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Analysis

Government works to overcome energy output challenges in Sri Lanka
OBG
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Increased incidence of extreme weather patterns and rising domestic demand have strained Sri Lanka’s national grid in recent years, forcing the government to increase costly fuel imports and implement rolling power cuts as a result of periodic shortages. In its most recent energy development strategy, released in 2017, the state-owned electricity company, the Ceylon Electricity Board (CEB),…

Analysis

Sri Lanka expands special economic zones to attract international investment
OBG
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Sri Lanka has a long history of developing economic zones, including export processing zones (EPZs), industrial parks (IPs), industrial estates, and special economic zones (SEZs). These areas are considered vital for attracting investment and building industry. Sri Lanka currently has 10 EPZs and two IPs throughout the country. They offer a number of advantages. Tax exemptions are provided…

Analysis

Sri Lankan government targets new markets and supports small businesses to boost export economy
OBG
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Sri Lanka’s export economy has been facing challenges in recent years from intense international competition and lack of investment, especially foreign direct investment. As a result, the government is stepping up its commitment to support exports, especially from industrial small and medium-sized enterprises. A number of programmes have been initiated, while the country is more broadly…

Analysis

Sri Lanka's roads improve and the government secures funding for further upgrades
OBG
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Rural connectivity is poised to improve significantly, with the government securing financing from the Asian Development Bank (ADB) to rehabilitate over 3400 km of rural roads. These road renovations form part of an expansive infrastructure agenda that will also see the construction of a host of rural expressways in the coming years. Although budgetary shortfalls could make it difficult for…

Analysis

Sri Lankan government sells majority stakes in state-owned transport and logistics infrastructure
OBG
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In an effort to address the rising levels of public debt, the government moved to sell a majority stake in the recently constructed deepwater port in Hambantota to the state-owned China Merchants Port Holdings (CMPH) in July 2017. The deal will help shore up state reserves to allow for higher spending on priority infrastructure. It also demonstrates that there are opportunities for foreign…

Analysis

Crop insurance provides Sri Lankan farmers with protection from the adverse effects of climate change
OBG
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Sri Lanka was suffering from the worst drought in 40 years in 2016 and early 2017 when the country was then hit by some of the heaviest floods in decades. Flooding of the Galle and Kalutara Rivers in May 2017 caused landslides, evacuations of hundreds of thousands of farmers and significant crop damage. As these events indicate, Sri Lanka and its agriculture sector are highly vulnerable to…

Analysis

Steady progress on the construction of Port City Colombo in Sri Lanka
OBG
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Identified as a potential turning point for Sri Lanka, the landmark Port City Colombo (PCC) development on a swathe of reclaimed land will start to take shape in 2018. Patali Champika Ranawaka, the minister of megapolis and western development, announced in January 2018 that a consortium led by China Harbour Engineering Company (CHEC) would invest $1bn in building three 60-storey office towers…

Analysis

Proposed laws to increase foreign investor interest in local Sri Lankan real estate
OBG
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Foreign interest in Sri Lanka’s property market has been steadily building momentum. The country’s rising global tourism profile is increasingly attracting international interest in the sector, while expatriate Sri Lankans are already an important part of the investment picture. For Sri Lankan expatriates abroad, owning property in their country of origin is a useful financial investment…

Analysis

New air routes and niche offerings to increase the number of Indian tourists in Sri Lanka
OBG
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Despite recent setbacks, including the four-month closure of Bandaranaike International Airport (BIA) in 2017 and unusual flooding in the south, Sri Lanka’s tourism sector continues to post sizeable gains. According to the Sri Lanka Tourism Development Authority (SLTDA), total tourist arrivals grew by 3.2% to hit 2.1m in 2017, with 384,628 coming from India, an increase of 7.8% on 2016, 268,952…

Analysis

Sri Lanka emerges as an important location for high-value start-ups
OBG
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While efforts are under way to transform the environment, the start-up ecosystem in Sri Lanka remains underdeveloped. At both a government level and in the private sector, resources are being committed to encourage and support entrepreneurship. These initiatives appear to be paying off, with a significant uptick in activity occurring in recent quarters and a critical mass having been achieved. “There…