Sri Lanka’s export performance continued its upward momentum in the first three months of 2021. Due to the Covid-19 pandemic-induced lockdown last year, exports were contracted by a record 64.63 percent in April 2020. However in April this year, exports grew up by 183 percent to US$ 798.9 Mn in comparison to the previous year. This growth could be attributed to the gradual lifting of Covid 19 restrictions imposed within the country and globally. It must be noted that the year-on-year growth in April 2021 was largely due to the negative growth a year ago.
The Export Development Board (EDB) Chairman Suresh de Mel said, “in comparison to the lowest point in April 2020, exports are up by 183% in April 2021. We thank the entire export community for serving the national economic needs at this vulnerable time. The EDB staff and I stand committed to help our exporters through this crisis in the best way possible”.
CHEC Port City Colombo, the Project Company, invites local and foreign investors to explore the unique investment opportunities now available at Port City Colombo.
Port City Colombo, now officially becomes the country’s first service-oriented Special Economic Zone (SEZ). The Sri Lankan Parliament, today adopted the Port City Economic Commission Bill with amendments.
Full Statement
Port City Colombo, Sri Lanka’s brand-new reclaimed land, slated as the “Gateway to South Asia”, now officially becomes the country’s first service oriented Special Economic Zone (SEZ). The Sri Lankan Parliament, today (20th), adopted a powerful Bill enabling a giant step in Port City Colombo becoming a pivotal global financial and services hub for South Asia. The act provides a stable policy environment; backed by efficient administrative processes coupled with globally competitive incentives.
CEAT, the tyre brand manufactured in Sri Lanka by CEAT Kelani Holdings, has been ranked the most valuable consumer brand in the country’s ‘Motor’ segment in the 2021 Brand Finance rankings, and has moved up five places in the overall list.
The world’s leading brand valuation consultancy assigned CEAT a Brand Value of Rs 2,024 million for 2021, up a remarkable 46 per cent over 2020, and an overall Brand Value Rank of 48 among the 100 most valuable brands in the country which include the largest banks, telecommunications services providers and retail giants.
Sri Lanka’s highest-selling pneumatic tyre brand by far, CEAT also received an ‘AAA-’ Brand Rating from Brand Finance. This is the second best rating awarded to consumer brands in Sri Lanka this year.
Ambassadors of the European Union (EU) based in Colombo called on Foreign Minister Dinesh Gunawardena on Tuesday 18 May 2021 at the Foreign Ministry and discussed issues of mutual interest, including EU-Sri Lanka cooperation, and the GSP Plus process.
The Foreign Minister welcomed the multifaceted cooperation existing between Sri Lanka and the EU. Follow-up action on the EU – Sri Lanka Joint Commission Meeting held on 25 January 2021 was also discussed.
Among other issues discussed was the EU’s contribution towards the COVAX facility supporting global efforts to secure equitable access to COVID-19 vaccines by countries, including Sri Lanka, in the context of the national action plan to inoculate its adult population against the virus.
As the regulator for Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) in Sri Lanka, the Financial Intelligence Unit (FIU) has imposed penalties, totaling to Rs. 4.0 million for the period from 1 January 2021 to 31 March 2021 to enforce compliance on Financial Institutions.
Penalties have been imposed mainly on the violations of Financial Institutions (Customer Due Diligence) Rules, No. 1 of 2016 in relation to the United Nations sanctions screening, customer identification and verification, Suspicious Transactions Reporting and implementation of proper risk controls and mitigation measures. Details of the penalties imposed by the FIU from 1 January 2021 to 31 March 2021 are as follows. Search for: