Sri Lanka Equity Forum
Dear Reader,

Registration with the Sri Lanka Equity Forum would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
Sri Lanka Equity Forum
සිංහල පරිවර්තනය
Poll

SLEF Market Sentiment Indicator

73% 73% [ 1145 ]
27% 27% [ 428 ]

Total Votes : 1573

Latest topics
» BALA WILL BE A STAR
by fireshelter Today at 12:25 am

» Who is a HNWI
by Yahapalanaya Yesterday at 9:41 pm

» RENUKA CAPITAL PLC (KZOO.N0000)
by Elahara Yesterday at 6:57 pm

» MULL heating up!
by anjelo Yesterday at 4:53 pm

» Save the stock market- and may be they (cse) will bring down the cse & sec levy.
by reyaz Yesterday at 3:07 pm

» AINV.N is ready to run ?
by Neluka Karannagoda Yesterday at 2:24 pm

» KGAL at LKR 70
by SIRRA123 Yesterday at 12:50 pm

» VALLIBEL FINANCE PLC
by SIRRA123 Yesterday at 12:20 pm

» HEXP Starts Next Run to Rs.300
by J-CAT Yesterday at 11:51 am

» ACME & LCEM ??
by Tissa Yesterday at 11:34 am

» CFVF run Will start soon
by kjojo Yesterday at 10:54 am

» WHERE NDB & DFCC ARE HEADING??
by worthiness Yesterday at 10:50 am

» Fresh cut bank instrument for lease/sale, such as BG,SBLC, MTN, Bank Bonds
by jonbroker Yesterday at 10:24 am

» Penny TESS 7.4Mn trade volume!
by anjelo Yesterday at 9:21 am

» Financial Instrument- Lease BG/SBLC
by leasingmandate Yesterday at 4:36 am

» PABC : This must pass 20 rs. level very soon
by soileconomy Thu Oct 19, 2017 9:31 pm

» Today run LOFC 5+
by kjojo Thu Oct 19, 2017 8:25 pm

» Planning to buy some shares - Suggession please
by sanjulanka Thu Oct 19, 2017 7:33 pm

» Comparison TAFL,BFL & GRAN
by TARGET Thu Oct 19, 2017 7:14 pm

» LLUB - At the Current Price
by kjojo Thu Oct 19, 2017 5:49 pm

» Positive Trends.. Exports up..
by ranferdi Thu Oct 19, 2017 5:03 pm

» LCEM 10/-.......
by kjojo Thu Oct 19, 2017 2:46 pm

» KZOO ... KZOO ...Stock Buy Back underway ?
by Namal Thu Oct 19, 2017 1:32 pm

» LANKA CEMENT....STILL GOOD
by Wimal Modawansa Thu Oct 19, 2017 9:09 am

» The New Pope: Bergoglio of Argentina
by leasingmandate Wed Oct 18, 2017 5:41 pm

» කිංස්බරි හෝටලයේ විදුලි සෝපානය මනාලයා සමග හිරවේ.. මංගල උත්සවය ජංජාලයක් වෙයි.. මනාලයා වන්දි ඉල්ලා නඩු යයි.
by trasantha Wed Oct 18, 2017 8:03 am

» UDPL Next Run soon
by kovida Tue Oct 17, 2017 10:58 pm

» Financial Instrument- Lease BG/SBLC
by leasingmandate Tue Oct 17, 2017 2:39 pm

» HVA.............? wtz gonna happen with HVA?
by anjelo Tue Oct 17, 2017 1:53 pm

» watch CSF
by kjojo Tue Oct 17, 2017 12:21 pm

» ගංගා මෑණියන්ගේ බැල්ම ලගදිම කොටස් වෙලදපොල දෙසට
by ranferdi Tue Oct 17, 2017 7:57 am

» + Point for Market : IMF reaches staff level agreement on third review of Sri Lanka’s EFF
by Ran49 Tue Oct 17, 2017 7:16 am

» Hotels face tough time --- Drop in tourist arrivals predicted/so many new hotels are opening
by kcrRanz Tue Oct 17, 2017 4:55 am

» Asian shares conquer 10-year peak
by kcrRanz Tue Oct 17, 2017 4:51 am

» Ideas about SCAP.N000 ?
by kcrRanz Tue Oct 17, 2017 4:40 am

» Why CSEC going up....???
by kcrRanz Tue Oct 17, 2017 4:30 am

» why bfl...gran...tafl...not moving
by kcrRanz Tue Oct 17, 2017 3:17 am

» Time to Talk About How Budget 2018 will Help for Us!
by Dailytrader Mon Oct 16, 2017 7:02 pm

» MBSL - MERCHANT BANK OF SRI LANKA
by Roshan Fernando Mon Oct 16, 2017 2:11 pm

» LOFC 7+ next week
by kjojo Mon Oct 16, 2017 12:41 pm

» SAMP - ABSORBING REAL VALUE
by niru Mon Oct 16, 2017 11:43 am

» RENUKA CAPITAL PLC (KZOO.N0000)
by Namal Mon Oct 16, 2017 10:54 am

» From today - Watch Watch
by Richman Mon Oct 16, 2017 8:44 am

» IS CTBL.N ready to run ?
by Richman Mon Oct 16, 2017 8:43 am

» Sri Lanka tea prices seen remaining high on global shortfall
by Wimal Modawansa Mon Oct 16, 2017 8:10 am

» Recommended buys in planation
by Wimal Modawansa Mon Oct 16, 2017 8:08 am

» BFN .. ORIENT FINANCE PLC
by worthiness Sun Oct 15, 2017 1:38 pm

» Plantation Sector Summary
by Wimal Modawansa Sun Oct 15, 2017 7:28 am

» BUY CFT with expect to cross share 10+
by sameboy Sat Oct 14, 2017 12:53 pm

» HATTON PLANTATIONS LTD
by gdid Fri Oct 13, 2017 5:32 pm

» WATA N00000
by gdid Fri Oct 13, 2017 5:29 pm

» MAL N and X
by Captain Fri Oct 13, 2017 12:05 pm

» Watch DFCC and NDB and guess which one is best
by Captain Fri Oct 13, 2017 11:54 am

» WHY WE SHOULD BUY CFVF...
by kjojo Fri Oct 13, 2017 11:42 am

» 4 new all-time record prices in Lanka Commodity Brokers Catalogue of 11 Oct. auction
by anjelo Fri Oct 13, 2017 8:58 am

» LIOC run Just started
by Ran49 Fri Oct 13, 2017 7:28 am

» LIOC is going to increase oil price
by SIRRA123 Thu Oct 12, 2017 9:06 pm

» See what these UNP criminals has done to our EPF and ETF, We have to burn these fellas
by Ryan Hudson Thu Oct 12, 2017 7:57 pm

» COCR COCR
by newone Thu Oct 12, 2017 5:41 pm

» Heavy rainng......But still VPEL & HPFL at very low price
by newone Thu Oct 12, 2017 5:35 pm

» TKYO - Capital Trust Recommends BUY
by Maxime Thu Oct 12, 2017 3:17 pm

» CEYLON TEA BROKERS PLC (CTBL.N0000)
by Namal Thu Oct 12, 2017 2:26 pm

» DOCK FUTURE hit 120 share
by kjojo Thu Oct 12, 2017 1:58 pm

» keey eye on DOCK
by kjojo Thu Oct 12, 2017 12:37 pm

» look MULL. Today Run
by TuTanKaman Thu Oct 12, 2017 12:25 pm

» MEL.N0000-ANY NEWS
by DHAVER88 Thu Oct 12, 2017 12:15 pm

» Aitken Spence - Prospects
by MasterD Thu Oct 12, 2017 10:41 am

» NDB Bank PLC
by MasterD Thu Oct 12, 2017 10:38 am

» UBC - Union bank a hidden GEM
by MarketWch Thu Oct 12, 2017 10:36 am

» Correct time to buy DFCC
by Harry82 Thu Oct 12, 2017 9:28 am

» NTB A RISING STAR
by samaritan Thu Oct 12, 2017 9:20 am

» Watch the followings
by Harry82 Thu Oct 12, 2017 9:03 am

» WHERE IS TELLER........market down.......ASI 5700...
by kjojo Thu Oct 12, 2017 9:01 am

» Bank Guarantee/StandBy Letter of Credit(MT760),Project Funding,MT103,Loan.
by kimsungnyon010 Thu Oct 12, 2017 8:17 am

» Bank Guarantee/StandBy Letter of Credit(MT760),Project Funding,MT103,Loan.
by kimsungnyon010 Thu Oct 12, 2017 8:16 am

» Bank Guarantee/StandBy Letter of Credit(MT760),Project Funding,MT103,Loan.
by kimsungnyon010 Thu Oct 12, 2017 8:13 am

» AGST can move
by Richman Thu Oct 12, 2017 7:28 am

» ACAP latest penny
by Richman Thu Oct 12, 2017 7:06 am

» Can the oil price remain as it is?
by predictor Thu Oct 12, 2017 6:52 am

» Market is falling continuously
by Yahapalanaya Thu Oct 12, 2017 5:27 am

» COLOMBO SHIT EXCHANGE UNDER YAHAPALANAYA
by Yahapalanaya Thu Oct 12, 2017 5:20 am

» LDEV Price
by sanjulanka Wed Oct 11, 2017 6:10 pm

» Stock Market Entertainment
by SL.Market Wed Oct 11, 2017 6:05 pm

» DOCK FUTURE
by kjojo Wed Oct 11, 2017 1:02 pm

» LLMP N0000
by kjojo Wed Oct 11, 2017 12:54 pm

» look LOFC- Ready to run
by max shanu Wed Oct 11, 2017 10:03 am

» LOLC towards ...150
by Harry82 Wed Oct 11, 2017 9:37 am

» Is it ok vone
by prasa2004 Wed Oct 11, 2017 8:53 am

» WILL SEYLAN WAKE UP TODAY TO JOIN BANKING RUN??
by prasa2004 Wed Oct 11, 2017 8:51 am

» How about LDEV
by sanjulanka Tue Oct 10, 2017 11:29 pm

» FC recommends a STRONG BUY on SAMP.N
by Harry82 Tue Oct 10, 2017 4:08 pm

» Watch LDEV..
by Beta1 Tue Oct 10, 2017 2:09 pm

» How About CHOU
by max shanu Tue Oct 10, 2017 11:30 am

» ACME and LCEM
by Tissa Tue Oct 10, 2017 10:31 am

» UDPL Lead the Plantation
by Ran49 Tue Oct 10, 2017 7:43 am

» Financial Instrument- Lease BG/SBLC
by leasingmandate Tue Oct 10, 2017 4:32 am

» ready to ACME blast
by gayanath1983 Mon Oct 09, 2017 3:06 pm

» ACME 9+ Coming soon
by rasikagamage Mon Oct 09, 2017 2:31 pm

» World bank confirms bribery involving Maithri –Australian Co. that gave it blacklisted
by samaritan Mon Oct 09, 2017 2:14 pm

Sri Lanka’s Port City to apply its own economic, commercial laws: PM

View previous topic View next topic Go down

Sri Lanka’s Port City to apply its own economic, commercial laws: PM

Post by nimantha80 on Mon Jul 18, 2016 5:34 pm

July 18, 2016 (LBO) – The proposed Financial City better known as the Port City will function as a special jurisdiction area with its own economic and commercial laws to facilitate operations of global multinational corporations, Prime Minister said.
Delivering the keynote address at the third South Asian Diaspora Convention, Prime Minister Ranil Wickremesinghe said the proposed city is ideal to fill the vacuum for a financial city along the trading route between the cities of Singapore and Dubai.
Wickremesinghe highlighted that the proposed ETCA with India is expected to be signed by the end of this year, and the agreement will “remove all barriers to trade.”
“The ETCA will provide the opportunity to strengthen cooperation between the two-port system – paving the way for an inter-related and integrated port system between the two countries.”
Prime Minister said ETCA has the potential to promote a rapid growth of the 500 billion US dollars sub regional economy.
He added that by next year the Singapore-India, the Indo-Lanka ETCA and the Sri Lanka-Singapore FTA will enable the southern sub region of South Asia and Singapore establish a tripartite arrangement for trade and investments.
Wickremesinghe reiterated that he will introduce a new Foreign Exchange Act to remove restrictions on current accounts and will reform the tax law to favour simplicity and cut red tape for business enterprises thereby offering a better environment for business.
Full text of the speech is reproduced below.
Mr Tharman Shanmugaratnam, Deputy Prime Minister and Coordinating Minister for Economic and Social Policies, Singapore, Ambassador Gopinath Pillai, Chairman, Institute of South Asian Studies, National University of Singapore, Distinguished delegates and Friends.
Let me thank you at the outset for inviting me to this, the third South Asia Diaspora Convention, hosted by the Institute of South Asian Studies in Singapore. This event underscores the strategic position to which Singapore has evolved in the last 51 years as a key intersection between the East and the West. That we South Asians are congregating for this event in a South-East Asian nation is testimony to Singapore’s vision and skill in hosting these events.
South Asian relations with this region go a long way back. The ancient historical chronicle, records that our people first came to Swarnabhumi 25 centuries ago. They were adventurers, sailors, traders, emissaries of Emperor Ashoka, astrologers, priests, and the like.
The best known is Kaundinya, an Indian Brahmin, who founded the kingdom of Funan. This kingdom was connected to the ancient Pallava Kingdom of South India. For centuries, the alliance between the Pallavas and the Sri Lankan Kingdoms dominated shipping in the Bay of Bengal. South Asia was the pinnacle of progress in the ancient world.
2. Today, with a population of 1.7 Billion and an impressive growth rate that the World Bank calls the highest in the world, South Asia is very much the place to be in. Supported by low oil prices and high domestic demand, growth rates are currently high in South Asia.
However there are limitations to domestic-based growth, especially for smaller South Asian economies.
South Asian Businesses need to respond to the new de-regulation sweeping global trade, taxation, financial management and business.
In order to sustain medium and long-term growth, South Asia Governments must focus on further opening the national economies and promoting foreign trade and investments. This requires a structured and consistent reform agenda, macro-economic stability, free trade, decreasing deficits, improving the ease of doing business and an increase in public infrastructure investment across the region from 3.5 % of GDP to 7.5 %.
3. My country Sri Lanka which has been ranked the highest in economic freedom in the region by the Heritage Foundation, which has been pioneering economic liberalization in South Asia. Yet today, in Sri Lanka we are also forging a fresh political initiative – a politics of convergence to consolidate democracy.
In 2015, the people of Sri Lanka voted twice for a national unity government that assured the country prosperity and stability, eschewing myopic political and economic policies that lacked long term focus. On January 8 th last year, the voters elected Maithripala Sirisena as President to execute this mandate. This was further strengthened in August after the Parliamentary elections when we formed a National Government consisting of the two main political parties. The national government, has resulted in political stability and a bi-partisan agreement to formulate consistent and stable economic policies. This, in turn, has set in motion long overdue smart and sustainable economic reforms to harness the country’s tremendous potential.
These include:
• Reducing the budget deficits from 5.4% of the GDP this year to 3.5% by 2020.
• Introducing a new Foreign Exchange Act – to remove restrictions on current accounts.
• Reforming the tax law to favour simplicity and cut red tape for business enterprises thereby offering a better environment for business.
• A new set of incentives for investments is being formulated in consultation with the IMF and the World Bank.
• The sale of non-strategic ventures such as The Colombo Hilton, Lanka Hospitals, the Hyatt Regency Hotel – amongst others – will herald investment opportunities. SriLankan Airlines with its diverse network of routes is a mature airline and is up for investment collaboration.
• With 13 years of compulsory education, Sri Lanka has scored high in the Human Development Index in the region for two decades. The regional average for youth literacy was 83% but Sri Lanka’s is over 98% as confirmed by World Bank.
• We recognize that poor infrastructure, obsolete policies and unfavorable business environments constrain the ability to do business across borders and act as a drag on competitiveness in South Asia.

In response, Sri Lanka has launched an ambitious program of physical infrastructure development to overhaul the sea, air, road transportations, the energy sector and telecommunications so as to form the backbone of the country. These efforts are intended to support government initiatives to develop Sri Lanka as a regional hub in finance, logistics and business.
4. Allow me to highlight our key sectors of interest.
Manufacturing and Service
The policies for the manufacturing and the service sectors will be based on Sri Lanka becoming a platform for comprehensive value addition and joining the Global Value Chain. We will focus on the industrial internet of things amongst new business models, innovations, skills development for the job market, the provision of industrial infrastructure and the promotion of private investments.

Digital Economy
Sri Lanka is ranked among the Top 50 Global Outsourcing destinations by AT Kearney, while Colombo is ranked among the Top 20 Emerging Cities by Global Services Magazine.
Our new policies seek to improve the network infrastructure the skills shortage and the digital divide across ICT services in terms of computer literacy so as to ensure that ICT4ALL is available in all parts of the country.

Tourism
Sri Lanka’s potential for Tourism has not been fully utilized. A new programme will include infrastructure for high value tourism and the further development of the hill country, the opening of the Eastern beaches and offshore projects such as yachting and cruises – stretching from the uninhabited small islands in the North to the historic Galle City in the South.
Infrastructure
The government has launched a large scale economic and infrastructure project – the Kandy – Colombo – Hambantota Corridor that will reshape the country’s urban landscape with two airports and two sea ports. This corridor will amalgamate five separate projects.
1) The Kandy Mega Development Project, 2) the Wayamba (North-Western) Industrial and Tourist Development Project, 3) the Western Megapolis, 4) the Southern Tourist and Industrial Project and 5) the Hambantota Economic Development Project – to be implemented over 15 years.
The US $ 40 Billion Western Megapolis project aims to develop the Western Province as a Megapolis with metropolitan areas on a global scale. The Western Megapolis which will have an estimated population of 8.5 million by 2025 will establish Colombo as a business and financial hub to attract foreign investors to set up operations in Sri Lanka. The Colombo Port will be modernized with up-to- date infrastructure to accommodate Triple E-Class mega ships.
The Katunayake International Airport will be further expanded. It will include a Logistics corridor, Industrial clusters, a Science and a Technology City and the Financial City Project involving the reclamation of 269 hectares of land from the sea, will also be in this area.
The proposed Financial City is ideal to fill the vacuum for a financial city along the trading route between the cities of Singapore and Dubai. The financial city will function as a special jurisdiction area with its own economic and commercial laws to facilitate operations of global multinational corporations and grow as a business and financial hub.
The US $ 10 Billion Hambantota Economic Project, located in southern Sri Lanka, will invite investments to build oil refineries, power generation plant and industrial zones. We have already started discussions with a number of Chinese Investors.
Other initiatives are focusing on providing logistics support through better road connectivity. Indeed, expressways connecting the Western and Southern Provinces of the country will play a pivotal role in cross-border connectivity linking Sri Lanka’s two principal seaports.
A third Port Development is planned for Trincomalee in the East Coast. The Sri Lanka Government has entered into agreements with Surbana Jurong Private Limited to prepare the master plan for Trincomalee based on shipping, manufacturing and tourism. The area of 175 km to the South of Trincomalee will also be developed as high-end tourist resorts.

Trade
We recognize that small domestic markets are insufficient to sustain growth – therefore a shift to greater export orientation is required to achieve a growth of 8%. Hence, our trade policies will focus on gaining access markets for Sri Lankan exports.
We have already made the application to the European Union to regain the GSP+ facility for tariff relief. This facility will give Sri Lanka competitive edge in accessing the single European Market.
We are hopeful of negotiating this agreement by 2017, which will be a tremendous boost for Sri Lankan manufacturing, services and agricultural products.
We are also negotiating a Free Trade Agreement with China under the One Belt-One Road initiative. This is necessary in order to make a success of the Chinese investment in the Hambantota Economic Project and the proposed Financial City.
In addition, Sri Lanka’s long standing economic cooperation with Japan will help us to further modernize our economy. These include planning the Kandy Mega Development Project as well as the Science and Technology cooperation.

5.We are cognizant that the economic asymmetry between Sri Lanka and India is going to increase in the future as the latter emerges as a major global player in an increasingly multi-polar world.
The India-Sri Lanka FTA between the two countries will be further expanded and deepened to go beyond trading goods to cover trade in services, investments and technology cooperation. The proposed ETCA will also remove all barriers to trade. We expect the ETCA to be signed by the end of this year.
The complementary economic developments in South India and Sri Lanka will be enhanced by ETCA, which will provide an impetus to the existing synergies.
As you are aware, South India is home to six key ports in India – the Chennai port and Tuticorin Port in Tamil Nadu, the Visakhapatnam Port in Andra, the New Mangalore Port in Karnataka, the Cochin Port in Kerala.
A significant share of Sri Lankan exports enter into India through ports such as Chennai located in Southern India and a significant share of the cargo are transshipped to ports located in the Southern India. The ETCA will provide the opportunity to strengthen cooperation between the two-port system – paving the way for an inter-related and integrated port system between the two countries.
With the proximate location of industrial zones and logistic and financial services along this strategic maritime corridor, Sri Lanka and South India provides attractive investment opportunities for a range of activities in industry, information technology and tourism.
India’s five southern states – Karnataka, Andhra Pradesh, Tamil Nadu, Kerala and Telegana have a population of 250 million people and a combined GDP of nearly US$ 450 billion. With the addition of Sri Lanka US$ 80 billion GDP this sub-region will have a US$ 500 billion economy. The ETCA has the potential to promote a rapid growth of the US$ 500 Billion sub regional economy.
Finally we are also negotiating a Free Trade Agreement (FTA) with Singapore. As you know Singapore has a Comprehensive Economic Partnership Agreement (CEPA) with India.
On the one hand, Sri Lanka’s close proximity to the fast-growing South Indian states offers a strategic economic advantage to the country.
On the other, the sub-region (especially India) also stands to benefit immensely from Sri Lanka’s uniquely positioned geo-strategic advantage – its location at the crossroads of major shipping routes connecting South Asia, the Far East and the Pacific with Europe and the Americas.
Maximizing on these factors will transform Sri Lanka into a geo-economic center of South Asia, dynamically and synergically engaged with the rest of region.
By next year the Singapore-India (CEPA), the Indo-Lanka ETCA and the Sri Lanka-Singapore FTA will enable the southern sub region of South Asia and Singapore to establish a tripartite arrangement for trade and investments.
Such a bold agreement posses the potential to enhance economic cooperation between our three countries that will also have a positive impact on the Bay of Bengal trade. At the other end, Singapore too will expand its importance and capacity for business networking in the region.
It is a vision of convergence that is inextricably interwoven with the future of South Asia as a whole. It is up to us then to be imaginative and bold in providing the political leadership to maximize on the potentials and opportunities of such a convergence.


http://www.lankabusinessonline.com/sri-lankas-port-city-to-apply-its-own-economic-commercial-laws-pm/

nimantha80
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

Posts : 2341
Equity Stars : 5780
Reputation : 48
Join date : 2012-10-12

Back to top Go down

View previous topic View next topic Back to top

- Similar topics

 
Permissions in this forum:
You cannot reply to topics in this forum
Top posting users this week
kjojo
 
TARGET
 
kcrRanz
 
anjelo
 
Namal
 
sureshot
 
Wimal Modawansa
 
SIRRA123
 
anges
 
Ran49
 

Statistics
We have 21134 registered users
The newest registered user is CHANAKA PRASAD

Our users have posted a total of 328757 messages in 50520 subjects
Who is online?
In total there are 51 users online :: 0 Registered, 0 Hidden and 51 Guests

None

Most users ever online was 541 on Mon Sep 19, 2011 11:29 am
Forum Disclaimer

The information contained in this forum have been submitted by third parties directly without any verification by us. The information available in this forum is not researched or purported to be complete description of the subject matter referred to herein. We do not under any circumstances whatsoever guarantee the accuracy and completeness information contained herein.

www.srilankaequity.com its blogs, forums, subdomains and/or its affiliates and/or its web masters, administrators or moderators shall not in any way be responsible or liable for loss or damage which any person or party may sustain or incur by relying on the contents of this report and acting directly or indirectly in any manner whatsoever.

Trading or investing in stocks & commodities is a high risk activity. Any action you choose to take in the markets is totally your own responsibility, www.srilankaequity.com its blogs, forums, subdomains and/or its affiliates and/or its web masters, administrators or moderators shall not be liable for any, direct or indirect, consequential or incidental damages or loss arising out of the use of this information. The information on this website is neither an offer to sell nor solicitation to buy any of the securities mentioned herein. The writers may or may not be trading in the securities mentioned.