product range includes generic Ayurvedic pharmaceuticals, herbal healthcare and personal care products. With a range of over 200 products in the local market, Link Natural wants to further   expand its overseas markets with its signature brands like Samahan, Sudantha and Earth Essence,” said Dr. Devapriya Nugawela, Chairman of Link Natural Products. “MTI’s international experience and network will be used to identify key markets that hold most potential... 


MTD Walkers 1Q bottom line up by an impressive 96%

Published : 2:46 am  August 19, 2014  |  Category: Business  |  Leave a Comment  |  362 views  |  

MTD Walkers PLC posted a net profit of Rs. 370 million, recording an impressive growth of 96% for the first quarter FY 2014/2015 when compared to the first quarter of the previous financial year. Group revenue for the period grew by 76% to Rs. 3.3 billion. Due to the drop in the market lending rates and the introduction of an effective financial management policy, the Group was able to reduce its finance cost by 4.7% for 1Q when compared with the previous year whilst the earnings per share for the three months ended June 2014 was Rs. 2.46. Commenting on this record-breaking performance, MTD Walkers’ Group Executive Deputy Chairman Jehan Amaratunga said: “MTD Walkers was able to achieve this... 


Govt. will always work to protect farmer community: Basil

Published : 2:44 am  August 19, 2014  |  Category: Business  |  1 Comment  |  241 views  |  

Agricultural machinery and equipment worth Rs. 2.6 b under Chinese aid distributed Minister of Economic Development Basil Rajapaksa has said the Government headed by the President will always work  to ensure protection of the farmer community while developing the agricultural industry in the country. Minister added that the government has taken action to provide modern machinery required for farming as well making available  subsidized fertilizer, a stable price for agricultural products, development of tanks and irrigation works and  improvement of agrarian service centres. This was stated by the Minister at a ceremony held today (15) at the Galle Face esplanade for distributing agricultural... 


Northern forex a ready investment source: Rishad

Published : 2:41 am  August 19, 2014  |  Category: Business  |  Leave a Comment  |  298 views  |  

Next JITF announced in Colombo North-led provinces with 26% GDP rise: Rishad   The strong flow of forex to Sri Lanka’s Northern Province is a ready source of investment for this high growth province – so much so it constitutes of a private FDI of its own. “The population of the Northern Province has more cash in hand in comparison to many other provinces. What we need to understand is that this is also a valuable source of private investment capital for the province,” said Minister of Industry and Commerce Rishad Bathiudeen on 13 August. Bathiudeen was addressing announcement event of the forthcoming sixth Jaffna International Trade Fair (JITF) to be held from the 23-25 January 2015,... 


Sri Dalada app for mobile phones launched

Published : 12:16 am  August 16, 2014  |  Category: Business  |  Leave a Comment  |  533 views  |  

On 11 August, the final day of the Randoli Perahera, President Mahinda Rajapaksa launched the official mobile application of Sri Dalada Maligawa.    President Mahinda Rajapaksa launches the app, flanked by LKIIRSS Executive Director Asanga Abeyagoonasekera (left) and Diyawadana Nilame Pradeep Nilanga Dela The mobile app shows the direction of the Maligawa, its history, the places inside the Maligawa, photo gallery and information about the Dalada Perahera. The idea behind the mobile app is to provide important information about the most sacred place for Buddhists to the rest of the world. The mobile app was launched with the blessings of Most Ven. Udugama Sri Dhammadassi Rathnapala... 


IPS conference on ‘Policies for mainstreaming migration into development in SL’

Published : 12:14 am  August 16, 2014  |  Category: Business  |  Leave a Comment  |  408 views  |  

With the theme of maximising the benefit of Sri Lanka’s international labour migration while protecting the welfare of migrants and their families, the Institute of Policy Studies of Sri Lanka (IPS) hosted ‘Policies for Mainstreaming Migration into Development in Sri Lanka’, yesterday at the IPS Auditorium. The conference which is part of a research and policy advocacy project ‘Meeting the Development Challenges of Migration’, which aims to strengthen the capacity and quality of research work on migration, was funded by the Think Tank Initiative.    Copy of the publication – Labour Migration in Sri Lanka; Select Annotated Bibliography was handed over to Dilan Perera by IPS... 


Trade agreement with Vietnam on the cards

Published : 12:12 am  August 16, 2014  |  Category: Business  |  Leave a Comment  |  592 views  |  

Historic trade talks start 21 August in Vietnam: Rishad Been expecting this for a long time: Ambassador Thanh SL-Vietnam trade surge by massive 88% YoY YoY exports up by 107% As YoY bilateral trade jumped by a huge 88%, the possibility of a first-ever official trade agreement with one of the most discerning Asian suppliers to Sri Lanka has edged closer to reality last week.    Outgoing Ambassador Plenipotentiary and Extraordinary of Vietnam to Sri Lanka Ton Sinh Thanh in discussions with Industry and Commerce Minister Rishad Bathiudeen “Our record exports today at $ 130 b were strongly supported by the seven FTAs that we entered into. An FTA with Sri Lanka can boost bilateral... 


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