Investment opportunities for SL in Japan seen to be on the rise

The Island - 12/03/2015
By Ifham Nizam

Japan’s interest in China and the United States as future markets is decreasing, according to recent global surveys, when it comes to the ICT industry and business, says a top Japanese IT expert, thus hinting that Sri Lanka has a very good opportunity for investment in Japan.

Japan IT Services Industry Association, Global Affairs Department, Senior Executive Hidemi Yamamoto addressing a seminar for more than 60 Sri Lankan ICT export firms in Colombo recently said though Sri Lanka doesn’t come under the 20 companies surveyed by the JISA Global Business Committee members, Sri Lanka has the potential to penetrate the Japanese market.

SL-Singapore Business Council, Singapore (Sri Lanka) Club hold networking event

Daily FT - 07/03/2015

From left: Amanda Senewiratne, Secretariat, Ceylon Chamber of Commerce; Rohitha Mendis, Vice President, SLSBC; Upali Bandaranayake, Vice President, SLSBC; B.C. Tan of  Prima Group; Janaka Gunasekera of A. Baur & Company; Naserah Tyebally, President, Singapore Club; Shamil Mendis, President of SLSBC; R.D. S. Kumararatne, Director General, Department of Commerce; Sujatha Weerakoon, Director General, Export Development Board; Champa Mohinani, Singapore Club; Nirupa Peiris, Overseas Reality (Ceylon); Renuka Weerakone, Executive Director (Investment Promotion), Board of Investment; and Weon Cheol Koh, Director General, KOTRA

A joint Networking Evening was organised by the Sri Lanka-Singapore Business Council (SLSBC) of the Ceylon Chamber of Commerce and the Singapore (Sri Lanka) Club.

The event was organised with the objective of providing an opportunity for members to interact amongst themselves, with the Singapore expatriate community in Sri Lanka and senior officials of key Government institutions relevant to business. The organising of this event is in keeping with an objective of the Sri Lanka-Singapore Business Council as a facilitator of business for its members.
The event which was held at the Roof Top Function Room of Prima Tower was well attended by over 85 persons including members of the SLSBC which has now grown to 67 member companies, members of the Singapore Club and special invitees.

Sri Lanka should reconsider its export items and destinations

The Nation - 08/03/2015
By  Amila Muthukutti

Sri Lanka, since colonial era, has been playing a significant part in international trade. The main reason why imperialists came to this tiny Island was its export-oriented natural resources such as spices mainly Cinnamon. Since then, exports of this nation have been primary and not value-added. It ought to be mentioned here that with the introduction of open economic policy in 1977, imports began to play an important role in Sri Lankan economy. However, Sri Lanka has become a country that imports more and exports less, resulting in a balance of payment crisis.

National Chamber of Commerce announces Ayur

By Inshira Shainaz

Minister of Health and Indigenous Medicine Dr. Rajitha Senarathne launching the official website of Ayurved Expo 2015 together with officials of the National Chamber of Commerce – Pic by Kithsiri De Mel

For the fifth consecutive year, the National Chamber of Commerce of Sri Lanka announced the three-day mega exhibition ‘Ayurveda Expo’ which will be held from 3 to 5 July at the BMICH.
The exhibition is being held in association with Ministry of Health and Indigenous Medicine, Sri Lanka Export Development Board, Ministry of Industry and Commerce, Board of Investment, Sri Lanka Tourism Promotion Bureau and Dept. of Commerce and other institutions and with the participation of Minister of Health and Indigenous Medicine Dr.Rajitha Senaratne.

Emerging food standards causing concerns for Sri Lankan tea industry

The Island - 01/03/2015 
By Janaka Wijayasiri

Over the last two decades, there has been a tightening of public standards, a shift from product standards to process standards, an increase in theimportance of private standards and a widening scope of standards. These developments haveraised concerns amongst developing countries, as standards can become non-tariff measures with falling tariffs. Failure to comply with standards could potentially result in loss of international market, a decrease in employment and a decline of an industry. However, compliance offers the possibility of enhancing international competitiveness and encourages the advancement of an industry.

Sri Lanka's tea industry, which is predominately export oriented, is increasingly governed by strict and complex standards. Thisreflects the evolving trends in the standards environment globally.

EDB unveils srilanka servicexport.com Service-exporters urged to join, reap benefits

The Island - 22/02/2015

As Sri Lanka's top service exports -ICT- started moving towards crucial US dollar one billion mark this year, the country's apex exports body EDB announced a major initiative on 17 February to further diversify exports beyond merchandises and to move for service exports.

"srilankaservicexport.com is the first, specialised web portal for all our service exporters and a one stop for them to link with international partners. This portal is absolutely free for exporters" said Saman Maldeni (Director, Export Services of SLEDB) on 17 February in Colombo.

Sri Lankan Pineapple- Best in The World

By Quintus Perera

Twenty-five years of hard work by the Sri Lanka Fruit and Vegetable Producers, Processors and Exporters Association (FVPPEA) has enabled it to establish a name for Sri Lanka in the world as a resource for quality vegetable and fruits.

Annual turnover of vegetable and fruit exports stands at Rs 300 million. The association wants its members to double exports by requesting its membership to spread out to the vegetable and fruit growing areas in the provinces, instead of only working in the metropolis.

Japan, Sri Lanka discuss possible trade agreement

Daily FT - 19/02/2015

Japan has given the green light for the first-ever prospective trade agreement coveted by Sri Lanka, inspired by the new resurgence under the leadership of President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe. “We’d like to particularly stress the Memorandum of Cooperation on the Vitalisation of Intergovernmental Economic Policy Dialogue (MoU-VIGEPD). In my discussions with Prime Minister Ranil Wickremesinghe on this, he agreed to proceed with VIGEPD. I am calling Tokyo to verify when we can start the VIGEPD dialogue with Sri Lanka,” Japan’s Ambassador Nobuhito Hobo has told Industry and Commerce Minister Rishad Baithudeen .

Growth prospects in the food processing industry in Sri Lanka

Daily FT - 18/02/2015

The food processing industry in Sri Lanka is one of the emerging and lucrative industries in terms of production, consumption, export and growth prospects

Food processing sector is indispensable for overall development of an economy as it provides a vital linkage and synergy between the agriculture and industry. It helps to diversify and commercialise farming; enhance income of farmers; create markets for export of agro foods as well as generate greater employment opportunities. Through the presence of such industries, a wider range of food products could be sold and distributed to the distant locations.

The term ‘food processing’ is mainly defined as a process of value addition to the agricultural or horticultural produce by various methods like grading, sorting and packaging. In other words, it is a technique of manufacturing and preserving food substances in an effective manner with a view to enhance their shelf life; improve quality as well as make them functionally more useful. It covers spectrum of products from sub-sectors comprising agriculture, horticulture, plantation, animal husbandry and fisheries.

Larger presence of Sri Lankan Exporters at Gulfood 2015 in Dubai

news.lk - 18/02/2015

50 Sri Lankans Companies participated at the Gulfood 2015 in Dubai from 8 – 12 February 2015 displaying food and beverage products such as tea, spices, processed food, soft drinks, biscuits, virgin coconut oil, dried fruit, herbal products etc.  The Sri Lanka Export Development Board (EDB) under the Ministry of Industry & Commerce and the Sri Lanka Tea Board (SLTB) in collaboration with the Consulate General of Sri Lanka in Dubai organized two country pavilions for tea and other food items.  Gulf Food is the fastest growing international trade fair for the food and beverage sector and the biggest in the MENA region.

The five day exhibition attracted 4800 companies from across the world, including Saudi Arabia, India, Pakistan, Sri Lanka, Australia, the UK, the United States, France and Germany among other countries.

SL merchandise exports up 6.7% to US$ 11bn in 2014

The Island - 15/02/2015

Coconut product exports had a decline of eight percent to 40 million dollars while natural rubber declined by 36 percent to 46 million dollars.

Sri Lanka's annual provisional merchandise exports increased by 6.67 percent to 11.079 billion rupees, Export Development board of Sri Lanka (EDB) said in a statement.

These provisional numbers do not yet reflect the service exports values and therefore, actual exports values are expected to be much higher.

'Much potential in leather industry'

Sunday Observer - 08/02/2015
By Sanjeevi Jayasuriya

The footwear and leather industry in Sri Lanka has been identified as a value added manufacturing sector that has taken up the role of generating export revenue and employment opportunities.

“It is necessary to strengthen and sustain the image of the footwear and leather industry as it has the potential to become a vital component in the export revenue basket," said Sri Lanka Export Development Board Chairman Bandula Egodage at the launch of the Footwear and Leather Fair 2015 at the BMICH on Friday.

This is the seventh edition of the fair.

Sri Lanka a haven for medical tourism

Daily News - 07/02/2015

Think Sri Lanka and some of the things that come to mind are Asian elephants and Ceylon tea. Delve deeper and you'll discover a nation of rich heritage and wonders including lush greenery, monasteries, palaces, temples and theatres.

The country is among the beauties of the sub-continent that features a peaceful environment and a hard-working community.

Among ancient cities, a visit to Anuradhapura is a must as it holds the title as a sacred city by Buddhists around the world. Kandy is a scene to behold. With spiralling roads and refreshing environment, Kandy is especially beautiful around the Monsoon season when cool temperatures call to unwind with a warm cup of Ceylon tea.

Sri Lanka’s footwear and leather exports double within a year

Daily FT - 07/02/2015

• EDB’s 7th Footwear & Leather Fair opens in Colombo
• 'F&L exports surge to $ 110 m’-Rishad
• ‘Thanks to new processing zone’-Industry
• ‘Real value addition here is fashion’-EDB Chairman/CEO Egodage

Sri Lanka’s footwear and leather exports have doubled within just one year and posted the highest revenues so far in recent times.

The Ministry of Industry and Commerce said the sector believed the surge was due in large part to the construction of a modern tannery complex.

“Today I am pleased to announce that the $ 51 million export revenue in 2013 from this sector has more than doubled in 2014 to $ 110 million, showing this sector’s strong revenue potential. This performance supports the export promotion efforts of the 100-day program of President Maithripala Sirisena as well,” said Industry and Commerce Minister Rishad Bathiudeen while speaking in Colombo yesterday. Minister Bathiudeen was addressing the seventh edition of the annual Footwear and Leather Fair, organised by EDB and held at the BMICH.

Need to diversify export items and destinations

Sri Lanka, since colonial era, has been playing a significant part in international trade.As a country that is blessed with natural resources, the main reason as to why imperialists came to this tiny island was its export-oriented natural resources such as spices mainly cinnamon. Since then, exports of this nation have been primary and not value-added. It ought to be mentioned here that with the introduction of the open economic policy in 1977, imports began to play an important role in the Sri Lankan economy. However, Sri Lanka has become a country that imports more and exports less, resulting in balance of payment crisis. The country has been exporting to the limited number of markets such as Middle East, USA and EU. It remains important to note here that Sri Lanka has brushed aside some emerging markets like Latin America. Furthermore, some fluctuations can also be seen in Sri Lankan export sector, majority of which have a bad impact on the economy. It was recently reported that European Commission decided to impose a ban fish exports from Sri Lanka to the European Union (EU), as Sri Lanka had not taken effective measures to tackle illegal fishing. The state of affairs is worse, as Sri Lanka is the second largest fish exporter to the EU. What has to be done is that fish exporters have to find out new markets.

Lanka needs to project itself as an IT-BPO destination

Sunday Observer - 01/02/2015
By Sanjeevi Jayasuriya

Sri Lanka is fast emerging as a global IT–BPO destination in the world. However, it is necessary to promote and enhance the significant contribution that digital technology can make to Sri Lanka’s economic prosperity, Chairman Federation of Information Technology Sri Lanka. Chintaka Wijewickrama told Sunday Observer Business.

.“We need to look into certain things as the industry needs to progress in a rapid manner.

Fish exports: EU ban to cost US$ 100mn

Nation.lk - 01/02/2015

Sri Lanka is likely to lose an estimated US$ 100 million annually due to the recently imposed ban on fish exports from Sri Lanka to the European Union (EU), a local think tank said last week.Executive Director, Institute of Policy Studies (IPS), Dr. Saman Kelegama addressing the 20th Annual General Meeting (AGM) of the National Chamber of Exporters (NCE) stated that Sri Lanka had earned US$ 94 million in 2013 by exporting 7,400 tons of fish, but the amount was projected to increase this year. The ban was put in place as Sri Lanka had not taken effective measures to tackle illegal, unreported and unregulated (IUU) fishing.  However, a top official from the Export Development Board, Sri Lanka’s apex organization for the promotion and development of exports said they were yet to estimate the loss resulting from the ban imposed on Sri Lanka by the European Commission (EC).

Tea industry brews highest ever exports

Daily FT - 28/01/2015

Turkey displaces Russia as the single largest market for Sri Lanka
In a major boost, the country’s tea industry has achieved an all-time high export performance both in volume and value.

Ceylon Tea Brokers said yesterday that cumulative Sri Lanka tea exports for the period January/December 2014 recorded 327.87m kgs thus recording an all time high surpassing the previous highest of 327.41m kgs in 2006. January/December 2013 recorded a quantity of 319.66 m kgs.

IJT Tokyo expands Lanka’s foray into diamond trade

Daily News - 27/01/2015

International Jewellery Tokyo (IJT-2015) show concluded successfully with the participation of more than 1000 exhibitors, buyers and other stakeholders. This was the 25th IJT event and people from all over the world visited the show.

IJT had many faceted and diamonds and diamond jewellery are at its forefront of the industry. The abundant stock of high quality diamonds in the Japanese market makes Japan one of the most attractive places to source for quality diamonds and diamond jewellery.

India seeking mutual benefit through strengthening of Indo-SL FTA

The Island - 26/01/2015
By Zacki Jabbar in Jaffna

India says it is looking to strengthen the Indo-Lanka Free Trade Agreement in a manner that would be mutually beneficial to both countries.

The Consul General of India in Jaffna, A.Natarajan who was the Chief Guest at the opening ceremony of the  sixth edition of the Jaffna International Trade Fair (JITF) held at the Jaffna Library on Friday said that with an ever increasing number of  Indian companies doing business with Sri Lanka, it would be an opportune time to strengthen the Indo-Lanka FTA, which if tapped to its true potential would serve both nations well.

With  around fifty percent of the  exhibitors who participated in JITF 2015 being Indian affiliated, he assured the presence of   more industrialists and entrepreneurs from his country at next  years edition of the event. "I will  encourage more of our    businessman to  individually or in partnership with their Sri Lankan counterparts invest in the Jaffna Peninsula."

Top European trade delegation in Sri Lanka to initiate US$ 8 million project

A top European trade delegation has arrived in Sri Lanka to formulate a trade-related capacity building project, which will enhance the overall performance of the export sector of Sri Lanka.

The proposed US$ 8 million project, which is scheduled to implement from 2016, will be funded by the European Union, the Minister of Commerce and Industries Rishad Bathiudeen said.

"This latest initiative matches very well with our new government's vision and a great start! Therefore on behalf of the President Maithripala Sirisena, I extend our thanks to the EC (European Commission) for interacting very quickly with us in this event as well as all our trade initiatives and issues," the Minister said addressing the delegation.

Apparel industry will maintain growth momentum

Sunday Observer - 25/01/2015 
By Sanjeevi Jayasuriya

Sri Lanka’s apparel industry has shown continuous growth over the years, Joint Apparel Association Forum, General Secretary Tuly Cooray told Sunday Observer Business.

An export centric agenda and a favourable policy framework will pave the way for the apparel industry to maintain the growth momentum while retaining the number one slot in export revenue generation, he said.

The industry will be in a position to achieve the targeted export value for last year. Exports for the first eleven months of the year recorded a value of US $ 4,302.4 million. The target set for 2014 was US $ 4.8 billion.

Munchee largest exporter of biscuits in Sri Lanka

Daily FT - 23/01/2014

Munchee, the flagship brand of Ceylon Biscuits Ltd (CBL) the nation’s premier food and confectionery manufacturer, reaffirmed its leadership as the largest exporter of biscuits in Sri Lanka. Munchee accounted for more than 70% of the country’s export according to Mclloyd Business Intelligence.

The Conglomerate’s global footprint covers seven continents and over 55 markets.
Munchee routinely participates at all the major trade fairs and exhibitions such as Anuga, Sial, Gulfood and many others. Noteworthy amongst them is their recent participation at Foodex in Japan, the largest annual food and beverage tradeshow in Asia, and at the Hotel Asia exhibition in the Maldives.

Leading gem firms showcase at Japan's IJT Fair

Daily News - 23/01/2015

Leading gem and Jewellery exporters from Sri Lanka will participate at Japan's largest international jewellery, which begins in Bigcity in Tokyo today. This event is known as IJT International Jewellery Fair 2014.

The wide variety of products in the jewellery industry will be showcased under one roof, which is in the world trend-setting city, Tokyo.

IJT is the largest jewellery trade show in Japan and is a gateway to expand business in Japan and the Asian region is expected to participate with local gem business persons, which will be held from today to January 25 at the Tokyo Big Sight, Gem and Jewllery Authority sources said.

JITF 2015 to enhance northern economy

Daily Mirror - 22/01/2015

The Jaffna International Trade Fair (JITF), the most comprehensive and ‘looked forward to’ exhibition in the North, will be held for the sixth consecutive year in the heart of Jaffna from January 23-25, 2015. The exhibition, which was the first of the kind to be held in the northern region of the country in 2002, has throughout the years been renowned as the best and most potent platform for the meeting of investors, businesses and the masses in the region.JITF 2015 will also comprise over 270 stalls from various sectors including construction, hospitality, food beverage and packing, automobile, ICT, financial services, apparel, agricultural, consumer goods and many others along with an education pavilion named ‘Kalvi’ with some of Colombo’s and Jaffna’s most sought-after education service providers exhibiting.

Apparel exports top US$ 4.3 b upto Nov 2014

Daily News - 19/01/2015

The value of Sri Lanka’s total apparel exports for the first 11 months last year reached US$ 4302.4 million, registering 11% per cent growth. In 2013, Apparel exports had generated US$ 3876 million during the period January to November.

Joint Apparel Association Forum (JAAF) Secretary General M.P.T. Cooray, speaking to Daily News Business said the industry had set a target of reaching US$ 4.8 billion by the end of 2014. “If we can have an export figure of US$ 400 million in December, we can presume we are well within the target for 2014. The industry is also expecting to achieve US$ 8.5 billion apparel exports by 2020 , nevertheless ,the industry needs to record 12% per cent growth rate Year on Year to achieve this target.”

'Lanka-China FTA will be very big news back home in Yunnan Province’

The Island - 15/01/2015

Li Jiming (Deputy Secretary-General of Yunnan Provincial Government and Director General of Yunnan International Exposition Bureau-far right) seen with a part of his delegation to Sri Lanka on 13 January at EDB in Colombo.

As bilateral trade topped $ 3 bn, Sri Lanka's exports sector is readying one of the strongest ever delegations to this year's Kunming international expo while Lanka's second largest global supplier voiced that it is increasingly upbeat on the prospective FTA between both countries-and the $ 190 Bn Yunnan province is keen for a Corporate Agreement with Lanka's apex export entity, a first, as revealed on January, 13 .

"The pending Sri Lanka-China FTA will be very big news for Chinese buyers and media. China is the only country stipulating imports from its trading partners! This is specially so towards South Asia since we are good neighbours" said the top Chinese official Li Jiming (Deputy Secretary-General of Yunnan Provincial Government and Director General of Yunnan International Exposition Bureau) on 13 January in Colombo.

‘Future Careers’ in Jaffna attracts overwhelming crowds of keen youth Jaffna IT Week

The Island - 08/01/2015

In an attempt to educate the budding youth of Sri Lanka about the myriad of opportunities available in Sri Lanka’s growing IT/BPM industry, the Jaffna IT Week – an industry initiative for inclusive growth and reconciliation – hosted the ‘Future Careers’ programme on 3 and 4 December at the Vembadi Girls’ High School in Jaffna.

Held on the first two days of the Jaffna IT Week, it was organized by SLASSCOM, ICTA and the Ministry of Education, and attracted over 2,500 schoolchildren from schools across the Jaffna Peninsula. It was one of the biggest events of its kind to be held in the North.

Sri Lankan Handlooms gets foothold in the competitive international market

Sri Lankan handloom textile industry is one of the country's oldest traditional crafts. The industry has helped showcase the undying creativity of generations of Sri Lankans taking them to the international arena.

The modern design trends combined with traditional designs and the influx of new processing techniques has given a new life to Sri Lankan handlooms. The industry has gained a dominant identity and a foothold in the competitive international market.

Sri Lanka is capable of producing various handloom textile products to foreign markets. There is an increasing demand for Sri Lankan handloom textile products in foreign countries. Italy, Germany, France, UK, Norway, Netherlands, Maldives and Thailand are the main export markets for Sri Lankan handloom textile products.

Russian Market Critical For Sri Lanka Tea

The Sunday Leader - 04/01/2014

Behavior of the Russian market would be critical for Sri Lanka tea this year, notes a Sri Lanka Tea Market review 2014 and Outlook 2015.

Weakening of the Rouble would place Sri Lankan Tea Exporters and Russian Importers under extreme pressure. Sri Lankan Exporters who have shipped on credit could have complications with receipt of full payment; whilst brand marketers of teas packed in Sri Lanka could see a sharp erosion of margins if tea prices do not reflect the changes.

2014 Round Up - ‘Sri Lanka and the Colombo Stock Exchange’

The Island - 01/01/2015

Service sector dominated Sri Lankan economy grew 7.3% in 2013 despite challenging 1H13. However 1-3Q14 saw 7.7% growth led by construction, apparel and recovery in agriculture sector.  Thereby we expect the economy to end the year with a GDP growth of 7.8%.

Annual average inflation remained in single digit level for the past 65 months ending 2014 with an inflation of 3.3%. Given the lower inflationary environment, interest rates continued to decline during 2014 where the prime lending rate stood at 6.3%. Despite the declining interest rates, credit growth was rather slow during 1H14. However credit demand showed signs of recovery recording 5.1% YoY in the month of October.  Rupee against the US Dollar was stable at LKR130.0 levels during 2014 largely due to lower oil prices and recovery in exports.