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Viewpoint

Sujeewa Mudalige, Managing Partner, PwC: Viewpoint
OBG
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Viewpoint: Sujeewa Mudalige Taxation continues to the principal instrument of mobilising revenue for financing public expenditure. In addition to serving this primary function, the Sri Lanka tax system has been harnessed over the years to serve the economic and social policy objectives of the government, both as a means of promoting capital formation and investment, thereby providing a conducive climate…
Viewpoint

John Wilson, Managing Proprietor, John Wilson Partners: Viewpoint
OBG
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Viewpoint: John Wilson In the round-up of significant legal and non-constitutional reforms adopted throughout the course of 2016, as well as in the highlights of the overview of this chapter, I have referred to in some detail the work of the Law Reform Commission Programme. I quoted from that programme of work in regard to the proposed work of the Law Reform Commission on legal reforms to deal with…
Analysis

Sri Lankan business stands to benefit from further trade with India

Posted OBG AdminPosted in Uncategorized

With a population of 1.3bn and an economy growing 7%-plus each year, India is a good neighbour for Sri Lanka to have. Trade volumes between the countries have soared in recent years thanks to a beneficial free trade agreement (FTA). Talks have been ongoing about how to deepen this relationship while taking into account political and economic sensitivities. India ranked third in Sri Lanka’s…
Analysis

New initiatives in Sri Lanka set to refocus efforts on increasing foreign direct investment

Posted OBG AdminPosted in Uncategorized

After decades in which Sri Lanka underperformed in its substantial potential as a foreign direct investment (FDI) destination, there is a growing sense that change is afoot that will allow the country to make up for lost time. In January 2016 Malik Samarawickrama, the minister of development strategies and international trade, told the global press that Sri Lanka aimed to attract $5bn-6bn in…
Analysis

Microfinance institutions in Sri Lanka's banking industry receive more regulation and options to expand services

Posted OBG AdminPosted in Uncategorized

Although Sri Lanka has numerous banks, a large part of the population – particularly outside the major urban areas – has looked to other types of financial intermediaries to meet its needs, or has remained outside of the financial system altogether. In addition, years of conflict denied large numbers of citizens contact with normal banking practices, particularly in the north and north-west…
Analysis

Recent IMF deal aims to realise Sri Lanka's economic potential through benchmarks and reforms

Posted OBG AdminPosted in Uncategorized

Sri Lanka’s deal with the IMF agreed upon in June 2016 could help the country open a new chapter of wide-ranging economic reform. While noting the country’s economic weaknesses that have been brought into focus in recent years, the fund also looked favourably upon Sri Lanka’s competitive advantages. From them, the country can stands to benefit in the longer term if it addresses structural…
Analysis

Global interest in Sri Lanka's sovereign bonds suggests growing investor confidence

Posted OBG AdminPosted in Uncategorized

Strong demand for Sri Lankan sovereign bonds is broadening the government’s funding options, while indicating rising investor confidence in the country’s economic outlook and reform programme. Strong Demand Working with a range of international financial institutions, including Citigroup, HSBC and Deutsche Bank, the Central Bank of Sri Lanka (CBSL) successfully floated a $1.5bn, 10-year…
Analysis

While Sri Lanka's overall unemployment is low, disparity between genders and levels of education exist

Posted OBG AdminPosted in Uncategorized

Sri Lanka’s robust economic growth in recent years has boosted job creation, but the country still faces the challenges of high youth unemployment on one hand and skills shortages on the other. On The Job The number of people employed in Sri Lanka rose by 1.5% in 2016 to nearly 7.9m, up from 7.8m in 2015, according to the Central Bank of Sri Lanka (CBSL). Job growth was driven by the industry…
Analysis

Plans set to transform Sri Lanka's Colombo region into economic powerhouse

Posted OBG AdminPosted in Uncategorized

Colombo, the biggest city in Sri Lanka by some margin, is the country’s economic engine. A range of large-scale projects are under way that are set to transform the city into a regional centre for business, trade and investment. These initiatives can be complied into the Western Region Megapolis plan, a blueprint for developing an area of 3600 sq km in and around the capital. Megapolis The…
Analysis

New measures in Sri Lanka aim to bolster textiles and garments

Posted OBG AdminPosted in Uncategorized

As the country’s largest export sector, the garment and textiles industry maintains high ethical standards and a recognised record of respectable labour practices. In this, the apparel sector caters to largely higher-value, niche products. Indeed, Sri Lanka’s major textiles producers such as MAS Fabrics serve some of the best-known apparel brands in the world. Nike, GAP, H&M and Marks…