News
Lanka tea exports lowest in 23 years
Crisis-struck Sri Lanka’s vital tea exports have dropped to their lowest level in 23 years, official figures showed Wednesday, hit by a fertiliser ban and the war in Ukraine
Tea is the island nation’s biggest export commodity, bringing in about $1.3 billion annually before the current economic downturn, the worst since independence in 1948.
But a bungled ban on fertiliser imports last year — introduced in a doomed effort to save foreign currency and avoid a debt default — hit growers hard, with production falling 18 per cent on-year for the period from November 2021 to February 2022.
Customs data showed that first-quarter exports in 2022 correspondingly plunged to 63.7 million kilos (140 million pounds), down from 69.8 million kilos in the January-March period last year.
The tally was the lowest since the first quarter of 1999, when the country shipped out 60.3 million kilos of tea.
Export earnings for the first quarter also declined, to $287 million from $338 million.
Tea brokering firm Asia Siyaka blamed the drop on the agro chemical ban, which was portrayed by the government as a push to turn Sri Lankan farming 100-percent organic.
The ban was lifted by October following backlash from the industry, but farmers were left unable to access imported fertiliser as the country simultaneously ran out of dollars.
Industry officials added that about 10 percent of Sri Lanka’s tea exports had also been affected by Russia’s invasion of Ukraine. Both countries are top buyers of the island’s aromatic black tea.
The country of 22 million lacks enough foreign currency to finance even the most essential imports such as food, fuel and medicines.
Dire shortages and galloping inflation have led to widespread protests calling for President Gotabaya Rajapaksa to step down. (Colombo, AFP)
Addressing the 58th Annual General Meeting of The Hotels Association of Sri Lanka (THASL) held on Monday (27) at Shangri-La Hotel, Colombo, President Ranil Wickremesinghe outlined a comprehensive strategy to propel the country’s tourism sector to new heights. Focused on surpassing the target of 5 million tourists and redefining traditional approaches, the President’s vision extends to achieving 7.5 million visitors in the coming years. The President emphasized the need for innovative thinking and collaboration within the industry to ensure sustainable growth.
“When I took over the government, I realized that sustainability alone is not sufficient. How are we going to earn foreign exchange? How are we going to have a positive balance of trade? In that, there were many suggestions. But what is the low-hanging fruit? And one of the low-hanging fruits was tourism. Let’s promote tourism fully,” President Wickremesinghe declared.
The President acknowledged the need to move beyond the existing framework and embrace competition to elevate Sri Lanka’s standing in the global tourism market. Drawing parallels with countries like Vietnam, he questioned why they had more tourists despite being in the industry for a shorter period. President Wickremesinghe stressed the importance of increasing the number of tourists to 2.5 million in the upcoming year and subsequently expanding on this figure.
(PMD)
Business
Free visas for nationals of China, India, Indonesia, Russsia, Thailand, Malaysia and Japan from Monday (27)
The Controller General of Immigration and Emigration has stated that nationals of China, India, Indonesia, Russsia, Thailand, Malaysia and Japan will be granted free visas from Monday 27-11-2023 to 31-03-2024 as a pilot program to rebuild the tourism industry.
Nationals of the above nominated countries possessing, Diplomatic, Official, Public Affairs, Services and Ordinary Passports are eligible to enjoy a visa free regime under this scheme.
The above mentioned nationals should apply for Electronic Travel Authorization (ETA) before arriving in Sri Lanka subject to granting / issuing free of charge up to 31-03-2024.
Under this scheme tourists can enjoy a 30 days free visa period and a double entry facility is permitted within 30 days from the date of first arrival in Sri Lanka.
Free ETA under this scheme can be applied up to 31-03-2024.
The free ETA cannot be extended further and is limited only to thirty (30) days. In case the free ETA period of 30 days expires after 31-03-2024, an extension of visa could be applied subject to paying the appropriate fee.
Latest News
Cabinet gives green light for Colombo Port City Order No. 3 of 2023 to be presented in Parliament
The President in his capacity as the Minister of Investment Promotion has published the Colombo Port City Orders No. 3 of 2023 (Enterprises with Strategic Value – Guidelines for releasing or encouraging to award for customs – free enterprises) under the provisions of the Colombo Port City Economic Commission Act No. 11 of 2021 by the extraordinary gazette notification No. 2355/30 dated 25.10.2023.
The Cabinet of Ministers granted approval to the proposal furnished by the Hon. President in his capacity as the Minister of Investment Promotions to submit the said orders to the Parliament for its concurrence.
(PMD)
All 41 workers rescued from collapsed Indian tunnel after 17 days
New Zealand spinners dent Bangladesh on Day 1
President outlines a bold vision for Sri Lanka tourism at THASL’s 58th AGM
-
News3 days agoSHMA ties up with NYC to increase trained personnel in hospitality industry
-
News3 days ago
RW says Jay Shah is not running Sri Lanka Cricket
-
News3 days ago
Shani A claims Rs billion from IGP, SDIG and others
-
News7 days ago
Fresh SL military deployment under UN command
-
Business4 days ago
Janashakthi Group’s innovation shines at the National ICT Awards 2023
-
News4 days ago
Sirisena demands action against Rajapaksa economic hitmen for triggering worst financial crisis
-
Business4 days ago
Wait-and-see approach by most stock investors following interest rate decline
-
Business3 days ago
AkzoNobel initiative to give local painters more opportunities at home and abroad
