Sri Lanka Brodcasting Corporation

Mon12182017

Last updateMon, 18 Dec 2017 10am

Business News

The Board of Investment plans to set up a system for online approval of investment proposals.

The Board of Investment is planning to set up a system for online approvals of investment proposals. The Board is in the process of setting up an effective virtual one-stop shop for investment approvals. The Board will be receiving World Bank support for this endeavour. When the system is set up, an investor will be able to submit one application which goes through 24 line agencies which will process it and approve it, unless it needs other approvals like environmental impact assessments. The BOI will sign agreements with all the 24 agencies that will need to be involved. The new system is expected to come online during the first half of 2018.

Successful Business Forum in Seoul

A highly successful business forum was held in South Korean capital Seoul yesterday with the participation of President Maithripala Sirisena. More than 100 Korean delegates and few local representatives on leading companies in the East Asian region took part in the Forum. Around 20 Sri Lankan leading business personalities also attended the event which was held at Grand Ballroom of Hyatt Grand in Seoul.

Leading Korean entrepreneurs who attended the Forum included chairpersons of KBIZ, KCCI, KITA, FKI and AHPEK. KBIZ Chairman Park Sung-taek, who made the welcome remarks described his successful investment projects in Sri Lanka and urged the Korean companies to follow suit.

Minister of Development Strategies and International Trade, Malik Samarawickrema spoke about Sri Lanka’s investment policies and the support provided to foreign investors. He listed the tax concessions and other benefits given for FDIs. Mr Samarawickrema said that Sri Lanka is interested in investments in several sectors including power and energy, natural gas, roadways and ports, agriculture, fisheries and large scale industries.

Areas surrounding the Beira Lake in Colombo will be developed as a commercial zone

The areas surrounding the Beira Lake in Colombo will be developed  as a commercial zone.  The plans drawn for this project were unveiled by minister Patalie Champika Ranawaka this morning.  The project has been titled “Ran Masu Pura”. Speaking at the occasion the minister said, the development of lands in the surrounding areas, will commence next year. A circular garden will be constructed along the perimeter of the lake as a recreation park for the public. Dwellers along the lake at Vauxhall Street will be evicted before the end of this year. He pointed out that the dwellers have displayed a progressive attitude in leaving their homes voluntarily. The government has allocated a sum of 1.13 billion rupees for their resettlement. He added that, the times where all junk was dumped in the Beira will now come to an end.

The government announces a ceiling for the price of coconuts.

The government announces a ceiling for the price of coconuts. Thereby, a coconut can be sold for not more than a maximum retail price of 75 rupees. This decision was taken at the Cost of Living Committee meeting held yesterday. Steps have been taken to issue the relevant gazette notification in order to make the proposed price control measure enforceable. The law will be enforced against those who violate the controlled price. The price of a kilo of dhal was also brought down to 125 rupees. Stocks of imported rice are being received, therefore, they can be no shortage of rice. Consumers can purchase these items from Sathosa outlets.

A "Fisheries Week" announced in connection with World Fisheries Day

State Minister of Fisheries and Aquatic Resources Development Dilip Wedaarachchi says that the fisheries industry would be made the third largest foreign exchange earner in the country by the year 2020. He also pledges to create 100,000 employment opportunities in the sector by 2020. The Ministry has declared a Fisheries Week in connection with World Fisheries Day which falls on the 21st of November.

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A seven percent economic growth is predicted due to the budget proposals

 

Professor Milton Rajarathne at Peradeniya University says the country’s economic development growth can be increased up to seven percent by implementing the proposals presented in this budget under the enterprise Sri Lanka programme. Participating in a programme over the SLBC this morning professor Rajarathne said the entrepreneurs will be able to obtain capital and other facilities through this programme to revitalize their bankrupted businesses. The Professor also points out that the budget proposals will lead to strengthen women entrepreneurs

The “Sri Lanka-China Logistics and Industrial Zone Office” launched.


Sri Lanka and China jointly launched the “Sri Lanka-China Logistics and Industrial Zone Office” in Sri Lanka’s southern port of Hambantota yesterday. The office will overlook the operation of the 50-square-kilometer Industrial Zone officially established in January, and serve as a workplace for its Sri Lankan and Chinese staff.

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Sathosa brings down the price of several essential food items

Sathosa brings down the price of several essential food items. According to the price lists announced by Sathosa today the price of 1 kilo of Nadu rice is 74 rupees. A kilo of Sudu Kekulu is 65 rupees. A kilo of imported Samba is 78 rupees.

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Asian Development Bank grants a loan of 100 million US dollars for uplifting SMEs in the island.

Asian Development Bank grants a loan of 100 million US dollars for uplifting Small and Medium scale Entrepreneurs in the island.  This will help to provide loans at lower interest rates with grace periods to repay for the businesses and industries.  The government is having further discussion to obtain 75 million US dollars more for this purpose.

Water supply facilities to develop community based cultivation activities.

The government has taken effective measures to provide water supply facilities to develop community based cultivation activities. The southern provincial council has allocated the necessary funds for this purpose to promote these cultivation process in the southern province.

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