Development and Economic News
SL’s first French Fries processing factory to open on Friday
Sri Lanka's first potato strip (French Fries) processing factory, built in Kahattewela, Bandarawela, will be opened on Friday (11).
President unveils Revenue Authority plan to strengthen tax collection process
Aimed at plugging tax loopholes strengthening tax collection process to meet fiscal targets
Sri Lanka to amend EPF Act to ensure 9% annual return to members following DDO
Cabinet green-light has been granted to amend Employees’ Provident Fund (EPF) Act to ensure a minimum of 9 percent annual interest rate to members during the four-year period from 2023 to 2026 period following Domestic Debt Optimisation (DDO).
Colombo stock market gains momentum
The Colombo stock market yesterday remained robust with gain in indices, healthy turnover and net foreign inflow nearing the Rs. 6 billion mark year to date.
Sri Lanka to continue uninterrupted power supply
Sri Lanka’s cabinet of ministers has approved a proposal to continue uninterrupted power supply islandwide while releasing maximum water levels possible from the Samanalawewa reservoir.
Sri Lanka’s first electric car hits the streets soon
Creating automobile history, Ideal Motors will be launching Sri Lanka’s first electric car, ‘Moksha’ to the market in November 2023.
15 MW of wind power added to national grid in Mannar
Minister of Power and Energy Kanchana Wijesekera stated that 15 Mega Watts of wind power was added to the national grid this morning (Aug 06) in Mannar.
Singer partners with vivo to bring innovative smartphones to Sri Lanka
Singer Sri Lanka PLC has partnered with vivo, a prominent global smartphone manufacturer, as their official National Distributor.
Mattala Airport incurs losses over Rs. 42 billion in 5 years
As per a report of the National Audit Office (NAO), the total losses incurred by the Mattala Rajapaksa International Airport (MRIA) between 2017 – 2022 amounted to Rs. 42.81 billion.
Sri Lanka to revitalise the export agricultural sector
Plantation Industries Minister, Dr. Ramesh Pathirana unveiled a comprehensive plan to revitalise the export agricultural sector with an income of $ 2.8 billion from tea, rubber, coconut, and cinnamon in 2023.