SRI LANKA ECONOMY POST IMF BAILOUT

“Sri Lanka’s economy will recover with IMF bailout”

22 March 2023 cslbc 0

“Lanka’s economy will recover with IMF bailout” Thursday, March 23, 2023 The International Monetary Fund has finally approved a $3 billion bailout for Sri Lanka, […]

Sri Lanka Government dismantles diaspora office

Sri Lankan government dismantles diaspora office
08 October 2024

The Sri Lankan government headed by Anura Kumara Dissanayake has reached a decision to dismantle an “Office for the Affairs of Sri Lankans Abroad” which was specifically instituted by former president Ranil Wickremesinghe to bring in investments from the diaspora and assist with ‘philanthropy’ and ‘reconciliation’ efforts.

Confirming the cabinet decision, Foreign Minister Vijitha Herath explained that the office's functions were deemed redundant, as other existing government institutions were already providing similar services.

“The National People’s Secretariat is not deemed necessary at the moment," he said. "There already exists a system which is being implemented by the Divisional Secretariats and at the village level. The Cabinet of Ministers decided to suspend this program as it is not necessary.”

According to the website of the office, the office was meant to serve as a “focal point for coordination with all pertinent parties to ensure that overseas Sri Lankans receive timely, efficient services and to open doors for their support as important participants in Sri Lanka’s development and reconciliation.”

The website which is still functioning states that “over 3 million peoples are regarded to be our clients, and their lineage to Sri Lanka as Sri Lankan citizens residing and working overseas or Sri Lankan citizens naturalized in a host country or the decedents of Sri Lankans is considered to be an asset.”

At the cabinet meeting, Herath announced that the National Peoples Power government had decided to suspend the National Peoples Council, the Office for the Affairs of Sri Lankans Abroad established under the President’s Office and the Agriculture Modernization Program. He also said that the government would terminate the services of the officers and consultants who were hired on a contract basis for this project.

Canada-Sri Lanka Business Council – CSLBC

Canada-Sri Lanka Business Council is a business incorporated in 1990 with Corporations Canada, a division of Innovation, Science and Economic Development (ISED) Canada. The Corporation Identifier (ID) is #2815141. The business office is registered in Toronto, Canada. E-Mail: [email protected] WhatsApp: +1 416 418 2207.

The Inaugural President of Canada-Sri Lanka Business Council (CSLBC) was Sir Christopher Ondaatje. Current President is Upali Obeyesekere. The mission of Canada-Sri Lanka Business Council is to assist and promote bilateral trade, investment, tourism, technology transfer and industrial cooperation between Canada & Sri Lanka.

The mission of Canada-Sri Lanka Business Council is to provide advocacy to promote bilateral trade, investment, tourism, technology transfer and industrial cooperation between Canada & Sri Lanka. We have an intelligence unit to provide 'due diligence' to businesses in Canada and Sri Lanka since it is our fiduciary duty to protect the business community in both jurisdictions.

The 34-year old council is headquartered in Toronto, and is proud of its position as the premier bilateral trade and investment council between Canada and Sri Lanka. Its bilateral partner is the Sri Lanka-Canada Business Council (SLCBC) which functions under the aegis of Ceylon Chamber of Commerce (CCC). Well known business magnate Mr. Hemaka Amarasuriya was the inaugural president of the Sri Lanka Council. It goes on record that due to the pro-active efforts of CSLBC Inaugural President Sir Christopher Ondaatje, the Sri Lanka Council (SLCBC) was formed. At the time, a gentleman' agreement was reached that the Sri Lanka-Canada Business Council (SLCBC) will operate as the bilateral partner of Canada-Sri Lanka Business Council (CSLBC). This arrangement was mutually agreed by the High Commissioners of both jurisdictions including the presidents of both councils. LET NO MAN OR WOMAN PUT ASUNDER THIS BILATERAL ARRANGEMENT.

Website: www.cslbc.ca
E-Mail: [email protected]
WhatsApp: +1 416 418 2207

President: Upali Obeyesekere
Email: [email protected]

SRI LANKA: Tourist Arrivals 2024

Monthly Tourist Arrivals Reports 2024

Sri Lanka’s 2024 tourism revenue tops US$2bn in first eight months. Sri Lanka’s foreign exchange revenue from tourism rose to $2.17 billion in the first eight months of 2024 with a 66.1 percent jump from the same period last year while the arrivals also gained 50.7 percent, the central bank said, quoting tourism promotion authorities.

Sri Lanka’s tourist arrivals rose to more than 1.36 million visitors in the first eight months of 2024.

August arrivals were up 20.7 percent to 164,609, compared to the same month a year earlier.

Tourism accounted for nearly 5 percent of Sri Lanka’s economy when the sector was at its peak in 2018. Since then it has been hit by violent Easter Sunday suicide attack in 2019 and Covid-19 pandemic in 2020 followed by an unprecedented economic crisis.

Sri Lanka expects 2.3 million tourist arrivals in 2024 with an ambitious $5 billion revenue for the whole year.

Tourism earnings in August were estimated at $282.1 million, up from $210.5 million in the same month a year ago.

Tourist arrivals and revenue from tourism were expected to slow down after a new on arrival visa system through VFS Global. After the new system, foreign visitors who were earlier permitted to obtain a visa free of charge are compelled to pay a $21.61 fee for VFS Global.

The island nation’s leisure industry has protested the complex website which is putting off some users as well as higher fees.

The Supreme Court of the country has halted the new visa system temporarily after opposition parties filed a case citing failure to follow proper tender process. Since then, some tourism industry stakeholders have complained of difficulties in obtaining visas for foreign visitors.

President Ranil Wickremesinghe’s government has approved a ‘one chop system’ similar to Singapore for 38 countries with visa-free entry to Sri Lanka from this month to boost the arrivals.

The tourism earnings figure is estimated from a survey conducted by the Sri Lanka Tourism Development Authority.

Sri Lanka’s imports and the merchandise trade deficit have gradually picked up as tourism earnings came in and people in the sector spent the wages and other earnings.

Scrap Ministry of Investment Promotion immediately

When former president Ranil Wickremesinghe assumed office in July 2022, he set up a new ministry called, "Investment Promotion" and appointed himself as "Minister" and Dilum Amunugama as State Minister. Colossal waste of money was spent on ministry staff, overseas travel, entertainment, et al. This ministry is mandated to promote investment which is already been done by Board of Investment of Sri Lanka. Cannot comprehend why Wickremesinghe started this new ministry when he was merely a 'stand-in president' for a short period of 2-years. However, the new government of President Anura Kumara Dissanayake should scrap the Ministry of Investment Promotion entirely and let BOI manage investment promotion - as it has done since the early 80s.

CSLBC – ABOUT US

The Canada-Sri Lanka Business Council (CSLBC) was formed in 1990.

Federal Incorporation: October 1992

Corporation Number: 2815141

Mission Objectives: To Assist and promote bilateral trade, investment, tourism, technology transfer and industrial cooperation between Canada & Sri Lanka.

Inaugural President: Sir Christopher Ondaatje

Current President: Upali Obeyesekere

The beginning…….. A core group of businessmen from the Canadian business community were approached by the Sri Lanka High Commissioner for Canada at the time (Mr. Walter E. Rupesinghe) to explore the possibility of launching a bilateral trade chamber to promote trade and investment between Canada & Sri Lanka. CIDA funded the cost of a Consulting Company who orchestrated the formation of the Canada-Sri Lanka Business Council. The original directive came from H.E. Ranasinghe Premadas, President of Sri Lanka at the time who instructed a selected batch of diplomats to start bilateral business council's in their country of jurisdiction. Canada was one of the first to launch the council due mainly to the stout hearted efforts of a few individuals led by Sir Christopher Ondaatje – a prominent Canadian of Sri Lankan origin who made Canada his adopted country in 1957. Head Office was based in Toronto at the offices of The Ondaatje Corporation at Hazleton Lanes in Toronto.

A preliminary meeting was held in October 1990, at which the Sri Lanka High Commissioner welcomed the formation of a business council to boost bilateral trade between Canada and Sri Lanka. Mr. Christopher Ondaatje was unanimously elected inaugural president with a huge vote of confidence from the group present. Mr. Ondaatje instilled great values that the council upholds even today. He has since moved to England where he now lives. For his humanitarian deeds internationally, he was knighted by Queen Elizabeth II in Her Majesty's birthday honours in June 2003.

In 1991, CSLBC hosted its first incoming mission when a strong business delegation headed by officials from the Greater Colombo Economic Commission (GCEC) visited Toronto. A series of meetings, briefings and receptions were held to welcome the incoming delegation led by Chairman, GCEC A. de Vass Gunawardena. This was the humble beginning that propelled the growth of bilateral trade and investment between the two countries.

The first major success for the new council came when CSLBC Inaugural President Mr. Christopher Ondaatje's The Ondaatje Corporation successfully purchased Forbes & Walker of Sri Lanka in 1993. Immediately following this investment, incumbent president of the council, Mr. John Walker (The Mihaly International Corporation) made a successful bid for a 300 megawatt coal-fired power plant in Trincomalee on build-own-transfer (BOT) basis. In 1999, Mr. Upali Obeyesekere (General Secretary, CSLBC) was appointed Canadian Representative of the Board of Investment of Sri Lanka (BOI, SRI LANKA). Many other successes followed in the 26-year existence of the Council – too many to name in this brief introduction.

The security situation that existed in Sri Lanka from 1983 – 2009 was definitely a damper to sustained growth in the areas of foreign direct investment (FDI) by Canadian companies who were cautious to start businesses in Sri Lanka. This has improved tremendously since the strife ended in 2009. There has been steady growth in bilateral trade between the two countries specially in the period 2009 – 2016. Canada is a leading supplier of wheat, pulses, machinery to Sri Lanka. Sri Lanka exports to Canada has seen marginal growth but there is potential to break into the Canadian market for a few selected products.

Over the years, the council has been headed by businessmen, corporate leaders and a retired diplomat who gave their individual leadership styles to build the council to what it is today. The council reached a milestone – its 25th anniversary in 2015. We reflect on the hard work, passion and dedication of a few members who have kept the fires burning to see the council alive. Kudos to these business leaders.

The Council works very closely with the two governments, its agencies and diplomats from both jurisdictions (Canada & Sri Lanka) in furthering its mission objectives. Due to strong lobbying by CSLBC, the Canadian High Commission helped form a local bilateral body in Colombo, Sri Lanka in 1991. The Sri Lanka-Canada Business Council is active today as a trade chamber and operates under the auspices of the Ceylon Chamber of Commerce (CCC). Many business visits have taken place in the last two decades between members of the two councils to Toronto and Colombo. These meetings have acted as catalysts in the growth of bilateral trade and investment. End result has been more awareness of the business opportunities that await Canadians in Sri Lanka and Sri Lankans in Canada by way of import/export and investment.

CHARTER MEMBERS – CSLBC 1990

Christopher Ondaatje Nihal Cooray Upali Obeyesekere John Walker
Lakshman Heenatigala Kris Pullenayegem Mohan Perera

Sri Lanka tourists hotels asked to take payments only in foreign exchange

Saturday January 22, 2022.

ECONOMYNEXT – Tourists visiting Sri Lanka are encouraged to pay hotels in foreign currency instead of converting money into rupees at the kerb market as the country is facing foreign exchange shortages due to liquidity injections.

The central bank said that registered hotels would be mandated to collect payments from tourists only in foreign exchange.

“We would ask the foreigners to pay either in credit card or at the time of the check out they would be paying in their currency of a foreign nation,” Central Bank Govenror Nivard Cabral said after raising rates 50 basis points, which would go some way into reducing money printing and forex shortages.

“If they encash, then they will have to do it at an authorized dealer, and show that receipt it was encashed by a certified dealer for that value.”

Tourist hotels in turn are expected to deposit the dollars in banks within two or three days.

Hotels typically pay a lower rate to tourists than commercial banks. Commercial banks are now expected to maintain a 200 to the US dollar peg, which has been weakened due to open market operations to keep rates down.

In the kerb market the dollars is around 240 to the US dollar.

After Sri Lanka opened for tourism, for the first time in 20 months it received 80,000 tourists in December 2021 compared to around 200,000 a month pre-pandemic.

So far in January around 45,000 tourists, mostly Russians have come to the country. (Colombo/Jan22/2022)

CODE OF CONDUCT GUIDELINES – CSLBC BOARD OF DIRECTORS

BOARD OF DIRECTORS’ CODE OF CONDUCT GUIDELINES

The board of directors of the Canada-Sri Lanka Business Council (hereinafter called the “Council”) shall maintain the highest standard of conduct; act with fairness, integrity and dignity and in a manner not detrimental to the interests of the Council. A ‘director’ shall not violate any by-laws of the Constitution, in the performance of their duties. As directors of the Council they agree to abide by this code.

The board of directors of the Council shall:

Serve the Council faithfully, respecting confidentiality, and avoiding conflicts of interest and activities for personal gain at the expense of the Council or its Members;
Advise the Council concerning any contemplated actions or decisions which they know to be illegal or unethical, and shall further advise of the possible consequences of proceeding such actions or decisions;
Serve all members of the Council impartially, provide no special privilege to any individual member, and accept no personal compensation from a member for providing advocacy;
Advise the board of any member who may have committed an act in contravention of the Constitution governing the Council;
Directors’ shall not engage in, or condone behavior which causes unnecessary mental, physical distress or loss of dignity, privacy to their fellow members on the board of directors;
Directors’ are expected to meet the highest standards of personal integrity and shall avoid the abuse of their status with the general membership;
Directors’ shall discharge fiduciary obligations and comply with and be accountable to the laws of the land, province and municipality acting in a manner that justifies the trust of the membership and strengthen the Council in the eyes of the public;
Directors shall not work in contravention of the Mission Objectives of the Council and as an extension, the by-laws and constitution of the Council;
Directors’ shall not hold parallel positions on the board of other business councils, trade chambers or any other group that promotes bilateral trade, investment, industrial development and technology transfer between Canada and Sri Lanka;
The CODE serves to enhance public confidence in the integrity and service of Council directors. Adherence to this Code is imperative to serve on the board of directors of the Council. The board shall interpret and enforce the Code in the manner set out in the Council’s formal discipline process.

-THE END-

THE ABOVE CODE OF CONDUCT GUIDELINES WERE APPROVED BY THE BOARD OF DIRECTORS AND RATIFIED BY UNANIMOUS ASSENT BY THE GENERAL MEMBERSHIP IN 2008 AT THE ANNUAL GENERAL MEETING. THESE GUIDELINES ARE INCORPORATED AS BY-LAWS IN THE CONSTITUTION OF CANADA-SRI LANKA BUSINESS COUNCIL. IT WAS ALSO DECIDED TO INCORPORATE THIS POLICY IN THE MEMBERSHIP APPLICATION FORM WITH IMMEDIATE EFFECT.

YEAR 2008

Canada-Sri Lanka Business Council - CSLBC

Promoting bilateral trade & investment between Canada & Sri Lanka

“Sri Lanka’s economy will recover with IMF bailout”