The Development in Sri Lanka

Expo 2012 renews foreign investor confidence in Sri Lanka

2012-04-01T16:25:00.003-07:00

Apr 01, Colombo: Sri Lanka's premier international trade fair "Sri Lanka Expo 2012" with the attendance of over 1,300 foreign investors and buyers from across the globe, held in Colombo came to a conclusion Saturday.
Sri Lankan President Mahinda Rajapaksa launched the four-day event organized by the Export Development Board (EDB) on Wednesday at the BMICH.
The much-awaited international fair held in 18 years to promote Sri Lanka's exports drew 1,350 visitors from 55 countries and allowed the 300 plus Sri Lankan exporters to showcase their merchandise to an international audience and earn global recognition.
The attendance of a large number of foreign investors and buyers is a clear indication of Sri Lanka's growing reputation as an exporter of quality products and the awareness in the world of the new investment opportunities present in the country following the end of its three-decade long armed conflict in May 2009.
President Rajapaksa at the opening ceremony of the mega exposition invited the foreign investors to discover the "challenges of opportunity" in the country urged them to earn the best profits for their confident investments.
He highlighted that the large foreign investor presence at the event was both a strong and valuable vote of confidence in Sri Lanka, as well as an expression of trust in the new opportunities for export trade.
The Minister of Industry and Commerce Rishad Bathiyutheen addressing the gathering has pointed out that despite, "the World Trade Organization forecasting, only 5.8 percent world export growth for 2011, Sri Lanka's export sector showed strong resilience, by registering a highly commendable growth rate of 22.37 percent, in comparison to 2010."
Sri Lanka, despite a ballooning trade deficit of US$ 9.7 billion in 2011, has set a goal to double the export revenue to reach US$ 20 billion by 2025 from the US$ 10.5 billion it earned in 2011.
A large group of Indian businessmen from several Indian trade organizations in attendance at the Expo 2012 has met with the Minister and reiterated the commitment of Indian Industry towards Sri Lanka as a priority destination for Indian investment.
The Indian businessmen have expressed their intentions to enhance the trade and economic relations between the two countries to a new level with the trade reaching a peak of almost US$ 5 billion in 2011.
Sri Lanka is a priority destination for Indian companies and many leading companies have already set up joint ventures (JVs) in Sri Lanka in various fields, Udayan Ganguly, the head of the Confederation of Indian Industry (CII) delegation to Expo 2012 has said.
Business delegates from the United Arab Emirates (UAE) who met the Sri Lankan Minister at the event have said that Expo 2012 is a viable platform for the UAE to identify the export product portfolio of Sri Lanka and they were surprised to by Sri Lanka's vast export portfolio.
Delegations from China, Malaysia, Indonesia and UK numbering over 400 attended the Expo 2012.
Sri Lanka's supportive government policies aim to foster foreign direct investments. The country has bilateral investment protection agreements with 27 countries and double taxation avoidance agreements with 38 countries and no restrictions on repatriation of earnings, fees, capital, and on forex transactions relating to current account payments.

Sri Lanka has proud record of safeguarding human rights

2012-04-01T16:22:00.003-07:00

COLOMBO: Sri Lankan President Mahinda Rajapaksa has said that he did not want lessons on human rights from outside, days after the UN Human Rights Council adopted a US-sponsored resolution censuring Colombo.

Addressing a public gathering in the central town of Balangoda, Rajapaksa Sunday said Sri Lanka’s human rights protection was inspired by the influence of Buddhism over a period of over 2,500 years. The President said it was his responsibility to resolve all problems faced by his people. Rajapaksa said his objective while appointing the Lessons Learnt and Reconciliation Commission (LLRC) was that he did not want the problems faced by the people carried forward to the next generation. The President said Lessons Learnt and Reconciliation Commission (LLRC) was Sri Lanka’s own probe and no one had the right to force its implementation. He said he did not want lessons on protecting human rights from outside.

Rajapaksa’s comments were his first direct public reaction since the UN Human Rights Council on March 22 adopted the resolution against Sri Lanka.The resolution asks Sri Lanka to implement the LLRC recommendations towards reconciliation with the Tamil minority and for accountability over alleged rights violations during the last phase of the war against LTTE. agencies

UK gov. and police unable to quell riots - Gotabaya

2011-08-10T02:58:00.001-07:00

The British government should take all the necessary steps to protect coloured citizens and their property from being looted during the ongoing riots in London, Defence Secretary Gotabaya Rajapaksa told Ada Derana exclusively.

He stated that neither the UK government nor the police have been able to effectively quell the riots while he appealed the British government to ensure the protection of its citizens’ rights swiftly through direct intervention.

Meanwhile, the Sri Lankan Acting High Commissioner in London said that they were closely monitoring the situation while no Sri Lankans were affected as yet.

SriLankan airlines is to re-start their services to Zurich in Switzerland

2011-06-11T17:52:00.001-07:00

Sri Lanka’s national carrier SriLankan airlines will re-start their services to Zurich in Switzerland from December 23, 2011 said the airline.
SriLankan airline now flies 34 countries worldwide and Switzerland, Zurich is the 53rd destination of the airline.
"This will significantly strengthen our services to travelers in central Europe, which is viewed as a market with great potential for tourism to Sri Lanka," SriLankan Airlines chairman Nishantha Wickremasinghe said.
SriLankan had first started flying to Switzerland in 1980 but it was stopped in 2005.
The Zurich-Colombo flight is likely to operate through Male in the Maldive Islands and the new service would serve travelers in Switzerland, southern Germany, eastern France and Austria

SriLankan Airlines to commence services to Moscow

2011-05-09T15:36:00.001-07:00

SriLankan Airlines will commence a new service to Moscow on 15th September, making the Russian capital, the 52nd destination of the airline.

The new service will operate via Dubai, and will commence initially with two flights per week on Thursdays and Saturdays.

SriLankan Airlines Chairman Nishantha Wickremasinghe said: “We are delighted to announce the launch of services to Moscow. This will be the first time in history that our national carrier has served Russia, and will no doubt serve to greatly strengthen the close relationship between our two nations.”

SriLankan Airlines has been expanding steadily over the past several months, and launched services to Shanghai last July, Guangzhou in January, and Kochi in March. It will acquire at least six aircraft this year and has been increasing capacity throughout its global route network since last December. The new aircraft will include state-of-the-art Audio Video On Demand (AVOD) entertainment systems.

Tourism to Sri Lanka has been booming since the dawn of permanent peace in the Indian Ocean island two years ago. Tourist arrivals grew by 34% in the first quarter of 2011, after setting an all time record of 654,000 in 2010.

Sri Lanka offers excellent value for money for leisure travelers – especially those from Europe - with hundreds of miles of golden beaches, mist-swathed mountains, ancient cultural sites, and bargain shopping. The airline recently re-launched its domestic service SriLankan Air Taxi, making many parts of the island accessible within an hour on its floatplanes.

Tourist arrivals from Russia grew by 21% in the first quarter of 2010, and by 22% from other countries in Eastern Europe. The airline already serves five European cities – London, Paris, Frankfurt, Rome and Milan – with plans to commence services to several more.

Asia is fast becoming a favourite destination for travelers from Russia, the world’s fastest growing outbound tourist market. According to the World Tourism & Travel Council, Russia is well placed to become one of the world’s travel and tourism powerhouses by 2016.

SriLankan is also largest carrier into Maldives, which is another firm favourite among Russian travelers. SriLankan operates six flights per day into Male, which is just over an hour’s flying time from Colombo. The new service would also be useful for the significant number of Sri Lankans studying in Russian universities.h

Sri Lanka unveils logo for 'Commonwealth Games 2018 Hambantota

2011-04-18T13:18:00.000-07:00

Sri Lanka President Mahinda Rajapaksa launched the official logo for country’s bid for 'Commonwealth Games 2018 Hambantota' at a grand ceremony held at Temple Trees last evening (January 31, 2011).
President Mahinda Rajapaksa unveiled the logo while Minister of Sports Mahindananda Aluthgamage, Minister Dilan Perera, Commonwealth Games 2018 Hambantota Organising Committee Co-Chairman and the Governor of Central Bank Ajith Nivad Cabraal, President of Commonwealth Games Association & National Olympic Committee Hemasiri Fernando, Chairman of the Tharunyata Hetak Movement Namal Rajapaksa MP, parliamentarians and other distinguished invitees were also present.
President Rajapaksa is much determined to win the bid for Hambantota to host the 2018 Commonwealth Games and has commissioned several vital infrastructure projects in line with it.

Sri Lanka’s tourism boom will not impact Maldives

2011-01-18T23:50:00.001-08:00

COLOMBO, January 19 (HNS) – Sri Lanka’s tourism industry which was once battered due to a long drawn civil war, which ended in May 2009, has once again begun to pick up with the island nation giving way to large scale investment projects focusing on promoting tourism.

With several major hotel and resort chains such as Indigo, Movenpick and Shangri-La taking steps to invest in Sri Lanka, questions have been raised as to whether the current boom in tourism would draw fierce competition between Sri Lanka and its friendly neighbour, Maldives which maintains a thriving tourism industry.

Despite many being under the impression that the current trend in Sri Lanka might threaten the Maldivian tourism sector, several hoteliers in Sri Lanka are of the view that the developments in Sri Lanka would not have much of an impact in Maldives as both countries deal with two different areas of tourism.

Srilal Miththapala, the former President of Tourist Hotels Association of Sri Lanka, and now a Project Director/Consultant at the Ceylon Chamber of Commerce said that Sri Lanka and Maldives are two complementary products and not competitive products.

“It is a misconception to think that Sri Lanka and Maldives will be competing in the tourism industry as both countries offer different products. The Maldives islands and beaches are unique and it draws tourists who like that kind of an environment and in Sri Lanka we cater to a different genre of tourists,” he said.

“Even though both Sri Lanka and Maldives offers beautiful beaches they are both different in so many ways. Therefore the growth and development in Sri Lankan tourism could not have an impact in the Maldivian tourism sector,” he said.

The President of the Colombo City Hotelier’s Association, Shanthi Kumar said that Maldives has their own market and the boom in tourism in Sri Lanka will not affect Maldives due to both countries specialising in different areas of tourism.

“Sri Lanka offers cultural, eco-tourism as well as coastal tourism. There might be times where there is competition between the two countries to attract tourists who go to the coastal area in Sri Lanka. But this will not make much of an impact since Maldives has their own brand to offer. Many tourists who go to Maldives look for an experience that they cannot get in Sri Lanka,” he said.

“Sri Lanka and Maldives are two different holiday destinations that cater to different types of tourists. Maldives cannot offer what Sri Lanka has and the same goes to Sri Lanka. That is the main reason why there wouldn’t be competition between the two countries in the tourism industry,” Siri De Silva, the President of the Association of Small & Medium Enterprises Tourism said.

“Maldives is a place where tourists go to relax, enjoy the blue murky water, go diving and enjoy the aquatic life the islands have to offer. In Sri Lanka the beaches are very different to Maldives. In most cases, tourists spend a few days in Maldives and then they visit Sri Lanka because it has many different things to offer. This has been the situation in the past and with the present development projects coming up in Sri Lanka there is no way the Maldivian tourism industry could get affected,” he said.

“I think the Sri Lankan government and the Maldivian government should work together to promote tourism in both countries. This will be very beneficial for both countries and will strengthen the tourism industry in the region,” he said.

Recently the Sri Lankan government signed an agreement with the Hong Kong-based Shangri-La Asia Limited that announced its acquisition of six acres of government land facing the Galle Face green promenade, a prominent landmark in Colombo to build a luxury hotel complex.

The company announced that the planned development will be a multi-use complex with high-end retail facilities, deluxe apartments and a 500 room luxury hotel to open in early 2014.

The Shangri-La group is also making plans to develop a second property, a 300-key city resort on approximately 100 acres of land in Hambanthota, on the southern coast of Sri Lanka, to open in 2013.

Alongside the Shangri-La hotel project the Sri Lankan government is now making plans to build a mini-city by reclaiming land from the sea next to the Galle Face green in Colombo. They propose to dredge 500 acres from the sea and build the city between the Galle Face Green and the Colombo port.

The city which will be one-third the size of Male will be the first of its kind in Sri Lanka and will also be a commercial hub with twin- towers with around 40 floors, each overlooking the sea and the city.

Sri Lanka is also making arrangements to build a proposed Formula One race track in Hambanthota in order to host F-1 races in Sri Lanka. Building an F-1 circuit is expected to further increase the inflow of tourists into the country which has shot up since the end of the war.

With the current development in the tourism sector in Sri Lanka, several tour operators are looking at the option of diversifying their operations by providing packages where tourists will be able to visit both Maldives and Sri Lanka.

Currently several Maldivian investors that operate luxury resorts and villas are looking into the option of investing in Sri Lanka in order to work out such packages.

Dr. Nalaka Godahewa, the Chairman of Sri Lanka tourism told Haveeru Daily that he has discussed the matter with tour operators to bring about a combined package which will allow tourists to visit both Sri Lanka and Maldives.

“I have spoken to those involved in the industry in Sri Lanka to look into this aspect as it would be favourable for both countries. In my view it will be helpful for Maldivian hotels and Sri Lankan hotels to work together to provide a combined tour package. I don’t see any competition between the two countries as they offer two different products. This could be beneficial in attracting more tourists to Maldives and Sri Lanka if a combined package system is adopted by most hotels and tour operators in both countries,” he said.

Sri Lanka, which had a tourism growth of 46 percent last year in contrast to 2009, is expected to further rise this year.

Online visa scheme programme for Sri Lanka

2011-01-03T17:30:00.000-08:00

Sri Lanka Tourism Development Authority Chairman Nalaka Godahewa said the Immigration Department has already completed the online visa scheme programme through the web and a pilot run off will be initiated to test the system.
"A minimum of three months will be needed to test the system. However no changes will be made to the prevailing in the country when obtaining visa till the Immigration Department is satisfied with the outcome and effectiveness of the online system", he said.
"The suggestion was made last year to implement an online visa scheme for tourists to promote the tourism industry in the country. Most of them have to go to embassies and collect the requirements in obtaining a visa", he added. Visitors to Sri Lanka from Singapore and the Maldives, which grant Sri Lankan passport holders landing permits on arrival, would be reciprocally exempted from having to obtain a visa before reaching the island.
Sri Lanka currently issues foreign tourists a 30-day visa on arrival since the 1970s as part of tourism promotion.
The tourism industry in Sri Lanka is showing rapid growth since the end of terrorism in May 2009, and the country has been ranked as one of the most popular destinations for tourists in 2010. In the year 2010 more than 620,000 tourists have visited the country and seen a 50 per cent increase in foreign visitor arrivals since May last year.
Sri Lanka hopes to attract over 700,000 tourists in the New Year. The Tourism authorities have launched a campaign announcing "2011 - Visit Sri Lanka Year", he said.

The Colombo Stock Market (CSE) becomes the best in Asia

2010-12-31T23:58:00.000-08:00

The Colombo Stock Market (CSE) has become the Asia’s best Stock Market in 2010 with a surge of 96 percent while Indonesia that rose a 46.1 per cent becoming a distant second, the Economic Times reported.

The CSE’s main share index rose 21.74 points to 6,635.87. It has fallen 7.9 per cent since it hit an all-time high of 7,207.75 on Oct. 4 on year-end settlements, profit taking, and liquidity shortage.

“We will not see a similar surge next year, but we will see high activities with over 60 firms in line for listing,” said Danushka Samarasinghe, director at TKS Securities . “We expect 60 per cent rise with better earnings in 2011.”

The year saw a net foreign outflow of 26.4 billion rupees from the bourse, more than twice of last year's net selling of 11.4 billion rupees. On Friday, offshore investors sold a net 15.9 million rupees. The daily average turnover for 2010 was at a record 2.4 billion rupees, more than four times higher than the previous all-time high of last year's 593.6 million rupees. Friday's turnover was 1.3 billion rupees ($11.8 million).

Sri Lanka’s rupee ended flat at 110.94/96 a dollar in sluggish trade, currency dealers said. It has risen 3.06 per cent so far this year.

Sri Lanka third highest investor in Bangladesh

2010-12-31T05:15:00.000-08:00

Lanka third highest investor in Bangladesh

Sri Lanka is the third largest source of Foreign Direct Investment in Bangladesh, said Bangladeshi High Commissioner Mahbubuzzamam.

Bangladesh High Commissioner for Sri Lanka Mahbubuzzamam expressed this sentiment when he met Prime Minister D.M. Jayaratne at the Prime Minister's Office. They discussed matters pertaining to mutual relations between the two countries.

During the discussion Bangladeshi High Commissioner Mahbubuzzamam said Sri Lanka is the third largest source of Foreign Direct Investments (FDI) for Bangladesh following USA and South Korea. He said, "Sri Lankan investors are mainly focused on producing leather products, garments and chemicals by investing in Bangladesh and many other projects which are implemented by Lankan entrepreneurs." He also mentioned that trade between Sri Lanka and Bangladesh is not very large and therefore there is huge potential in the future for the two countries to expand its trading activities.

"Trade between the two countries accounts to nearly $19 million, which is not very significant", he said. In addition he mentioned that many Sri Lankan students show great interest in following academic courses at Bangladeshi Medical Colleges.

The Ambassador further stated that there are more than 2, 000 Sri Lankan nationals working in Bangladesh mainly in the garments business.

Also nearly 400 visas are issued per month for Sri Lankans granting approval to enter Bangladesh.

Prime Minister D. M Jayaratne in reply said, "Sri Lanka has now stepped into a new path of development and the government of Sri Lanka appreciates the partnership of Bangladesh in this process". He also stated that it is a pleasure to continue a healthy relationship with Bangladesh especially because it is a member of the SAARC association.

Tourism

2010-12-31T04:56:00.000-08:00

Citrus Leisure announces plan to build four star resort in Kalpitiya

Citrus Leisure PLC, formerly Hotel Reefcomber PLC, has announced that it will build a four star resort in Kalpitiya following the acquisition of 78 acres of land identified as “Santhoduwa-Kalpitiya”. The total investment in the land amounted to Rs. 122.18 million while the acquisition is the company’s second following a change in management earlier this year.

The proposed resort will comprise of 150 rooms and 28 water front villas. The 28 water front villas will be built facing a 50meter-wide waterway which cuts through the land and connects at the end to the sea. These exclusive water villas will have individual gondolas providing the occupants access to the sea. In a unique proposition, the villas will be made available to local and foreign high net worth individuals on the basis of a 99-year lease.

“Our decision to enter Kalpitiya is a strategic one that considers the area’s vast untapped potential to become a tourist hotspot. Kalpitiya is one of the zones being targeted in the government’s new vision for tourism and Citrus Leisure PLC is excited to be a flagbearer in the emergence of Destination Kalpitiya”, Chairman of Citrus Leisure PLC, Prema Cooray said.

The purchase of the “Santhoduwa-Kalpitiya” land is the company’s second major acquisition following its purchase of a 7.2 acre beach property in Waskaduwa, where construction will begin in early 2011 on a 150 roomed 4-star property.

Esna Villas to build luxury boutique hotel in Nilaveli

Esna Villas, a company fully owned by Esna Holdings, has invested in a beach property on Nilaveli beach, Trincomalee, with a beach frontage of 144 feet.

This project, which is valued at US$ 1 million, is the company’s first foray into the leisure sector. The company plans to set up an ‘all suite’ boutique hotel on the property with construction already in progress.
Chairman of Esna Holdings Eshana De Silva observed that this project included a ‘Presidential Villa,’ which has a private swimming pool with all the luxury amenities of a five-star property.
“We are very excited as this would be the only project of this kind in Trincomalee,” he added.
Sri Lanka has seen a massive influx of tourists after the much-anticipated post-war tourism boom.
Esna Villas plans to set up similar boutique hotels in other prime tourist locations around the island, with there being little doubt that projects such as these are vital in post-war Sri Lanka.

Why Mongolia and Sri Lanka are top of the stock markets

2010-12-28T03:00:00.000-08:00

If you had invested in a tracker fund at the start of the year, which of the world's stock markets would have done the most for your pound? China, or somewhere nearby? How about one of the resource-rich economies of Latin America, growing fat on the commodities boom? The answer is none of the above (and you would have lost money in China, where the rather overheated stock market went into a sharp reverse). No, the winner of this year's stock-market crown is the Mongolian Stock Exchange in Ulan Bator, although resources are largely the reason for its victory. Opened in 1991, the world's smallest stock exchange by market capitalisation has gained a stunning 187 per cent so far this year (in sterling terms), and a still impressive 136 per cent when measured in the local currency, the tugrik.

However, actually investing a pound there is something of a challenge. According to data from Bloomberg, this year's best-performing stock market, to which you could more easily gain some exposure, has been that of Sri Lanka. Had you invested a pound in the Colombo market at the start of the year, your money would have turned into £2.07 at the close of last week. Investors in the local currency, the Sri Lankan rupee, saw their money increase by 92.3 per cent.

How has the island nation pulled it off? Well, an end to years of strife between the country's government and the independence-seeking Tamils in the north and east has helped. In May 2009 government forces crushed separatist rebels, bringing to a close four decades of ethnic tensions that the United Nations says may have cost up to 100,000 lives.

Although the aftermath of the war was messy, and the island still has many issues to deal with, the stock exchange in Colombo immediately benefited, rising 128 per cent in 2009 as investors poured in. And this year it put in a repeat performance. A booming IT sector – the London Stock Exchange (LSE) is a prominent investor, having bought the Sri Lankan technology company MilleniumIT in September last year – and its proximity to booming South-east Asian economies such as India and China, have provided a lot of the impetus, as have government privatisations and a rash of other flotations.

"We have between 60 and 75 initial public offerings lined up for next year. That includes five state entities and 35 finance companies," said Malik Cader, director-general of the Sri Lankan Securities and Exchange Commission, earlier this month. Xavier Rolet, the chief executive of the LSE, also talks enthusiastically about what he has bought. War is supposed to be good for business. Peace is much better, but a bit of democracy wouldn't go amiss; just think how high the country could fly then.

Other than Sri Lanka, the resource-rich economies of Latin America came heavily into play among this year's top-performing markets. Peru and Chile were stars, Argentina, one of the continent's two heavyweights alongside Brazil, also did well, as did Colombia. That has to be put in context: there is an element of bounce-back after the dark years of the recession. All the same, putting a pound into tracking these markets at the start of the year would have produced a more-than-healthy return.

Bill Dinning, head of strategy at Aegon Asset Management, says: "These markets are very much resource plays. We've seen a boom in the prices of industrial metals, and precious metals have also done very well. And there is some support for it still. The outlook for economic growth in 2011 has improved, in the US, in Germany and even here.

"I think we are still playing that game and that will sustain parts of the commodity complex that fuels the markets of these countries. The one thing to watch for is whether the energy complex joins in the bull market. Gasoline is up 10 per cent this year and crude oil has averaged the second-highest price since 2008. That would actually be a worry and a break on growth."

Two other stellar performers, the Thai and Indonesian stock markets, both play into the Asian economic boom, which has continued despite the weakness of Europe and the US, driven by China.

Thailand has not been without its challenges, not least the continuing political instability which led to protests earlier this year. But concerns that this could derail the economy's recovery have proved unfounded. Consumer spending has been on the rise, export growth is strong, and one of the factors that could hamper this – inflation – has remained relatively low.

Elections are expected to be held towards the end of next year, and a repeat of the recent unrest cannot be ruled out, but fund managers say Thailand's equity markets remain cheap and should continue to perform strongly throughout 2011. A word to the wise: peace is good for business. Just look at Sri Lanka.

Robert Quinn, the chief European equity strategist at S&P Equity Research, explains the attraction of the emerging markets, whose stock exchanges have done so well. He said: "We've seen a real acceleration of the global industrial cycle in the latter parts of this year. A lot of money has come out of equities in developed countries and towards emerging markets, which offer a better risk-return profile than other assets at the moment."

One of the important factors to consider when looking at markets is currency – if you look at how markets performed in terms of local currency, as opposed to how they would have performed if you had invested a pound, you get different results. The euro-denominated market in Estonia, for example, has performed exceptionally strongly: it is up 72 per cent in local currency terms. However, in sterling, it has produced a slightly less impressive 65 per cent rise. This is because of the euro's weakness against the pound (and just about every other currency). Elsewhere, sterling's weakness helps inflate returns.

Mr Quinn says: "As for the Baltic states such as Lithuania and Estonia, they took a lot of the adjustment in wages and public spending early, when compared to their counterparts in some of the other weaker Eurozone states on the periphery. Of course, Ireland took an early hit, too. The problem there was that it didn't sort out its banks."

Jerome Booth, head of research and co-founder of fund manager Ashmore Investment Management, says of the markets: "Emerging markets generally should be trading at a premium to the developed world. Inflation, not deflationary pressures, is the main risk, but it is controllable. You have very strongly growing economies without the downside risk of the developed world.

"South-south trade and investment has taken off," Mr Booth continues. "Central banks have started to buy each other's reserves so they are weaning themselves off the old system. There is vibrant growth in investing and demand. This is where you find the bulk of land, people, energy consumption and production. Not to invest in these places is bizarre, particularly when the big risks are at home."

The island of Sri Lanka has accommodation to suit almost any taste and budget.

2010-12-25T11:39:00.000-08:00

Boutique Hotels are a recent trend in Sri Lanka. Usually with just 3-15 rooms, they offer a quietness and privacy that is hard to find in larger hotels. Every Boutique Hotel has its own unique style and its smaller size means more personalized service. Ideal for an intimate get-away with someone special, Boutique Hotels are known for their atmosphere of tranquillity and romance. More expensive than your average hotel, boutique hotels have a magical charm not easily forgotten.

Hotels usually have at least 50 rooms, but larger hotels can have up to 500 rooms and suites. Hotels can be found to suit any budget in Sri Lanka, and are ideal for families or large groups because of their many facilities and activities. Sri Lanka has quite a few 'Colonial' style hotels that are usually Colonial Mansions transformed into luxurious hotels, yet preserving their former grandeur and character.

Bungalows are small homes that were once Colonial properties but have since been renovated for modern use. Bungalows in the hill country were originally built as holiday cottages for British tea-planters, and many have been re-furbished to be luxurious and comfortable. Bungalows most often have their own kitchens and some even come complete with maid and cook. They are ideal for couples looking for privacy and romance, or even families and smaller groups. Although Bungalows don't have all the facilities of a large hotel, they are a cost-effective alternative for larger groups.

A villa is very similar to a Bungalow, though some may have more rooms. They are usually luxury residences, built to satisfy all the creature comforts of a guest. In the same way that smaller homes in the hill country are usually called 'Bungalows,' summer homes on the island's coast are usually called 'Villas.' Private Villas are usually rented out to guests as a complete house and come with well-equipped kitchens. Villas are very versatile in their pricing, and they are a great option for couples, families and large groups.

5 STAR HOTELS - LISTING

Cinnamon Grand - Colombo
Ceylon Continental Hotel - Colombo
Taj Samudra Hotel - Colombo
Cinnamon Lakeside - Colombo
Hilton Hotel - Colombo
Earl's Regency - Kandy
Eden Resort & Spa - Beruwala
Galadari Hotel - Colombo
Heritance - Ahungalla
Heritance - Kandalama
Hilton Colombo Residence - Colombo
Mahaweli Reach Hotel - Kandy
The Elephant Corridor - Sigiriya
The Blue Water - Wadduwa
Saman Villa - Bentota
Vivanta by Taj Bentota - Bentota

Sri Lanka ranks among the leading emerging offshore locations by Gartner - SLASSCOM

2010-12-24T07:24:00.000-08:00

Gartner delivers technology research to global technology business leaders to make informed decisions on key initiatives. Gartner, Inc. has identified the Top 30 countries for globally sourced activities in 2010-2011, each one rated according to 10 criteria*, and found that eight new countries have made their debut in the Top 30. Many organizations that choose to move IT services to lower-cost countries are daunted by the task of determining which country or countries would best host their operations.

“This year the Top 30 countries are exclusively emerging nations,” said Ian Marriott, research vice president at Gartner.” As the pace of change is slower in developed countries we have chosen to focus on those locations that are still maturing and developing, domestically and internationally.”

Nine countries from Asia/Pacific were represented in the 30 leading countries, compared with 10 in previous years.

Gartner’s Top 30 locations for offshore services in 2010 in Asia are (in alphabetical order) Bangladesh, China, India, Indonesia, Malaysia, the Philippines, Sri Lanka, Thailand and Vietnam.

“Gartner’s inclusion of Sri Lanka on the Top 30 clearly outlined the potential of Sri Lankan IT/BPO industry. We are pleased to note Sri Lanka is ranked among the top emerging counties for outsourcing by Gartner.” said Dinesh Saparamadu, Chairman of SLASSCOM.

“Our focus is to build the industry to become 1 billion US dollar export industry by 2015 from our current position of $ 390 million. We need to continue to focus on building market awareness, driving capacity expansions and making our incentives and national policy framework globally competitive. We have built a strong foundation and a productive partnership with the government to drive the growth of the industry. “ Saparamadu added.

In the past 12 months, Gartner has seen considerable efforts from many countries to consolidate or grow their positions as leading locations for offshore services. Emerging nations have placed significant emphasis on IT and business process services providing a vehicle for their economic growth, as many potential trading partners are moving from recession to tentative growth. The result of this is that eight new countries have moved into the Top 30 — five for the first time - Bangladesh, Bulgaria, Colombia, Mauritius and Peru — along with three re-entrants - Panama, Sri Lanka and Turkey.

Sri Lankan Association for Software and Services Companies (SLASSCOM) acts as the catalyst of growth for the Sri Lankan IT and BPO industry by facilitating trade and business, propagation of education and employment, encouragement of research and innovation, and by supporting the creation of a progressive national policy framework.

Largest port in South Asia

2010-12-23T09:06:00.000-08:00

The Port of Hambantota is a maritime port currently under construction in Hambantota, Sri Lanka. The first phase of the port was opened on 18 November 2010, with the first ceremonial berthing of the naval ship "Jetliner" to use the port facilities. Hambantota Port is built inland and operated by the Sri Lanka Ports Authority.

Construction of the port began in January 2008. It will be Sri Lanka’s largest port, after the Port of Colombo. The Port of Hambantota will service ships traveling along one of world's most busiest shipping lines - the east west shipping route which passes six to ten nautical miles (19 km) south of Hambantota. The first phase of the port project will provide bunkering, ship repair, ship building, and crew changes facilities.Later phases will raise capacity of the port up to 20 million TEUs per year. When completed, the port will be the biggest port constructed on land to date in the 21st century.

The construction of the Port of Hambantota is part of a larger development project centered around the Hambantota District. Apart of the port, the project consists of the construction of an international airport, a highway, a railway, an oil refinery and related facilities.The new airport will initially handle cargo related to the port, with plans for later expansion. Related to the project, a 500-acre (2.0 km²) Safari Park is being constructed in Ridiyagama,Ambalantota scheduled to be open in 2011. An international cricket stadium is also under construction in the area, and will host two fixtures at the upcoming 2011 World Cup.

The projects have resulted in Hambantota, one of the underprivileged districts in Sri Lanka, becoming the fastest developing region in the island.

Natural beauty of sri lanka

2010-12-22T17:59:00.000-08:00

American Interest

2010-12-22T16:10:00.000-08:00

Sri Lanka gives half of billion dollar bond to US investors

Sept 28, 2010 (LBO) - Sri Lanka has allocated investors in the United States 52.5 percent of its billion US dollar bond, which was issued at 6.25 percent but was trading at a slightly lower rate.

The island's 30-year ethnic war ended in May 2009, resulting in an economic recovery with growth forecast at between 7.5 to 8.0 percent for 2010.
Orders were received from 362 investors globally with 25 percent of the bonds being allocated to investors in Europe, and 22.5 percent to investors in Asia.
By investor type, 85 percent of the bonds were allocated to fund and asset managers and the balance to pension funds, insurance companies and banks, the central bank said.
The current coupon rate of 6.25 percent for the 10-year sovereign bond is significantly lower than the cost of borrowings as compared to the previous two international offerings in 2009 and 2007, it said.

"The government will use the proceeds from the bond issue to finance its current infrastructure and to restructure a part of the existing debt stock of the government to improve overall public debt management."

High quality top of the line clothing store in colombo , Sri Lanka

2010-12-22T05:38:00.000-08:00

Sri Lanka's garment manufacturing industry is one of the biggest and best in the world, supplying branded high street fashion to clothing stores here and abroad.

With the liberalization of Sri Lanka's economy in 1977, the one industry that benefited instantly from the Government's move was the country's garment manufacturing industry. According to a study made by Saman Kelegama, author of "Ready-Made Garment Industry in Sri Lanka: Preparing to Face the Global Challenges," Asia-Pacific Trade and Investment Review (April 2005), "The export-led expansion of the industry led to the replacement of tea by garments as the nation's largest foreign exchange earner." It has also become one of the main sources of income for women in the rural areas, where the factories are located, "under the so-called 200 Garment Factory Programme (GFP)" launched by the Government.

Though a big bulk of all manufactured products, such as women's and children's apparel, men's or boys' suits, winter wear and lingerie are scooped up by foreign buyers from Europe and the United States of America, the local clientele still get to enjoy high-quality clothes and accessories carefully selected for the local market.

Here is a list of clothing stores and malls where budget- and fashion-conscious shoppers may go to take their picks from export-quality women's, men's and children's wear, for less than US$ 10 or higher, depending on one's choices.

House of Fashion for Affordable Ready-to-Wear Clothes
Mondy for Classy Casualwear and Branded Shoewear
Odel, Sri Lanka's Topmost Fashion Store
Hameedia Mens Fashion
Sri Lanka's Biggest Fashion Chain NOLIMIT Fashion Store
Romafour for Special Occasion Clothes
Colombo Malls: Crescat Boulevard, Majestic City (MC), Liberty Plaza
Clothes Stores in Pelawatte, Battaramulla: Cool Planet, Shades, High Casual, JD Fashions

McDonalds vs McCurrie

2010-12-21T15:39:00.000-08:00

Lanka Spice Limited, a Sri Lankan-based spice firm has successfully registered its trademark 'McCurrie' over objection of McDonalds, a US-based fast food chain, a media report said.

Lanka Spice has been in the market since 1982 and a well known brand. The report quoted Lanka Spice chairman Nalin Pathikirikorale as saying that the word Mc was coined by the firm because its factory was located at a place called Makumbura.
Bu the Illinoise, USA based McDonalds had objected the use of the trade mark under intellectual property law.
Following an inquiry a ruling has been given by the intellectual property office that the fast food chain, which is engaged in a restaurant business, did not suffer damage from the 'Mc' prefix by the spice firm which sells raw spices in jars and sachets, the newspaper said.

The Sunday Times newspaper said the Sri Lanka firm will soon introduce a series of curry bases developed by the Singapore Institute of Scientific Research to the island.

The New York Times recently Ranked Sri Lanka as No 1 of the 31 places to visit in 2010 (www.nytimes.com)

2010-12-21T04:36:00.000-08:00

According to the Newspaper, it says "Elephants roam freely, water buffaloes idle in paddy fields and monkeys swing from trees. And then there’s the pristine coastline. The miles of sugary white sand flanked
by bamboo groves that were off-limits to most visitors until recently..."

Secretary to the Ministry of Tourism George Michael said the number of tourist arrivals has risen by 30 per cent in January as against the same month last year.

According to George Michael, there is a marked increase in the number of tourists arriving from European countries such as the United Kingdom, Germany, France and Italy.

He said the tourism industry is showing such an increase after a lapse of ten years and the key contributing factor to this growth is the peaceful environment that has been created in the country following the end of a 30-year long conflict.

He added that due to this increase in tourist arrivals, suitable lodging facilities available in many areas including Colombo have got filled to capacity.

There was also an increase in the number of Asian tourists arriving from countries such as Japan, India and Malaysia, he observed.

Statistics have revealed that in January alone, 50,757 tourists visited the country which is a healthy improvement compared to only 447,890 tourists who visited the country during the whole of last year.

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British Royal engagement ring with Sri Lankan gem

2010-12-20T18:54:00.000-08:00

The most talked about ring in the world today is the one that Prince William gave Kate Middleton on their engagement. That 12-carat oval blue sapphire on the ring, which raised speculation as to its origin, was Sri Lanka’s contribution to the grandeur of Britain’s Royal Heirloom.
The ring was the same one that William’s father, Prince Charles, gave Lady Diana Spencer on their engagement in 1981.

The UK Daily Mail of Nov 17, reported that the gem on Princess Diana’s ring was a ‘Ceylon sapphire’. Other sources including National Geographic, have reported that this gem is from Sri Lanka.
The blue sapphire is surrounded by a cluster of 14 solitaire diamonds set on 18-carat white gold. It had been valued at 250,000 pounds sterling prior to the death of Diana, the Princess of Wales in 1997. (Island)

As a sporting nation

2010-12-20T08:10:00.000-08:00

Sri Lanka will co-host the 2011 Cricket World cup along with India and Bangladesh after pakistan who lost the accredtation because of terror threats by ICC. The Sri Lanka Cricket (the country’s Cricket board) has suggested that matches will be played at Colombo’s Premadasa Stadium as well as two new stadiums in Hambantota and Pallekelle.

‘Appu’ the mascot was unveiled recently in Colombo. Our new elephant friend actually made his debut in the 1982 Asian games and returns in a new guise here. Sri Lankan fans will be hoping their current batch of stars can recapture the glory of 1996 when they won the tournament which they co-hosted with Pakistan.

However, travelling from Colombo to Hambantota is a route that would enable you to take in many of the island’s coutry's best hotels and beaches . Pallekelle is located close to Kandy so will make it possible to combine watching cricket with a range of other exciting options and places to stay.

SriLankan Airlines as a worldclass air line

2010-12-20T03:15:00.000-08:00

SriLankan Airlines, the National Airline of Sri Lanka, is an award winning carrier with a firm reputation as a global leader in service, comfort, safety, reliability, and punctuality.
Launched in 1979, SriLankan is currently expanding and further diversifying its wide range of products and services in order to drive the country's ongoing boom in tourism and economic development.
The airline's hub is located at Bandaranaike International Airport in Colombo, providing convenient connections to its global route network of 49 destinations in 31 countries in Europe, the Middle East, South Asia, Southeast Asia, the Far East, North America and Australia.

SriLankan Airlines is keeping its promise to the country's tourism industry by expanding capacity throughout much of its route network starting this month in Europe, the Middle East, the Subcontinent, Southeast Asia and the Far East.

Sri Lanka transitions towards a middle-income country

2010-12-20T03:10:00.000-08:00

World Bank Managing Director Ngozi Okonjo-Iweala, who held talks with Rajapaksa, pledged increased support for the government of Sri lanka.

She futherly mentiioned “strong and expanding support to Sri Lanka as it transitions towards a middle-income country in lasting peace,” .

At the end of her two-day visit here last night, Okonjo-Iweala said that Sri Lanka sought USD 500 million in financial assistance in 2011, even though the country is yet to finalise the projects to be funded with that money.

She said Sri Lanka will be able to draw up to USD 465 million next year as the island nation was now eligible for commercial loans through the IBRD - International Bank for Reconstruction and Development - an arm of the World Bank.

“Now we are opening up access to more commercial, harder-term IBRD funds of about 230 to 265 million dollars a year. We will be doubling access,” she said. “We will be approaching 405 to 465 million dollars a year in 2011.”

Sri Lanka will be entitled to draw from the Bank’’s concessionary arm -- the IDA, International Development Association -- for about three more years, Okonjo-Iweala said.

“Sri Lanka will be able to have a combination of IDA and IBRD loans,” she said, adding that the Bank’’s total credit to the country could reach USD 465 million in 2011, up from under USD 200 million.

She said the World Bank funding could complement the bilateral loans Sri Lanka negotiates with China and India as well as others. “This shows Sri Lanka’s credit worthiness.”

“I think Sri Lanka needs to be congratulated on managing good progress on the economic front and also trying to move ahead after the conflict,” she said. “We see peace. Build on it.”

“We think near term economic prospects are good. Economy is growing about 7.0 per cent. We think the (2011) budget is a credible budget,” Okonjo-Iweala said, adding that the government must ensure equitable growth to sustain peace.

Sri Lanka’s economy is set to grow by a strong nine per cent in 2011, up from eight per cent this year and 3.5 percent in 2009 when government forces were locked in a final battle with the LTTE.

The Wonder of Asia

2010-12-19T14:46:00.000-08:00

Sri Lanka has attained an economic growth of eight percent in the third quarter which is the second highest growth rate to be recorded in a single quarter, Economic Development Minister Basil Rajapaksa said.
He said this referring to figures issued by the Department of Statistics while commenting on the ‘economic progress in the third quarter in 2010’.
The Minister said that during the past three decades, Sri Lanka did not have a proper vision or a definite mechanism to uplift the economy.
The country is on the right track towards development for the first time, he said.
“Last year the economic growth rate was restricted to 3.5 percent. This year we gained a 7.6 percent and 8.5 percent growth rate in the first and second quarters,” he said.
The annual growth rate exceeds what we planned at the beginning of the year which was 6.5 percent. From the achievements we have had until now, it is clear that we are capable of reaching an annual growth nearing eight percent,” he added.
The agricultural sector has increased to 6.2 percent while the industrial sector has shown a growth of 8.8 percent and the services sector by eight percent which clearly depicts the widespread economic development in all sectors of the country.
The cultivation of paddy has reached full capacity. The production output has risen. Investments are increasing while tourism recorded the highest number of visitors.
The foundation has been laid for making Sri Lanka the miracle of Asia, Minister Rajapaksa said.
The Minister also explained that the Government initiated most development projects at the concluding stages. A massive number of projects such as ports, aviation, irrigation, electricity and highways would be vested in the public in 2011.
“Accordingly in 2011 local and foreign investments would go up which would help the country reach a maximum growth and our aim is to sustain it continuously,” he said.