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Cote d’Ivoir delegation here for Independence and forging biz links

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A delegation led by Ambassador Eric Camille N’dry from the embassy of the Republic of Côte d’Ivoire in New Delhi will be visiting Sri Lanka from January 31 to February 7 to attend the Independence celebrations, present credentials and participate in a conference of African Heads of Mission with the president, a news release issued in connection with the visit said.

Mr Sheran Fernando, Honorary Consul represents Côte d’Ivoire in Sri Lanka,The release said the delegation will also be holding business meetings with a view to building collaboration and partnerships between Sri Lanka and Côte d’Ivoire.

The Republic of Côte d’Ivoire is a West African country bordering Guinea, Liberia, Mali, Burkina Faso and Ghana and is the powerhouse of the economy of French-speaking West Africa and the gateway to the vast market of 15 West African States.

It has recorded good economic and social performances since 2012, with an average growth rate of 8% in real Gross Domestic Product (GDP) between 2012 and 2019 and 7.4% in 2021 within a reliable macroeconomic environment characterized by an inflation rate remaining permanently below the community threshold of 3%, the release said.In line with its liberal policy, the Ivorian Government has made the private sector as the privileged actor of the economic growth and investments expected from the private sector represent 74% of the funding for the 2021-2025, it added.

“Côte d’Ivoire has undertaken significant reforms to improve its business environment in order to promote the development of a dynamic and internationally competitive private sector,” the release said.

Côte d’Ivoire is the world’s largest exporter of cocoa beans and the fourth largest exporter of rubber in the world. It’s also the world’s top producer and exporter of cashew nuts, third largest coffee and cotton producer in Africa and the fourth largest palm oil producer in Africa and also plays a key role in transit trade for neighbouring land locked countries.

Its financial sector is the largest in the West African Economic and Monetary Union (WAEMU). It currently has 28 commercial banks, two specialized financial institutes, 53 microfinance institutions, four mobile operators of which three offer money market products and 21 insurance companies as well as a very attractive Investment Code which grants tax advantages to investors.

“As such, there is no limitation on investors’ access to foreign currency and the transfer of investment-related assets is permitted, provided that it is always compliant with tax regulations,” the release added.

A stable country with a growing economy, from 2012 to 2021, the economy grew to post the second-fastest rate of economic growth in Africa and fourth-fastest rate in the world. (IMF.The release said Côte d’Ivoire could be a gateway into the African continent for Sri Lankan businesses looking to break into the region. It’s trade agreements with the U.S, EU and U.K and the market access it provides makes it a country ripe for investment.



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CEB engineers raise alarm over power sector stability

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A senior electrical engineers attached to the Ceylon Electricity Board (CEB) have warned that unresolved structural and policy issues within the power sector could threaten the long-term stability of the national grid, urging authorities to act swiftly to address mounting technical and administrative concerns.

Speaking on condition of anonymity, they said the electricity network was operating under increasing strain due to delayed infrastructure upgrades, financial constraints, and growing demand.

“The national grid is not something that can be managed casually. It requires systematic planning, preventive maintenance, and timely investment. If these are compromised, the risk to system stability increases,” the engineers said.

They noted that several transmission and substation modernisation projects were behind schedule, while ageing thermal plants continued to shoulder a significant portion of the country’s base load demand.

“Engineers are committed to ensuring an uninterrupted supply. But professional expertise must be respected in decision-making. Technical matters cannot be subjected to short-term political considerations,” the engineers added.

Meanwhile, the powerful Ceylon Electricity Board Engineers’ Union (CEBEU) echoed similar concerns, warning that failure to address long standing professional and structural issues could have serious consequences for the power sector.

In a statement, the CEBEU has said that engineers have repeatedly called for reforms that safeguard the integrity of the utility and ensure that operational decisions remain grounded in technical evaluation.

“The electricity sector is a critical national asset. Any attempt to weaken institutional safeguards or bypass professional consultation will directly impact service reliability and long-term sustainability,” the union said.

The CEBEU has stressed the importance of transparent engagement between policymakers and technical personnel, noting that morale among engineers could be affected if their concerns continue to go unheard.

Industry analysts point out that the power sector plays a central role in Sri Lanka’s economic recovery efforts, particularly as the country seeks to expand industrial activity and attract investment. Stability in electricity supply remains a key determinant of business confidence.

The senior engineer stressed d that the objective of raising concerns is not confrontation but preservation of the grid’s integrity.

“Our responsibility is to the public. Electricity powers hospitals, industries, and homes. Safeguarding the system is a national duty,” he said.

With tensions simmering within the sector, stakeholders say meaningful dialogue between authorities, engineers, and trade unions will be crucial in ensuring that Sri Lanka’s power infrastructure remains resilient in the face of growing challenges.

By Ifham Nizam

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CB identifies 24 pyramid scams in Sri Lanka

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The Central Bank (CBSL) yesterday announced that investigations had identified 24 companies and applications operating prohibited pyramid schemes.

In a public notice issued under Section 83C of the Banking Act, No. 30 of 1988 (as amended), the CBSL said the following entities had been “ascertained and determined as prohibited schemes”: Tiens Lanka Health Care (Pvt) Ltd, Best Life International (Pvt) Ltd, Mark–Wo International (Pvt) Ltd, V M L International (Pvt) Ltd, Global Lifestyle Lanka (Pvt) Ltd, Fast3Cycle International (Pvt) Ltd, Sport Chain App / Sport Chain ZS Society Sri Lanka, OnmaxDT, MTFE App / MTFE SL Group / MTFE Success Lanka / MTFE DSCC Group, Fastwin (Pvt) Ltd, Fruugo Online App / Fruugo Online (Pvt) Ltd, Ride to Three Freedom (Pvt) Ltd, Qnet / Questnet, Era Miracle (Pvt) Ltd and Genesis Business School, Ledger Block, Isimaga International (Pvt) Ltd, Beecoin App and Sunbird Foundation, Windex Trading, The Enrich Life (Pvt) Ltd, Smart Win Entrepreneur (Pvt) Ltd, Net Fore International (Pvt) Ltd / Netrrix, Pro Care (Pvt) Ltd and Shade of Procare (Pvt) Ltd, SGO / sgomine.com and I.C.A.N Advertising (Pvt) Ltd and its affiliates icanonlineadvertising.com, bannercuts.com, bannercuts.lk, bannercuts.net and bannercuts.org

The CBSL said pyramid schemes, also referred to as multi-level marketing or direct selling schemes in certain instances, operate as recruitment-based programmes in which members enlist others into an expanding “downline” structure resembling a chain letter.

Under such arrangements, a portion of the fees paid by new recruits is channelled upwards to earlier participants, known as the “upline”, who are fewer in number.

The Central Bank warned that such schemes are inherently unsustainable, with the vast majority of participants at the lower tiers eventually losing their investments, while only a small number of early entrants are able to recover or profit from the funds contributed by subsequent recruits. It noted that when a pyramid scheme collapses, up to 99 per cent of those in the lower levels risk losing their money.

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Church urges patience, warns against interference with Easter attacks probe

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Director of Communications for the Archdiocese of Colombo, Rev. Fr. Cyril Gamini Fernando, yesterday expressed confidence that ongoing investigations into the 2019 Easter Sunday terror attacks would yield meaningful results and urged the public and all stakeholders to exercise patience and allow the probe to proceed independently.

Addressing a media briefing in Colombo yesterday, Fr. Fernando called on all parties to refrain from interfering with the investigations, warning that any attempt to obstruct the process would amount to a grave injustice to the victims.

He said he believed there was credible evidence to warrant the arrest of military intelligence veteran Maj. Gen. (Retd.) Suresh Sallay.

Referring to the coordinated bombings on April 21, 2019, which targeted churches and hotels and claimed nearly 300 lives, Fr. Fernando described the attacks as a “barbaric” act and a “massacre” that killed worshippers attending Easter services as well as individuals from different religious and ethnic communities.

By Norman Palihawadane

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