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Tuesday May 30th, 2023

Sri Lanka to draw executive jets, private planes to Ratmalana

ECONOMYNEXT – Sri Lanka is planning to draw private aircraft to Ratmalan Airport, fast tracking approvals also allowing high end tourists to reach the capital quickly once Coronavirus controls are relaxed, officials said.

Kimarli Fernando, Chairperson of Sri Lanka Tourism Board said private jets bring tourists to high end destinations like the Maldives.

“Private jet is a good cue for us, I have already spoken with Civil Aviation and they are totally supportive,” Fernando told an online forum organized by Advocata Institute a Colombo-based think tank.

“So private jets will fly into Ratmalana Airport, it will be the fastest turnaround, you’ll be in your car by 15 minutes, probably.”

At the moment it takes about 48 hours for private jets to get approvals while in UK it takes less. Sri Lanka is working towards an 8-hour approval system for private jets, she said.

“So, these are the things we need to look as an industry where we look at particular segments.”

While premium tourists may be useful, low-end tourists bring big benefits in raising income of the people directly, the experience of East Asian nations like Vietnam had shown.

Revenues from high end tourists have to go to pay for billions spent on hotels.

“Ratmalana is predominately used now as a corporate jet airport,” Shehan Sumanasekera, Sri Lanka Airport, and Aviation Operations Director told EconomyNext earlier this year.

He said about fifteen jets roughly arrived at the airport before the COVID crisis.

“The main reason for them to use the airport is for access to Colombo, it is just 14 kilometers as opposed to BIA being about 35 kilometers plus the processing time.”

The civil aviation had planned on upgrading the airport to better suit its consumers.

“At Ratmalana, basically there will be new terminal coming up to better suit corporate jets,” Sumanasekear said.

“Right now the current terminal doesn’t have the facilities to process these aircraft, however, we do it. But we are looking at uplifting the facilities there.”

Ratmalana will also get a better Air Traffic Control system.

He said that they have not drawn up the BOQ’s since they just got (March) the board papers. (Colombo/Apr22/2020-sb)

Comments (2)

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  1. Ralph says:

    If this is going to work flight plans need to be approved
    Within 2 hrs
    Uk has lots of traffic so they take longer
    Also the whole operation needs to be given to the private sector to efficiently handle logistics

  2. Ushan Edirisinghe says:

    Good work…. We need more and more upmarket visitors, but target of arrivals in number should not be 5 mn etc…because the majority is budget visitors and as SL cant afford them anymore. However, airports may be preferred by the jetliners. I heard several privet jets were rejected by SL last week due to PCR test issues in spite of them being their stay in SL for a few hours. This is a loss as well. Thank you

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Comments (2)

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Your email address will not be published. Required fields are marked *

  1. Ralph says:

    If this is going to work flight plans need to be approved
    Within 2 hrs
    Uk has lots of traffic so they take longer
    Also the whole operation needs to be given to the private sector to efficiently handle logistics

  2. Ushan Edirisinghe says:

    Good work…. We need more and more upmarket visitors, but target of arrivals in number should not be 5 mn etc…because the majority is budget visitors and as SL cant afford them anymore. However, airports may be preferred by the jetliners. I heard several privet jets were rejected by SL last week due to PCR test issues in spite of them being their stay in SL for a few hours. This is a loss as well. Thank you

Sri Lanka cabinet approves President’s proposal to resume Japanese LRT after soared ties 

ECONOMYNEXT – Sri Lanka’s Cabinet of Ministers approved a proposal by President Ranil Wickremesinghe to resume the unilaterally cancelled Japan funded Light Rail Transit (LRT), cabinet spokesman said, as the island nation is in the process of mending ties with Tokyo.

However, any such deals are likely to take place after the debt restructuring and Sri Lanka starts to repay its foreign loans to come out of default, analysts say.

Former President Gotabaya Rajapaksa unilaterally cancelled the 1.5 billion US dollar LRT and East Container Terminal (ECT) projects in 2021. Japan agreed to fund the LRT project while it was one of the tripartite members of the ECT project along with India and Sri Lanka.

The abrupt cancellation hit the diplomatic ties between the two countries and Sri Lankan government officials have said Japan had given the project to Sri Lanka at a very lower financing cost.

President Wickremesinghe returned from Japan late last week after having met top officials of the Japanese government including its prime minister.

“In recent history, due to the stopping of several agreements and proposals suddenly, President Wickremesinghe went to Japan after creating the background to clear some of the worries we have,” Cabinet Spokesman Bandula Gunawardena told the weekly media briefing.

“Before he went, he got the approval from the cabinet to resume the discussion on the light railway project. He got the approval from the cabinet to get parliament approval for bilateral agreements signed or any other investments project. Any change or cancellation of a project could be done only with the approval of the parliament.”

Japan has backed Sri Lanka under Wickremesinghe’s presidency after the island nation declared sovereign debt default. (Colombo/May 30/2023)

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Sri Lanka to tighten grip on television with broadcast law

ECONOMYNEXT – Sri Lanka has formulated a broadcast authority law to regulate electronic media which will be made public soon, Cabinet spokesman Minister Bandula Gunawardana said.

“The draft prepared by a cabinet subcommittee under Justice Minister Wijedasa Rajapaksa has discussed with various parties will be given to all media institutions and broadcast media,” Gunawardana said.

“We do not have to hide or force anyone. A legal framework that can be acceptable to all for all sectors.”

“In a week or two Minister Wijedasa will discuss with state and private stakeholders.”

At the moment Sri Lanka has issued frequencies without conforming to an “international procedures”, he said.

In Sri Lanka television frequencies are issued under a state television act.

Successive administrations in Sri Lanka has since around 1980 mis-used state television duopoly which including for conducting elections according to critics.

Private television as well a raio emerged around the 1990s and has since over shadowed state media.

There have been calls by ruling party politicians from time to time to control private media. There is now calls to control social media.

At a Committee on Public Accounts meeting of the Department of Government Information, ruling coalition legislators called for regulation of television content. (Colombo/May30/2023)

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Sri Lanka rupee at 296.75/297.25 to dollar at open, bond yields steady

ECONOMYNEXT – Sri Lanka’s rupee opened at 297 /297.50 against the US dollar in the spot market on Monday, while bond yields were steady, dealers said.

The rupee closed at 296.75 /297.25 to the US dollar on Monday after opening around 296.50 /297.50 rupees.

A bond maturing on 01.09.2027 was quoted at 26.50/75 percent steady from Friday’s close at 26.50/65 percent.

Sri Lanka’s rupee is appreciating amid negative private credit which has reduced outflows after the central bank hiked rates and stopped printing money. (Colombo/ May 29/2023)

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