Sri Lanka is set to establish a major logistics hub in Trincomalee’s Kappalthurai, targeting heavy industries and aiming to attract up to $1.5 billion in investment. State Minister of Investment Promotion Dilum Amunugama announced the development, highlighting the 600-acre zone’s potential to connect sea, air, and railway cargo freights. This new logistics hub will be
Nine Sri Lankan banks, along with the Bank of China, have shown interest in establishing branches within the Colombo Port City, according to Chief Operating Officer of the Colombo Port City Economic Commission, Revan Wikramasuriya. Recently, Sri Lanka has introduced new regulations governing banking operations within this special economic zone. These banks will be regulated
Sri Lanka has made significant strides in its economic development, securing $8 billion in export revenue during the first half of 2024. In addition, investment agreements totaling $800 million were signed within the same period, according to Investment Promotion State Minister Dilum Amunugama. Speaking at a press briefing titled “Two Years of Progress and Advancements”
At a recent Business Dialogue event hosted by the Advocata Institute at Queens Hotel Kandy, Prof. Sirimal Abeyratne emphasized the need for Sri Lanka to significantly increase its annual export volume, which has stagnated at around USD 12 billion since the onset of the open economy in 1977. Prof. Abeyratne compared Sri Lanka’s export performance
Sri Lanka has secured Foreign Direct Investment (FDI) agreements totaling $800 million for 35 projects in the first quarter of 2024, according to Investment Promotion State Minister Dilum Amunugama. In a recent interview with Derana TV, Amunugama highlighted that in 2023, Sri Lanka signed FDI agreements worth $1.2 billion following its engagement with the International
The Industry Ministry has set ambitious goals to increase the manufacturing sector’s contribution to Sri Lanka’s GDP from 16% to 20% by 2030. This initiative is part of the National Industry Policy and a five-year strategic roadmap spanning 2023-2027. During a press briefing at the Presidential Media Centre, Industry Ministry Secretary Shantha Weerasinghe emphasized the
The Industry Development Board (IDB) has inaugurated the Sri Lanka Institute of Industry Professionals (SLIIP), aimed at providing an active platform to address industry-related issues. Operating under the Ministry of Industries, SLIIP is designed to enhance the sector by improving the knowledge, experience, and skills of professionals, according to the IDB. Minister of Industries Dr.
Approximately 300 businesses have expressed interest in establishing operations within Sri Lanka’s Colombo Port City Special Economic Zone, with around 50 applications currently being processed, according to State Minister for Investment Dilum Amunugama. To date, the cabinet has approved approximately 20 firms. The Colombo Port City Commission is responsible for approving significant investments, categorizing them
A 12-member delegation from Oneroad Group DMCC Dubai, a prominent global investment consortium, concluded a fruitful visit to Sri Lanka from July 7-14, 2024. Led by Chenling Zhang, Group CEO of Oneroad Group, the delegation focused on sectors vital to Sri Lanka’s economic advancement, including tourism, minerals, transportation, and the Colombo Port City project. The
A $1.5 billion Light Rail Transit (LRT) project, previously canceled unilaterally by former Sri Lankan leader Gotabaya Rajapaksa, may be considered as a potential future project, according to Japanese Ambassador to Sri Lanka Mizukoshi Hideaki. Japan recently announced the resumption of 11 suspended projects in Sri Lanka, following the country’s default on sovereign debts and