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Last updateTue, 17 Dec 2019 9am

Business News

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.


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.


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.


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.

Sri Lanka’s first hyper mall, to open in December

Adding yet another luxury to the Colombo city line, Sri Lanka’s first hyper mall, will open in December at the Colombo City Centre in Slave Island. Being joint venture between Abans Group and Silver Needle Hospitality, the total investment costs 170 million US Dollars. Chief Executive Officer of the Colombo City Centre, Anand Sundaram says that over 70 percent has been sold out stamping investor confidence for the project. Both the apartments and the hotel would be ready by October 2018.  Travelers would select their rooms and pay online via credit card without ever having to go to the reception. Commenting on the retail space which will open in December, he said that some of the world’s top brands would be showcased in it.

Sri Lanka to ink an MoU with Qatar

The Government will ink agreements in the fields of  Energy, Water Supply & Waste Management and Diplomatic Training and Research with the State of Qatar, during President Maithripala Sirisena’s official visit to the state this week. Cabinet approval has been received for a joint proposal made by Minister of Petroleum Resources Development Arjuna Ranatunga and Minister of Power and Renewable Energy Ranjith Siyambalapitiya to sign a memorandum of understanding on co-operation in the energy sector between the two countries. The Government is of the view that since Qatar is a major country producing petroleum and natural gases in the Gulf region, it is of paramount importance to co-operate with the rich Gulf state in overcoming future challenges in the energy sector in Sri Lanka.

A mobile lorry service launched by Sathosa to distribute essential food items from today.


Sathosa has launched a mobile lorry service to distribute essential food items. The service was available in Kandy, Matara and Vavunia today. This service will be available at Gampaha, Ragama, Maradana and Colombo-Fort Railway Stations from Monday to Friday, commencing tomorrow.

The service will also be available in Veyangoda, Ragama, Kiribathgoda and Maharagama on Saturdays.

On Sundays, this service will be provided at the Sunday Pola in Minuwangoda, Ganemulla, Homagama and Delkanda

A new railway ticketing and seat reservation system to designed

The Asian Development Bank is helping Sri Lanka prepare a railway ticketing and seat reservation system to replace the existing largely manual one as part of its efforts to shift passenger traffic to rail and ease road congestion.


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