Sri Lanka High Commission in Ottawa

MOU with China to boost rubber industry

Thursday, 30 October 2014 15:45

The Sri Lanka Rubber Research Institute signed a Memorandum of Understanding with China’s state-owned CETC International for the development of the RRI. The collaboration with CETC will include infrastructure development, upgrading of essential equipment and technical assistance.

The proposed laboratory complex is expected to provide facilities to all stakeholders in the rubber sector including the SME sector, rubber product manufacturers including large-scale manufacturers, rubber-based trading companies, rubber importers, research and development personnel, university students and academia.

Jaffna among leading railway stations, earning higher income

Thursday, 30 October 2014 15:40

Jaffna is among the leading railway stations that is earning a higher income. Accordingly, the income received from Yaal Devi within 13 days exceeded 7.5 million rupees.

The Yaal Devi resumed operations to Jaffna after a lapse of 24 years on the 13th of this month, under the auspices of the President. The train operates eight trips daily between Jaffna and Colombo. The passengers display a keen enthusiasm to travel in Yaal Devi.

Equal opportunities to Muslims for pilgrimage to Mecca - President

Thursday, 30 October 2014 15:34

President Mahinda Rajapaksa yesterday (Oct. 28) said that he would devise a method that ensures equal opportunities for Muslims when they undertake the pilgrimage to Mecca.

While the rich travel to Mecca many times, the less affluent do not get so much as a single opportunity, President Rajapaksa observed.

He added that he would devise a means which enables the less affluent to engage in the pilgrimage to Mecca at least once in their lifetime.

Highlights of the Budget 2015

Monday, 27 October 2014 21:15

Budget - 2015

President Mahinda Rajapaksa presented the tenth Budget - Budget 2015 last Friday which was a development oriented Budget focussing on the needs of all citizens alike. The Budget presentation received a thundering ovation in Parliament while the people of this country were also overwhelmed with it. A salary increase of Rs 3000 upto Rs 30,000 is envisaged for those with low salaries enabling them to earn a monthly salary of Rs 30,000.

MEDIA STATEMENT

Thursday, 23 October 2014 21:23

The Ministry of External Affairs is surprised at some of the recent statements on the outcome of the case filed by the LTTE in 2011 at the General Court of the European Union in which the Council of the European Union was the defendant supported by the Kingdom of the Netherlands, the United Kingdom and the European Commission as interveners. These statements by interested parties are based on an inaccurate premise.

The Ministry of External Affairs wishes to state that from the outset of the case being filed, legal advice and expert opinion were sought from within the European Union system and specialist European lawyers. Accordingly, the Government of Sri Lanka took action in the most effective manner available, by providing material of a substantive nature to the defendant and the interveners on a regular basis. This was in accordance with Sri Lanka being a non-member state of the European Union and having therefore to meet special conditions, contrary to the national interest of Sri Lanka, in order to be allowed to intervene itself in cases before the General Court of the European Union.

“Sri Lanka – Emerging Economic Miracle in Asia”

Monday, 20 October 2014 19:54

World Economic Forum Side Event

January 22, 2015

Davos – Klosters, Switzerland

Side Event Sri Lanka will be held at the Steigenberger Grandhotel Belvédère, Promenade 89, Davos, Switzerland on Thursday (January 22, 2015) as a luncheon session at the room “Lounge East” from 12.30 to 14.00 hrs.

The Sri Lankan economy has achieved substantial progress in almost all macroeconomic fundamentals in recent years. The economy recorded an average growth of 7.5 per cent during 2010-2013 period. Inflation remains in single digits for well over 5 years. In 2014, the economy is projected to grow by 7.8 per cent, defying a regional slowdown as the Sri Lanka remains one of Asia’s best performing economies.

Sri Lanka by 2020 would have a GDP of around US $ 150 billion, a US $ 7,000+ per capita income and sound macroeconomic fundamentals. Economic growth is targeted to average around 8 per cent from 2015 onwards. Inflation would continue at the lower end of mid-single digits and the current account at surplus with foreign reserves growing faster.

The programme, luncheon session for 1 ½ hours, will cover the presentation on “Sri Lanka – Emerging Economic Miracle in Asia” by the Governor of the Central Bank of Sri Lanka (CBSL) followed by Q & A session and walk-around discussion. The Sri Lankan delegation consist of representation from the Central Bank, government agencies including Diplomatic Missions, members of the Ceylon Chamber of Commerce (CCC) representing large scale conglomerates operating in Sri Lanka and Institute of Chartered Accountants of Sri Lanka.

The presentation/ discussion will elaborate, in detail, the strategies envisaged for the

macro-economic environment that need to be maintained, even in an uncertain global economic environment,
the continuation of the economic diversification programme, based on the ‘5 Hubs ++’ concept,
country-wide infrastructure development programme to provide the necessary impetus for investments,
improvement in doing business environment,
an investment grade sovereign rating,
deeper and more liquid financial sector,
productive labour force, and
facilitation to the private sector to become even vibrant and global players.

The CBSL look forward to seeing you all at the Steigenberger Grandhotel Belvédère, World Economic Forum Sri Lanka - Side Event on 22 January, 2015.

WEF Side Event in PDF....

Monetary Policy Review – October 2014

Monday, 20 October 2014 19:35

Continuing the sustained low inflation environment for the 68th consecutive month, headline inflation on a year-on-year (Y-o-Y) basis remained unchanged at 3.5 per cent in September 2014 while declining on an annual average basis to 4.2 per cent from 4.5 per cent in the previous month. Core inflation (Y-o-Y) meanwhile, decelerated to 3.7 per cent in September 2014 from 3.9 per cent in August 2014. The significant reduction of international energy prices and the improvements in the domestic electricity infrastructure have enabled the government to reduce domestic energy prices, and the benefits of these adjustments have now begun to reflect favourably on inflation. This development, along with the continued deceleration of the prices of other key commodities in the international market, is likely to result in inflation remaining at a lower rate than the previously projected range of 4-5 per cent in the period ahead.