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FCCISL meets Indian HC officials

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Officials of the Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL) met with the Deputy High Commissioner of India Vinod K Jacob and the First Secretary Vivek Sharma at the Deputy High Commissioner’s Residence recently.

The newly appointed president of the FCCISL – Keerthi Gunawardane, and the board members Saranga Wijeyarathne, Ruwan de Silva, Abbas Kamurdeen, Dhammika Lokuge and the Acting Deputy Secretary General Tilan Wijesuriya attended the visit.

The Chamber officials had a very fruitful and cordial discussion with the officials of the High Commission on strengthening and improving bilateral trade, investment, and economic cooperation.

FCCISL and the Indian High Commission have shared a very close relationship over the years. Since Covid 19 has restricted physical meetings, High Commission officials and FCCISL met almost after 2 years to discuss the matters relevant to both countries which can benefit the business and industries. During the discussions FCCISL has pointed out the great potential to further develop tourism which can benefit both the countries in a significant manner. The Indian High Commission officials totally agreed to the proposal and assured the fullest support.  They have mentioned the importance of allowing the use of Indian Rupee (INR) in Sri Lanka and they will consider the use of Sri Lankan Rupees (LKR) in India which will have an impact specially on tourism. Further they have pointed out the importance  of allowing the Indian digital payment systems to be used in Sri Lanka. This will reduce the demand for USD which will be a direct benefit especially to Sri Lanka at this juncture. 

The Indian High Commission officials indicated that the UAE, France and Mauritius already allowed Indians to use Indian digital payment systems such as RUPAY. This will allow more spending by Indians which can directly benefit the businesses.

In addition to Tourism both parties discussed how to create benefits to both the countries using the Sri Lanka – India FTA. Food security and Energy security are two important areas of concern to both the countries and the Deputy High Commissioner assured the possibility of sharing the knowledge that India has in these sectors with Sri Lanka.

FCCISL was the focal point during the past for various scholarship programs offered by the Indian Government. They assured to update with the information in the future and create more opportunities for members of the Sri Lanka chamber network.

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Special commodity levy on imported onions & rice, slashed

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The special commodity levy on imported onions and rice has been reduced with effect from yesterday (March 27).

Thereby, the Special Commodity Levy of Rs. 65 per 1kg of rice has been dropped to Rs. 1 until April 03, 2024.

In addition, the tax levied from imported Rose Onions have been slashed to Rs. 10 per kilogram until April 30, 2024.

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McDonald’s local franchisee not under our group – Abans

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Abans PLC has stated that the local franchisee of McDonald’s is not under their group of companies.

The company had made the clarification in a letter to the Colombo Stock Market.

The letter notes that the local franchisee of McDonald’s is International Restaurant Systems (Private) limited incorporated under the Companies Act No. 7 of 2007. The majority shareholder of the said company is Mr. Rusi Pestonjee who owns a 98.73% stake in that company, and who is also the Managing Director of Abans PLC.

“International Restaurant Systems (Private) Limited is not a subsidiary nor an associate of Abans PLC or its parent company Abans Retail Holdings (Private) Limited. Due to the said reason, the financials of International Restaurant Systems (Private) Limited are not consolidated with the financials of Abans PLC,” the letter adds.

The letter is as follows :

Related News :
Court issues enjoining order against Abans MD

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Japanese investor steps in for floating market project

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A Japanese investor has entered into an agreement with the Urban Development Authority (UDA) the revive the Floating market in Pettah, Colombo.

A Memorandum of understanding was signed between the Japanese investor Akira Hirose and UDA Chairman Nimesh Herath for the maintenance and management of the Floating Market.

Under the MOU the location is to be developed as a floating market complex aimed at attracting tourists within a six month period.

The floating market project was opened in 2014 by the then Secretary of the Defence and Development Ministry Gotabaya Rajapaksa and Rs 352 million was spent on the project with the objective of recovering 50 per cent of the expenses within five years, but the project failed.

It was reopened in April 2021 when Gotabaya Rajapaksa was the President, after Rs 25 million was spent on the project, but it was a failure again.

(sundaytimes.lk)

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