Political News

China Sri Lanka joint statement full text

Saturday October 21, 2023 7:14 am

ECONOMYNEXT – Sri Lanka and China has issued a joint statement following meetings between President Wickremesinghe and Chinese leader Xi Jinping and Vice Premier Ding Xuexiang.

Agreements were also signed between the National Development and Reform Commission of the People’s Republic of China and the Ministry of Finance, Economic Stabilization & National Policies of the Democratic Socialist Republic of Sri Lanka, which comes under President Wickremesinghe.

Joint Statement between the People’s Republic of China and the Democratic Socialist Republic of Sri Lanka

Beijing, October 20, 2023

1. At the invitation of H.E. Xi Jinping, President of the People’s Republic of China, H.E. Ranil Wickremesinghe, President of the Democratic Socialist Republic of Sri Lanka, attended the third Belt and Road Forum for International Cooperation in China from October 16 to 20, 2023.

2. During the visit, President Xi Jinping and Vice Premier Ding Xuexiang had separate meetings with President Ranil Wickremesinghe. In a cordial and friendly atmosphere, leaders of the two countries had in-depth exchange of views and reached extensive common understandings on deepening China-Sri Lanka traditional friendship, on expanding mutually beneficial cooperation, as well as on regional and international issues of mutual interest.

3. The two heads of state expressed satisfaction over the development of China-Sri Lanka relations since the establishment of diplomatic ties in 1957. For 66 years, the two countries have all along advocated the spirit of the Agreement on Rice for Rubber, remained committed to independence, self-reliance, solidarity and mutual assistance, and firmly supported each other on issues regarding core interests and major concerns. The two sides jointly responded to risks and challenges including natural disasters, the COVID-19 pandemic and economic difficulties, and kept cementing strategic mutual trust and carrying forward traditional friendship. The China-Sri Lanka strategic cooperative partnership based on sincere mutual assistance and ever-lasting friendship has become a fine example of friendly interactions and mutually beneficial cooperation between countries of different sizes, and carries special and important significance for both countries.

4. The two sides agreed to maintain the momentum of high-level interactions, expand exchanges and cooperation between governments and other stakeholders, strengthen strategic communication on the basis of the Five Principles of Peaceful Coexistence, the purposes and principles of the United Nations Charter and the principle of good neighbourliness and friendship, and identify priorities and directions for the future development of bilateral relations.

5. The two sides reiterated mutual support on issues regarding each other’s core interests and major concerns. Sri Lanka reaffirmed its commitment to the one-China principle, recognizing that the government of the People’s Republic of China is the sole legal government representing the whole of China and Taiwan is an inalienable part of China’s territory, and reiterated that it supports the efforts by the Chinese Government to safeguard its sovereignty and territorial integrity, and opposes any form of “Taiwan independence.” Sri Lanka reiterated that it will never allow any separatist activity against China on Sri Lanka’s soil. The Chinese side reaffirmed its commitment to the principle of amity, sincerity, mutual benefit and inclusiveness and the foreign policy of forging friendship and partnership in the neighbourhood. China firmly supports Sri Lanka in upholding its independence, sovereignty and territorial integrity, respects and supports Sri Lanka’s independent choice of development path that suits its national conditions.

6. Sri Lanka commended China’s achievements in its economic and social development in recent years under the wise leadership of President Xi Jinping.

7. Sri Lanka expressed appreciation to China’s valuable support during the COVID-19 pandemic as well as during the economic crisis in 2022.

8. China has provided a financing support document to Sri Lanka in a timely manner and helped Sri Lanka obtain loans from the International Monetary Fund in March 2023. In late September, as official creditor, the Export-Import Bank of China has reached a preliminary agreement with Sri Lanka on the debt treatment. China will continue to support its financial institutions in conducting friendly consultation with Sri Lanka to reach early agreement on treatment of debts related to China. The Chinese side is willing to work with relevant countries and international financial institutions to keep playing a positive role in helping Sri Lanka address its current difficulties, alleviate debt burden and realize sustainable development. Sri Lanka commended China for its support to Sri Lanka to ease financial difficulties.

9. Under the leadership and guidance of leaders of both countries, China and Sri Lanka have achieved fruitful outcomes on Belt and Road cooperation. Sri Lanka reiterated it will continue to actively participate in the Belt and Road Initiative proposed by China. The two sides agreed to sign the Memorandum of Understanding on Jointly Accelerating the Formulation of the Cooperation Plan on the Belt and Road Initiative Between the National Development and Reform Commission of the People’s Republic of China and the Ministry of Finance, Economic Stabilization & National Policies of the Democratic Socialist Republic of Sri Lanka, the Memorandum of Understanding for Cooperation Between the National Development and Reform Commission of the People’s Republic of China and the Ministry of Finance, Economic Stabilization & National Policies of the Democratic Socialist Republic of Sri Lanka, the Memorandum of Understanding Between the National Development and Reform Commission of the People’s Republic of China and the Ministry of Finance, Economic Stabilization & National Policies of the Democratic Socialist Republic of Sri Lanka Concerning Cooperation on Green and Low-Carbon Development, Implementation Agreement of China-Aid Subsidized Housing Project for Low Income Category at Colombo, Sri Lanka, to share development experiences, synergize development strategies and advance cooperation in a coordinated manner, thus creating new bright spots and fresh momentum for high-quality Belt and Road cooperation between the two countries.

10. Sri Lanka welcomes Chinese enterprises playing a positive role in its economic development and more investment from Chinese enterprises for which it will foster a favourable investment and business environment. China will continue to encourage competent Chinese enterprises to invest in Sri Lanka and conduct mutually beneficial cooperation. The Colombo Port City and the Hambantota Port are signature projects of Belt and Road cooperation between the two countries. Sri Lanka welcomes further investment from Chinese enterprises, expressed readiness to facilitate a conducive environment for investments in the Port City including necessary legislative measures.

11. The two sides expressed satisfaction over the progress made in bilateral cooperation in economy and trade, and agreed to conclude a comprehensive free trade agreement as quickly as possible to strengthen two-way trade and economic cooperation. The two sides will carry out practical cooperation in finance on the basis of market principles, autonomy and rule of law to further enhance financial services and economic and trade development.

The Chinese side will continue to support competitive Sri Lankan industries in establishing ties with relevant Chinese associations of importers and exporters, provide facilitation and support for Sri Lankan exporters to participate in Chinese exhibitions including the China International Import Expo, the China Import and Export Fair, the China-South Asia Exposition, the China International Supply Chain Expo, and encourage Chinese and Sri Lankan enterprises to deepen cooperation on the basis of mutual benefit and bolster Sri Lankan exports to China. The two sides agreed to sign the Protocol of Phytosanitary Requirements for Export of Ceylon Cinnamon from Sri Lanka to China between the General Administration of Customs of the People’s Republic of China and the Ministry of Plantation Industries of the Democratic Socialist Republic of Sri Lanka, and the Protocol on Inspection, Quarantine and Veterinary Sanitary Requirements for Wild Fishing Aquatic Products to be Exported from the Democratic Socialist Republic of Sri Lanka to the People’s Republic of China between the General Administration of Customs of the People’s Republic of China and the Purview of the Ministry of Fisheries of the Democratic Socialist Republic of Sri Lanka.

12. The two sides agreed to enhance exchanges and cooperation between their small and medium-sized enterprises (SMEs), encourage their SMEs, service providers, industrial associations, and scientific and research institutes to increase communication, establish cooperation platforms for industrial cooperation, scientific and technological research and development, electronic flight services and training, create innovative cooperation models, expand channels of cooperation and enrich cooperation. The Chinese side welcomes the participation of Sri Lankan SMEs in the China International Small and Medium Enterprises Fair.

13. China and Sri Lanka enjoy close exchanges and sound interactions in agricultural cooperation. The Chinese side is ready to carry out technological exchanges and training cooperation in areas including bio-technologies for tropical crops, plant breeding, aquaculture, agricultural processing, market development and agriculture modernization, thus helping Sri Lanka enhance its comprehensive agricultural production capacity. The Chinese side welcomes more imports of quality agricultural products from Sri Lanka.

14. The two sides fully recognized the importance of education exchanges for increasing understanding and friendship, and expressed readiness to further enhance exchanges of teachers, students, and researchers. The two sides agreed to continue to strengthen cooperation in the areas of science and education, and encourage educational institutions to carry out cooperative research and joint cultivation. The two sides agreed to support the development of the “China-Sri Lanka Joint Center of Science and Education.” The two sides agreed to sign the Letter of Exchange of Feasibility Study on China-Aid Project of Digital Transformation for the General Education in Sri Lanka.

15. The two sides spoke positively of the progress in bilateral cooperation in culture and tourism. The two sides will continue to encourage their citizens to travel to each other’s country and provide assistance for each other to expand tourism market. Both sides agree to encourage better air connectivity between the two countries. Sri Lanka is ready to introduce more policies to facilitate tourism. China is ready to provide facilitation for Sri Lanka to build a Sri Lankan Buddhist pagoda at the Baima Temple in Luoyang, Henan Province, China.

16. The two sides agreed to continue to deepen people-to-people exchanges and cooperation between sister cities. The two sides will take the China (Chongqing)-Sri Lanka Roundtable on Poverty Reduction and Development Cooperation as a starting point to enhance experience sharing on poverty reduction by establishing platforms, organizing training and promoting think tank exchanges.

17. The two sides are ready to carry out closer cooperation in climate change adaptation and sustainable development, emphasizing that joint implementation of green measures are effective ways to mitigate climate change. The two sides are ready to strengthen coordination and deepen exchanges and cooperation in fields including disaster prevention and mitigation, maritime rescue, relief and research, maritime personnel training and capacity building and further explore cooperation on the blue economy. The two sides agreed to sign the Tri-Partite Agreement among Chinese Academy of Sciences of the People’s Republic of China, Ministry of Water Supply & Estate Infrastructure Development of the Democratic Socialist Republic of Sri Lanka and the University of Peradeniya of Sri Lanka.

18. The two sides reiterated their firm commitment to upholding true multilateralism, promoting greater democracy in international relations, and making global governance more just and equitable. The two sides agreed to strengthen cooperation within the United Nations and other multilateral mechanisms to uphold the common interests of developing countries. The two sides expressed their support for the multilateral trading system, opposition to protectionism and readiness to make economic globalization more open, inclusive, balanced and beneficial for all and to build a community with a shared future for mankind.

Sri Lanka firmly supports and actively participates in the Global Development Initiative (GDI), the Global Security initiative (GSI), and the Global Civilization Initiative (GCI) proposed by China. China is ready to conduct in-depth discussions with Sri Lanka on specific measures to implement the above-mentioned initiatives, and work together for global and regional peace, security, development and prosperity.

19. President Ranil Wickremesinghe expressed appreciation to the Chinese government and people for the warm hospitality extended to him and the Sri Lankan delegation, and invited Chinese leaders to visit Sri Lanka. Chinese leaders thanked President Ranil Wickremesinghe for the invitation, and the two sides will maintain communication via diplomatic channels.

Markets

Sri Lanka stocks close up 1.37-pct, banks lead turnover

Monday November 9, 2026 3:29 pm

ECONOMYNEXT – Sri Lanka’s Colombo Stock Exchange closed up on Monday, CSE data showed, with the benchmark All Share Price Index moving up 1.37 percent.

The ASPI was up 291.72 points at 21,531.37, while the more liquid S&P SL20 was up 1.67 percent, or 100.96 points, at 6,146.34.

Positive contributors to the ASPI were Commercial Bank of Ceylon (up 2.86 percent at 216.00 rupees), Hatton National Bank (up 1.52 percent at 399.75 rupees), Asiri Hospital Holdings (up 12.86 percent at 31.60 rupees), Tokyo Cement Company (up 5.22 percent at 84.70 rupees), and Access Engineering (up 3.93 percent at 81.90 rupees).

Carson Cumberbatch (down 4.24 percent at 712.00 rupees), Richard Pieris and Company (down 2.43 percent at 28.10 rupees), LOLC Holdings (down 0.62 percent at 400.00 rupees), Renuka Holdings (down 2.63 percent at 37.00 rupees), and Chevron Lubricants Lanka (down 0.61 percent at 204.25 rupees) were top negative contributors.

Market turnover was 3.33 billion rupees. The S&P/CSE Banks Industry Group led turnover with 667.76 million rupees.

The session saw heavy crossings, according to Raynal Wickremeratne, Head of Research and Strategy at NDB Securities. Significant crossings included Keells (23 million rupees), Distilleries Company (27.7 million rupees), Sunshine Holdings (30.6 million rupees), Commercial Bank (32.4 million rupees), Ceylon Tobacco Company (35.6 million rupees), Hatton National Bank (39.5 million rupees), Prime Lands (40.5 million rupees), and HAS Holdings (41.5 million rupees).

In corporate news, Hayleys Retail Holdings Ltd announced it has partnered with supply chain software provider Blue Yonder to build and scale an AI-native grocery supermarket chain across Sri Lanka. (Colombo/Nov09/2026)

Information Technology

Sri Lanka’s Hayleys Retail to launch supermarket chain with Blue Yonder

Monday November 9, 2026 3:12 pm

ECONOMYNEXT — Hayleys Retail Holdings Ltd has selected supply chain software provider Blue Yonder to build its grocery retail operations from the ground up, the two companies said in a joint statement.

Hayleys Retail, a member of Sri Lanka’s diversified conglomerate Hayleys Group, plans to open several stores in the near future to serve consumers across the country. The agreement marks Blue Yonder’s first retail customer in Sri Lanka.

“Our entry into supermarket retail is about bringing that same commitment to quality and reliability closer to everyday Sri Lankan consumers,” Mohan Pandithage, Chairman and Chief Executive of Hayleys PLC said.

“With Blue Yonder, our teams will have AI-driven insight to deliver a seamless, consistent shopping experience across every store,” he said.

Hayleys, which accounts for approximately 5 percent of Sri Lanka’s export income and operates across 17 business sectors, is entering the large-scale supermarket space by drawing on its group strengths in manufacturing, logistics, and services.

The company selected Blue Yonder to connect its data across merchandising and shelf space, deploy artificial intelligence agents to catch operational issues early, and scale its business into a national network without changing platforms.

The rollout will begin with merchandise operations to manage suppliers, items, costs, and pricing, followed by machine learning capabilities to forecast demand and balance store inventory during seasonal peaks.

“Hayleys Retail is choosing one where AI is the foundation rather than an add-on—connected data and agentic AI built into core merchandising operations, and planning that learns as the business grows,” Antonio Boccalandro, President, APAC at Blue Yonder said.

The retailer plans to use the platform to automate routine store tasks and adjust inventory according to real-time sales and local market trends as its store footprint grows. (Colombo/Nov09/2026)

Stocks & Companies

Sri Lanka’s Citrus Leisure extends Lotus Tower management pact

Monday November 9, 2026 1:16 pm

ECONOMYNEXT – Sri Lanka listed hospitality firm Citrus Leisure said it has extended an agreement to manage consumer-facing and entertainment spaces at the Colombo Lotus Tower, which includes revolving restaurant Blue Orbit, until June next year.

The initial agreement signed between Citrus Leisure and Colombo Lotus Tower Management Company (Private) Limited (CLTMC) is due to expire on December 11.

“The Board of Directors of CLTMC at meeting held on 2nd November 2026 has resolved to extend the term of the Management Agreement and continue the existing Management Agreement until 30th June 2027, to which the company has given its concurrence,” the company said in a market filing.

Citrus Leisure Plc opened its revolving restaurant at the Lotus Tower in December 2023.

The company signed a 3-year agreement with CLTMC in May 2023 to provide services in the management of (l) the banquet hall 1 on the 25th floor, (2) the banquet hall 2 on the 26th floor, (3) the revolving restaurant on the 27th floor, (4) the 6 suites situated on the 28th floor and the kitchen in the basement floor of the Colombo Lotus Tower.

The 350-meter or 1,150-feet tower, the tallest in South Asia, was built at a cost 104.3 million US dollars with 80 percent of the money borrowed from Exim Bank of China.

Located in the commercial heart of Colombo, the tower has been called a symbolic landmark of Sri Lanka as well as a colossal white elephant and has been mired in controversy for years. (Colombo/Nov9/2026)

Markets

CIC Holdings Sept quarter net profit rises 20-pct to Rs1.7bn

Monday November 9, 2026 11:50 am

ECONOMYNEXT — Sri Lanka conglomerate CIC Holdings recorded a net profit of 1.66 billion rupees for the quarter ended September 30, rising 20.3 percent from 1.38 billion rupees in the same quarter last year, interim accounts showed.

The group posted basic earnings per share of 0.87 rupees for the September quarter, up from 0.73 rupees a year earlier.

Quarterly revenue grew 3.4 percent to 20.89 billion rupees from 20.20 billion rupees, supported by broad-based growth across industrial solutions, livestock, and healthcare segments, which counterbalanced relative demand moderation in agricultural inputs.

Cost of sales rose 5.3 percent to 15.20 billion rupees, outpacing revenue growth and causing gross profit to contract marginally by 1.2 percent to 5.68 billion rupees.

Results from operating activities dropped 7.3 percent to 2.66 billion rupees from 2.87 billion rupees, impacted by higher operating overheads.

Selling expenses expanded 6.8 percent to 2.15 billion rupees, and general and administrative expenses climbed 5.8 percent to 1.07 billion rupees, while other operating income dropped 29.6 percent to 117.40 million rupees.

However, operating profits were cushioned by an impairment reversal on trade receivables of 85.83 million rupees, turning around from an impairment provision of 23.38 million rupees in the corresponding quarter last year.

Net finance costs climbed 35.4 percent to 712.25 million rupees from 526.01 million rupees.

The increase was driven by a 30.8 percent rise in finance expenses to 771.46 million rupees, primarily reflecting higher interest expenses on loans to finance elevated working capital and inventory requirements.

The quarter’s bottom line was strongly bolstered by CIC’s equity-accounted investment in John Keells Holdings PLC (JKH).

Share of profit from equity-accounted investees surged more than fourfold to 590.50 million rupees from 257.87 million rupees, driven by JKH’s strong profit expansion during the period.

The group also recognized a gain on bargain purchase of 55.59 million rupees during the quarter resulting from additional share purchases in JKH where the proportionate net asset value exceeded acquisition cost, compared to no such gain a year earlier.

With associate income gains offsetting operating margin contraction and higher borrowing costs, group pre-tax profit held virtually flat at 2.59 billion rupees, down 0.11 percent.

Income tax expense fell 29.4 percent to 606.24 million rupees from 858.71 million rupees, driving total group profit for the period up 14.1 percent to 1.98 billion rupees.

Total group assets stood at 108.58 billion rupees as of September 30, up from 99.75 billion rupees at the end of March 2026.

Group net asset value per share increased to 25.52 rupees from 22.10 rupees a year earlier.

CIC Holdings’ ordinary voting shares closed at 27.80 rupees at the end of September.(Colombo/Nov09/2026)

Markets

Sri Lanka stocks trend up; ASPI gains 0.78-pct

Monday November 9, 2026 10:40 am

ECONOMYNEXT – Sri Lanka’s Colombo Stock Exchange was trading higher on Monday, CSE data showed, with the benchmark All Share Price Index moving up 0.78 percent.

The ASPI was up 165.73 points at 21,405.38, while the more liquid S&P SL20 was up 0.61 percent, or 37.04 points, at 6,082.42.

Positive contributors to the ASPI were Commercial Bank (up 1.55 percent at 213.25 rupees), Ceylon Cold Stores (up 2.61 percent at 128.00 rupees), Asiri Hospital Holdings (up 10.00 percent at 30.80 rupees), Hemas Holdings (up 1.27 percent at 32.00 rupees), and Ambeon Holdings (up 6.02 percent at 37.00 rupees).

Namunukula Plantations (down 3.92 percent at 63.70 rupees), LOLC Holdings (down 0.62 percent at 400.00 rupees), and Chevron Lubricants Lanka (down 0.12 percent at 205.25 rupees) were top negative contributors.

Market turnover was 428.31 million rupees. Capital goods led turnover with 82.53 million rupees. (Colombo/Nov09/2026)

Bonds & Forex

Sri Lanka rupee at 332.54/58 to US dollar spot, bond yields steady

Monday November 9, 2026 10:35 am

ECONOMYNEXT – Sri Lanka’s rupee was quoted at 332.54/58 to the US dollar spot on Monday, stronger from 332.55/60 Friday, while bond yields held broadly steady, dealers said.

A bond maturing on 15.09.2029 was quoted at 10.90/95 percent, up from 10.85/95 percent.

A bond maturing on 01.08.2030 was quoted at 11.00/10 percent, down from 11.05/10 percent.

A bond maturing on 01.02.2031 was quoted at 11.10/20 percent, up from 11.10/15 percent.

A bond maturing on 15.12.2032 was quoted at 11.58/68 percent, up from 11.55/65 percent.

A bond maturing on 01.06.2033 was quoted at 11.80/95 percent, up from 11.80/85 percent.

A bond maturing on 15.10.2034 was quoted at 12.08/15 percent, up from 12.05/12 percent.

A bond maturing on 15.08.2036 was quoted flat at 12.30/40 percent.

The telegraphic transfer rate for the dollar was 328.05 buying, 337.05 selling; the euro was 363.3528 buying, 377.1336 selling; pound was 437.5954 buying, 451.7038 selling.

On the Colombo Stock Exchange the All Share Price Index was up 0.78 percent, or 165.42 points, at 21,405; while the S&P SL20 was up 0.58 percent, 35.19 points, at 6,080.

90,000 million rupees Treasury bills are to be issued through an auction on November 11. (Colombo/Nov9/2026)