Inovartic Investment Lanka Ltd., a new joint venture between Sri Lanka’s Apex Asia Holdings and UAE’s Inovartic Investment LLC, is set to advance the manufacturing of graphene and related products in Sri Lanka and Abu Dhabi. Supported by Abu Dhabi University (ADU) and in collaboration with the Sri Lanka Institute of Nanotechnology (SLINTEC), this partnership
The Chamber of Young Lankan Entrepreneurs (COYLE) has launched an ambitious initiative known as the COYLE Global Platform, aimed at empowering Sri Lankan industries to establish a foothold in international markets. This groundbreaking project is a collaboration between COYLE and its former members, along with international business chambers, to elevate Sri Lankan enterprises to new
Sri Lanka’s tourism sector generated an impressive income of US$ 328.3 million in July 2024, a figure almost matching the country’s half-yearly tranche from the International Monetary Fund (IMF). This significant boost in tourism earnings, which more than doubled the June income of US$ 151.1 million, highlights the sector’s robust recovery following years of disruption
Sri Lanka’s export sector witnessed a notable boost in July 2024, with merchandise exports rising by 6.58% year-on-year to reach 1,087.6 million US dollars, according to official data. Apparel exports, a key contributor, grew by 3.8%, supported by increased demand from the US market. From January to July 2024, total merchandise exports climbed by 4.94%,
Sri Lanka’s tourism sector has attracted US$ 71.53 million in investment proposals up to August 16th this year, according to the latest data from the Sri Lanka Tourism Development Authority (SLTDA). During this period, 43 investment proposals were submitted, aiming to add 773 rooms to the nation’s hotel stock. As of June 31st, SLTDA had
The Chamber of Young Lankan Entrepreneurs (COYLE) has unveiled its latest initiative, the Young Lankan’s program, aimed at nurturing the next generation of entrepreneurs in Sri Lanka. This youth development project seeks to empower young minds, positioning them as key drivers of the nation’s economic growth. Recognizing the rapid evolution of the global economy, COYLE’s
On August 4 and 5, 2024, WEConnect International, supported by the US Embassy, hosted two pivotal events in Colombo aimed at empowering women business owners in Sri Lanka. The Supplier Development Masterclass and the Supplier Diversity and Inclusion Roundtable were designed to enhance business opportunities for women-led enterprises and promote gender inclusivity in value chains.
Quarterly Financial Review Tokyo Cement Group reported a turnover of Rs. 11,665 million for the first quarter ended 30 June 2024, marking a 3% decline compared to the same period last year. Profit After Tax (PAT) also fell by 18% to Rs. 707 million. The revenue drop, despite increased sales volume, was attributed to price
Sri Lanka has seen a substantial increase in government revenue, with a 41% rise year-on-year (y-o-y) in the first six months of 2024, totaling Rs. 1,860 billion. This achievement marks the collection of 52% of the estimated revenue for the year, according to Finance State Minister Ranjith Siyambalapitiya. Speaking in Parliament on August 7, Siyambalapitiya
The Bank of Ceylon (BOC) has unveiled a groundbreaking initiative aimed at supporting young entrepreneurs in Sri Lanka. The new program, designed to counteract brain drain and foster local talent, includes collaborations with organizations such as IDB, SED, NAITA, and EDB, as well as other governmental entities. Moving beyond traditional banking services, BOC’s ‘beyond banking’