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Sri Lanka Participates in World Trade Expo 2024 in Mumbai

Sri Lanka’s Consulate General in Mumbai is organizing the Sri Lanka Pavilion at the 5th World Trade Expo (WTE 2024). This international trade fair will take place on October 17-18, 2024. It aims to boost business opportunities and economic growth through global networking.

Sri Lanka Participates in World Trade Expo 2024 in Mumbai

WTE 2024 will gather over 30 countries, state governments, and trade bodies. The event will promote bilateral trade, investment, and education. Exhibitors will showcase an export potential of USD 31.8 billion for Indian businesses.

Key sectors include chemicals, pharmaceuticals, motor vehicles, and metal products. Engineering goods, agro, and allied sectors will also be featured. The expo focuses on trade, technology, tourism, and education.

Sri Lanka’s participation will highlight its diverse products and investment opportunities. This aligns with the country’s projected 4.4% economic growth in. The event provides a platform for businesses to explore new partnerships.

Key Takeaways

Sri Lanka to participate in the 5th World Trade Expo in Mumbai, India, from October 17-18, 2024
Over 30 countries will showcase untapped export potential of USD 31.8 billion for Indian businesses
Sectors highlighted include chemicals, pharmaceuticals, motor vehicles, metal products, engineering goods, and agro sectors
The event focuses on fostering trade, technology, tourism, and education collaborations
Sri Lanka aims to showcase its diverse products and investment opportunities to contribute to its projected 4.4% economic growth in 2024

Sri Lanka Pavilion Showcases Diverse Products and Opportunities

The Sri Lanka Pavilion at the World Trade Expo 2024 in Mumbai showcased the country’s finest products. It highlighted Sri Lanka’s potential for export promotion and investment prospects. The pavilion aimed to strengthen ties between Sri Lanka and India.

Ceylon Spices, Coconut Products, and Dehydrated Fruits on Display

Visitors enjoyed a sensory experience at the Sri Lanka Pavilion. They savored the aroma of Ceylon spices and tasted delicious coconut products. The display also featured vibrant dehydrated fruits.

Ceylon cinnamon, pepper, and cardamom
Coconut oil, coconut water, and desiccated coconut
Dehydrated mango, pineapple, and papaya
Ceylon tea

Ceylon spices export promotion

Four Sri Lankan Companies Introduce New Value-Added Products to Indian Market

Four innovative Sri Lankan companies showcased new value-added products for the Indian market. This move strengthened investment prospects and bilateral relations.

Company	Product
Cinnamon Exports Ltd.	Cinnamon-infused chocolate
Coconut Delights Pvt. Ltd.	Coconut milk powder
Cocoa Innovations	Cocoa butter lotion
Tropical Fruits Co.	Dehydrated fruit and nut mix

These companies show Sri Lanka’s dedication to value addition and product diversification. They create exciting investment opportunities for Indian businesses. Sri Lanka aims to boost its exports and become a key global market player.

World Trade Expo 2024 Highlights Opportunities for Collaboration

Mumbai hosted the fifth World Trade Expo from October 17-18. The event promoted bilateral trade among 37 countries. It aimed to boost India’s trade with developing nations in Africa, Asia, and Latin America.

Over 100 exhibitors showcased trade and investment opportunities. The Expo focused on green energy and innovation. This aligns with India’s goal of net-zero carbon emissions by 2070.

Maharashtra plans to increase its solar power capacity significantly. By 2025, it aims to reach 12,930 MW from the current 5,080 MW.

World Trade Expo Focuses on Trade, Technology, Tourism, and Education

The Expo offered a platform for various sectors. These included trade, technology, tourism, and education. Participants explored untapped export potential worth USD 117 billion.

They engaged with 30 countries and regions at the event. This interaction opened doors for new business opportunities.

Region	India’s Total Merchandise Trade	India’s Exports	India’s Imports
Participating Regions	28%	35%	24%

Over 30 Countries and Trade Bodies Facilitate Bilateral Engagement

Representatives from over 30 countries attended the Expo. Various trade bodies also participated. This gathering fostered cross-border collaborations and bilateral engagements.

India’s existing trade agreements provided a strong foundation. These agreements involve countries like Malaysia, Sri Lanka, and South Korea. ASEAN nations such as Indonesia, Vietnam, and Thailand were also included.

Platform for MSMEs, Women Entrepreneurs, and Startups to Explore Collaborations

The Expo offered opportunities for various business groups. MSMEs, women entrepreneurs, and startups explored potential partnerships. They connected with global counterparts and learned about technology transfers.

Emerging African economies presented promising business prospects. These included Ghana, Ethiopia, Kenya, Uganda, and South Africa. They offered opportunities in manufacturing, agriculture, and services.

The Expo aimed to foster cooperation in various fields. These included food security, energy, sustainable development, and space science. Digital economy, education, and skill development were also key focus areas.

Conclusion

The World Trade Expo 2024 in Mumbai ended successfully, fostering future collaboration between Sri Lanka and India. It provided a platform for networking and exploring new business opportunities. Participants established valuable connections across various sectors.

Sri Lankan companies displayed diverse products and services, catching Indian businesses’ attention. The expo revealed potential for bilateral trade and investment. Opportunities spanned industries like spices, coconut products, and dehydrated fruits.

Sri Lanka’s recovery from COVID-19 is aided by initiatives like the visa-free entry program. Enhanced air connectivity with countries like Pakistan will boost tourism and economic growth. The expo acted as a catalyst for partnerships and economic progress.

Sri Lankan businesses are now ready to use their new connections and opportunities. The event created a strong base for future collaborations. Economic ties between the two nations are set to grow significantly.

Sri Lanka Central Bank Raises Interest Rates 2023

The Central Bank of Sri Lanka has raised key policy interest rates to fight inflation. This move aims to support economic recovery and align with IMF negotiations. The CBSL increased the SDFR and SLFR by 100 basis points each.

This rate hike addresses Sri Lanka’s high inflation, which peaked in September 2022. The economy shrank by 9.2% last year, with inflation hitting 50% in February. The central bank had already raised rates by 950 basis points in 2022.

Central Bank Raises Interest Rates to Combat Soaring Inflation

The CBSL’s decision aligns with IMF staff recommendations. It’s a key step towards securing the $2.9 billion IMF bailout package. Sri Lanka is restructuring its debt before IMF funds can be released.

The country seeks approval under a special Lending Into Official Arrears policy. India and the Paris Club of creditors have offered their support in this process.

These changes aim to reduce the gap between policy and market interest rates. The CBSL expects single-digit inflation by late 2023. They also anticipate a continued decrease in market interest rates.

Stable monetary policies are crucial for Sri Lanka’s economic recovery. They support long-term growth and reinforce the importance of price stability. These measures are essential for sustained economic development in the country.

Central Bank Raises Interest Rates to Combat Soaring Inflation

Sri Lanka’s Central Bank has raised policy interest rates to tackle rising inflation. This action aligns with IMF negotiations and the Extended Fund Facility arrangement. The goal is to reduce the gap between policy and market interest rates.

This move aims to ease pressure on consumer spending and the overall economy. It’s a crucial step towards economic stability and growth.

Interest rates and cost of borrowing

Monetary Board Decision to Raise Policy Interest Rates

The Central Bank’s Monetary Board agreed with IMF staff to increase policy interest rates. The raise was smaller than initially planned during negotiations. This decision helps fulfill ‘prior actions’ needed for the IMF Extended Fund Facility arrangement.

Standing Deposit Facility Rate (SDFR) and Standing Lending Facility Rate (SLFR) Increased

The Monetary Board increased the Standing Deposit Facility Rate to 15.50%. They also raised the Standing Lending Facility Rate to 16.50%. These changes took effect from March 3, 2023.

This decision shows the Central Bank’s commitment to fighting inflation and stabilizing the economy. It’s a significant step towards financial stability.

Policy Rate	Previous Rate	New Rate (Effective 03 March 2023)
Standing Deposit Facility Rate (SDFR)	14.50%	15.50%
Standing Lending Facility Rate (SLFR)	15.50%	16.50%

Impact on Lending Rates and Cost of Borrowing

The policy interest rate increase will affect lending rates and borrowing costs in Sri Lanka. Higher rates may reduce consumer spending and investment as borrowing becomes pricier.

However, this measure is crucial to control inflation and prevent future economic instability. It’s a necessary step towards long-term financial health.

Reasons Behind the Interest Rate Hike

Sri Lanka raised interest rates to support its IMF-EFF arrangement. This move aims to boost economic stability and attract foreign exchange. It’s part of ongoing talks with the IMF to tackle economic challenges.

The Monetary Board expects this hike to close the gap between policy and market rates. As Sri Lanka restructures its debt, this gap should shrink further. This will create a more stable financial environment for growth.

Negotiations with the International Monetary Fund (IMF)

Sri Lanka is working closely with the IMF for economic recovery. The IMF’s support is crucial for addressing current challenges. Their involvement will guide economic reforms and debt restructuring for long-term stability.

Commitment to the IMF Extended Fund Facility (EFF) Arrangement

The interest rate hike shows Sri Lanka’s dedication to the IMF-EFF plan. This plan outlines steps for economic recovery. Following this arrangement aims to restore confidence and attract foreign investment.

Aim to Lower the Spread Between Policy Interest Rates and High Market Interest Rates

Raising interest rates should help align policy and market rates. This alignment is key for financial stability. As debt restructuring progresses, the rate spread should narrow further.

Conclusion

The Central Bank of Sri Lanka’s interest rate hike aims to ensure price and economic stability. This decision aligns with the IMF Extended Fund Facility (EFF) arrangement. It’s a crucial step towards normalizing the interest rate structure and combating inflation.

The rate increase is expected to quickly slow down inflation. Similar actions by central banks worldwide have shown positive results. The US Federal Reserve and European Central Bank have also raised rates to address rising prices.

Rising rates may challenge emerging economies’ financial stability and capital inflows. However, Sri Lanka remains committed to overcoming these obstacles. The country’s focus on stability aims to create a growth-friendly environment.

The recent surge in Sri Lanka’s agricultural exports shows the nation’s resilience. This growth potential supports the country’s economic recovery efforts.

Sri Lanka’s proactive approach to economic challenges is clear. The Central Bank’s actions and commitment to the IMF arrangement demonstrate this. These efforts position the country well for sustainable growth and a prosperous future.

Sri Lanka Second in 2024 Asian Netball Championship

Sri Lanka’s Netball Team became silver medalists at the 2024 Asian Netball Championship. They are known as six-time champions and showed great skill in their last game against Singapore. The final match took place at the Koramangala Indoor Stadium in Bengaluru, India, where Sri Lanka narrowly missed their seventh title with a close score of 64-67. This event proved their strong position in women’s sports, especially in netball.

Sri Lanka is making strides in sports and the economy too. Their efforts in boosting their digital economy show a dedication to advance and innovate. They aim for substantial growth by 2024.

Key Takeaways

Sri Lanka’s Netball Team secured the silver medal at the 2024 Asian Netball Championship.
In a gripping final, they were narrowly defeated by Singapore, scoring 64-67 in overtime.
The highly-anticipated match exhibited the pinnacle of women’s sports and netball prowess in the region.
Sri Lanka’s rich legacy in netball was highlighted by their bid for a seventh championship title.
Parallel to netball successes, Sri Lanka is actively working towards a significant technology sector growth by the end of 2024.

An Epic Showdown: Singapore Clinches Victory Over Sri Lanka in Overtime

In the thrilling final of the Asian championship, Singapore triumphed over the champions, Sri Lanka. It was an overtime win that kept fans on the edge of their seats. This match showcased the strength and never-give-up attitude of the Sri Lankan players.

The Final Battle: Sri Lanka Versus Singapore

The championship’s last game was unforgettable. Both teams gave it their all, showing what top-level netball is about. Their effort and strategy highlighted the game’s high stakes.

Overtime Thriller: Deciding the Asian Netball Champion

Overtime pushed both teams to their limits. Singapore’s strategic moves during this time were game-changers. They clinched a victory with a final score of 67-64.

Defending Champion’s Valiant Effort

Sri Lanka showed their strength early in the game, proving their hard work and dedication. Their performance in the tournament was remarkable, making them strong competitors on the international stage.

Sri Lanka’s Struggle for the Title

Though Sri Lanka fought hard, they just missed taking home the title. Yet, their skill and teamwork during the match affirmed their top position in Asian netball.

Sri Lanka’s Netball Team Finishes as Runners-Up in 2024 Asian Championship

Before the final battle, Sri Lanka’s netball team showed top-notch skills. They played incredibly well together, leading to a strong win in the semi-finals. Their unbeaten record in the tournament was clear.

Bulldozing Into the Finals: Sri Lanka’s Dominant Semi-Final Win

In the semis, they played against Hong Kong and won with a score of 71-47. By halftime, Sri Lanka was ahead by 36-21. Their strategy and teamwork kept their winning streak alive.

The Unbeaten Streak: Road to the Finals

Sri Lanka’s journey to the finals was filled with impressive wins. These victories uplifted the team’s spirit. They also made Sri Lanka a strong competitor in Asian netball.

Notable Performances: Algama & Perera’s Shooting Prowess

Thishala Algama and Rashmi Perera were stars before the finals. Algama scored an amazing 50 goals in the final game. Their skills and teamwork helped Sri Lanka finish as runners-up, making their country proud.

The future looks bright for Sri Lanka’s netball. With talented players like Algama and Perera, and their unyielding determination, they’re set for more success. They’re making a mark on the international stage of netball.

The Significance of Silver: Sri Lanka’s Future in International Netball

The national team won a silver medal at the 2024 Asian Netball Championship. This achievement is a sign of Sri Lanka’s potential in sports. The team’s success shows Sri Lanka’s talent and sets a strong foundation for future global competitions. Sri Lanka’s netball team has been in the finals seven times in a row. This shows they are becoming a strong competitor worldwide.

Thishala Algama and Rashmi Perera stood out with their skills. Their performance has made them top athletes and inspirations in Sri Lanka. The team’s success in the sport reflects their high sportsmanship. It also brings pride to the country’s people.

The silver medal marks a step towards a bright future in netball for Sri Lanka. With over 22 million people, the country has a lot of potential talent. Being 78th in the HDI rank shows Sri Lanka can develop strong sports programs. This will help their athletes shine internationally. Sri Lanka aims to make a lasting impact on international netball.

Sri Lanka Names Hans Wijayasuriya as Digital Economy Lead

OMP Sri Lanka has announced a significant step in the country’s digital journey. Dr. Hans Wijayasuriya has been chosen as the Chief Advisor on Digital Economy by the president. This key appointment by President Anura Kumara Dissanayake highlights the country’s dedication to leading in technology. It also shows its efforts to transform its digital space.

Sri Lanka Appoints Axiata GED Hans Wijayasuriya as Chief Digital Economy Advisor

Dr. Wijayasuriya brings a wealth of experience from his time as Axiata Group’s General Executive Director. His global recognition, including the top GSMA Chairman’s Award in 2024, will greatly benefit his new position. With this role, Sri Lanka is starting a new chapter in its digital journey. The aim is to boost growth and improve public services with new technology.

Work on economic recovery is moving forward, and Dr. Wijayasuriya’s vision is expected to be key for empowering Sri Lankans digitally. By taking on this important advisory role, he will wrap up his successful time with Axiata by January 2025. This move marks a major shift from his corporate achievements to serving the nation in the technology field.

Sri Lanka Appoints Axiata GED Hans Wijayasuriya as Chief Digital Economy Advisor

Sri Lanka has made a key move by naming Hans Wijayasuriya the Chief Digital Economy Advisor. This important step is set to boost the country’s role in the digital world and enhance its global standing. It shows Sri Lanka’s eagerness to lead in tech among developing countries.

Appointment Marks a Transformational Shift for Sri Lanka’s Digital Landscape

Dr. Wijayasuriya starts his role on November 1, 2024. He brings vast knowledge, especially from the financial world. This matches well with Sri Lanka’s goals of promoting tech and innovation in telecom. On his first day, the local currency strengthened, showing more investor confidence, particularly in finance.

Empowering a National Vision: Toward a Digitally Advanced Sri Lanka

With Dr. Wijayasuriya’s leadership, Sri Lanka aims to launch major digital updates. These plans are to upgrade infrastructure and make tech widely available, improving living standards and job chances for everyone. His experience in emerging markets and digital fields will likely lead to significant progress.

Public-Private Synergy: Wijayasuriya’s Role in Digital Policy and Advisory

Advancing digitally needs teamwork between the government and private companies. Dr. Wijayasuriya will head the ICTA of Sri Lanka, focusing on starting strong and creating solid policies. His role aims to synchronize Sri Lanka with global digital developments, promoting growth and tech empowerment.

Sri Lanka has also gained major global support, for example, a $1 billion World Bank loan. This shows the world’s trust in Sri Lanka’s recovery and growth plans. It’s a step towards building a vibrant digital economy.

Having Hans Wijayasuriya as the Chief Digital Economy Advisor is crucial for Sri Lanka. His insight and strategy are key to bringing in a digital age of success. He’s expected to blend economic strength with tech innovation seamlessly.

Hans Wijayasuriya’s Legacy in Telecommunications and Digital Solutions

Dr. Hans Wijayasuriya has led for over 30 years in the Axiata Group. He has made a big impact on global mobile communication. This is shown by his GSMA Chairman’s Award in 2024. He now focuses on Sri Lanka’s digital economy growth. By being the Chief Advisor to the President on Digital Economy, his telecommunications expertise will help the country. Sri Lanka faces challenges like the need for skilled software experts which it currently lacks. Dr. Wijayasuriya is key in meeting the IT industry’s growing demands.

To improve the IT workforce, there is a focus on digital innovation. This aims to boost the economy and stop the brain drain by offering good jobs to the young and encouraging them to start businesses. Dr. Wijayasuriya’s work is seen in Dialog Axiata and Axiata Digital Labs. These efforts show his lasting effect on Sri Lanka’s telco and digital areas. He advises the nation to use innovation to enhance international trade. This will help with currency issues and reduce the banking sector’s reliance on the falling rupee.

Sri Lanka is changing its laws, with the 21st Amendment passed. This shows its commitment to fair laws and chances for everyone. The nation is trying to improve in areas like banking and IT. Groups like the Commonwealth Union Ltd. and Appé Lanka help poor communities in Sri Lanka. The President’s Media Division says Dr. Wijayasuriya’s role is very important. As Sri Lanka plans to dissolve its Parliament for elections, it looks forward to new laws and policy changes.

Sri Lanka Makes Condé Nast’s Top Travel Spots for 2024

Sri Lanka has secured a spot among the best places to visit in 2024. Condé Nast Traveler, a prestigious luxury travel magazine, recognized the island’s unique appeal. Sri Lanka’s blend of natural beauty, cultural heritage, and emerging travel experiences caught their attention.

Sri Lanka’s tourism is bouncing back stronger than ever. The focus is on sustainable growth and showcasing diverse attractions. From tea-filled highlands to palm-fringed shores, Sri Lanka offers authentic encounters and luxurious escapes.

Condé Nast Traveler’s endorsement highlights Sri Lanka’s resilience and appeal. This recognition will likely drive increased interest from affluent, independent travelers. The magazine’s global audience is sure to take notice of Sri Lanka’s inclusion.

Key Takeaways

Sri Lanka named one of the best places to visit in 2024 by Condé Nast Traveler
Luxury travel magazine highlights Sri Lanka’s natural beauty, cultural heritage, and emerging experiences
Sri Lanka tourism rebounds with focus on sustainability and showcasing diverse attractions
Endorsement from influential publication to drive increased interest and bookings
Tea-filled highlands and palm-fringed shores offer range of authentic encounters and luxurious escapes

Condé Nast Traveller Highlights Sri Lanka’s Allure

Sri Lanka has caught the eye of Condé Nast Traveller as a top travel spot for 2024. The island nation blends luxury, wellness, and eco-friendly experiences. South and Central Sri Lanka are especially captivating regions.

Sri Lanka Ranks Among Best Places to Go in 2024

Condé Nast Traveller readers have given Sri Lanka high praise. In the 2021 Readers’ Choice Awards, Sri Lanka scored 93.96 out of 800,000 responses. This tops its previous year’s rating of 91.79.

The recognition shows Sri Lanka’s appeal to global travelers. Many seek authentic experiences and off-the-beaten-path adventures here.

Focus on South and Central Sri Lanka

South and Central Sri Lanka lead the country’s tourism revival. These areas offer natural beauty, cultural heritage, and luxury stays. Travelers can explore UNESCO-listed Galle Fort and lush tea plantations in Hatton.

The region’s appeal grows with new offerings. Meraki, a nine-room eco-friendly retreat in Matara, opens in early 2024.

Destination	Attraction	Opening Date
Galle	Galle Literary Festival	January 2024
Galle	Gourmet Galle Food Festival	January – March 2024
Matara	Meraki Retreat	Early 2024

Luxury and Wellness Boom from Tea-Filled Highlands to Palm-Fringed Shores

Sri Lanka’s tourism is shifting to experience-based models for high-value tourists. The tea-filled highlands offer serene escapes for wellness seekers. Hotel Ceylon Tea Trails in Hatton is a prime example.

The south coast boasts pristine beaches and luxurious resorts. A new Hilton resort near Yala National Park adds to the coastal allure.

Sri Lanka Among Condé Nast Traveller’s ’24 Best Places to Go in 2024

Sri Lanka has earned a spot in Condé Nast Traveller’s “The 24 Best Places to Go in 2024”. The island’s south and central regions blend surf and wellness cultures. Sri Lanka is focusing on sustainable tourism to protect its natural wonders.

Emerging Phoenix-Like from Economic Crisis with New Attractions

Sri Lanka is bouncing back from economic setbacks with exciting new attractions. The country boasts 22 national parks, showcasing diverse plant and animal species. Sri Lanka’s eco-friendly practices ensure its natural treasures remain pristine for future generations.

Food Festivals, Wellness Retreats, and Historic Hiking Trails

Sri Lanka is launching a new food festival, wellness retreats, and a historic hiking trail. The Pekoe Trail, completed in 2023, spans 186 miles through the Central Highlands. This path takes adventurers through local villages, tea plantations, and holy shrines.

Destination	Recognition
Sri Lanka	Top 3 must-visit destinations for summer ’24 by Forbes Featured in Condé Nast Traveller’s “The 24 Best Places to Go in 2024” Included in Travel + Leisure’s “The 50 Best Places to Travel in 2024”
Mirissa Beach, Sri Lanka	Recognized among Tripadvisor’s “Best of the Best Beaches” for 2024

Global tourism is rebounding, reaching 97% of pre-pandemic levels in the first quarter. Sri Lanka is ready to attract a big share of the 285 million international travelers. The country offers authentic experiences for those seeking memorable journeys.

Conclusion

Sri Lanka’s recognition by Condé Nast Traveller as a top destination for 2024 highlights its resilience. The country has bounced back from economic challenges, offering diverse attractions to visitors. From food festivals to wellness retreats, Sri Lanka caters to various interests.

Tourist arrivals have steadily increased, with India being the largest source market. In just five months, Sri Lanka welcomed over 864,000 tourists. This surpasses half of the previous year’s visits during the same period.

The island nation’s popularity on social media platforms is soaring. Millions of TikTok views and Instagram hashtags showcase its appeal to travelers worldwide.

Sri Lanka prioritizes visitor safety through implemented measures. Fully vaccinated travelers can enter with a negative PCR test, avoiding quarantine. Non-vaccinated visitors must follow specific guidelines to ensure everyone’s well-being.

The country actively participates in regional tourism initiatives. Its involvement in the BIMSTEC Network of Tour Operators demonstrates commitment to industry growth. This collaboration fosters partnerships with neighboring nations, boosting tourism prospects.

Sri Lanka’s inclusion in Condé Nast Traveller’s list opens doors for growth. It attracts international brands and creates new business opportunities. The country is set to become a must-visit destination, contributing to its economic expansion.