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Port City Colombo to become a gateway to South Asia Parliament passes bill establishing Special Economic Zone to enhance ease of doing business Source:-prnewswire.com COLOMBO, Sri Lanka, May 27, 2021 /PRNewswire/ — The newly reclaimed land of 269 hectares in the heart of the Colombo Business District in Sri Lanka has been identified as a Special Economic Zone (SEZ) by the Sri Lankan Parliament, paving the way for the creation of an International Business and Multi Services hub for South Asia called the Port City Colombo. The Colombo Port City Economic Commission Bill sets a stable policy environment and an efficient framework of administrative processes. The bill significantly enhances ease of doing business through a single window facilitation, streamlined arbitration mechanism and globally benchmarked incentives. Slated as the ‘Gateway to South Asia‘, the project is a Public Private Partnership between the Government of Sri Lanka and project company CHEC Port City Colombo. Port City Colombo is situated alongside the Port ...

Jul 5, 2021 Posted by eLanka admin In Articles, elanka Finance Tagged CHEC, Port City Colombo, Special Economic Zone, Sri Lankan Parliament, Yamuna Jayaratne

MMBL Money Transfer joint venture generates over $ 200 m Source:-www.ft.lk MMBL Money Transfer increased its volume of business by 22% notwithstanding the COVID-19 epidemic in the country. The company contributed to the national economy by bringing in over $ 200 million as workers remittances. The increase in turnover was made possible by introducing new financial products during the year, such as MoneyGram and Ria, in addition to Western Union Money Transfer. The company has plans to expand its business by introducing new financial products, which will help curtailing money laundering. MMBL Money Transfer provides money transfer services under the brand name MMBL Money Master with the nationwide network of over 2,000 outlets. The network comprises banks, non-banking financial institutions, co-operative rural banks, corporates, and retail outlets including agency post offices. Therefore, MMBL Money Master has the unique advantage of offering a 365-days operation with extended service hours, which exceeds ...

Jul 5, 2021 Posted by eLanka admin In Articles, elanka Finance Tagged Covid 19, MMBL Money Transfer, PLC, Western Union Money Transfer

Iran to aid SL’s renewable energy resources development projects Source:-dailynews.lk Delegates from the Iranian Embassy in Sri Lanka said the Iranian Government would support Sri Lanka in its renewable energy resources development projects. This was revealed at a recent meeting between the delegates and Renewable Energy Development State Minister Duminda Dissanayake at the latter’s office. The delegation agreed to help with the realization of the Siyambalanduwa Solar Power Project, which is aimed at adding 100MW of power to the National Grid. The two parties also discussed investments for a project to set up floating solar power systems at selected reservoirs and lagoons. Focus was also drawn to the construction of six small-scale hydroelectricity power stations in the country. The State Minister told the Daily News that the government plans to fulfill the country’s electricity requirement through renewable energy sources by 2050. He added that the government aims to achieve ...

Jul 5, 2021 Posted by eLanka admin In Articles, elanka Finance Tagged energy resources development projects, Iranian Embassy in Sri Lanka, Iranian Government, Siyambalanduwa Solar Power

ICTA launches – A survey study to Accelerate Tech Startup Ecosystem ‘Towards a Startup Friendly Government’ Source:-bizenglish The Information and Communication Technology Agency of Sri Lanka (ICTA), the apex Government body for Technology Startup Development in the country has been the catalyst in driving the startup ecosystem forward during the past decade. In its efforts to create a favorable environment for startups and contribute towards a startup-friendly government, ICTA in collaboration with PricewaterhouseCoopers Sri Lanka (PwC) recently launched a survey study to accelerate tech startup ecosystem ‘Towards a Startup Friendly Government’ – a comprehensive report which focuses on the impediments faced by startups and enablers in Sri Lanka. The study also recommends respective remedial action plan to overcome such impediments. The survey report was launched at a Press Conference held on the 29th of June 2021 with the participation of Eng. Mahinda B. Herath – Chief Executive Officer, ICTA, ...

Jul 1, 2021 Posted by eLanka admin In Articles, elanka Finance Tagged Anura De Alwis, Ecosystem Development, ICTA, Sachindra Samararatne, Tamasha Fernando, Technology Startup Development, The Information and Communication Technology Agency of Sri Lanka

AI will lead Sri Lanka to the Next Level of Economic Development Source:-www.ft.lk By Dr. Pulasthi Gunawardhana AI, long the mainstay of science fiction, is today a very real presence in business, manufacturing, government operations and an array of other sectors as AI applications take on a growing number of tasks. AI is accelerating the transition from the traditional to the digital economy, and at the same time shaping the outlines of the emerging digital economy and society. Policymakers will need to have a good grasp of the basic requirements for AI as well as its potential as this technology is set to have a big impact on economic development The next phase of economic growth will come from redefining the concept of connectivity altogether – using AI to power Intelligent Connectivity. By introducing AI to the mix of the five enabling technologies – Broadband, Data Center, Cloud, Big Data ...

Jul 1, 2021 Posted by eLanka admin In Articles, elanka Finance Tagged Dr. Pulasthi Gunawardhana, Economic Development, FTTH, ICT

Central Bank Governor’s Statement on Foreign Currency Liquidity in Domestic Market Source: Biz English Over the past few days, concerns have been raised by various individuals and media about an assumed shortage of foreign currency liquidity in the domestic market, preventing banks from facilitating imports. Reports published or circulated by some media channels indicate seriously negative viewpoints which can be very harmful to the country. I wish to make the following statement to explain the true position about this subject. Due to heavy foreign currency borrowings in the past several years, there was adverse speculation, even by the time of the formation of the present Government in 2019/2020, about Sri Lanka’s ability to service its debt service obligations falling due in the near term. In spite of such speculation, and amidst added pressures owing to the COVID-19 pandemic on particularly our tourism cash flows, the Government of Sri Lanka ...

Jun 29, 2021 Posted by eLanka admin In Articles, elanka Finance Tagged Central Bank, Foreign Currency Liquidit, ISB, Sri Lanka International Sovereign Bonds