Business
President spearheads Sri Lanka’s economic revival and seeks Japanese investment
President Ranil Wickremesinghe actively engaged in a pivotal business round table on “Sri Lanka’s Economic Revival & Opportunities for Japanese Enterprise,” where he presented the nation’s commitment to stabilizing and liberalizing the economy while actively inviting new foreign ventures.
The event, jointly organized by JETRO, Japan-Sri Lanka Business Co-Operation, and the Embassy of Sri Lanka in Japan, aimed to strengthen economic ties between the two nations.
During the round table, President Wickremesinghe fervently outlined the ongoing efforts undertaken by Sri Lanka to restore stability and openness to its economy, presenting an inviting climate for foreign investment. With a clear vision to attract Japanese enterprise, he discussed the various measures and reforms being implemented to create a conducive business environment for potential investors.
Recognizing Japan’s significance as a vital economic partner, President Wickremesinghe emphasized the mutual benefits that can be derived from increased collaboration between the two nations. Sri Lanka’s strategic location and skilled workforce were highlighted as key advantages, providing a gateway for Japanese companies to expand their operations in the region and leverage the country’s emerging economic opportunities.
As Sri Lanka continues its journey toward economic revival, President Wickremesinghe’s active participation in the round table, underscores the government’s unwavering commitment to attracting foreign investment and driving sustainable economic progress.
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.
(BBC)
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.
The Minister of Ports, Navigation and Aviation Nimal Siripala de Silva was on an observation tour on 3rd of June to witness the operations and development of Singapore’s main port. During the tour, he had a special discussion with the head of PSA International Private Company which carries out the operations and development of the Singapore port.
Won Chee Fung, CEO of the company’s Middle East and South Asia arm said if there are investment opportunities for development and operations in the ports of Sri Lanka, they would like to apply for them.
The Minister told him that since the government has planned to start the development of the North Colombo Port, a suitable investment plan and proposal could be made for it. He also requested the heads of PSA International Private Company to provide a suitable proposal for the development of Trincomalee Port.
PSA International is one of the few largest companies operating in ports in the world, and 37,000 million containers are handled per year in Singapore’s main port alone.Officials including Assistant Vice President of PSA Company Lim Wei Chang, Chairman of JCT Oil Bank Company, Lakmal Ratnayake and representatives of the Sri Lankan Embassy in Singapore also participated in this discussion.
PNS Shahjahan departs after successful naval exercise
Oil prices rise as Saudi Arabia pledges output cuts – Opec+
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