HIP signs MOU with Xiamen King Long United Automotive Industry
The Hambantota International Port Group (HIPG) signed a Memorandum of Understanding (MoU) with Xiamen King Long United Automotive Industry Co., Ltd (King Long) in Fujian China, last week. This is a direct result of the investment promotion in Fujian, led by the Sri Lankan Ambassador in China Dr. Palitha Kohona and HIPG’s investment promotion team headed by Justin Zhang, General Manager, Port Investment Services.
Established in 1988, Xiamen King Long United Automotive Industry Co., Ltd., manufactures large and medium sized buses, coaches and vans. With 3 large manufacturing bases, King Long’s products have been exported to over 140 countries and regions worldwide and is ranked among the top 10 automobile brands in China. Vice President of King Long Motor Group, Zhang Bin said, “we can fully take this good opportunity to further discuss the possibility regarding local assembly factory in HIPG industrial park. With the Hambantota Port being so strategically located, we would be able to reach newer markets in South East Asia .”
Johnson Liu, Chief Representative of China Merchants Group in Sri Lanka and CEO of HIPG said the collaboration with the Sri Lankan Embassy in China and the efforts by Ambassador Palitha Kohona is an important link in bringing investment to Sri Lanka. “We are exploring many other avenues in promoting investment and our investment promotion team is working very well with the Sri Lankan Embassy in China. We believe there is great synergy to be achieved between China and Sri Lanka trade. The Hambantota Industrial Park is being promoted globally and it is our goal to have a vibrant international investor community operating within the zone.”
The signing of the MoU took place at the King Long offices in Xiamen city, with the HIPG team and the Sri Lankan Ambassador also attending. Speaking at the ceremony the Ambassador said that Sri Lanka and China have maintained stable economic relations with each other and the world. Enterprises investing in Sri Lanka will be able to enjoy multiple tax incentives, and the benefits arising from Sri Lanka’s free trade agreements, and preferential treatment such as, GSP plus. “Sri Lanka welcomes Chinese high end manufacturing facilities setting up in SriLanka and commend King Long for choosing the Hambantota International Port Group’sIndustrial Park to expand its regional footprint. No doubt this strategic partnership will be ofgreat benefit to King Long, HIPG and the Sri Lankan economy.”
Oil prices rise as Saudi Arabia pledges output cuts – Opec+
Oil-producing countries have agreed to continued cuts in production in a bid to shore up flagging prices.
Saudi Arabia said it would make cuts of a million barrels per day (bpd) in July and Opec+ said targets would drop by a further 1.4 million bpd from 2024.
Opec+ accounts for around 40% of the world’s crude oil and its decisions can have a major impact on oil prices.
In Asia trade on Monday, Brent crude oil rose by as much as 2.4% before settling at around $77 a barrel.
The seven hour-long meeting on Sunday of the oil-rich nations, led by Russia, came against a backdrop of falling energy prices.
Total production cuts, which Opec+ has undertaken since October 2022, reached 3.66 million bpd, according to Russian Deputy Prime Minister Alexander Novak.
Opec+, a formulation which refers to the Organization of Petroleum Exporting Countries and its allies, had already agreed to cut production by two million bpd, about 2% of global demand.
Manpower services agency wins accolades for its contribution to foreign employment sector
Its MD says. ‘go abroad only if you can work hard’
Siraj Manpower Services, one of Sri Lanka’s leading foreign employment agencies, was honoured with the Three-Star Award at the ‘Golden Awards’ 2023, organised by the Sri Lanka Bureau of Foreign Employment (SLBFE). This award ceremony was organised to honour foreign employment agencies that have made a significant contribution to the development of the foreign employment sector, which is a major source of foreign exchange for Sri Lanka. Siraj Cafoor, Managing Director of Siraj Manpower Services, was presented with the award at the award ceremony which was held at the BMICH in Colombo under the patronage of Minister of Foreign Employment and Labour Manusha Nanayakkara.
Having been established in 2002, Siraj Manpower Services (www.sirajmanpower.lk) has earned a reputation in the field of foreign employment by winning the trust of customers for more than 20 years. It has been offering job opportunities in the Middle East countries such as Kuwait, Qatar, Dubai and Saudi Arabia, and Malaysia as housekeepers, drivers, sanitation workers, labourers and also jobs related to the apparel industry. All these workers are entitled to approved salary scales certified by the SLBFE.
“We always stand for the safety of workers who go abroad through our organisation. We work to solve the problems that arise in relation to the contracts that the workers have entered into. I must mention something special to those who go abroad for employment. That is, you should keep in mind that you go abroad only to work. Go abroad only if you can work hard. You have to remember that you are going abroad to earn some more money and achieve the advancement of your family.” said Siraj Cafoor.
Direct flights between Istanbul and Katunayake to commence from August
A special discussion between Turkish Ambassador – Demet Sekercioglu and Minister of Ports, Shipping and Aviation – Nimal Siripala de Silva took place last week at the ministry office. The aim of the discussion was to seek authorization to commence direct flights from the Turkish Capital Istanbul to Katunayake, Sri Lanka. The Chief of Turkish Airlines’ South Asia Office Fathi Bozkurt was also present during the discussion.
Currently, Turkish Airlines connects with Sri Lanka through a route that includes a stopover in the Maldives, resulting in an additional travel time of one and a half hours. The delay caused by this routing is not favored by travelers, as emphasized by the Ambassador.
The Chief of Turkish Airlines requested for time and space to be allocated in order to initiate direct flights between Istanbul and Katunaike, thus providing convenience for Turkish tourists and travelers who prefer visit Sri Lanka.
The Minister announced that the request would be forwarded to the Director General of the Civil Aviation Authority of Sri Lanka and the Airport and Aviation Services (Sri Lanka) (Private) Limited. The aim is to establish direct flights between Istanbul and Katunayake starting from August this year.
Turkish Airlines, a renowned airline with a fleet of over 100 aircraft, offers flights connecting Europe’s Vancouver and New York. The Chief of Turkish Airlines said that the new service would not only benefit European travelers but also encourage them to travel to Sri Lanka.
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