Massive Las Vegas-style Casino resort in Colombo

Massive Las Vegas-style Casino resort in Colombo

Las Vegas-style Casino resort

A big Las Vegas-style Casino resort with a minimum of 400 rooms would be set up along D.R. Wijewardane Mawatha in Colombo, with a US$ 350 million investment,It is an investment by Australian casino mogul James Packer. The project will enjoy tax concessions for more than ten years.The government has enacted the Casino Business Regulation Act to provide for such businesses in the country.Janatha Vimukthi Peramuna (JVP) parliamentary group leader Anura Kumara Dissanayake raised the issue in Parliament having circulated a letter sent by Finance Ministry Director General K.M.M. Siriwardene to the Chairman of the Board of Investment (BoI).

According to the letter, the project will be given recognition under the Strategic Development Project Act No 14 of 2008. It is a law introduced by the government to give facilities for large Foreign Direct Investments (FDI) in the country.  Quoting from the letter, Mr. Dissanayake said the project would be located on a land belonging to the Government Supplies Department.The project’s foreign investors are Crown Ltd., of Crown Towers, No:8 Whiteman, St. Southbank 3006, Victoria, Australia and Allinga Pvt Ltd of No:26-03 Centennial Towers, Singapore 039190. 

They will hold 55 per cent equity in the company. The local collaborator will be M.S. Rank Entertainment Holdings (Pvt) Ltd in Kollupitiya.The investment will be exempted from the Corporate Income Tax for as much as ten years. It will be exempted from Betting and Gaming Levy and income tax. All project-related imports will also be exempt from Customs duty.“This is an investment by leading Australian Casino businessman James Packer who recently met higher-ups in the government,” Mr. Dissanayake said.Investment Promotion Minister Lakshman Yapa Abeywardane responding said this would be an investment of US$350 million aimed at generating 2,600 direct employment opportunities and numerous other indirect employment opportunities. The minister said there would be a star grade resort with a minimum of 400 rooms.

“It will have facilities for retail shopping, entertainment. There will be fine dining restaurants and meeting and convention facilities,” he said and added that the BoI had been entrusted and empowered to attract investments.“The government’s target is 2.5 million tourist arrivals by 2016. We are targeting a foreign direct investment of US$ 2 billion. We have followed the legal procedure in giving tax concessions for projects meant to achieve these targets,” the minister said.

Mattala International Airport to be opened in March 18

Mattala International Airport to be opened in March 18

Sri Lanka's second international airport

Mattala International Airport in Hambantota will be declared open on March 18,The Minister of Civil Aviation, Piyankara Jayaratne said. 
The Hambantota eco-friendly International Airport is the Sri Lanka's second international airport which is construction in Mattala.


This is placed in the deep south of the country close to the fast developing coastal town of Hambantota.

Firstpost Economy India, Sri Lanka to double trade to $10 bn by 2015

Firstpost Economy India, Sri Lanka to double trade
 to $10 bn by 2015

India and Sri Lanka

India and Sri Lanka have set a target to double bilateral trade to $10 billion by 2015, India’s Commerce and Industry Minister Anand Sharma said.“We have set a target to double bilateral trade to $10 billion by 2015. Captains of industry have accepted and endorsed it,” Sharma said. Sharma along with Sri Lanka’s Minister of Economic Development Rishad Bathiudeen and Minister of Industry and Commerce Sarath Amunugama, inaugurated the event.

 The decision was taken during the eighth meeting of the India-Sri Lanka Joint Commission in New Delhi. The meeting was co-chaired by External Affairs Minister Salman Khurshid and his Sri Lankan counterpart Prof. G.L. Peiris. The Joint Commission Meeting (JCM) was preceded by the Senior Officials Meeting at the level of the Foreign Secretaries of the two countries on Monday.

 Both sides also agreed to enhance bilateral cooperation in the areas of New and Renewable energy, and in this context agreed to conclude a MoU on Cooperation in New and Renewable Energy; to cooperate in establishing three power plants of aggregate capacity of 15 MW using biomass fuel; and enhance cooperation in wind and solar energy sectors.

President Rajapaksa declares open Dickowita fisheries harbour

President Rajapaksa declares open
 Dickowita fisheries harbour

South Asia largest fisheries harbour 

Sri Lankan President Mahinda Rajapaksa declared open the Dikkowita Fisheries Harbor constructed at a cost of Euro 51 million (Rs. 850 million) on 18 January 2013.The Dikkowita largest fisheries harbour in South Asia project, commenced in 2008, has been funded by a soft loan of Euro 41 million from the Government of Netherlands, HSBC Bank, and the government of Sri Lanka.

South Asia largest fisheries harbour

The harbor has facilities for bunkering shipping vessels with four ice plants, four cool rooms, and fuel sheds, a large fish processing area, a large canteen, a fish net repairing facility and remote control operated boat lifting facility. It also has a fish auction hall, parking space for large containers and vehicles, and a special waste disposal system.

The Managing Director of Ceylon Fishery Harbor Corporation, Lal Samarasinghe has said that the harbor would bring in valuable foreign exchange and would also help Sri Lanka to be self-sufficient in fish products.

The Director has pointed out that the close vicinity of the harbor to the Katunayake international airport is advantageous to the foreign trawler operators.

Sri Lanka to import 4,500 dairy cows

Sri Lanka to import 4500 dairy cows

Boost dairy production in Sri Lanka

Sri Lanka will import 4,500 dairy cows from Australia and develop farms belonging to National Livestock Development Board (NLDB) to increase the milk production in the country.The cows will be distributed among three farms belonged to the NLDB at Bopaththalawa, Nikaweratiya and Siringapatha with 4,500 upgraded dairy animals at a total cost of US$ 28.5 million.

Sri Lanka has already imported 500 out of the 2,000 dairy cows to be brought under the first phase of the project and they are housed at the Bopaththalawa farm. The remaining 1,500 cows are scheduled to arrive in the country shortly, the Government Information Department said.

The remaining 2,500 cows are to be imported during this year to develop the NLDB's Nikaweratiya and Siringapatha farms.

Sri Lanka`s Coastal belt to be developed

Coastal belt from Galle Face to Mount Lavinia
 to be developed

Coastal belt Galle Face to Mount Lavinia

Sri Lanka plans to develop the coastline belt  from the Galle Face Hotel complex to the Mount Lavinia Hotel limits.The Project includes the development of the coastal belt from the Galle Face Hotel Complex to the Mount Lavinia Hotel limits, in addition to its beautification. Another aim is to overcome coastal erosion. 

The Project is due to be completed within three years. the estimated cost is US$ 25 million.

A special discussion on these development activities was held at Temple. It was presided by President Mahinda Rajapaksa. The President has discussed the practical implementation of the project and the steps that need to be taken in the future.

Minister Basil Rajapaksa, Secretary to the President Lalith Weeratunga and Finance Secretary Dr. P.B. Jayasundera participated in the discussion.

Sri Lanka stocks rise 1.8% after rate cut

Sri Lanka stocks rise after rate cut

Colombo stock exchange(CSE)

Sri Lanka stocks closed up 1.8 percent after the Central Bank cut rates by 25 basis points, driven mostly by domestic buying, brokers said.
The benchmark Colombo All Share Price Index close up 98 points at 5,516.6 and the S&P SL20 Index rose 31.3 points to close at 2,994.5 points up 1.06%.
Asian Alliance Insurance said it had been investing 177 million rupees in commercial paper of Softlogic Capital Ltd, a related party and earned interest of 7.4 million rupees up to November 30.

The market Turnover was 479 million rupees. Domestic sales were 330 million rupees and purchases 361 rupees. Foreign investors sold 148 million rupees of stock and bought 117 million rupees of shares.
Dialog Axiata closed at 8.30 up 30 cents, John Keells Holdings rose 2.60 to close at 214.40 rupees and Sri Lanka telecom rose 1.0 rupees to close at 43.30 contributing most to the gain, in a day where 195 stocks advanced and 29 fell.
Most active companies included SMB Leasing whose not voting stock which closed at 0.50 cents rupee up 10 cents with 12.7 million shares traded and Amana Takaful, an Islamic insurer which closed up 20 cents at 1.70 with 1.79 million shares traded.

Sri Lanka,Belgium new trade ties

Sri Lanka,Belgium new trade ties

Expand air travel between Sri Lanka and Belgium

Belgium’s Wallonia Investment and Trade Agency (Awex) has agreed to export Sri Lankan products to European countries by the beginning of next year(2013) and expand air travel between Sri Lanka and Belgium, Sri Lanka governments' news reports. 

The agreement followed a meeting between Awex and economic development minister Basil Rajapaksa in Sri Lanka, where they discussed finding markets for Sri Lanka’s ornamental fish, natural flowers and fish products through the expansion of air links between the two countries.

The Minister attention was also drawn to local drinking water projects( in progress at Balangoda, Embilipitiya and Padaviya) already under way with Belgium’s assistance. He stressed the need for extending these projects to other areas of Sri Lanka  to prevent kidney diseases that have become a serious health hazard due to the lack of clean water.