Sri Lanka Economic Summit from July 9-11

Daily News - 08/06/2013

The 14th annual Sri Lanka Economic Summit which scheduled to be held from July 9-11, 2013 in Colombo will have one of its sessions discussing about Sri Lanka's export strategy.

The Government policy framework has targeted to raise the rate of growth in exports to double that of GDP growth, but exports as a % of GDP have halved from year 2000 to 2012. The share of exports of Sri Lanka as a percentage of world exports has also declined over the years to reach 0.06% by 2011. The basket of merchandise exports from Sri Lanka as well as our exports markets have remained largely unchanged over the last few decades. The foregoing situation and change in the global economic scenario, with Asia gaining ground over the West, require us to rethink our export strategy given the importance of exports to a small economy targeting to achieve sustained high economic growth in the future.


Leading economists and key exporters have been invited to discuss and identify changes required to current strategy to rejuvenate the exports sector in Sri Lanka.

The keynote note speaker of this session will be Dr. Premachandra Athukorala, Professor of Economics at the Australian National University and Honorary Professorial Research Fellow at the University Of Manchester, UK.

Sri Lanka cinnamon exporters required to adhere to specifications

Colombo Page News Desk - 15/06/2013

Senior Minister for International Monetary Co-operation Dr. Sarath Amunugama has proposed to make it mandatory for Sri Lanka's cinnamon exporters to adhere to the specifications for Sri Lanka standard for exporting of cinnamon.

The proposed measure is aimed at preventing the export of low quality cinnamon and enhancing the production of cinnamon in the country sustaining the livelihood of more than 350,000 families engaged in the industry, the government says.

The Cabinet has approved the Minister's proposal to submit the Gazette Extraordinary notification on the specifications to Parliament for approval.

Sri Lanka is one of the world's leading exporters of cinnamon, producing about 85 percent of international output. The USA and Mexico are the main buyers of Ceylon Cinnamon.

Cinnamon is currently the dominant spice in Sri Lanka in terms of the foreign exchange earnings.

Sri Lanka plans to increase the cinnamon exports to a target of one billion US dollars by 2015, the Sri Lanka Export Development Board (EDB) says.

Ornamental fish export revenue surpasses $ 7 m

Sunday Observer - 16/06/2013
By Lalin Fernandopulle

The demand for ornamental fish has increased with its revenue surpassing $ 7 million, said a major ornamental fish exporter at an event to record Sri Lanka winning 30 awards at the recently concluded Aquarama 2013 ornamental fish competition in Singapore.

He said that revenue from ornamental fish exports last year was $ 7.52 million and added that the industry targets a higher revenue this year with more fish breeders showing a keen interest to enter the ornamental fish export market.“The ornamental fish industry has a bright future. The lack of new species is a major hindrance to boost exports,” a fish breeder said.Ornamental fish breeders have called upon the government to support the industry and encourage more fish breeders to create a vibrant export market. Fish breeders said that adding new varieties with more export incentives for breeders will help enhance export revenue.


They said that the export of ornamental fish is a lucrative industry and that policy makers should focus on developing the sector.“Foreign buyers order large stocks, but we can only provide half the quantity they order due to the lack of species,” a fish exporter said.

Seventeen Sri Lankan fish breeders participated in the Aquarama, one of the largest ornamental fish exhibitions held biannually in Singapore. The competition comprised 10 major ornamental fish exporting countries. Sri Lanka was ranked second in the competition.

Sri Lanka's export revenue dipped by eight percent in the first quarter this year. Export income declined in recent years partly due to low external demand. The Export Development Board (EDB) will draw up a strategic plan to boost export revenue, said the new chairman of the EDB, Bandula Egodage.

He said that the ornamental fish export sector has huge potential to be a major revenue spinner. “We plan to boost the export industry,” he said.


Sri Lanka's export revenue is currently around $ 10 billion. The EDB targets an export revenue of $ 20 billion by 2020.

Sri Lanka exports 2% of world’s ornamental fish supply

DailyFT

Rishad Bathiudeen (Minister of Industry and Commerce) greets a Lankan award winner of the AQUARAMA 2013 on 12 June at the EDB Premises, Colombo as Sujata Weerakoone (DG- EDB-far left),Bandula Egodage (Chairman-EDB, second from left) and Yousuf Maraikkar (Executive Director-EDB-fourth from left) look on .

Minister of Industry and Commerce of Sri Lanka Rishad Bathiudeen yesterday revealed that Sri Lanka have more than 2% share of the global ornamental fish market which is around US$ 340 million. “We are also now recognised as one of the best ornamental fish suppliers to the international market.”

Bathiudeen was addressing the press briefing held at the Export Development Board (EDB) to announce Sri Lanka’s strong achievements at the AQUARAMA 2013 event in Singapore.
More than 300 competitors from 10 countries, submitting 1,350 entries, were taking part in the highly competitive AQUARAMA 2013 international ornamental fishery event held in Singapore from 28 May to 2 June.

Seventeen Sri Lankan firms, facilitated and sponsored by EDB, competing in the event won 30 awards, which was symbolically re-awarded by Minister Bathiudeen with his praise, yesterday.

“Sri Lanka has been placed as the second largest award winner, at the Asia’s biggest, international ornamental fish and accessories exhibition AQUARAMA 2013, which is a great achievement for this sector. We won 30 awards at the 2013 Singapore event and stands as the second, in comparison to Singapore which is the number one ornamental fish exporting country, in the world,” Minister Bathiudeen said.

The ministers also added: “Therefore, this is not only a honour for Sri Lanka but also an important development for our ornamental fish industry. EDB has sponsored 17 participants at this event and submitted 232 entries in various fish categories. In the commendable 2012 budget proposals by the President Mahinda Rajapaksa, provisions have been made to upgrade facilities of exporters to increase the quality of fish exported from Sri Lanka.

“This is another stepping stone, towards our US$ 20 billion export target, by 2020. The value of ornamental fish exports in 2012 stood at US$ 7.52 million. The major export markets, for our aquarium fish are; Japan, USA, UK, Germany and France. We began ornamental fish exports in 1950’s. Sri Lanka have more than 2% share of the global ornamental fish market, which is annually around US$ 340 million. I am pleased to say that now we are recognised as one of the best ornamental fish suppliers to the international market.”

Live Tropical Fish Exporters Association Co-President Rohan Fernando, addressing the event said: “The backbone of fish exports are the fish breeders of this country. But exporters have been starving without new species to breed and export. Fortunately, the AQUARAMA event, promoted by EDB here, has come to the rescue.”

In the budget proposal 2012, provisions have been made to set up/upgrade quarantine and withholding facilities of exporters to increase the quality of fish exporting from Sri Lanka. The EDB is the implementing agency for the program.

Sri Lanka, Austria talks on development projects

Daily News - 13/06/2013  

External Affairs Minister Professor G L Peiris meets Austria's Vice Chancellor (Deputy Prime Minster) and European and International Affairs Minister Dr Michael Spindelegge

The growth of bilateral trade between Sri Lanka and Austria, despite the economic recession in Europe and the steady increase in direct foreign investment from Austria augur well for the future of relations between Sri Lanka and Austria, External Affairs Minister Professor G L Peiris said.

He said this during a meeting on Tuesday with Austria's Vice Chancellor (Deputy Prime Minster) and European and International Affairs Minister Dr Michael Spindelegge at the Foreign Ministry in Vienna.

The ministers noted that Austrian companies are showing increasing interest in bidding for major infrastructure development projects, while others have already undertaken construction projects in Sri Lanka, including the Greater Colombo sewerage system rehabilitation project.



The Sri Lankan government has concluded negotiations with Austria on several major development projects including the supply of railway steel bridges and auxiliary supplies and services, construction of the Kochchikade bridge, enhancement of facilities at the Advanced Technical Institute in Kandy and the provision of protective fences at railway crossings.

The ministers agreed that it is timely to focus on strengthening economic ties, taking advantage of the stable and peaceful environment for increased trade.

Minister Spindelegger welcomed the initiative by Sri Lanka's Embassy in Vienna, in association with the Export Development Board,  to arrange a visit by a trade delegation to Austria this year, as a follow up to the visit by a business delegation from Austria to Sri Lanka in June 2011.

They noted that Austrian companies are active in several fields in Sri Lanka, including the manufacture of electrical goods and the provision of services in the tourism sector.

Prof Peiris told Dr Spindelegger that the Sri Lankan government is engaged in a massive reconstruction programme in many areas of the country, and that there are extensive opportunities for further investment by Austrian companies, especially in tourism, power generation, agriculture and fisheries.

Dr Spindelegger welcomed Prof Peiris and expressed pleasure that a visit by a Sri Lankan Foreign Minister to Austria is taking place after the lapse of 10 years.

He recalled his meeting with Minister Peiris in New York on the sidelines of United Nations General Assembly three years ago, and welcomed the opportunity of continuing their bilateral discussions. He also referred to the visit of Dr. Wolfgang Waldner, State Secretary of Foreign Affairs of Austria to Sri Lanka in April last year, and his discussions with Minister Peiris in Colombo. The ministers discussed an extensive programme of activities, planned for next year, to mark the 60th Anniversary of the establishment of diplomatic relations between Sri Lanka and Austria.

Sri Lanka's Honorary Consuls in Graz and Salzburg, as well as the Austrian Honorary Consul in Sri Lanka will play an active part in the implementation of this programme. Minister Peiris said that Austrian President Dr Heinz Fischer visited Sri Lanka on several occasions in a private capacity in the 1980s, and that he is most welcome to visit the country again. Prof Peiris suggested that it would be useful to establish a mechanism at senior official level for annual bilateral consultations to review progress and to identify new areas of collaboration.

He said it is of particular importance, in view of Austria's current capacity as Vice-President of the Human Rights Council, to provide a detailed briefing on progress with regard to implementation of the recommendations of the Lessons Learnt and Reconciliation Commission.

He explained the steps taken so far in a structured manner, on the basis of priorities, and the developments envisioned in the near future. In discussions with Reinhold Lopatka, Austria's State Secretary for European and International Affairs Prof. Peiris said that Sri Lanka has established a University for the Visual and Performing Arts, and requested Austria to support this institution with academic exchanges and scholarships, especially in the fields of Music and the Visual Arts.


During his two day official visit to Austria, Minister Peiris held discussions with Neugebauer, Second President of the Austrian National Council, Yuri Fedotov, Director-General of the United Nations Office in Vienna and Lassina Zerbo, Executive Secretary-Elect of The Comprehensive Nuclear Test Ban Treaty Organisation. He had bilateral talks in Vienna with Tomas Dub, Deputy Minister of Foreign Affairs of the Czech Republic. He delivered an address on “The Place of Sri Lanka in Europe's outreach to Asia” at the Diplomatic Academy of Vienna, one of the oldest diplomatic training institutes in the world.

Nestlé Lanka VP takes over as EDB Chairman

DailyFT

Rishad Bathiudeen, Minister of Industry and Commerce hands over the Letter of Appointment to Bandula Egodage, (Left) the new Chairman/CEO of Export Development Board.

A corporate affairs and communications professional from one of the world’s largest food and beverage multinationals has been appointed as the new Chairman of the Export Development Board (EDB) of the Ministry of Industry and Commerce.

Minister of Industry and Commerce Rishad Bathiudeen yesterday appointed Nestlé Lanka PLC Vice President of Corporate Affairs and Communication Bandula Egodage to the helm of EDB.
He will continue in his permanent position at Nestle Lanka. The new appointment follows the resignation of Janaka Ratnayake late last year.

Egodage, who has been with Nestlé Lanka PLC for the last 28 years, also has comprehensive experience in rural development (particularly in relation to dairy), exports (coconuts), external and public affairs and local and international government and regulatory engagement. He is a past student of Dharmasoka College, Ambalangoda.
Also present during the occasion were EDB Director General Sujatha Weerakoon, Nestlé Lanka PLC MD Ganesan Ambalavanar, EDB Executive Director Dr. Yousuf Maraikkar and Ministry of Industry and Commerce Secretary Anura Siriwardena among others.

The European Seafood Exposition (ESE) - 2013

Sri Lanka Stall at the European Seafood Exposition

The European Seafood Exposition (ESE) is the world's largest seafood fair. Attracting buyers and sellers from over 140 countries around the world and featuring the stands of over 1,600 exhibitors. The European Seafood Exposition is the global can't-miss fair for the seafood industry.

Since the ESE is the most prominent fair for the seafood sector and also considering the Europe as Sri Lanka’s key market, Sri Lanka has been participating regularly at this fair since 2007.  The previous participations have brought tangible outcome for Sri Lanka’s fisheries export sector.

The Sri Lanka Export Development Board (EDB) with the assistance of the Sri Lanka Embassy in the Belgium Organized  a Sri Lanka pavilion at the European Seafood Exposition (ESE) held in the Belgium from 23rd to 25th April 2013.

Six Exhibitors from Sri Lanka participated in the ESE 2013

1.Aloy Expo (Pvt) Ltd
2. Tropic Frozen Foods (Pvt) Ltd
3. Tess Agro
4. Global Sea Foods (Pvt) Ltd
5. Serendib Foods (Pvt) Ltd
6. Deshan International Imports and Exports (Pvt) Ltd