Tourism

Sri Lanka President asks entrepreneurs to help create regional tourism hub

Nethmi Rajawasam

Tuesday November 21, 2023 11:27 am

By Nethmi Rajawasam

Tuesday November 21, 2023 11:27 am

ECONOMYNEXT – Sri Lanka’s president has pointed out the need to develop regional tourism markets and create a unified regional tourism bloc, using selective integration to forego country-specific geopolitical fissures.

“We can create our own economic hub, a regional economy. We may not have one big South Asian economic bloc, and the geopolitics are such that I don’t think we are all going to work together. But we can make it happen,” Ranil Wickremesinghe said at the ‘YPO Colombo Experience: Rediscover the Pearl’ held last weekend.

He said that the economic shift towards Asia calls for South Asian nations to work together to harness the growing economic power in the region, through an integrated ecosystem that could be beneficial for industrialization and tourism.

He urged Sri Lankan entrepreneurs who have in the past invested in operations in Bangladesh and Maldives to invest in other countries within the region, including India.

“We are already one of the largest investors in Bangladesh. Go into Myanmar, Cambodia, Laos, East Africa, West Africa,” he invited entrepreneurs and investors.

The president pointed out potential tourism hotspots accessible from Sri Lanka’s east coast.

“Bay of Bengal has a cruise area that is larger than the Caribbean. Sri Lanka’s east coast, which is not opened up yet, can benefit from this. India has some very good spots along the east coast”.

“Bangladesh’s Cox’s Bazar hasn’t been opened up, the whole of Andaman Islands. The beaches in Myanmar are beautiful.

“If most of the Indians and Chinese decide to take a cruise then we don’t need to bring down Europeans.”

Sri Lanka signed a free trade agreement with Singapore, and is looking to sign one with Thailand.

“We will negotiate with Malaysia and Indonesia, and then we’ll go into Vietnam. We’ll also have a similar arrangement with Bangladesh so it covers the whole area and then Pakistan. We can create this regional economy,” he said.

He said that Sri Lanka and other South Asian nations should venture into Pakistan and Iran, the maritime corridor into Central Asia.

“Iran is important. Both Pakistan and Iran which preside over the Makran coast, are the route that can lead into Central Asia.”

Sri Lanka has also applied to join the Regional Comprehensive Economic Partnership (RCEP), and the pursuit of comprehensive economic partnerships with India and Bangladesh. (Colombo/Nov21/2023)

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Markets

Sri Lanka stocks close up as some investor interest returns

Monday December 4, 2023 6:12 pm

ECONOMYNEXT – The Colombo Stock Exchange closed up on Monday, CSE data showed.

The All Share Price Index was up 0.22 percent, or 23.33 points, at 10,743.59.

The S&P SL20 index was up 0.68 percent, or 20.60 points, at 3,067.73.

Turnover was at 708 million. The banks sector contributed 189 million, while the food, beverage and tobacco sector contributed 176 million of this.

Sri Lanka’s stock market has seen some investor interest return after last week’s news that the country had managed an agreement on a debt restructuring deal with an official creditor committee, and foreign funds for some development projects resumed.

Top positive contributors to the ASPI in the day were Sampath Bank Plc (up at 71.50), LOLC Holdings Plc (up at 379.00), and Commercial Bank of Ceylon Plc, (up at 90.90).

There was a net foreign outflow of 52 million.

Citrus Leisure Plc, which announced that its banquet hall and revolving restaurant at the Lotus Tower would launch on or around Dec 9, saw its share price rise to 6.20 rupees. (Colombo/Dec4/2023).

Bonds & Forex

Sri Lanka rupee closes broadly steady at 328.10/30 to the US dollar

Monday December 4, 2023 5:24 pm

ECONOMYNEXT – Sri Lanka’s rupee closed at 328.10/30 to the US dollar on Monday, from 328.00/10 on Friday, dealers said.

Bond yields were stable.

A bond maturing on 01.06.2025 closed at 13.70/14.00 percent from 13.70/95 percent.

A bond maturing on 01.08.2026 closed at 13.90/14.10 percent from 13.90/14.05 percent.

A bond maturing on 15.01.2027 closed at 14.00/14.10 percent from 14.05/10 percent.

A bond maturing on 01.07.2028 closed at 14.20/35 percent from 14.15/25 percent.

A bond maturing on 15.05.2030 closed at 14.25/45 percent, from 14.20/45 percent.

A bond maturing on 01.07.2032 closed at 14.05/40 percent, from 14.00/45 percent. (Colombo/Dec4/2023)

Crime

Gov minister highlights abortion rights, sex-ed for children, and Sri Lanka men killing their women

Monday December 4, 2023 4:21 pm

ECONOMYNEXT – Sri Lanka’s legislators have politicized the topics of rape and violence without addressing the elephant in the room, Jeevan Thondaman, Minister of Water Supply and Estate Infrastructure Development said in parliament on Monday (4).

“All the members here are talking about rape. What happens after that? We must talk about abortion rights. That is not something anyone wants to touch on, and that is why we are in this place right now,” Thondaman said.

“Despite alarming statistics on rape and violence, women are often blamed and punished for it. The criminalisation of abortion is a major example of this.”

Sri Lanka has some of the most restrictive abortion laws in the world. According to a 2016 estimate by the Health Ministry, he said, approximately 658 abortions take place a day, and close to 250,000 a year.

“That’s 250,000 women whose lives you are endangering.”

He added that what was needed at this point in time was comprehensive sexual education (CSE) for children and young people.

“Only through CSE in schools will children and young people develop, accurate, age appropriate knowledge attitude and skills; positive values such as respect for human rights, gender equality, diversity and attitude and skills that contribute to a safe, healthy and positive relationship.”

Thondaman pointed out that CSE plays a pivotal role in preparing young people for a world where HIV, AIDS, sexually transmitted infections, unintended pregnancies, and sexual and gender based violence still pose a risk to their well-being.

“CSE basically empowers children take control and make informed decisions freely and responsibly.”

Thondaman also highlighted the findings of a 2021 study (Fatalities_20211109_UNFPA) by the UNFPA and the University of Kelaniya that showed that a majority of women killed in Sri Lanka were murdered by those close to them.

“62 percent of homicides of Sri Lankan women are committed by either an intimate partner, ex-partner or family member. 84 percent are killed in their own homes by someone they know.”

Police and the judiciary have failed Sri Lanka’s women, the minister pointed out.

“Only 5 percent of these cases, between 2013-2017, were ever concluded. Men claim they were provoked, or are of unsound mind or have mental illness: These have been successful defenses. And the Police often express sympathy to this narrative as opposed to the victim’s.”

“We have a history of protecting oppressors.”

It takes 7-10 years for a child rape case to conclude, he pointed out.

Establishment of child courts are needed, he said, as well as several legislative amendments. “The government is working on a new law to reform the domestic violence act, reform of marriage and divorce laws to ensure there is an easier path to divorce: no one should be forced to remain in a marriage that is either abusive or not healthy.” (Colombo/Dec4/2023)