Category: Economy

CWIT construction project in Colombo Port kicked off today The construction work of the newly built Colombo West International Terminal (CWIT) within the Colombo Port was initiated today. The project was flagged off by Ports, Shipping and Aviation Minister Nimal Siripala de Silva. The Indian High Commissioner to Sri Lanka, Gopal Bagle was also among the participants at this event as a special guest. The entire project will cost US$789 million. 51% of this total investment belongs to India’s Adani Group, 34% to John Keells Holdings PLC, and 15% to…

50 kg bag of Urea at Rs. 10,000 for farmers First stock of 13,000 tons of urea received on World Bank concessionary loan                                                 The Ministry of Agriculture has received the first stock of 13,000 tons of Urea fertiliser yesterday under the World Bank concessional emergency loan of $ 110 million. The Government will provide a 50 kg bag of urea fertiliser to paddy farmers at Rs. 10,000.…

Netherlands to provide innovative agro know-how to ‘Grow Food’ program PM appreciates assistance provided by Netherlands for infrastructure development, agriculture Calls for more investments in agriculture, IT, renewable energy, transport and tourism The Netherlands has assured to extend further support to Sri Lanka especially with know-how to the Government’s “Grow Food” program. This assurance was given by when Netherlands Ambassador Bonnie Horbach called on Prime Minister Dinesh Gunawardena on Thursday. The Premier thanked the Netherlands for the assistance provided to infrastructure development and agriculture and various other sectors and urged…

President justifies tax hikes amidst criticism Says country will have to revert to an era of queues if revenue is not raised through direct tax increases Admits new tax measures are IMF recommendations, hence critical to secure international support to salvage SL economy Insists tax hikes not being taken wilfully but being done reluctantly Reveals SL lost Rs. 700 b due to wrong economic policies in the past Inflation rate increased to 70% since Rs. 2.3 t printed during the past two-and-a-half years Suggests tougher times ahead but reassures Govt. ready…

Dutch FMO proposes $ 10 m investment in Sri Lanka seafood exporter Taprobane Seafoods’ 15 facilities mainly employ underprivileged women HANOI – Dutch impact investor FMO said it has proposed a $ 10 million investment in one of Sri Lanka’s leading seafood exporters, which mainly employs underprivileged women including war widows. Established in 2010, Taprobane Seafoods has one main processing facility and 14 smaller locations in the South Asian nation and employs over 2,000 people. Taprobane processes blue swimming crab and white-leg shrimp, which it began farming two years ago.…