Export To Sri Lanka - Business News

Sri Lanka's economic growth accelerated in the second quarter on higher investment and as the central bank avoided the interest-rate increases that have contributed to a slowdown elsewhere in Asia.

Sri Lanka is well positioned to benefit from the current global rebalancing of power and it could become one of the top places in Asia for investment, Ceylon Asset Management, Economic Advisor and Director Michael Preiss told Daily News Business.

Twelve frontline United States multinational corporates, including Fortune 500 Brands - Boeing and Coca Cola, have written to the US Secretary of State Hilary Rodham Clinton, the US Secretary of Commerce Gary Locke and the US Trade Representative Ron Kirk, paying glowing tributes to the performance of the Sri Lankan economy and asking for a US- Sri Lanka Business Coalition.

The Sri Lankan apparel manufacturing sector, which suffered a setback following the global economic turmoil in 2008, has started luring back overseas buyers, who had shifted their sourcing to other cost-competitive Asian countries.

Minister for Industries and Commerce of Sri Lanka, Rishad Bathiudeen, on Wednesday said his country aims to boost economic, trade and commercial ties with a genuine friend like Pakistan.

Sri Lankan government with a view of winning the bid for 2018 Commonwealth Games host city has appointed top five business figures in the country as Sub-Committees to market Sri Lanka's Hambantota bid globally.

Asking US entrepreneurs to invest in Sri Lanka, the Sri Lankan Minister for International Monetary Cooperation, Mr Sarath Amunugama, has said that this will also help them tap the huge Indian market given a free trade agreement between New Delhi and Colombo.

Nestle Lanka, a unit of Swiss-based Nestle, has invested rupees 560 million in inaugurating an expansion of its Malt Beverages line at their state-of-the-art manufacturing facility in Kurunegala, in central Sri Lanka.

The Government has commenced many large-scale infrastructure projects to upgrade and rebuild the country, said Minister of Industry and Commerce Rishad Bathiudeen to a high-powered US business delegation on Thursday.

Deputy Chairman of Pakistan Senate Jan Muhammad Jamali in an interview with the Daily News said that the Commonwealth Parliamentary Association (CPA) - Asia Region Conference was a useful platform to address regional issues, including challenges posed by climate change and natural disasters. "We must reach out to our partners in CPA and seek common solutions for these challenges,"he said.

Sri Lanka's construction industry and housing market grew strongly in 2001 compared with the year before driven by infrastructure projects, resettlement after a war and increased borrowing.

Iraq welcomes Sri Lanka's cooperation and talented labour force to rebuild the nation, according to a report from Sri Lanka's Daily Star.

The Dubai Chamber of Commerce and Industry's achievement of LEED certification for the first existing commercial building in the region has been lauded by the Sri Lanka Sustainable Energy Authority (SLSEA).

The eighth Round of Talks of the US-Sri Lanka Trade and Investment Framework Agreement (TIFA) Joint Council was held in Colombo on Thursday.

Sri Lanka has signed a $450 million deal with China Merchants Holdings (0144.HK) and local conglomerate Aitken Spence SPEN.CM to boost the Colombo port's cargo-handling capacity, a official said on Tuesday.

The recently concluded business mission to Singapore organized by IE [International Enterprise] Singapore, an agency under Singapore's Ministry of Trade and Industry, tasked to promote international trade and external investment of Singapore, proved to be a success with over 160 large, medium and small scale Singaporean companies meeting with the Sri Lankan delegation, the participating Sri Lankan council said.

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