Finance

Sri Lanka Investigates Rice Mill Stocks Amid Rising Prices and Food Tax

Sri Lanka’s Consumer Affairs Authority (CAA) has initiated investigations at several rice mills in the Polonnaruwa district, collecting data on rice stocks following a spike in prices for controlled rice grades. According to media reports, CAA officials first visited Nipuna Rice, owned by former state minister Siripala Gamlath. Gamlath stated that his company is selling

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Business

Sri Lanka Implements Ban on Transport and Sale of African Swine Fever Infected Pigs

Sri Lanka has issued a gazette notice banning the transport, slaughter, and sale of pigs infected with African Swine Fever (ASF) as part of ongoing efforts to combat the outbreak. This ban will remain in effect for three months. According to K.K. Sarath, the Western Provincial Director of the Department of Animal Production and Health,

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Economics

Sri Lanka Tea Crop Surges in September, Marginal Growth Recorded for First Nine Months of 2024

Sri Lanka’s tea industry witnessed a remarkable surge in September 2024, with tea production reaching a seven-year high of 24.13 million kilos, according to provisional data released by the Sri Lanka Tea Board. This marks a 27.7% increase compared to September 2023’s unusually low production of 18.9 million kilos. Despite ongoing challenges such as adverse

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Economics

11,000 Acres from Kantale Sugar Company Allocated for Crop Cultivation

President Anura Kumara Dissanayake has instructed officials to allocate 11,000 acres of land owned by the Kantale Sugar Company to farmers for short-term crop cultivation. Each farmer will be provided with plots not exceeding five acres, ensuring an equitable distribution of land. During a meeting at the Presidential Secretariat with officials from the Agriculture, Lands,

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Economics

Sri Lanka-Canada Business Council Prepares for Mission to Strengthen Trade Ties

The Sri Lanka-Canada Business Council (SLCBC) held a crucial briefing with Prime Minister Dr. Harini Amarasuriya on October 10, 2024, in Colombo, as part of their preparations for an upcoming mission to Canada. During the session, the SLCBC delegation outlined their key goals to strengthen trade, investment, and economic ties between Sri Lanka and Canada.

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Business

Sri Lanka’s Planters’ Association Celebrates 170 Years of Service to the Plantation Industry

Sri Lanka’s Planters’ Association (PA), representing the managers of the island’s commercial farms growing tea, rubber, coconut, and palm oil, is celebrating its 170th anniversary this year. Founded in 1854, the PA is one of Sri Lanka’s oldest institutions, dedicated to representing and safeguarding the interests of the plantation sector. Known for producing Pure Ceylon

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Economics

Sri Lanka on La Niña Watch: Potential Threat to 2025 Maha Rice Crop

Sri Lanka is on alert for potential La Niña conditions, which could result in below-average rainfall from October 2024, posing a risk to the 2025 Maha rice crop, according to weather forecasters. While El Niño typically brings strong inter-monsoon rains and boosts rice harvests, the cooling effects of La Niña in the Southern Pacific Ocean

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Industry Analysis

Sri Lanka to Expand Rubber Plantations by 100,000 Acres in Three Districts

The Ministry of Agriculture and Plantation Industries has unveiled a master plan to expand rubber cultivation in Sri Lanka, aiming to increase the country’s annual natural rubber production by 60 percent in the coming years. Minister of Agriculture and Plantation Industry, Mr. Mahinda Amaraweera, announced plans to initiate rubber cultivation across 100,000 acres in the

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Business

Sri Lanka to Cultivate Hybrid Durian Varieties for Export Expansion

Sri Lanka is set to grow 20,000 durian plants of two hybrid varieties aimed at boosting export opportunities, announced Agriculture Minister Mahinda Amaraweera. The two selected varieties, Ambathanna and Kasun, are known for their high yield and rapid growth. “These hybrid durians are productive and well-suited for cultivation in average land conditions,” Amaraweera stated on

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Investing

Bingiriya Investment Zone to Generate $2.6 Billion in Export Income

The completion of the Bingiriya Investment Zone is projected to generate $2.6 billion in export income and create 75,000 job opportunities, stated President Ranil Wickremesinghe during the inauguration ceremony of the second and third phases of the Export Processing Zone in Bingiriya. He emphasized ongoing efforts to establish new investment zones to further bolster the

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