Trade talks for first TA with surging ‘Nam on the cards

Asian Tribune - 08/08/2014

As YoY bilateral trade jumped by a huge 88%, possibility of a first ever official trade agreement with one of the most discerning Asian suppliers to Sri Lanka has edged closer to reality on 07 August. “Our record exports today at $130 Bn was strongly supported by the seven FTAs that we entered into. An FTA with Sri Lanka can boost bilateral trade specially for Sri Lankan exporters. We should consider at least a Preferential Trade Agreement (PTA)” said an upbeat (HE) Ton Sinh Thanh (the outgoing Ambassador Plenipotentiary & Extraordinary of Viet Nam to Sri Lanka) on 07 June in Colombo.

Ambassador Thanh was addressing Rishad Bathiudeen (Minister of industry and Commerce of Sri Lanka) on 07 August in Colombo during his farewell courtesy call on Minister Bathiudeen. Ambassador Thanh, who served a successful three year stint in Colombo is scheduled for New Delhi next. Joining Minister Bathiudeen on 07 August were RDS Kumararatne (DG-Department of Commerce) and Bandula Egodage (Chairman/CEO-EDB).

“FACETS Sri Lanka” To Sparkle For The 24th Year

FACETS Sri Lanka 2014, the prestigious International Gem and Jewellery Show that showcases hundreds of local and foreign exhibitors, will be held from 4th - 7th September at the Sirimavo Bandaranaike Memorial Exhibition Centre.

This year’s exhibition will comprise over 150 booths with a variety of Gem and Jewellery that include precious and semiprecious gems.

SL, Vietnam two way trade grown by 100 percent

Daily News - 07/08/2014
By Rasika Somarathna

Relations between Vietnam and Sri Lanka are fast developing, and two way trade between the countries has grown by nearly 100 per cent during the last three years, Vietnamese Ambassador to Colombo Ton Sinh Thanh said.

He added, the two-way trade over the past three years has been increasing by around 30 per cent per year, the highest rate among Vietnam trade with other South Asian countries. He made thise revelation at the opening of the first ever Sri Lanka Vietnam business centre in Kelaniya, a venture promoted by the APL Group of Companies. Ambassador Thanh identified the new centre as an important landmark in the economic relations between the two countries. Highlighting the rapid growth of economic relations between the two countries the Ambassador said ; "in the first half of this year our bilateral trade volume reached US $109 million, almost equal to the volume of the whole year 2011. The Ambassador predicted that the total trade volume between the two countries this year will surpass US $200 million.

IT/BPM export projections at $850 mln for 2014 – report

The Sunday Times - 03/08/2014

• IT workforce to reach 82,850 by end 2014
•  IT exports set at $850 million by end 2014; 2022 target – $5 billion
•  63 per cent of the workforce has graduate or post-graduate level qualifications. Bachelor’s    degree standard entry level qualification for recruitment in many job categories
•  Approx. 2.5 million square feet of Grade A leasable office space currently being offered as  commercial office space
•  Additional 765,000 square feet of office space under construction; ready by end 2015
• 6 million square feet of office space in the construction pipeline
•  IT park being built on 17 acres of land at Katunayake

Local IT and business process management (BPM) exports have grown “significantly” from US$213 million in 2007 to an estimated $720 million in 2013 and a projected $850 million in 2014; according to the recently issued “Sri Lankan IT-BPM Industry Review 2014″ report, which was commissioned by private sector body SLASSCOM, and prepared by PriceWaterhouseCoopers Sri Lanka.
Further, the report also added that “(total) employment grew from 33,700 in 2007 to an estimated 75,100 employees in 2013, and the number of companies in the industry grew from 170 in 2007 to over 220 in 2013″. At the same time, the report also projects employment for 2014 as reaching 82,850.

Geographical Indication for Ceylon cinnamon soon

Daily Mirror - 04/08/2014

In response to a longstanding cry by the spices and allied exporters, action is now underway to obtain the Geographical Indication (GI) for Ceylon cinnamon and other allied products of which the geographical origin and its possessed qualities will be identified with a unique sign in the international market place.

Among other local authorities, the World Trade Organization (WTO), one of the protectors of GIs at international level has already agreed to assist Sri Lanka in providing technical support and a common front for commodities has expressed its willingness to fund the project. “The ministry and the National Intellectual Property office of Sri Lanka are directly involved with this operation with the Export Development Board (EDB) with the assistance of Spices and Allied Products Producers’ and Traders’ Association (SAPPTA),” said the Industry and Commerce Ministry Secretary Anura Siriwardena addressing SAPPTA’s 30th annual general meeting.

PRISL Enterprising Fairs CEO Forum for plastics and rubber industry ends on high note

Daily FT - 04/08/2014

• SRI LANKA PLAST and RUBEXPO launches at CEO Forum

PRISL (The Plastics & Rubber Institute of Sri Lanka) together with Enterprising Fairs India Ltd (EFIPL) organised a CEO Forum on at The Kingsbury Hotel on 1 August, to encourage the plastics and rubber industries to take ‘exports’ as a growth strategy. Experts from the Government, EDB and India addressed this elite forum. The event saw over a 100 business leaders local and international, from the plastics and rubber industries, and they were able to gain valuable insights on industry best practices, through case studies from India and the present and future plans of the export market for Sri Lanka.

The eminent panel of speakers consisted of Export Development Board (EDB) Chairman and Chief Executive Bandula Egodage, Ministry of Finance and Planning Director General – Fiscal Policy Mahinda Siriwardane and Central Institute of Plastics and Engineering Technology (CIPET) Chief Manager S. Illangovan.

Sri Lanka exports record highest first half earnings this year

Colombo Page - 02/08/2014

Sri Lanka's exports sector has recorded the highest first half earnings witnessed in five years for the January - June half of 2014.

Sri Lanka's January - June 2014 provisional exports has recorded the highest 1H earnings since 2010, registering US$ 5.41 billion. This is an increase of 45% from the 1H earnings of 2010 which stood at US$ 3.74 billion.