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| Invest in Sri Lanka. Its investor-friendly economy is set to boom with the dawn of peace. InvestSriLanka highlights investment potential of Sri Lanka by bringing current business news to the reader.
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Ferry Service between Tuticorin & Colombo to Resume by End March. Twice a Week Service Started in June 2011 Stopped in November 2011 due to Technical & Operational Reasons
17th March 2012, www.sundaytimes.lk
The ferry service between Tuticorin and Colombo is expected to resume either by March end or in the first week of April, A. Subbiah, Chairman V. O. Chidambaranar Port Trust was quoted by the Hindu.
Efforts are being made by the port agency, vessel operators and other stakeholders to resume the ferry operations between the two countries.
Most probably, it would resume before April 14, Mr. Subbiah expressed hope.
The international ferry service between India and Sri Lanka after Union Minister of Shipping, G.K. Vasan, flagged off the service at the VOC Port. A nine-deck ‘Scotia Prince,’ the passenger vessel chartered by Flemingo Liners twice a week between Tuticorin and Colombo and vice-versa, stopped its voyage abruptly during November, 2011 for some technical and operational reasons.
The problems encountered by the operators had been addressed and they had also submitted a commitment letter to the port authorities, which indicates the early resumption of the ferry service.
As many as 12, 240 passengers boarded the vessel on journey until its last voyage on November 18, 2011, Mr. Subbiah said.
Related Info :
• Sri Lanka India Ferry Service Allows cars to be Brought in under Flemingo Liners' Drive In Drive Out Facility
• Sri Lanka India Ferry Service between Colombo and Tuticorin to Start on February 28 with a 500 Passenger Capacity. 100kg Baggage Allowance Given
• Visakhapatnam in East coast of India to be Connected to Colombo by Direct Flight & to Trincomalee by Ferry Service
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Sri Lanka Targets $12bn Exports in 2012 up from $10.4bn in 2011. Upcoming Trade Fair & Weaker Rupee to Help
16th March 2012, www.lankabusinessonline.com
Sri Lanka is targeting 12 billion US dollars in exports in 2012 up from 10.4 billion in 2011 which will be helped by an upcoming trade fair and a weaker rupee, export development board chief Janaka Ratnayaka said.
Ratnayaka said if current trends continue exports may reach a 2015 target of 15 billion rupees earlier than expected.
But Sri Lanka's exports increased over 20 for two years running with a stable rupee at around 110 to the US dollar. A currency depreciation, increases profits of an export firm by cutting real wages of workers.
A depreciating currency impoverishes all wage earners and also destroys capital available for future investment by shrinking the real value of financial savings, including bank deposits and pension funds.
Sri Lanka started to have balance of payments trouble and its currency started to depreciate shortly after 1951 when a money printing 'soft-pegged' central bank was created, abolishing a 'hard peg' or currency board, which had kept the rupee fixed for more than 65 years.
Ratnayake said an upcoming 'Expo 2012' trade fair to kick off on March 28, will help Sri Lanka boost exports.
"Already more than 1,000 foreign delegates have signed up," Ratnayaka told reporters.
"Day by day more people are signing up and hotels in Colombo are fully booked and running out of rooms."
A 300 strong delegation would be coming from China.
Related Info :
• Sri Lanka Expo 2012 Fair Signs up 370 Exhibitors. To be Held from March 28 - 31 at BMICH, Colombo
• Sri Lanka's 2011 Export Earnings Rise by 22.4pct while Imports Up by 50pct Affecting Trade Deficit to Increase by 99.6pct
• Exporters Directory CD Launched by Sri Lanka Export Development Board
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Sri Lanka's SLINTEC Signs $01bn Nano Technology Pact to Develop Next Geeneration Plant Nutrition Solutions for India's Nagarjuna Group
16th March 2012, www.ft.lk, By Ramani Kangaraarachchi
The Institute of Nanotechnology in Sri Lanka (SLINTEC) and the Nagarjuna Fertilizers and Chemicals Limited of Nagarjuna Group India entered into a strategic collaboration of US $ one billion to develop the next generation of nanotechnology based plant nutrition solutions. The signing of agreement held at Cinanmon Grand Hotel, Colombo yesterday.
India's High Commissioner Ashok K Kantha said this initiative taken by the leading manufacturer and supplier of plant nutrients in India and the leading technology institute in Sri Lanka in the key area of agriculture will further strengthen the economic engagement between the two countries.
SLINTEC Chairman Mahesh Amalean said these are next generation green products aimed at increasing productivity and income for farmers and creating a sustainable business for all the stakeholders engaged in agri-business.
He said the vision of the government is to make Sri Lanka a destination for nanotechnology research and development and this strategic partnership with Nagarjuna Group India is the first step towards achieving this vision. The government has contributed Rs 850million for this project.
This is an opportunity for SLINTEC to work with a global partner to take the product development journey from lab to land.
As Nagarjuna Group has an extensive manufacturing and marketing network in Asia ,Africa and South America and is deeply engaged in emerging technology development as a growth engine for the business.
This partnership is an association targeted to take technological and market leadership in the niche nano plant nutrition product space which will be a win win situation for both parties, Nagarjuna Group CEO R.S Nanda said.
Related Info :
• Laugfs & Sri Lanka Institute of Nanotechnology to Process Mineral Sands for Value Addition
• Sri Lanka to Manufacture Nano Titanium Dioxide from Pulmoddai Mineral Sands
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France's AFD Funds Largest Infrastructure Project in Sri Lanka's Eastern Province & Trincomalee
16th March 2012, www.ft.lk
Cabinet has approved a Rs.11.2 billion infrastructure project funded by France for the former war-torn Eastern Province, a Minister said yesterday.
Acting Cabinet Spokesman Minister Lakshman Yapa Abeywardana told the media that the project would fund much-needed infrastructure for the town of Trincomalee in the Eastern Province. The money would also be used to upgrade 100km of highway, build 41km of provincial roads and repair five main bridges.
The Batticaloa-Tirikkondiadimadu-Trincomalee Road (A15) composed of 99 km and the Allai-Kantale Road (B10) spanning 41 km will be the National Highways while Provincial Roads will be the stretch from Mavadichchenai to Kaddaiparichchan (12km). The major bridges are Ralkuli, Upparu, Gangei, Kayenkerni and Verugal, the Cabinet statement noted.
This is the first large-scale infrastructure project funded by Agence Francaise de Developpment of France and was presented to the Cabinet by President Mahinda Rajapaksa. The project is expected to boost tourism in the area as well, which will benefit the economy as the Government expects German tourist arrivals to increase by 15%-20% after the success of the German tourism fair in Berlin.
“We will prove that no other country has invested so much money in such a short space of time in a former conflict zone. We are giving projects in the north and east precedence over those in the south,” he said, referring to the US-backed resolution presented at the UN Human Rights Council in Geneva.
Abeywardana insisted that the Government was confident of defeating the motion and proving to the world that Sri Lanka had achieved peace.
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Malaysia's Sovereign Wealth Fund Khazanah Buys 8pct of Sri Lanka's Keells Holdings for $ 114mn
16th March 2012, www.lankabusinessonline.com
Malaysia's Khazanah Nasional Berhad, a sovereign wealth fund has bought an 8.8 percent stake in Sri Lanka's John Keells Holdings in a deal valued at over 14 billion rupees (114 million US dollars), officials said.
Khazanah had bought 74 million shares at 194 with Sri Lanka's Employee's Provident Fund, a state-managed fund of private sector workers' retirement money, among key sellers.
"It is a very positive signal for John Keells and it adds to our very stable long term shareholder base," JKH deputy chairman Ajit Gunewardene said.
Sharhan Muhseen, director investment banking of Bank of America Merrill Lynch, which arranged the purchase, was in Sri Lanka to wrap up the deal, sources said.
The EPF sold 71 million shares at 194 rupees, bringing a capital gain to the fund, Kalyani Gunatilleke, superintendent of the Employees provident fund said.
"It has shown the confidence foreign investors have in the economy," she said.
"It has brought liquidity to the stock exchange and boosted transactions. It has brought foreign exchange into the country."
Central Bank governor Nivard Cabraal said the deal was part of the several into equity and bond markets that will help stabilize a currency peg. The rupee opened stronger Friday below 124 to the US dollar, from a close of 125.00/25 a day earlier.
"We have seen some fairly strong inflows and that trend seems to be continuing," he said.
"All these will stabilize the currency as we have consistently maintained."
Khazannah Nasional manages over 36 billion US dollars in assets and owns parts of Telekom Malaysia, Axiata and other state enterprises in Malaysia, as well as overseas investments.
John Keells Holdings has interests in ports and shipping, leisure, financial services, commodity broking and food processing.
Its leisure interests include hotels in the Maldives. JKH had assets of 119 billion rupees by end 2011.
The group posted profits of 5.6 billion rupees in the nine months to 2011 unchanged from a year earlier giving earnings of 6.70 per share.
Related Info :
• John Keells for a Mega Development on Glennie Street & Ceylon Cold Stores Land
• John Keells Holdings Posts Highest Ever Profit After Tax of Rs9.06bn with a Revenue of Rs60.5bn
• Sri Lanka John Keells Raised Stake in Union Assurance to 95.6pct
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SWITCH-Asia Sustainable Consumption and Production for Food & Beverage Sector SMEs Sri Lanka Success Stories
17th March 2012, www.dailynews.lk,
SWITCH-Asia Food and Beverages Project of the Ceylon Chamber of Commerce held a mini symposium on Sustainable Consumption and Production recently.
SWITCH-Asia Programme Project Director S.M. Sathiacama, speaking at the event said that the project which was commenced in 2009 helps Small and Medium Enterprises make their production process efficient by conserving energy and translate these savings to profits.
The implementing agency of the project highlighted the importance of food and beverage producers as well as all other manufacturers to be environmentally friendly and adopt practices that conserve energy and resources, CCC Solutions CEO Prema Cooray said.
The event was attended by a large number of the project's stakeholders in the Food and Beverages Industry ranging from plantations to dairy processing companies and representatives from the European Union, the project's funding agency and also personnel from the Ministries of Environment, Finance and Industry and Commerce.
Minister Counsellor, Head of Finance and Contracts of the European Union Wim Prud'homme highlighted the relationship between the European Union and Sri Lanka and its presence in the country for a long period of time and about its grants extended to Sri Lanka to rebuild after the conflict.
A number of stakeholders of the SWITCH-Asia Food and Beverages Project presented their successful case studies and shared their experiences and knowledge thus inspiring more and more organizations to learn and adopt their conservation success stories.
The entities that shared their success stories were: Convenience Food (Lanka) PLC, Dunagaha Coconut Producers Co-operatives Society, Foreconns Canneries Pvt Ltd, Glenugie Tea Processing Centre-Maskeliya Plantation PLC,
Laxapana Tea Processing Centre-Maskeliya Plantation PLC, Maxies and Company Pvt Ltd, Panilkanda Tea Factory-New Saman Group Pvt Ltd and Richlife Dairies Pvt Ltd. (SJ)
Related Info :
• Greening Sri Lanka Hotels Project under SWITCH-Asia Programme Enhances Environmental Performance of Sri Lankan Hotels
• EU-SWITCH-Asia Greening Sri Lanka Hotels Project Help Switch from Oil & Diesel to Biomass for Steam Generation in Hotels
• Switch-Asia Greening Sri Lanka Hotels Project for better Management of Water, Waste & Energy
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Sri Lanka's Renuka City Hotel in a Rs 218mn Expansion
16th March 2012, www.lankabusinessonline.com
Sri Lanka's listed Renuka City Hotels Plc said it is starting a 218 million rupee expansion, amid a tourism boom.
Renuka City Hotels said in a stock exchange filing that it will add 18 new rooms, a swimming pool, gym and staff facilities in the project.
Sri Lanka's tourist arrivals rose 30 percent in 2011 and was up 21 percent in the first tow months on 2012.
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Sri Lanka Tourist Arrivals in February 2012 Up by 27pct
15th March 2012, www.lankabusinessonline.com
Sri Lanka's tourist arrivals increased 27 percent to 83,549 in February 2012, from a year earlier, and visitors during the first two months were up 21 percent to 169,423, the state tourist promotion office said.
South Asia, the second largest generating market, showed an increase of 14.1 percent with Indian arrivals up 12.6 percent to 11,342 and Maldives up 15.4 percent to 2,675.
Arrivals from Western Europe rose 23.4 percent to 38,364, though UK visitors fell 9 percent to 8,746. German arrivals rose 42.6 percent to 7,654, arrivals from France increased 27.7 percent to 6,378 and those from the Netherlands rose 15 percent to 2,596.
Eastern Europe generated 3,675 visitors up 62.4 percent and the Middle East brought 3,675 visitors up 21 percent.
North America showed a 20 percent increase to 4,166 with US arrivals up 17.7 percent to 2,252 and Canadian visitors up 22.9 percent to 1,914.
Sri Lanka's tourist arrivals have boomed since the end of a civil war in 2009. In 2011, arrivals rose 30.8 percent to 855,975.
Image Courtesy: www.ft.lk
Related Info :
• Sri Lanka Tourism Statistics and Tourist Arrivals
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South Asia Tourism Promotion Office in Colombo. ADB Funded Project to Develop Sustainable Cross Border Tourism under South Asia Subregional Economic Cooperation Program
17th March 2012, www.dailynews.lk
South Asia countries are to launch a joint tourism promotion website and a tourism coordination office to boost the marketing of natural, cultural and historic attractions across South Asia. In addition a regional promotional office funded by the Asian Development Bank (ADB) would be set up in Colombo. The two main areas they hope to promote are Buddhism and Eco tourism.
The website and office are part of broader efforts by the countries to develop sustainable cross-border tourism under the South Asia Sub-regional Economic Cooperation program. ADB has been providing technical assistance and other support to help the countries promote and manage tourist attractions such as world-renowned and colorful Buddhist heritage sites. The Tourism Working Group member countries are Bangladesh, Bhutan, India, Nepal and Sri Lanka.
“We are excited about the prospect of more active sub regional cooperation for tourism promotion by means of the new website supported by the new office, which will work closely with the private sector,”said Keiichi Tamaki, Senior Urban Development Specialist in ADB's South Asia Department.
Members of a tourism working group, set up under the SASEC program, who met in Colombo, Sri Lanka also inaugurated the new tourism coordination office based on a new regional tourism action plan for 2011 to 2015. The action plan provides a strategy for developing, promoting and managing sustainable tourist attractions, including Buddhist heritage trails, as well as activities such as Eco and adventure tourism. During the meeting, the working group held talks with ADB and private sector representatives to explore areas where cooperation on tourism could be stepped up.
According to the United Nation World Tourism Organization, in 2010, the countries comprising the South Asia Region received 11.1 million international arrivals or 5.4% of total international arrivals in the Asia Pacific region (204 million). It should be noted that South Asia arrivals do not include the large number of land-based cross border movements by residents of the South Asian countries especially between India and its neighbours.
Of the total arrivals, around 7 million or 63% visited the countries of the sub-region. Based on World Travel and Tourism Council estimates, in 2009 tourism accounted for 6% of sub-regional GDP, employed 37.2 million people and generated around US$20.8 billion in foreign exchange earnings.
“United Nations World Tourism Organization forecasts, by 2015, total international arrivals to South Asia will reach 16.5 million, up by 49% over 2010 and 21 million by 2020 up by 27% over 2015. By 2020, it is estimated that the sub-region will receive 15 million arrivals or 71% of total arrivals to South Asia”, said Additional Secretary, Ministry of Economic Development Nihal Somaweera.
“Tourism sector is one of a handful of fast growing economic sectors of the sub-regional economy that can be both sustainable while making significant contributions towards inclusive development and poverty reduction without having to move people to urban locations to find employment.
“To develop South Asia's unique Buddhist heritage, natural and other tangible and intangible heritage assets into well-developed, integrated, conserved and sustainably managed and globally branded and marketed most preferred destinations”. (SS)
Image: Minister of Economic Development, Basil Rajapaksa and Country Director ADB, Rita O’ Sullivan at the launch of the website at Taj Samudra yesterday. Picture by Shirajiv Sirimane
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Sri Lanka to Make $2.25bn from Investments on Oil Blocks in Mannar Basin
16th March 2012, www.dailynews.lk, By Ramani Kangaraarachchi
Sri Lanka is expected to generate over US$ 2.25 billion through investments from shallow water oil blocks in the Mannar basin shortly. The investment will be towards off shore oil exploration,drilling and production and infrastructure in the next five years.
Speaking at a forum organized by the National Chamber of Commerce on 'new business opportunities arising out of oil exploration in Sri Lanka,' Wednesday, Director General, Petroleum Resources Development Saliya Wickramasuriya said an international licensing round for some of the remaining blocks, will be launched during the next three months. Only the shallow water blocks in the Mannar Basin, closest to the coast, will be auctioned initially and he hoped that there will be many companies coming forward to invest in Sri Lanka.
Wickramasuriya said there will be a large number of upcoming business opportunities in the areas such as aviation, environment, catering and transportation within Sri Lanka to the right partners. He said that a considerable amount has to be invested on market research and risk management is also a huge area that has to be carefully handled.
Cairn is in the process of conducting more seismic surveys in preparation to drill a few more wells to properly define the reservoir potential ahead of commercial production. Last year Cairn India, was awarded one block in the first licensing round and , found gas and condensate in the first two test wells.
Related Info :
• Cairn Lanka to Start 2nd Phase of Oil Exploration in Sri Lanka's Mannar Basin. Oil Wells to be Drilled in 2013
• One Billion Barrels of Oil in Sri Lanka Mannar Basin - Director General of Sri Lanka's Petroleum Resources
