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Australia keen to invest in Sri Lanka phosphate, graphite, ilmenite sectors: High Commissioner

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ECONOMYNEXT –Australian firms are interested in investing in Sri Lanka, particularly in resource sector, but a more conducive investment environment is needed, High Commissioner Paul Stevens said.

Sri Lanka is looking to foreign direct investment as a factor in taking the country out of an economic crises triggered by excessive deployment of ‘macro-economic policy’ involving fiscal and monetary stimulus.

Sri Lanka is also planning to draw up a new foreign investment law as well as speeding up the processes within the Board of Investment.

Sri Lanka has to “continue to work towards a more conducive foreign investment environment” High Commissioner Stevens told a forum in Colombo, where Australia supported training journalists in macro-economics, with the central bank and Sri Lanka Press Institute.

“There are a number of Australian businesses making substantial investments Sri Lanka in certain sectors,” he said.

Australian firms are interested in investing in phosphate, graphite and ilmenite sectors, he said. Australia has a strong mining sector.

Australia also made economic reforms to boost investments and the economic. At one time Australian economy was also “not competitive and efficient” as it should have been and the country went on a reform drive involving de-regulation and changing systems and process.

It was not necessarily an easy process, as some sectors faced more competition. Australia has about the same population as Sri Lanka but the country has monetary stability.

Sri Lanka privatized some graphite mines in the 1980s, and one is listed in the Colombo Stock Exchange and now controlled by a foreign firm.A state-run firm is involved in collecting ilmenite sands that wash up in the Eastern Coast of Sri Lanka.

Attempts to bring a private mining firm into phosphate about two decades ago however failed amid resource nationalism as well as environmental concerns, observers say.



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Colombo Metropolitan Region, Eastern Development Plan and the Greater Hambantota Project discussed in detail

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A meeting between Secretary to the President, Dr. Nandika Sanath Kumanayake and relevant ministry officials was held on Tuesday (08) at the Presidential Secretariat regarding the development plans to be implemented in Sri Lanka under three zones, in collaboration with the Surbana Jurong Institute of Singapore and 18 Ministries.

During the meeting it was discussed in detail regarding the plans for the Colombo Metropolitan Region, Eastern Development Plan and the Greater Hambantota Project. The officials from Singapore-based urban planning and infrastructure consultancy Surbana Jurong also joined the discussion virtually.

Progress reports on the three projects were reviewed in detail and  Dr. Kumanayake instructed the officials to identify any deficiencies and finalize the necessary actions within the next two weeks.

The discussion also addressed delays in securing necessary approvals for investments under the existing regulatory framework, as well as the urgent need to revise certain legislative instruments to better facilitate national development.

The meeting was attended by Secretary to the Prime Minister G.P. Saputhanthri, Senior Additional Secretary to the President Russel Aponsu, Secretary to the Ministry of Urban Development, Construction and Housing U.G. Ranjith Ariyaratne, and several senior officials from the respective ministries.

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Heat index at ‘Caution level’ in Northern, North-central, Eastern, North-western, Western provinces and Monaragala district today [09]

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The Natural Hazards Early Warning Centre  of the Department of Meteorology has issued a Warm Weather Advisory for 09 April 2025

The public are warned that the Heat index, the temperature felt on human body is likely to increase up to ‘Caution level’ at some places in Northern, North-central, Eastern, North-western, and Western provinces and in Monaragala district.

The Heat Index Forecast is calculated by using relative humidity and maximum temperature and this is the condition that is felt on your body. This is not the forecast of maximum temperature. It is generated by the Department of Meteorology for the next day period and prepared by using global numerical weather prediction model data.

Effect of the heat index on human body is mentioned below is prepared on the advice of the Ministry of Health and Indigenous Medical Services.

ACTION REQUIRED

Job sites: Stay hydrated and takes breaks in the shade as often as possible.
Indoors: Check up on the elderly and the sick.
Vehicles: Never leave children unattended.
Outdoors: Limit strenuous outdoor activities, find shade and stay hydrated. Dress: Wear lightweight and white or light-colored clothing.

Note:
In addition, please refer to advisories issued by the Disaster Preparedness & Response Division, Ministry of Health in this regard as well. For further clarifications please contact 011-7446491.

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Sajith asks govt. to submit its MoUs with India to Parliament

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Prof. Jayasumana raises possibility of Lanka ending up with “Quad’

Opposition and SJB Leader Sajith Premadasa has said it is the responsibility of the NPP government to submit the MoUs/agreements that were recently signed with India to the respective Sectoral Oversight Committees (SOCs).

Premadasa said so when The Island raised the issue with him. He said that during his meeting with Premier Modi his focus had been on opening the Indian market for Sri Lankan garment exports.

The seven MoUs/agreements signed on 05 April included defence cooperation, energy, Eastern Province development and digitalisation.

Meanwhile, the Vice President of Sarvajana Balaya and former lawmaker Prof. Channa Jayasumana said that the government owed an explanation whether the recently signed MoU on defence cooperation directly or indirectly attached Sri Lanka to the Quad security alliance, consisting of the US, Australia, Japan and India.

The former SLPPer raised the issue at a meeting held at Boralesgamuwa on Monday (07) in support of Sarvajana Balaya candidates contesting the May 6 LG polls.

Prof. Jayasumana urged that the MoU on Defence Cooperation be placed before Parliament, and the people, without further delay. The academic who served as State Health Minister during President Gotabaya Rajapaksa’s tenure said that President Anura Kumara Dissanayake’s foreign policy direction should be dealt with.

By Shamindra Ferdinando

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