Business Sri Lanka

The premier senior level business network connecting Sri Lanka and the World. Business Sri Lanka spans the Globe.

Building Business Between Sri Lanka and the World

 

Business Sri Lanka is the premier business network for professionals focused on building and developing usiness opportunities between Sri Lanka, Europe, North America and Rest of World.

 

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Business Sri Lanka

Best Overseas University Award

 

 

Bradford University in the UK has been choosen the Best Overseas University for 2013 by Business Sri Lanka.

 

Set amongst some of the most spectacular countryside in England and yet one of the most affordable places to live in Britain,

 

Bradford's wonderful paradoxes create a student city that is hard to beat.

 

For Sri Lankan students, Bradford is often described as a 'home from home' with the city having the third highest percentage of South Asians in the UK.

 

The University of Bradford traces its origins back to the 1860s. Today the University has around 10,000 students.

 

In awarding Bradford University the Best Overseas University Award 2013, the University's renowned School of Management has been singled out for special commendation.

 

For those planning to study overseas, whether for undergraduate or postgraduate studies - Bradford University is likely to exceed expectations!

 

Note: Bradford University School of Management is currently offering a limited number of 50% scholarships for Masters and MBA programs.

 

Bradford University Website and

Bradford School of Management

 

Business Sri Lanka Platinium Sponsors

 

 

Haydea Solutions provides a range of services to transform business processes, enabling businesses to sustain competitiveness and growth through a wide array of innovative Business Process Management solutions.

 

The main focus of Haydea's services include Finance & Accounting services, payroll processing, document management services, diagnostic studies, human resources outsourcing, engineering drawing and legal process services and solutions.

 

Haydea's expertise and facilities are backed by; High end servers with redundancy; Secure data connectivity with firewalls; Fingerprint access controlled offices; Certified ISO 27001.

 

Hayleys Business Solutions is a Certified Carbon Neutral Business and Certified ISO 27001 for Information Security.

 

The company is a subsidiary of Hayleys Group, employing over 36,000 people and with a history spanning more than 134 years.

EnterpriseLab is the leading European-based organisation supporting the development and growth of Trade with Sri Lanka.

 

The business has over ten years experience supporting Sri Lankan private and public sector businesses and organisations in strategy, business development and export trade development.

 

EnterpriseLab is uniquely positioned to advise businesses and organisations globally who are considering investing in or entering the Sri Lankan market.

 

EnterpriseLab's Experts, Consultants and Advisors have worked with and support a range of Tier 1 businesses globally including BP, Canon, Xerox, Samsung, Kyocera, Sharp and Hitachi.

 

EnterpriseLab supports public and private sector organisations. With Sri Lanka, EnterpriseLab has been widely praised for the success of their UK Trade Missions for Sri Lanka's leading IT and BPO firms.

 

In Sri Lanka, EnterpriseLab connects and works with a range of organisations in in Finance & Accounting, Engineering Services, Legal Services, Publishing Services and IT Services/Software Development.

 

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Rizana Nafeek Appeal & Legacy

 

Business Sri Lanka helped raise international awareness of RIzano Nafeek during her time in prison in Saudi Arabia. Following her untimely death at a youg age, Business Sri Lanka believes firmly that Sri Lanka must cease immediately the export of low skilled workers from improverished workers.

 

Instead, Sri Lanka must develop a full and comprehensive National Strategy on Employment and Jobs Creation.

 

Views and News

Sri Lanka FDI for 2012 at US$1b - 50% Shortfall from Target

 

Sri Lanka attracted US$1 billion in 2012 which, whilst good progress for the country, represents a shortfall of 50% from the government's target. The country achieved similar FDI levels in 2011.

 

The Government blames the slowdown in the Global Economy - a view disputed by economists who argue that inconsistent economic policies by the government are not conducive to optimally attract high levels of FDI.

 

The real reason is perhaps a combination of Government policy and the lack of effective Global marketing of Sri Lanka as a business and investment base.

 

Speaking in India, Sri Lanka's Central Bank Governor has set out a target of $1.8 billion FDI for 2013.

 

 

Ireland Eyes Sri Lanka for Trade Development

 

The Irish State Food Agency, Bord Bia, recently undertook an inaugural visit to Sri Lanka to gain an understanding of the local market.

 

Bord Bia (http://bordbia.ie) met with the chairman's and CEO's of many of the leading private sector businesses as well as with senior officials from state-owned organisations.

 

Ireland (with a population nearly 1/5th in size of Sri Lanka's) posted a US$57.3 billion trade surplus in 2012. In the same period, Sri Lanka posted a US$9.3 billion trade deficit.

 

 

Sri Lanka sells 5-year bonds at 10.73% Yield

 

Feb 12, 2013 - Sri Lanka has sold Rs.4.3 billion rupees worth of 5-year bonds maturing on July 15, 2018 with a 10.73% yield.

 

 

Sri Lanka Needs an Export Trade Stategy

 

Whilst a number of sectors contribute very positively to the economic health of Sri Lanka - there is much room for improvement. Food is a key growth sector globally that Sri Lanka could tap into.

 

Tourism could be greatly enhanced, the Fisheries sector is ripe for growth. More and better marketing coupled with aggressive product development and process improvement of tea and rubber would produce high value dividends.

 

The maritime and aviation sectors hold high promise with effective strategies. And there are many more areas you will know which offer high potential but which are currently under resourced and under supported.

 

 

Market and Competition Heating up for Carriers Flying into Sri Lanka

 

The increasing number of carriers and flights into Sri Lanka is having an effect on the market - with signs of both winners and losers. From February 10th, Gulf Air will cease flights to Sri Lanka. From 31st March, British Airways will start a schedule of three flights per week and which is expected to result in growth in travellers from the UK.

 

Malaysia Airlines, currently with a schedule of seven flights per week is due to add a further three flights weekly. Taking up the slack from Gulf Air - Etihad will shortly increase from four flights weekly to seven weekly. In addition, March will see the launch of flights from Korea with Korean Airlines. The hotel sector is expected to do well out of this and, in particular, the new Hayleys hotel, The Kingsbury, has timed it's opening well!

 

 

55,238 Registered Companies in Sri Lanka

The Registrar of Companies, which recently announced plans to introduce an electronic document management system, has confirmed the total number of registered companies in Sri Lanka is 55,238. Of this over 4,800 have been registered in 2012.

 

A top level view of these figures would suggest Sri Lanka needs to urgently implement a program to encourage and support (including financial incentives) the private sector to start new businesses. It would be interesting to know how many of these 55,238 registered companies are actively exporting.

 

As a comparator, Ireland, with a population size 25% smaller than that of Sri Lanka has 450,000 registered companies.

 

 

Sri Lanka's Trade Deficit Continues to Grow and Government now seeking IMF $500m Loan

 

Sri Lanka's trade deficit is expected to climb to US$13 billion in 2012 from US$10 billion in 2011 and suggesting the country's Export Development Board could do with a clearout of top management and an urgent development and implementation of a new export trade strategy.

 

 

Meanwhile, and related to the shortfall in export earnings, the Government is reported to be seeking a further US$500m loan from the IMF.

 

 

 

Sri Lanka to Build Cinnamon Production into US$1b Industry - On Par with the Country's IT and BPO Sector

 

The Sri Lankan Department of Export Agriculture has set out plans to increase the production of cinnamon towards a target export value of US$1b by 2015.

 

Currently the country produces 16,000 metric tons of cinnamon and produced using 31,000 hectares. About 15% of the annual production is consumed in-country and with the remainder going for export. The sector supports over a quarter of a million families in Sri Lanka.

 

The country's ICT sector is also aiming to achieve US$1b in annual revenues by 2015 and currently employs about 50,000 - with the aim to add a further 30,000 employees by 2015. Sri Lanka is currently estimated to supply nearly 3/4 of the global cinnamon market.

 

 

Sri Lanka Set Up State Firms for Construction

 

Sri Lanka will set up three state companies to bid for construction projects under the road development agency, targeting contracts of less than 100 million rupees.

 

The cabinet of minister had approved the setting up the three companies under the Road Development Authority following a proposal of President Mahinda Rajapaksa in his capacity as minister of ports and highways, the information office said.

 

Maga Neguma Construction Equipment Company (Pvt) Limited will rent construction equipment for road building project and also bid for contracts below 100 million rupees. Maga Neguma Emulsion Production Company (Pvt) Limited, will manufacture emulsion, pre-mix and supply them for road sector projects.

 

Maga Neguma Consultancy and Management Company (Pvt) Limited will provide consultancy services, prepare bills of quantities and project proposals. Sri Lanka already has a state central engineering consultancy bureau and engineering construction firms that can handle larger contracts.

 

 

Sri Lanka signs double taxation agreement with Luxemburg

 

Daily Mirror Sri Lanka: An Agreement on Avoidance of Double Taxation (DTA) between Sri Lanka and Luxembourg was signed on January 31 in Luxembourg.

 

Sri Lanka’s Ambassador to Belgium, Luxemburg and the Head of Mission to the European Union, P.M. Amza, signed the agreement on behalf of the Government of Sri Lanka while Luc Frieden, Minister of Finance of Luxemburg signed it on behalf of the Government of Luxembourg. The signing of the DTA took place following the presentation of the Letters of Credence by Ambassador Amza, to Grand Duchy of Luxemburg on January 30.

 

Speaking at the event, Finance Minister Luc Frienden stated that the business community from both countries should make use of the benefits generated by signing this Agreement.

 

Ambassador Amza reciprocating similar sentiments and recalling that in 1982, the two countries agreed and signed an Investment Promotion and Protection Agreement, said that the businesses in both countries could use both these legal instruments on trade to enhance the flow of trade and business activities.

 

Given that both Luxemburg and Sri Lanka are being designated as major tourist destinations, investment projects in areas of tourism, has the potential for mutual cooperation and knowledge sharing. Similarly, it is possible for Sri Lanka to closely work on BPO arrangements for financial services sector in Luxemburg. Luxemburg’s financial and services sector in turn can benefit from the IT based services and expertise of Sri Lanka.

 

 

Sri Lanka Improves on 'Ease of Doing Business' World Bank Index 2013

Sri Lanka is ranked at 81 (out of 185 countries) for the 2013 index versus 96th in the 2012 index and has moved ahead particularly in the 'Starting a Business' category - where the country now ranks 33rd (improving from 71st in the 2012 index) Worldwide. The report gives the figure for new limited liability companies in 2011 at 9,405. The full report can be seen on this link

 

 

IMF Expects Growth of 6.7% in Sri Lanka for 2012 and 2013

IMF Sets Sri Lanka’s growth in Line with Sri Lanka Central Bank Estimates.The International Monetary Fund has broadly agreed with Sri Lanka’s Central Bank estimates for growth at 6.7% versus Central Bank's 6.8% estimate.

 

The IMF statement is contained within the IMF World Economic Outlook released this month. The IMF report indicates Sri Lanka’s growth in 2013 will likely remain around 6.7%.

 

Inflation remains a problem, and has been creaping up throughout 2012. The IMF Report expects Sri Lanka’s inflation to reach 10.1% by the end of 2012.

Business Sri Lanka is the largest Global business network for C-Level business professionals and for key business leaders forused on Sri Lanka.

Business Sri Lanka is based out of London and organises a regular program of exclusive business lunches and gatherings annually.

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