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President says Sri Lanka is proactive and pro-business

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Says potential investors can connect directly with policymakers at the highest level

President Gotabaya Rajapaksa said yesterday that he and his government are deeply committed to maintaining policy stability and consistency within a stable macroeconomic environment and that the government of Sri Lanka is ‘proactive and pro-business’.

“We will look very favourably upon investments that can have a transformative impact on our economy as well as our national profile, and we will do our utmost to create an enabling environment for the success of such investments.”

The President made these remarks at the inauguration of the Sri Lanka Investment Forum 2021 where more than 1,000 potential investors had a virtual call with Sri Lankan leaders and policymakers.

“Our legal and regulatory frameworks are being refined to ensure greater responsiveness, transparency, and security for investors. Unnecessary bureaucratic red tape is being removed and procedures are being streamlined to ensure greater ease of doing business in Sri Lanka,” the President said.

He further said: “Today’s event takes a holistic view of the many and varied investment opportunities Sri Lanka offers across all sectors of its economy. It brings together the Board of Investment, Colombo Stock Exchange and the Ceylon Chamber of Commerce, alongside key policymakers, entrepreneurs, and business leaders. This will encourage robust dialogue and information sharing about our investment environment, and it will highlight opportunities for direct investments as well as opportunities in capital markets and debt markets.”

“This investment forum comes at an important time for Sri Lanka. My Government has ambitious plans to unleash a decade of transformational and rapid economic growth to double our national output from its current level to 8,000 dollars GDP per capita by 2030.”

“Our unique geo-strategic position, political stability, robust institutions and social infrastructure, educated and capable workforce, and high quality of life are some of Sri Lanka’s current strengths. We will leverage on these to set the platform for our growth target.”

“In addition, significant improvements to our infrastructure are continuously being made. These include increasing power generation from renewable sources, improving connectivity through upgrading of road and rail networks, and further expansion and improvements to our ports that will all facilitate our development drive.”

“As President of Sri Lanka, I am determined to see these changes through and to further improve our already welcoming environment for investment. There are significant opportunities across many economic sectors in Sri Lanka that can provide tremendous returns to foreign and local investors alike. With its geostrategic location only a few hours away by air from major global hubs, Sri Lanka is one of the best-connected nations in all of South Asia. The commercial capital, Colombo, is one of the most attractive and liveable cities in the region.”

“The many opportunities this city affords will soon be greatly enhanced by the Colombo Port City, a new cityscape that will feature world class residential, commercial, social and entertainment facilities. Our vision is to make the Port City a key service hub for one of the fastest growing regions in the world. Its residents will have all the facilities they need to do productive work, while enjoying a very high quality of life in a vibrant tropical beachside environment that fuses the best of both old and new.”

“You will be able to connect directly with policymakers at the highest level, as well as technical experts, project owners, and potential partners who can support your investment ambitions in Sri Lanka,” the President said.



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Renowned British publisher calls on govt. to reconsider clamping 18% VAT on books

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John Beaufoy at an event in Singapore.

By Ifham Nizam

Renowned British publisher John Beaufoy has made an impassioned plea to Sri Lanka’s government to reconsider the 18% Value Added Tax (VAT) imposed on books, citing its detrimental effect on the country’s literary market, education system and cultural development.

Speaking exclusively to The Island Financial Review during his recent visit to Colombo to promote his latest publications, Beaufoy emphasized the adverse impact of the tax on both readers and the publishing industry.

He added: “The 18% VAT is very hefty, especially during tough economic times. Books should be treated as an educational item, as they are in the UK, where no VAT is imposed on books.”

Beaufoy, whose publishing house specializes in natural history titles across the Indo-Pacific region, expressed concern on how the tax discourages reading and limits access to knowledge.

“Sri Lankans have a deep love for reading and learning about their country, especially in areas like wildlife, ecology and conservation. This tax creates an unnecessary barrier, he added.

“Sri Lanka has long been a nation of readers, with a rich literary heritage and a strong tradition of storytelling. However, booksellers and publishers across the country have reported that the VAT has led to reduced sales and diminished accessibility for readers.

“Books are essential for spreading knowledge and preserving culture. The imposition of VAT on books is counterproductive for a country that values education, Beaufoy stated.

He pointed out that many countries, including the UK, recognize books as educational tools and exempt them from such taxes.

Booksellers like M.D. Gunasena, Vijitha Yapa and Barefoot, whom Beaufoy met during his visit, had also voiced their concerns. They noted that the VAT not only burdens readers but also hampers their ability to promote and distribute important publications, particularly those focusing on conservation and local heritage.Beaufoy added: “To speak to Vijitha is an absolute pleasure, always. He has so much knowledge and experience. I would say not just of the book business, but of the world.

“He is such an interesting man to talk to. I have known Vijitha for probably 30 years, I think. And I have been privileged to get to know him and his family over that period.

“And I always enjoy very much listening to his stories, his opinions and his knowledge of the book business is really pretty unsurpassed, I think, in Sri Lanka. Vijitha has seen it all. Of course, he was brave and entrepreneurial enough to have a bookshop at the airport in Colombo for many years, somewhere that most people, everybody who’s travelled out of Sri Lanka will be familiar with that shop.

“And it used to be a great outlet for books on Sri Lanka and Sri Lankan wildlife.”

One of the highlights of Beaufoy’s visit was the launch of A Photographic Guide to the Wildlife of Sri Lanka by Gehan de Silva Wijeyeratne. The book, featuring over 1,100 species and photographs, is a celebration of Sri Lanka’s biodiversity.

“This book is a visual treasure. Gehan has done an incredible job compiling a comprehensive guide to Sri Lanka’s wildlife, ranging from birds and mammals to reptiles, insects, and marine fish, Beaufoy said. “It’s the kind of publication that fosters pride and awareness about conservation.”

Beaufoy also discussed plans for future books focusing on marine life, seashore habitats, and insects in Sri Lanka, which he believes will resonate with both locals and tourists. “Sri Lanka’s natural beauty is unparalleled. There’s so much potential to highlight the country’s biodiversity through high-quality publications,” he remarked.

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‘Amba Yaalu’ changes face of SL’s hospitality industry with all-women operated hotel

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Dignitaries at the ceremonial launch of ‘Amba Yaalu’.

By Harischandra Gunaratna

Changing the face of hospitality in Sri Lanka, Thema Collection during the weekend ceremonially opened its latest theme hotel, the four star ‘Amba Yaalu’, fully operated and managed by women, on the banks of the picturesque Kandalama Lake.

Chairman of the company, Chandra Wickremesinghe said, “Our objective is to empower women by opening new frontiers for them in the hospitality industry which is a male- dominated profession and, to harness their talents.

“The company has invested Rs. 800 million on the property with 50 percent on bank loans and the rest from private funds, while the land was leased by the Mahaweli Authority.

‘We envisage a radical change with more women joining the hospitality industry and our women need not seek employment in other countries, leaving their families , if they can be gainfully employed here, Wickramasinghe said.

‘Amba Yaalu’ has a mix of experienced hoteliers as well as raw home grown talent who have been trained in-house to run different functions in the hotel with Thema Collection laying emphasis on training.

“We plan to recruit more young women from the locality and provide them intense training to handle different functions in the hotel, said Maxime Wickramasinghe, a director of the hotel.

The resort located in a 6 1/2 acre mango grove surrounded by 457 Mango trees, features 33 elegantly designed rooms, including 4 suites with an Ayurvedic spa, Yoga terrace and a dedicated Vegan restaurant. Thema Collection was inspired by the 1957 iconic novel of the same name, ‘Amba Yaluwo’ (Mango Friends), authored by T.B.Illangaratne and later translated into several languages, including English.

The essence of ‘Amba Yaalu’ is bonhomie and camaraderie and unsurpassable hospitality.

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Advancing value-added export manufacturing – Sri Lanka Economic Summit

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A session on Driving Growth in Value-Added Export Manufacturing at the Sri Lanka Economic Summit will address key challenges to enhancing Sri Lanka’s value-added export manufacturing, and examine how the country can strengthen its integration into global and regional value chains.

Conducted under the theme Shaping Sri Lanka’s Future: Transformational Growth Rooted in Sound Economic Policies, the SLES will be held on January 28th and 29th at the Shangri La Hotel, Colombo.

The session focusing on value-added export manufacturing on January 29th, will explore areas such as improving productivity improvements, the cost of doing business, innovation, and reforms to labour laws. It will also draw on Thailand’s experience in driving export-led investment growth, with a presentation by Ms. Parima Damrithamanij, Senior Manager of Deloitte Thailand’s Global Trade Advisory. With her background in international trade negotiations, regulatory reform, and economic policy, including a 15-year stint at the Ministry of Commerce, she will share key lessons from Thailand’s transformation.

Joining the session are Ms. J.M.T. Jayasundara – Secretary of the Ministry of Industry and Entrepreneurship Development, Suren Fernando – CEO of MAS Holdings PLC, and Rajitha Kariyawasan – Executive Director of Hayleys Group and Managing Director of Haycarb. The discussion will be moderated by Yohan Lawrence, Secretary General of JAAF and Chairman of EASL, ensuring a comprehensive exploration of the role of policy, private sector innovation, and public-private collaboration in advancing value-added export manufacturing.

Registrations are now open at www.sles.chamber.lk. For further information, please contact Lilakshi at lilakshi@chamber.lk / 5588818 or Alikie at alikie@chamber.lk / 0115588805.

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