Unprecedented Growth in Sri Lanka’s Aviation Sector in 2024
In an impressive stride forward for Sri Lanka’s aviation industry, 2024 has been marked by a record-breaking increase in passenger, aircraft, and cargo movements, showcasing a significant recovery and growth since the challenges of the past years. Soaring Numbers: A Testament to Resilience The Airport and Aviation Services (Sri Lanka) Limited (AASL) reported remarkable figures […]
Sri Lanka ends five-year vehicle import ban sparking mixed concerns
Sri Lanka recently ended a stringent five-year ban on vehicle imports, a move that has elicited a blend of enthusiasm and concern across various sectors of the economy. This policy shift is anticipated to have profound implications on pricing, taxation, and the overall economic landscape. Economic Context and Government’s Decision For half a decade, Sri […]
The Impact of SVAT Abolition on Sri Lanka’s Tea Industry
Introduction Sri Lanka’s tea industry, a cornerstone of its economy, is facing a potential crisis with the proposed abolition of the Suspended VAT (SVAT) system. This move, set to take effect from April 2025, has significant implications for tea exports and the livelihood of nearly 480,000 smallholder farmers who depend on this sector. In this […]
The Resurgence of Tradition: Colombo Tea Auction Returns to Ceylon Chamber
After a four-year hiatus due to the global pandemic, the Colombo Tea Auction has made a significant return to its traditional venue at the Ceylon Chamber of Commerce. This event marks a pivotal moment in the history of Sri Lanka’s tea industry, blending centuries-old traditions with the advances of modern technology. A Historical Perspective The […]
Sri Lanka Economy on the Path to Stabilization
As 2025 unfolds, Sri Lanka economy is showing promising signs of stabilization and growth, setting a hopeful tone for the remainder of the year. Here’s a look at the key economic trends and government strategies shaping the nation’s future. Fiscal Management and Economic Recovery The Sri Lankan government has been successful in managing its fiscal […]
Sri Lanka’s Strategic Export Plan: Aiming for $36 Billion by 2030 with Revived EDCM
In a significant development aimed at transforming Sri Lanka’s economic framework, President Anura Kumara Dissanayake has reactivated the Export Development Council of Ministers (EDCM), marking a proactive strategy to achieve a $36 billion export target by 2030(Export Plan). This bold initiative underlines a national shift toward an export-driven economy, reinvigorating the Council’s role after a […]
Sri Lanka’s Export Earnings Reach New Heights in 2024
In a remarkable display of economic resilience and strategic execution, Sri Lanka’s export sector achieved an all-time high in 2024, with cumulative export earnings soaring to $16.17 billion. This historic milestone represents a 7.06% increase from the previous year, signaling a robust recovery and promising future for the nation’s economy. A Year of Unprecedented Growth […]
SME Alliance Calls for Urgent Government Action to Support Sector’s Survival
In a critical plea for support, the SME Alliance has voiced strong concerns over the lack of effective aid provided to Small and Medium-sized Enterprises (SMEs) amidst ongoing economic turmoil. Highlighting a series of unsuccessful governmental and financial policies, the alliance is urging immediate action to restore the sector’s viability and safeguard over 4.5 million […]
Colombo Port Expansion Project Advances with Major Consultancy Contract
Colombo, January 22, 2025 – In a significant move to bolster Sri Lanka’s maritime capabilities, the Cabinet of Ministers has officially approved a consultancy services contract valued at $4.2 million with Dohwa Engineering Co. Ltd. This decision is a key component of the ambitious Colombo Port Expansion Project, aimed at enhancing the port’s infrastructure and […]
Sri Lanka’s Tourism Sector Witnesses Impressive Growth in 2024, Driven by Emerging Markets
Introduction In 2024, Sri Lanka’s tourism sector marked a significant milestone, attracting over 2.05 million visitors and showcasing a robust expansion driven predominantly by non-traditional markets. This article delves into the dynamics of this growth, emphasizing the diversification of tourist sources and the promising future of the sector as it gears up for the launch […]