News
South Asian internet economy to cross $100 billion mark
As stuck at home consumers go online to shop after the pandemic, South Asia’s internet economy is all set to cross the $100 billion mark this year, said a recent report.
According to the report, South Asia’s internet economy will hit $105 billion this year. The report said that the region added 40 million new internet users this year, taking the total to 400 million. That implies 70% of the region’s population is now online.
The report while citing investment pundits, said “The coronavirus has brought about a permanent and massive digital adoption spurt.”
Moreover, the report said that Southeast Asia’s internet economy expanded 5% from 2019. E-commerce grew 63% to reach $62 billion in 2020, to become the largest vertical this year, whereas the travel sector contracted 58% to $14 billion.
Online retailers have emerged as winners from coronavirus lockdowns as people prefer to shop from their homes instead of making a trip to stores amid worries over a resurgence in infections.
The online industry of the South Asian region is poised to triple to $309 billion in gross merchandise value by 2025, nearly in line with the $300 billion forecasts made last year. With an 11% increase in online users, Southeast Asia is one of the world’s fastest-growing internet markets. That compares with around 4.7 billion internet users worldwide, up 7.4% from a year ago, according to wearesocial.com, a digital monitoring service.
In addition to this, the report said that the investors still have sufficient capital to deploy but are focusing more on companies’ path to financial gains.
This is the first time that such estimates in the annual South-east Asia e-Conomy report by Google, Temasek and Bain & Co had not been revised upwards to reflect the growth of the Internet economy. This year, the region’s Internet economy is expected to hit US$100 million in gross merchandise value (GMV) – which measures the total value of merchandise sold – leaving it roughly flat from a year before.
Covid-19 has proven difficult for certain sectors such as ride-hailing, online travel and lending. Unsurprisingly, online travel was the worst hit, and nosedived 58.8 per cent to US$14 billion in GMV for 2020. (ToI)
The Prime Minister, Dr. Harini Amarasuriya, paid a solemn visit to the Embassy of the Vatican in Colombo today (25) to offer condolences on behalf of the Government and the people of Sri Lanka on the passing of His Holiness Pope Francis.
During the visit, Dr. Amarasuriya signed the book of condolence, expressing deep sorrow over the demise of the beloved spiritual leader and extending heartfelt sympathies to the Catholic community both in Sri Lanka and around the world:
The Prime Minister was received by the Archbishop Brian N. Udaigwe, Apostolic Nuncio of the Apostolic Nunciature, the Vatican Embassy in Colombo and other officials.
[Prime Minister’s Media Division]
President Anura Kumara Disanayake conducted an inspection tour of Kandy city on Thursday (24) night to inspect the progress of the “Siri Dalada Wandanawa” and the related issues that have emerged.
The President held an urgent meeting with relevant officials to address the issues related to sanitation facilities for devotees visiting Kandy to venerate the sacred tooth relic
Agriculture, Livestock, Land and Irrigation Minister K.D. Lalkantha, Diyawadana Nilame of the Sri Dalada Maligawa Nilanga Dela Bandara , Acting Inspector General of Police Priyantha Weerasuriya, Army Commander Lieutenant General Lasantha Rodrigo, Governor of the Central Province Prof. Sarath Abeykoon, Kandy District Secretary Indika Udawatte and others participated in this meeting.
[PMD]
A Sri Lankan delegation met with US Trade Representative Ambassador Jamieson Greer on the 22nd of April, 2025 at the US Trade Representative Office in Washington D.C.
The Sri Lankan delegation, on the instructions of President Disanayaka, who is also the Minister of Finance, handed over the originals of communications addressed to US Trade Representative Ambassador Greer
The delegation updated Ambassador Greer on the challenges that Sri Lanka has faced in the past and the steps that are being taken by the Government of Sri Lanka to overcome future challenges and move towards full economic recovery. The delegation also highlighted the prompt and positive commitment of the Government of Sri Lanka to work with the US Government in reducing the trade deficit, and lowering tariff and non-tariff barriers.
Ambassador Greer acknowledged the proposals made by the Sri Lankan government and expressed hope that an agreement can be reached soon between the two countries to ensure fair and equitable trade relations.
Later on that day, the Sri Lankan delegation met with the USTR delegation appointed by Ambassador Greer lead by Assistant United States Trade Representative, In-charge of South and Central Asia, Brendan Lynch along with Director In-charge of South Asia, Emily Ashby to discuss further the appeal made in writing by Sri Lanka to the US. The two sides agreed to continue the discussions with the objective of finalizing a bilateral trade agreement between the two countries. Both sides expressed the desire to finalize the agreement in the shortest possible time period.
The Office of the U.S. Trade Representative (USTR) is responsible for developing and coordinating U.S. international trade, commodity, and direct investment policy, and overseeing negotiations with other countries. The head of USTR is the U.S. Trade Representative, a Cabinet member who serves as the president’s principal trade advisor, negotiator, and spokesperson on trade issues.
[PMD]
PM pays condolence to pope Francis at the Embassy of the Vatican in Colombo
President conducts an inspection tour of Kandy city
Sri Lankan delegation meets with US Trade Representative
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