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EU wants ‘unhindered trade’ with Sri Lanka

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As the country’s open economy policy brought the two economies together

By Sanath Nanayakkare

The European Union’s close partnership with Sri Lanka and the benefits of Sri Lanka’s open economy policy were the key factors in bringing the economies of the European Union (EU) and Sri Lanka together, Thorsten Bagfrede, Deputy Head of the Delegation of the EU to Sri Lanka and Maldives said recently.

And then he emphasized on the importance of policy consistency and unhindered trade, mentioning that the EU is still the biggest market in the world and one of Sri Lanka’s top export destinations. Bagfrede also said that the green economy is a priority for the EU and invited investors to participate in this initiative.

Grace Asirwatham, Ambassador for Sri Lanka in Brussels, Luxembourg and the Mission to EU said, “The European Union representing 27 countries as a regional bloc is of paramount importance to Sri Lanka, for economic development. Sri Lanka treats investors as the most welcome partners and offer strong fundamentals for investing, along with regulatory support, investment protection, investment incentive framework and everything that an investor is looking for in a country. The EU-Sri Lanka investor dialogue forum is vital for investors from the EU to address their issues with relevant state agencies.”

The breakout session was moderated by John Wilson, Director and In-House Legal Counsel from the EU Chamber of Commerce in Sri Lanka, with four leading European investors focusing on priority markets.

Omega Line a subsidiary of Calzedonia represented by Felix Fernando, Managing Director, Ms. Melis Kurtylmaz, CEO, Decathlon France,  Fred Vandemarliere, Chairman of United Tobacco Processing subsidiary of J Cortes, the world renowned suppliers of cigars and Suresan Arunachalam, Director / COO of Global Sports Lanka (Pvt) Ltd were the panelists providing key insights to operating in and doing business from Sri Lanka, elaborating on their success stories in investing in Sri Lanka, as well as expanding and making re-investments in the country.

Logistical advantages, high quality production ethics, a good level of technical know-how and compliance, and an educated workforce at relatively low wages were key strengths echoed by the panelists.

This session was organized by the Board of Investment of Sri Lanka (BOI) in collaboration with the European Chamber of Commerce.



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Altair on track

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Altair - the architectural marvel

`Altair’, the iconic building in Colombo – Sri Lanka is designed by Celebrity Architect Moshe Safdie based in Boston, USA. Moshe Safdie has designed many famous iconic structures including the famous Marina Bay Sands with Sky Garden in Singapore. `Altair’ is in the league of iconic buildings of the world, such as Burj Khalifa, Petronas Tower, Marina Bay Sands, Shanghai Tower, The Parc 1 Tower in Seoul – South Korea, ICC Building & Bank of China Tower in Hong Kong to name a few. 

The project `Altair’ was launched by South City Group in Colombo in the year 2013. Due to construction related complications, force majeure reasons and an unfortunate ownership related dispute, the project has been delayed. However, South City Group has expressed with much pleasure that the Group is back in the helm of the real estate project with 100% control. Most importantly, the project is progressing well and will be ready for handing over in the next few months.

The spokesperson of South City stated that that they are getting utmost support and cooperation from the Government of Sri Lanka for completing the project. President Gotabaya Rajapaksa has appointed Mr. Sirinimal Perera, the Special Authorised Officer to steer the project towards its successful completion. South City group is also receiving steadfast backing from the esteemed customers and the project is on track to deliver what it promised since inception. The rich experience of South City Management with a huge knowledge bank will be able to soon create another landmark in Sri Lanka which will be one of the top landmarks in the world.

Altair’ is an architectural marvel and consists of two vertical tower blocks, one straight tower and another stepped tower which is in slope and leaning to the straight tower. The project is in the prime area of Colombo facing Beira Lake as well as the Indian Ocean. The finishes of the project are on high calibre, with Italian marble, wooden flooring, central air-conditioning, hot water supply and super luxurious sanitary fixtures. Additionally, there is a Resident Club on the fifth level with a garden around it and on 63rd level with the swimming pool and other recreational facilities. 

The apartments have been booked by the Crème de la crème of Sri Lanka’s social fabric, HNI and a noteworthy number of overseas residents from the Sri Lankan diaspora. Notably, ‘Altair’ a is the biggest FDI investment in Colombo for real estate to date. Altair is a symbol of a successful foreign investment and a show-piece for the Sri Lankan Government to attract further investment in Sri Lanka.

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A cheering campaign to support Team Sri Lanka at TOKYO 2020

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Chethika Rajapaksha, Marketing Manager, ICL Brands, Susanthika Jayasinghe, Dushan Vas, Niloo Jayatilake, Chairperson – Women's Committee, NOCSL, Fazil Hussain, Member, Ex. Committee, NOCSL.

ICL Brands’ Eva lived up to its’ promise of ‘Leading with Confidence’ by partnering with the National Olympic Committee of Sri Lanka (NOCSL) as the Official Cheering Partner for Team Sri Lanka at TOKYO 2020, Olympics. The brand initiated a massive communication campaign, centered around the ‘Official Cheering Song’ to drive Sri Lankans to rally around Team Sri Lanka and support the 9 athletes that bear the pride of the nation at TOKYO 2020.

The launch of the ‘Official Cheering Song’ took place at the Capital Maharaja Group head office with the participation of Sri Lanka’s very own Olympic Silver Medalist, Susanthika Jaysinghe, NOCSL Women’s Committee Chairperson, Niloo Jayatilake, NOCSL’s Executive Committee Board Member, Fazil Hussain and Chethika Rajapaksha, Marketing Manager for ICL Brands. Amidst the other guests who graced the occasion were Sunil Kanojia, Group CEO – CMG, Shanthi Bhagirathan, Group Director – ICL Brands, Rakesh Khosla,CEO – ICL Brands and others.

The event was live streamed via multiple social media platforms simultaneously, reaching out to a wide audience and kicking off the cheering campaign officially. Eva’s campaign to cheer for Team Sri Lanka will continue throughout the period of TOKYO 2020 Olympics on multiple media platforms.

Susanthika Jayasinghe who graced the occasion as chief guest praised the initiative ”’I am extremely happy to see the brands of highest caliber such as Eva coming forward to support Sri Lankan athletes at Olympics. As an athlete who has represented and won for Sri Lanka on the Olympic stage, I know how much this means to our athletes in Tokyo right now”.

 

 

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Sri Lanka Development Bonds auction held during July 20-27, 2021

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Date of settlement July 30, 2021

An issuance window for SLDBs will be opened with the announcement of the auction results until close of business of day prior to settlement (i.e., preferably by 3.00 pm on 29.07.2021) at the Weighted Average Fixed Rates determined for respective maturities at the auction, up to the limit specified for possible upsizing, at first come first served basis. Applications for subscription through the issuance window are to be forwarded to ‘fopdd@cbsl.lk’ within the stipulated time period.

Public Debt Department

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