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Tuesday September 26th, 2023

Sri Lanka does not align itself with India or China: President

ECONOMYNEXT – Sri Lanka is open to collaboration with any global partners willing to respect its autonomy, the president said.

“Sri Lanka’s government does not align itself with either India or China and firmly stands for Sri Lanka’s interests above all else,” President Ranil Wickremesinghe was quoted in a statement by the president’s media division (PMD).

“This commitment to sovereignty extends to other island nations in the region,” Wickremesinghe said participating in the ‘Ocean Nations: The 3rd Annual Indo-Pacific Islands Dialogue.’

He highlighted the reluctance of island nations in the Indian Ocean and South Pacific to become embroiled in the rivalry between major world powers.

“These nations are focused on their own priorities, including social, economic, and ecological development and seek to maintain their sovereignty and independence.

“Island nations in the Indian Ocean and South Pacific have distinct priorities, unrelated to the Quad (comprising the US, India, Japan, and Australia) or China’s objectives,” he said, adding that “Sri Lanka is open to collaboration with any partners willing to respect its autonomy.”

Wickremesinghe noted that China’s rise occurred within existing regional frameworks such as APEC and ASEAN, which many nations prefer to maintain. But the recent expansion of great power rivalry beyond these frameworks has raised concerns among member nations.

Wickremesinghe pointed out that the South Pacific and the Indian Ocean hold immense strategic value.
“The South Pacific is a vital hub for the US Navy and the Indian Ocean played a crucial role in World War II,” President Wickremesinghe noted.

The Indo-Pacific concept has gained recognition, primarily due to mounting challenges from China, Wickremesinghe said, adding that it has prompted a re-evaluation of regional dynamics and cooperation, such as the Jakarta Concord within the Indian Ocean Rim Association (IORA).

Sri Lanka is to host the 23rd Ministerial Council meeting of the Indian Ocean Rim Association (IORA) in October this year, when its chairmanship is expected to go to Sri Lanka.

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Wickremesinghe said that the Quad had shifted from a focus on security and dialogue to applying coordinated pressure in the region, adding that island nations find security dialogues acceptable but emphasize non-interference in their internal affairs.

“The island nations of the Indian Ocean and South Pacific are resolute in their pursuit of independence, non-interference and the protection of their unique priorities amidst the evolving dynamics of great power rivalry in the Indo-Pacific region,” the PMD statement read. (Colombo/Sep19/2023)

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Sri Lanka cabinet okays appropriation bill for 2024 budget

ECONOMYNEXT – Sri Lanka’s cabinet of ministers had approved a draft Appropriation Act for 2024, the state information office said.

The Finance Minister’s proposal to gazette the bill and table it in parliament was approved by the cabinet.

Presenting the appropriation bill is the first stage of presenting a budget for 2024,

The appropriation bills set outs the expenditure plans for each ministry.

The budget proposals, made in November is called the second reading of the Appropriation Act. (Colombo/Sept24/2023)

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Sri Lanka’s MEPA to get 28.5 mn rupees from Singaporean AEPW, for beach clean up

ECONOMYNEXT – Sri Lanka’s Marine Environment Protection Authority (MEPA) is to receive 5.7 million rupees a year, for five years, from Singapore-based marine waste solutions provider, Alliance to End Plastic Waste (AEPW), to maintain 8 beach cleaner machines.

The donation is meant to support MEPA clean coastal areas across Sri Lanka, using BeachTech Hydro Sweepy beach cleaner machines, previously donated by the organisation.

The oil industry-founded non-governmental organisation donated the 8 beach cleaners worth about US$180,000 to MEPA in the wake of the 2021 MV X-press Pearl ship disaster.

The machines manufactured by Kässbohrer Geländefahrzeug AG, a German company, are effective at cleaning up plastic nurdles and other types of potentially harmful non-biodegradable waste, minimising human contact with hazardous materials.

As a significant amount of money is spent for the deployment of these machines for beach cleaning activities, the Alliance to End Plastic Waste has agreed to provide the funds for the upkeep of the machines for a period of five years.

With this financial donation, the Maritime Environment Protection Authority will be able to continue using these machines without interruption to clean identified beaches in the future. (Colombo/Sep26/2023)

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Sri Lanka’s SEC makes four new appointments

ECONOMYNEXT – The Securities and Exchange Commission of Sri Lanka (SEC) made four new additions from diverse backgrounds to its leadership.

These appointments are expected to increase the effectiveness of the SEC secretariat in the respective operating areas, the SEC said.

Manuri Weerasinghe, with over 20 years of experience in accounting, financial management, financial reporting and auditing, was appointed Director, Corporate Affairs.

She is a Fellow Member of CA Sri Lanka, member of the Chartered Institute of Management Accountants and a member of the Certified Practicing Accountants of Australia.

Her academic credentials include a Master of Business Administration and a BSc (Hons) in Accountancy and Financial Management (Special).

Prior to joining the SEC, she served in several financial management positions in Bermuda and Sweden.

Madura P R Wanigasekara was appointed Chief Digital Officer. He has over 20 years delivering and managing IT solutions, and has held several senior management positions in the public and private sectors.

His academic qualifications include a Master of Science in Information Technology from the University of Colombo and a Bachelor of Information Technology from the Curtin University of Technology.

He is also a member of the Australian Computer Society (ACS).

Sharmila Panditaratne was appointed Assistant Director, Legal and Enforcement.

She is an Attorney-at-Law with over 21 years of experience as a securities market regulator.

She holds a Master of Laws degree from the University of Houston, Texas and has worked at two law firms in the USA prior to joining the SEC.

Riyaz Bary, Deputy Solicitor General at the Attorney General’s Department was appointed a Director on secondment basis. (Colombo/Sep26/2023)

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