BIZ

Colombo Port recognized as world’s fastest-growing port in Q1 2024

Published

1 month ago

July 29, 2024

editor

Secretary to the Ministry of Ports, Naval, and Aviation Services, K. D. S. Ruwanchandra, emphasized that Alphaliner, a prominent research publication in the shipping industry, recognized Colombo Port as the world’s fastest-growing port in the first quarter of 2024 due to its remarkable operational performance and 23.6% growth rate.

He added that the port generated an income of USD 50 million in the first quarter of 2024, emphasizing that the various trade union actions taken in the past did not impede this progress.

Addressing a press briefing held under the press briefing series titled “Two Years of Progress and Way Forward”, held at the Presidential Media Centre (PMC) today (29), Secretary to the Ministry of Ports, Shipping, and Aviation Services further elaborated;

“To begin with, I would like to highlight the significant progress in the operational performance of the Colombo Port, which achieved an impressive growth rate of 23.6% in 2024. As a result, Alphaliner, a leading research publication in the shipping industry, recognized the Colombo Port as the world’s fastest-growing port in the first quarter of 2024. We accomplished this progress despite various trade union actions, which did not hinder our operations.

In 2023, the Sri Lanka Port Authority reported a profit of USD 100 million, and in just the first quarter of 2024, it has already made a profit of USD 50 million.

All four terminals have significantly contributed to these operations, with on-going efforts to enhance their operational capacity. Construction of the Eastern Container Terminal (ECT) and the Western Terminal is in progress, with the Western Terminal expected to begin operations in February 2025.

Additionally, development work is underway at the Eastern Terminal and Northern Port. Meanwhile, development projects are being carried out at Trincomalee, Galle, and Kankasanthurai ports. A passenger ferry service from India operates every Friday using the newly constructed terminal building at the Kankasanthurai Port.

Airline operations have improved by 25% compared to 2023, with significant increases in both passenger and cargo services. The number of air service arrivals has risen from 36 in 2023 to 46 by July 2024.”

BIZ

CBSL relaxes mandatory export conversion period

Published

16 hours ago

September 9, 2024

editor

The Central Bank of Sri Lanka (CBSL) has relaxed the mandatory export conversion period in the latest exports proceeds conversion rule.

As per the new rules, the mandatory export conversion period has been extended to roughly a three-month period from an earlier one-month period.

The CBSL states : Taking into consideration the macro-economic developments, in particular the developments in domestic foreign exchange market conditions, Central Bank of Sri Lanka issued the “Repatriation of Export Proceeds into Sri Lanka Rules No. 01 of 2024” (Rules), which was published in the Gazette Extraordinary No. 2391/02 dated 01.07.2024, in terms of the Central Bank of Sri Lanka Act, No. 16 of 2023, substantially relaxing the period applicable for exporters of goods to convert their export proceeds into Sri Lanka Rupees.

The complete press release is as follows :

press_20240907_relaxation_of_the_period_applicable_for_exporters_of_goods_to_convert_their_export_proceeds_into_sri_lanka_rupees_e Download

BIZ

3 million eggs imported from India

Published

3 days ago

September 7, 2024

editor

A shipment of 3 million eggs from India is set to arrive in Sri Lanka by the end of this week, according to Asiri Walisundara, Chairman of the Sri Lanka State Trading Corporation (STC).

He stated that procurement has been completed and applications for the import have been submitted to the Department of Animal Production and Health (DAPH) for approval.

The imported eggs are expected to be sold at approximately Rs. 40 each.

BIZ

Sri Lanka’s Starlink operations delayed until after presidential election

Published

3 days ago

September 7, 2024

editor

Sri Lanka’s plan to set up operations of Elon Musk’s Starlink, the satellite unit of SpaceX, has been withheld till the Presidential Election is over because of some clearance pending with the Telecommunications Regulatory Commission, a top source said.

State Minister of Technology, Kanaka Herath, announced earlier that the Telecommunications Regulatory Commission granted preliminary approval for ‘Starlink’ to provide satellite-based internet services in Sri Lanka.

Besides, Parliament approved amendments to a decades-old law on Tuesday to allow Elon Musk’s Starlink to set up operations in the country.

Parliament passed the new telecommunications bill, which amended the existing law for the first time in 28 years, without a vote.

The amendments introduce three new types of licences and allow Starlink to enter Sri Lanka’s telecom market as a licensed service provider.

However, a top government source said the launch would be impossible before the Presidential Elections. Sri Lankans will go to the polls on September 21 to decide on the next President to govern the country for another period of five years.

Once Starlink is launched, Elon Musk is also scheduled to visit Sri Lanka. Besides, the government authorities are planning for a Zoom meeting with Starlink.

(Daily Mirror)

(This story, originally published by Daily Mirror has not been edited by SLM staff)