Lanka News – Lanka Gazette – Sri Lanka News Portal

Sri Lanka’s contribution to the global GDP is very low compared to its potential. The country can develop in a significant manner, and the main reason against it is the unawareness and low funding towards technology, to increase the contribution. The country should focus on technology development, as today’s industries are facing difficulties with low quality technology there by reducing its profits, says Minister of Science and Technology, Prof. Tissa Vitarana.

He expressed the opinion that to gain development goals it is essential to develop the technology base of the country helping save foreign exchange.

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Sri Lanka has a better opportunity tapping the global green house gas –GHG- compliance markets (or carbon trading) than India, said Sustainability and Business Excellence Group (South Asia) Head, Santhosh Jayaram.

Addressing a presentation titled `Risks and Opportunities from Carbon’ yesterday at the Cinnamon Grand in Colombo, Jayaram said the ratio opportunity between Sri Lanka and India on tapping GHG is 70 to 50 per cent. Continue Reading

The government is serious about restructuring loss making public enterprises and the Treasury has reduced its contributions to current and capital expenditure of these enterprises by 97.65 percent, from Rs. 20,758 million in 2006 to Rs. 486 million last year, the annual report of the Ministry of Finance and Planning says.

As at end 2009, the government held controlling interests in 107 commercial public enterprises. The government has already directly invested directly or indirectly in 52 subsidiary companies and 20 associate companies of public enterprises.

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The emerging Sri Lankan economy will offer many ‘new world’ business opportunities

Shares closed at a new high passing 4,600 points on the benchmark index Monday, pushed up by selected index-heavy blue chips, while retail investors took profits on mid and small-cap stocks, brokers said.

The All Share Price Index closed at 4,612.76, up 51.43 points, while the Milanka index of more liquid stocks rose 1.45 percent (74. 29 points) to close at 5,257.08.

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In a statement released yesterday, Indika De Zoysa, Country Business Manager, Intel EM Limited, Sri Lanka Liaison office said, "Intel welcomes the decision of the Government of Sri Lanka to reduce import duties on electronic goods by approximately 3.5%, thereby bringing down taxes on CPUs. This will result in the reduction of prices of PCs in the local market, which in turn will lead to greater accessibility and affordability of computers for citizens of Sri Lanka.

"The Sri Lankan government has already identified ICT as the key to the island nation’s economic growth. This decision therefore to reduce taxes on computers will further enhance the government’s commitment to extending the benefits of ICT to every Sri Lankan."

Seylan Bank has reached out to the former war-torn area of Kilinochchi with a fully fledged banking unit in order to meet all the banking needs of the people of the area.

The Kilinochchi branch situated at No: 77, 79, Kandy Road, Kilinochchi was declared open by the Governor of the Central Bank, Ajith Nivard Cabraal, on the invitation of Seylan Bank Chairman Eastman Narangoda on June 7.

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As the war ravaged North finds its momentum in increasing development initiatives spearheaded by the government at large, the People’s Bank recently re-commenced the operations of three new branches Paranthan, Killinochchi and Mankulam enabling technology driven banking solutions.

The Governor of the Central Bank Ajith Nivard Cabral, at the invitation of the People’s Bank Chairman, W. Karunajeewa and CEO P.V.Pathirana, was present to officially declare open the new branches on June 07.

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Devan Daniel

The Central Bank is rolling over maturing SLDBs on behalf of the government amounting to US$ 275 million, of which US$ 175 million is of a two year tenure and US$ 100 million for three.

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The United Nations Industrial Development Organization (UNIDO) has commended the Brandix Group’s Platinum-rated Green Apparel Factory at Seeduwa as an example of sustainable production to manufacturers across industries and geographical boundaries.

The endorsement came from no less a personage than the global head of the organization, UNIDO Director General Dr. Kandeh Yumkella, who toured the state-of-the-art facility in the company of senior officials from Brandix and UNIDO last Friday. He was in Sri Lanka to deliver the keynote address at the 9th Asia Pacific Roundtable for Sustainable Consumption and Production.

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