Business

Export benefit of EU’s GSP+ for Sri Lanka up to 2025

Published

6 years ago

2020/09/4

By Sanath Nanayakkare

The European Union’s Generalised Scheme of Preferences (GSP Plus) trade concession that reduces or eliminates tariffs on a range of exports from Sri Lanka to the European Union (EU), which was earlier determined to continue up to 2023, is now likely to be extended up to 2025.

Denis Chaibi, Ambassador – Head of Delegation of the European Union to Sri Lanka and the Maldives told The Island Financial Review in Colombo on Wednesday that the EU’s GSP Plus concession to Sri Lanka would most probably be extended up to 2025 because of the current circumstances.

“But remember there are two ‘caveats’. This would be applicable only if the post- pandemic economic contraction leads to the same or less GDP per capita in Sri Lanka and also the EU conventions and principles, including labour and human rights, are met by the nation, he said.

“Since the EU recommended re-granting of the GSP Plus in May 2017, Sri Lankan exports to the EU increased by 20%. And now with the adverse effects from the pandemic, if the GDP per capita gets below gradation, the concession could be continued up to 2025 – and now it’s up to the government to decide if it wants to continue to fulfill the conditions on human rights, social and environmental standards for further engagement with the EU in this regard, he said.

The EU reintroduced the GSP Plus concession in May 2017. The country had benefited from GSP+ previously. But in 2010 the EU decided to stop giving preferential treatment to Sri Lankan imports because the government had failed to address reported human rights violations in the country.

The ambassador had had talks with Minister of Trade Bandula Gunawardane and Minister of Foreign Affairs Dinesh Gunawardane on the same day on a range of matters, he said.

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Business

Tropic Of Linen takes new form at The Shoppes at City of Dreams

Published

38 seconds ago

2026/08/31

Thilina Walpola

From left: Tropic Of Linen Founders Minha Akram and Shukran Salih

Sri Lankan fashion label Tropic Of Linen recently opened the doors to its second boutique, located at The Shoppes at City of Dreams.

For over a decade, linen has formed the core of the brand’s inspiration and business ethos. Its textures, movement, and natural irregularities carry through the striking interior of Tropic Of Linen’s newly opened second store. Large sculptural forms in wind-worn sandstone sit against softer curves, while a grand olive tree anchors the heart of the store, reaching up toward a skylight and giving life to the entire space.

Drawing on her background in fine art and design, co-founder Minha Akram envisioned a layered, sensory interior intended to draw people into the world of Tropic Of Linen and invite them to linger.

Business

ANC Education celebrates ‘Class of 2026’ at graduation ceremony in Colombo

Published

2 mins ago

2026/08/31

Thilina Walpola

The ceremony marked both a conclusion and a new beginning, with ANC celebrating student progress and future success

ANC Education held its 2026 graduation ceremony at BMICH, Colombo, celebrating graduates across multiple programmes. The cohort included 53 BBA graduates from Northwood University, 22 Psychological Sciences graduates from Northern Arizona University, 320 Pearson BTEC HND graduates, and 29 BTEC Level 7 graduates, alongside foundation, diploma, and transfer pathway students. Senior representatives from partner institutions attended.

Best Performer Awards recognised outstanding academic achievement. The event honoured years of hard work and support from families and educators. Since 2002, ANC has provided local and international pathways. Graduates now pursue careers, further studies, or international opportunities.

Business

FLIR and Marlbo push predictive maintenance to cut costs and downtime in Sri Lanka

Published

3 mins ago

2026/08/31

Thilina Walpola

Key panelists demonstrated thermal and acoustic imaging as tools to detect electrical faults, mechanical wear, and compressed-air leaks before they escalate into costly breakdowns

Global tech firm FLIR and local partner Marlbo Trading Company are stepping up efforts to help Sri Lankan industries shift from reactive repairs to predictive maintenance. At a recent seminar in Colombo, they showcased thermal and acoustic imaging as tools to detect electrical faults, mechanical wear, and compressed-air leaks before they escalate into costly breakdowns.

FLIR experts stressed that early detection improves energy efficiency, extends equipment life, and reduces unplanned downtime – key priorities as local plants face rising operational pressures. Acoustic imaging, in particular, was highlighted for quickly pinpointing invisible air leaks that waste energy.