Business
‘SL should expedite signing FTA with China and expand scope of same instrument with India’
By Hiran H.Senewiratne
Sri Lanka should expedite signing Free Trade Agreements (FTA) with big countries like China and also expand the current scope of the FTA with India, rather than sign FTAs with small countries, State Minister of External Affairs Tharaka Balasuriya said.
“At present India has signed FTAs with several countries and could use Sri Lanka as a spring board to penetrate those markets through India, Balasuriya told The Island Financial Review.
Balasuriya added: “Sri Lanka has signed FTAs with India, Pakistan and Singapore and is currently negotiating an FTA with China, which would immensely benefit the economy. Both India and China are considered countries with high growth trajectories.
“Sri Lanka imports more than US $ 3.6 billion from China, while only US $ 500 million worth exports go to China from Sri Lanka. Therefore, Sri Lanka has to look for an increase in export trade volumes in order to reap real benefit from FTAs.
“Further, India is Sri Lanka’s second largest trading partner with the bilateral merchandise trade amounting to about USD $ 3.6 billion. Sri Lankan exports to India have increased substantially since 2000 when the FTA came into force and more than 60 per cent of Sri Lanka’s total exports to India over the past few years have used FTA benefits.
“Interestingly, only about 5 percent of India’s total exports to Sri Lanka in the past few years have used the FTA provisions, thereby indicating their overall competitiveness in the Sri Lankan market.
“Therefore, further expanding the FTA with India will enable Sri Lanka to penetrate other markets, where countries have signed FTAs with India.
“Since the balance of trade is not in favour of Sri Lanka, the government uses some synergy to promote exports and foreign trade in order to bring dollars into the country. In order to continually do so all import/export authorities, including the Export Development Board, Department of Commerce, Sri Lanka Customs and other line institutions should come under the Foreign Ministry umbrella.
“Sri Lanka regained the European Union’s (EU) Generalized Scheme of Preferences (GSP+) privileges for Sri Lankan exports. The trade preferences under GSP+ consists of the full removal of duties on 66 per cent tariff lines, covering a wide array of products including textiles and fisheries. The GSP+ scheme is conditional upon Sri Lanka advancing human and labour rights and on working towards sustainable development.
“Macroeconomic stability and manageable inflation are important barometers for trade with European Union countries. Because of the current 70 per cent food inflation and unstable economic conditions, it will not be feasible to think of smooth trade with EU countries.”
The Central Bank of Sri Lanka today (07) presented its flagship publication, the Annual Economic Review for 2024 (AER 2024), to President and Minister of Finance, Anura Kumara Disanayake, highlighting the steady progress of Sri Lanka’s economic recovery following the country’s most severe downturn in recent history.
The report was officially handed over by Dr. P. Nandalal Weerasinghe, Governor of the Central Bank, during a special ceremony held at the Presidential Secretariat.
AER 2024 comprises four main chapters: Macroeconomic Developments, Conditions of the Financial System, Review of Central Bank’s Policies and Macroeconomic Outlook.
According to the Review, the Sri Lankan economy showed significant signs of recovery in 2024, following the deep economic crisis experienced two years ago. The recovery trajectory, though challenging, has been notably faster than that of many other debt-distressed countries.
Improvements in economic activity, a partial resurgence in purchasing power and reduced uncertainty are among the key positive indicators noted in the report.
The event was attended by Dr. Nandika Sanath Kumanayake, Secretary to the President, K. M. Mahinda Siriwardena, Secretary to the Treasury, Mrs. K. M. A. N. Daulagala, Senior Deputy Governor, Dr. C. Amarasekara, Assistant Governor, Dr. (Mrs.) S. Jegajeevan, Director of Economic Research and Dr. L. R. C. Pathberiya and Additional Director of Economic Research at the Central Bank Dr. V. D. Wickramarachchi.
[PMD]
Business
IceWarp expands into Sri Lanka, fostering European innovation in collaboration with FentonsIT
IceWarp, a global leader in business communication solutions, has officially launched its cutting-edge platform in Sri Lanka, bringing European expertise in email and collaboration solutions to support the country’s evolving business landscape.
This expansion is driven by a strategic partnership with Fentons Information Technology (FIT), the Information Technology arm of Hayleys Fentons Limited.
The grand launch event held at The Kingsbury Colombo on 4th April, 2025, was graced by several distinguished guests, including Chief Guest Mohan Pandithage, Chairman and Chief Executive of Hayleys PLC.
The presence of Adam Paclt, Global CEO of IceWarp, and Pramod Sharda, CEO for India and the Middle East of IceWarp, along with their global team, highlighted the significance of this expansion. Industry experts, government officials, corporate leaders, and CIOs from the banking, financial services and insurance sectors were in attendance as well, reflecting strong local interest in IceWarp’s European expertise.
With this launch, Sri Lankan businesses now have access to an affordable, scalable and secure alternative to Microsoft 365 and Google Workspace. IceWarp’s advanced Collaboration Suite integrates a wide range of tools into a single, unified platform designed to streamline communication and boost productivity. Offering flexible hybrid deployment options and cost-efficient solution, IceWarp enables organisations to optimise their operations without compromising security or functionality.
Eventistry Sports, a trailblazer in innovative sporting events, has unveiled the Sri Lanka Padel League (SLPL), the nation’s first franchise-based padel tournament, set to debut in June 2025. This groundbreaking league promises to redefine Sri Lanka’s sports landscape by creating a dynamic national platform for athletes while fostering unity among fans, brands, and communities.
The SLPL will showcase six franchise teams, each embodying the spirit of iconic Sri Lankan locales: the Colombo Chargers, Yala Rangers, Hikkaduwa Riders, Ella Hawks, Arugambay Vipers, and Trinco Warriors. These teams will not only ignite regional pride but also unite the country through a shared passion for padel—a fast-paced racquet sport merging tennis and squash, played on enclosed courts.
“The SLPL is more than a league; it’s a movement,” declared Karin Wijeratne, Director of Eventistry Sports. “By blending franchise sports with Sri Lanka’s vibrant culture, we’re creating a platform where players gain national recognition, fans rally behind their hometown heroes, and brands engage with communities in meaningful ways.”
The league’s launch on June 21–23, 2025, at Colombo’s Padel House courts (CR&FC) will kick off with three days of high-octane matches, preceded by a star-studded player auction on May 16th at The Vault, Colombo City Centre. Local talent—both professional and intermediate—will be drafted by franchise owners, with international registrations now open to elevate the competition’s global appeal.
Please log in to: www.slpadelleague.com and social media: @SriLankaPadelLeague (Facebook & Instagram) for more information.
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