Business
Sri Lanka to submit application to join RCEP trade bloc
=RCEP sets up a lot of Asian trade for final markets in Asia
=Progressively lowers tariffs across many areas
=Gives incentives for companies to build supply chains within the region
By Sanath Nanayakkare
President Ranil Wickremesinghe last week said that the government would be submitting an application this week to join the Regional Comprehensive Economic Partnership (RCEP).RCEP is a free trade agreement among the Asia-Pacific nations of Australia, Brunei, Cambodia, China, Indonesia, Japan, South Korea, Laos, Malaysia, Myanmar, New Zealand, the Philippines, Singapore, Thailand, and Vietnam.
The 15-member countries account for about 30% of the world’s population and 30% of global GDP, making it the largest trade bloc in history. Signed in November 2020, RCEP is the first free trade agreement among the largest economies in Asia, including China, Indonesia, Japan, and South Korea.
‘The government will this as it is trying to build its crisis-hit economy’, the President said.
He made this statement while addressing the AGM of Sri Lanka Institute of Directors (SLID) held at the Cinnamon Grand Hotel on 29th June.
“If we receive RCEP membership, it will put us into the whole of South East and East Asian markets. We have already spoken to India about upgrading our free trade agreement with them. We are going to talk to the EU also about how we can deepen our trade agreements with them. Such strategic partnerships and renewed trade agreements are necessary to build competitive and robust industries in Sri Lanka, and joining the RCEP would be an important entry point in this endeavour,” he said.
President Ranil Wickremesinghe expressed hope that Sri Lanka would be able to shed its bankruptcy status by September 2023 and urged everyone to work collectively to back the government’s efforts.
“Whether you are Sinhalese, Tamil, Muslim or any other nationality, no one likes to be called ‘bankrupt’. If you dislike it as an individual, why should we collectively have this label on us? We must get rid of it,” he said.
“A Climate Prosperity Plan was launched in November, for which more resources are required from the government and from other investments, including private investments. Sri Lanka needs to work in line with this plan and the reviews. If we fail, the country will lose $700 million the World Bank is set to provide the country. Therefore, Sri Lanka needs to play a more active role in the area of climate resilience programmes”, he said.
The President said that after completing domestic debt restructuring, he would ask the chambers, the professionals, the trade unions, farmers and all other stakeholders to discuss a Social Contract that addresses the concerns and aspirations of all the people. All of us must have a fair share of prosperity; not only a few rich people. That’s another discussion we are planning with the objective of creating a secure future for all the people,” he said.
Port City Colombo, Sri Lanka’s first multi-service Special Economic Zone, recently hosted Lord Swire, Deputy Chairman of the Commonwealth Enterprise and Investment Council (CWEIC) to an exclusive session on the project’s attractive investment opportunities and economic potential within the South Asian regional sphere. He was accompanied by CWEIC officials including Niro Cooke, Country Chair – Sri Lanka and Group Director, The Capital Maharaja Organisation, Pamela O’Leary, Board Member, and Deshan Gonawela, Country Director. The delegation was welcomed by Revan Wickramasuriya, Director General, the Colombo Port City Economic Commission, and Thulci Aluwihare, Deputy Managing Director, CHEC Port City Colombo (Pvt) Ltd.
A Port City Colombo press release said: ‘The visit encompassed a detailed presentation at the Port City Colombo Sales Gallery, where the delegation was briefed on the project progress and future projections as a competitive investment hotspot in the South Asia region. Port City Colombo’s key appeal to top investor markets including the Middle East and the Asia-Pacific, progressive regulatory environment that promotes the ease of doing business, and diverse options for investors, were the focal point of the presentation. The CWEIC delegation was also provided an experiential tour of the Mall at Port City Colombo, South Asia’s pioneering downtown duty-free retail offering, which is already contributing towards Colombo’s evolution as a hub for tourism and business.
‘Sri Lanka needs to show that it is open for Foreign Direct Investment,’ said Lord Swire, Deputy Chairman, CWEIC. ‘There are diverse opportunities, not just in the tea and tourism industry, but also within the scope of Port City Colombo’s Special Economic Zone, which is a truly exciting and ambitious initiative. The Commonwealth showcases some of the most diverse and fastest growing economies in the world, with prospective investors who will be interested in exploring the intriguing opportunities that Port City Colombo and Sri Lanka as a whole are bound to offer.’
‘Niro Cooke, Country Chair – Sri Lanka, CWEIC, and Group Director, The Capital Maharaja Organisation, further elaborated: ‘Sri Lanka has long been a sought-after tourism destination. However, we believe that Sri Lanka has the opportunity to evolve into a competitive diversified service-based economy, which could reinvent our nation into a truly formidable regional business hub. With FDI contributors such as Port City Colombo, a strengthened economic outlook, and strategic locality, Sri Lanka now has the right ingredients to become a progressive investment destination.’
‘As a CWEIC Strategic Partner, Port City Colombo has been actively involved in fostering investor relations across the Commonwealth. Port City Colombo recently participated in the Commonwealth Business Forum 2024 held in Apia, Samoa, where the project’s contribution towards sustainable economic growth and regional skilled mobility within South Asia was accentuated.
‘To learn more about the attractive investment opportunities at Port City Colombo, please visit www.portcitycolombo.lk. For information on Single Window Investment Facilitation and regulatory matters, please visit www.portcitycolombo.gov.lk.’
The public is hereby informed that, as per Section 10(2) of the Finance Business Act, No. 42 of 2011 (the Act), no person, other than a finance company and an institution specified in Section 10(6) of the Act, shall use the terms ‘finance’, ‘financing’, or ‘financial’ alone or in combination with another word or any of its derivatives or its transliterations or their equivalents in any language, as part of the name or the description or the business name of such person without prior written approval of the Central Bank of Sri Lanka.
In terms of Section 56(4) of the Act, any person who contravenes or fails to comply with the said provision is guilty of an offence under the Act.
The public is strongly advised to adhere to the aforesaid legal requirement.
For further inquiries:
Department of Supervision on Non-Bank Financial Institutions
Telephone number: 0112 477 504
Email address: snbfi_query@cbsl.lk
As the much-anticipated 2025 Classic Car Rally made its way through Sri Lanka’s scenic highlands, participants from across the globe found themselves in the heart of tea country at Heritance Tea Factory. A former 19th-century tea factory turned exclusive hotel, this iconic property served as a memorable stop for the rally’s distinguished guests, offering a perfect blend of history, elegance and immersive experiences.
The rally, featuring an impressive lineup of vintage automobiles, included rare and classic models from the 1930s to the 1960s, with iconic names such as Bentley, Jaguar, Mercedes, Porsche, MG, Austin Healey, Delahaye, BMW and Volvo gracing the winding roads of Sri Lanka. These meticulously preserved automobiles, shipped from across the world, added a touch of nostalgia to the misty hills of Kandapola, perfectly complementing the colonial charm and heritage of Heritance Tea Factory.
During their stay, the 24 vintage car owners and enthusiasts, representing countries such as Australia, the United States, Belgium, Switzerland, Italy, Brazil, Germany, and the United Kingdom, experienced the hotel’s colonial charm and the breathtaking views of rolling tea fields. Many took the opportunity to partake in the estate’s signature tea plucking experience, donning traditional attire to hand-pick fresh Ceylon tea leaves, a unique and fitting tribute to Sri Lanka’s rich tea heritage.
Dining at Heritance Tea Factory proved to be another highlight, with the rally participants indulging in delicious menus featuring the finest local and international cuisine, all in all an extraordinary gastronomic experience in the misty mountain ambiance.
Beyond the culinary experiences, the comfort of elegantly restored rooms overlooking the lush tea plantations allowed the travellers to unwind and rejuvenate after a long journey through Sri Lanka’s winding roads. The warmth of the hotel’s hospitality, combined with its eco-conscious approach made a lasting impression on all who stayed.
As the rally continued toward its next destination, Heritance Tea Factory left a special mark on the participants, celebrating a shared love for timeless elegance, heritage, and adventure.
The responsibility of revitalizing both the economy and the fractured social fabric falls on everyone – President
President meets senior Air Force officers
Presidential Secretariat, UN hold ‘Clean Sri Lanka’ development partner dialogue
-
Business5 days agoSri Lanka’s 1st Culinary Studio opened by The Hungryislander
-
Sports6 days agoHow Sri Lanka fumbled their Champions Trophy spot
-
News7 days agoSC notices Power Minister and several others over FR petition alleging govt. set to incur loss exceeding Rs 3bn due to irregular tender
-
Features6 days agoThe Murder of a Journalist
-
Sports6 days agoMahinda earn long awaited Tier ‘A’ promotion
-
Features6 days agoExcellent Budget by AKD, NPP Inexperience is the Government’s Enemy
-
News7 days agoMobile number portability to be introduced in June
-
Sports5 days agoAir Force Rugby on the path to its glorious past