English laws to Apply to Colombo Port City, Says Sri Lankan Prime Minister

English laws to Apply to Colombo Port City, Says Sri Lankan Prime Minister

Colombo, August 11: English laws will apply to the autonomous Colombo Port City, which is being built with Chinese funds and expertise, the Sri Lankan Prime Minister, Ranil Wickremesinghe, said here on Thursday. Speaking at the Sri Lanka Human Capital Summit 2016,  Wickremesinghe said that a British team would be in Sri Lanka soon to […]

Sri Lanka to set up financial city to attract large foreign investments

Sri Lanka to set up financial city to attract large foreign investments

Aug 10 (NIA) – The Sri Lankan cabinet of ministers, on Wednesday, approved a proposal to draft the required legislation to establish a financial city in Colombo to attract foreign investments from the region and the west. The financial city will be part of a multi billion dollar Port City project which is funded by China. “The key […]

Sri Lanka’s Central Bank, Finance Ministry main sources of economic instability

Sri Lanka’s Central Bank, Finance Ministry main sources of economic instability

Aug 8 – Colombo’s Finance Ministry which runs budget deficits and the Central Bank which compounded fiscal debacles by printing money, is the main source of macro-economic instability in Sri Lanka, economists said. Sri Lanka’s Finance Minister (who has the power to spend large volumes of money suddenly without taxing people) and Governor of the […]

India says ETCA agreement will benefit Sri Lanka, talks to start soon

India says ETCA agreement will benefit Sri Lanka, talks to start soon

Aug 4 (NIA) – The proposed Economic and Technology Cooperation Agreement (ETCA) between India and Sri Lanka would benefit Sri Lanka immensely, a statement quoting India’s High Commissioner in Sri Lanka Y. K. Sinha said on Thursday. In a statement, Sinha who was speaking at the 8th Annual General meeting of the Indo, Lanka Chamber […]

Sri Lankan PM to announce five-year economic plan in a few weeks

Sri Lankan PM to announce five-year economic plan in a few weeks

Colombo, August 2 (NIA): The Sri Lankan Prime Minister, Ranil Wickremesinghe, will be announcing a Five Year Plan for the country in the next few weeks, the Sri Lankan Central Bank Governor, Dr. Indrajit Coomaraswamy, told the Sri Lanka Economic Summit 2016 here on Tuesday. The Five Year Plan is expected to give the government, […]

Japan agrees to finance LRT for Colombo

Japan agrees to finance LRT for Colombo

July 30 – Japan has agreed to provide concessional funding to build a Light Rail Transit (LRT) system in Sri Lanka’s proposed Megapolis plan, with the initial section to be elevated and the rest at ground level, the EconomyNext reported. The two governments have agreed to expedite the detailed technical feasibility in order to initiate […]

Sri Lanka seeks duty free access for tea, apparel in India, China

Sri Lanka seeks duty free access for tea, apparel in India, China

July 27 (NIA) – The Sri Lankan government is giving priority to getting duty free access to the Indian and Chinese markets for its main exports like tea and apparel in talks on free trade deals scheduled to start next week, a local media report said here on Wednesday. K G Weerasinghe, a member of […]

Bangladesh, Nepal to begin direct flights to Colombo

Bangladesh, Nepal to begin direct flights to Colombo

July 27 (NIA) – The national carriers from Bangladesh and Nepal will begin direct flights to the Sri Lankan capital, Colombo from this year in a bid to increase air connectivity to Sri Lanka, Director General of Civil Aviation H. M. C. Nimalsiri said on Wednesday. Bangladesh’s Biman Airlines and Nepal’s Himalayan Airlines will fly to […]