FACETS expects record SMEs

FACETS 2013 to attract larger crowds this year

Over 50 Small and Medium Eenterprises (SMESs) will take part in FACETS Sri Lanka 2013, the international gem and jewelry exhibition, according to the organizing committee. Organized by the Sri Lanka Gem and Jewelery Association (SLGJA), this year’s event held for its 23rd year, will be held from August 29 to September 1 at the Sirimavo Bandaranaike Memorial Exhibition Center.

FACETS 2013 not only provides ample opportunity for local businesses to showcase their capabilities to participating delegation from around the world, but also creates strong networking, knowledge sharing and skill enhancing opportunities for the SME sector enterprises. Local manufacturers will be able to acquire knowledge on technology, process, best practices and the importance of maintaining industry quality standards right throughout the event.

Fruit and vegetable exports record 21% growth

Sunday Observer - 18/08/2013
By Lalin Fernandopulle

Fresh fruit and vegetable exports recorded a 21.8% growth in the first six months of this year, said International Foodstuff Group of Companies, Chairman and a member of the Advisory Committee of the Export Development Board, Sarath de Silva.

He said that the fresh fruit and vegetable sector recorded this growth despite a slump in exports of other commodities. Export revenue has been declining since last year with a revenue drop of 6.8 percent in April this year according to the Central Bank. Export decline has been attributed to the low global demand for commodities.

New regulations likely to boost Sri Lankan apparel exports

Fibre2fashion.com - 08/08/2013

Sri Lanka’s apparel sector is likely to benefit from the new regulations issued by the Finance Ministry of the country.

The regulations cited as the Finance Act - Commercial Hub Regulation (CHR) No. 1 of 2013, will be applicable on all new established enterprises in the country.

Under the regulation, any new enterprise which is established or incorporated in Sri Lanka, where at least 65 percent of its total investment has been from foreign sources, shall be exempted from the application of Provisions of the Customs Ordinance (Chapter 235), the Exchange Control Act (Chapter 423), the Imports and Exports (Control) Act, No. 1 of 1969, and acts referred to in schedule of the Principle Act as amended by the Finance Act, No.12 of 2013.

Third global Potash power switches Lanka’s agro-automotive ignition!

Asian Tribune - 08/08/2013

Rishad Baathiudeen (Minister of Industry and Commerce-second from right) greets the visiting Vitaly Prima (New Delhi based Ambassador of Belarus to Sri Lanka-left) during bilateral trade discussions on 06 August at the Ministry of Industry and Commerce, Colombo.

Belarus, world’s third largest potash power and an industry driven economy with a GDP equal to Sri Lanka, is bullish on Sri Lanka’s trade, B2B and more importantly, in its industries. And Belarus is gearing towards partnering in the kick-start of Sri Lanka’s crucial agro-automotive industry.

“46% of our GDP is industries! We have carefully studied about Sri Lanka’s economic and industrial zones and please tell us more about your 26 industrial zones that aroused our interest!” declared an eager (HE) Vitaly Prima (the New Delhi based Ambassador of Belarus to Sri Lanka) on 06 August in Colombo.

Prima, who is currently leading a 14 member trade and business delegation to Sri Lanka, was addressing Rishad Bathiudeen (Minister of Industry and Commerce of Sri Lanka) at Minister Bathiudeen’s Industry and Commerce Ministry on 06 August during his delegation’s meeting with Minister Bathiudeen.

Committee to boost trade, investment with France

Lanka Business Today - 06-08/2013

The Sri Lanka – France Business Council (SLFBC) which functions under the aegis of the Ceylon Chamber of Commerce held its 9th Annual General Meeting at the Ceylon Chamber of Commerce recently. The Council was inaugurated on February 4, 2004 with a primary objective of promoting trade, investment, tourism and services between Sri Lanka and France and to promote mutual understanding and strengthen the relationships between Sri Lanka and France.

Christine Robichon, Ambassador of France and Patron of SLFBC graced the occasion as the chief guest.  Congratulating the newly appointed Committee she underlined that activities such as visit to France early this year demonstrated the usefulness of exchanging business delegations both ways. It was also mentioned that the partnership between the Embassy and Business Council went deeper with the successfully organised Symposium on Urban Development recently and the Embassy will continue to closely work with the Council in the future.

June exports record commendable growth

Sunday Observer - 04/08/2013

By Sanjeevi Jayasuriya

The country’s exports earnings for June recorded commendable growth. However, it is necessary to have the right balance between commodity and cost.

According to provisional Customs data, Sri Lanka is heading in the right direction despite challenges. Exports to our key markets the USA and EU, especially to USA have shown a satisfactory increase in June 2013, Sri Lanka Export Development Board (EDB) Chairman and Chief Executive, Bandula Egodage told Sunday Observer Business. The problems in our key markets indicate that we should focus on diversifying our markets to other regions. The Asian region comprising China and India has registered substantial economic growth, he said. 

Lanka apparel exporters log on live to global Asycuda network

Asian Tribune - 01/08/2013

Rishad Bathiudeen (Minister of Industry and Commerce-centre) and Anura Siriwardena (Secretary, Ministry of Industry & Commerce-right) prepare to launch Sri Lanka’s log on to Asycuda World on 30 July at the Ministry of Industry & Commerce, Colombo.

Sri Lanka’s non-BoI apparel exporters have been now integrated to the crucial global network called Asycuda World (of UNCTAD). And having overcome the global recession, our apparel exports are now back on track-with good news. “Today, Sri Lanka’s apparel sector is entering into a new phase.

As a result of Sri Lanka’s non-BoI apparel manufacturers directly integrating into the online ‘Asycuda World’ system, we have now cleared a major bottleneck in our apparel exports” announced Rishad Bathiudeen, Minister of Industry and Commerce on 30 July in Colombo. Minister Bathiudeen was addressing the implementation event of the Asycuda World export documentation system for non-BoI apparel exporters held 30 July at the Ministry of Industry and Commerce.