Items filtered by date: May 2017
Thursday, 01 June 2017 04:09

Possible FTA with Thailand in the future

A delegation from the Thai Fiscal Policy Research Institute visited the Board of Investment of Sri Lanka on a fact finding mission to understand Sri Lanka’s business and investment climate.

The delegation was met by a team consisting of Senior BOI officials who briefed the Thai visitors on various important matters relating to investment and also about Sri Lanka’s business climate.

The Thai Fiscal Policy Research Institute is a think tank that advises the Thai Cabinet of Ministers.  The delegation was led by Pisesporn Wasawong and Jittima Nakamano – Consul (Commercial) and Director of Thai Trade Center included in the delegation were two officials of the Ministry of Commerce of Thailand.

The Sri Lankan side replying to their visitors questions, stated that Sri Lanka has constitutional mechanisms to protect foreign investments;  national treatment or the equal protection for locals and foreigners under the law is also provided for foreign investors; foreign enterprises are permitted to repatriate profits; Sri Lanka also allow full foreign ownership of investments in the country. 

The Thai visitors were also briefed on the role of the BOI in facilitating investments and also the service it offers in recommending visas for key foreign nationals engaged in a BOI enterprise.

The Thai delegation was interested in the situation in Sri Lanka with regards to specific industries where Thailand had made considerable inroads in the last few decades.  These sectors include the manufacture of jewellery for export, the food processing industry and the manufacture of automobile parts.

The delegation was studying the economic implication of a possible Free Trade Agreement (FTA) between Sri Lanka and Thailand in the future and more specifically the economic benefits which would accrue to both countries in the event of such an agreement being established.

The delegation also keen to evaluate Sri Lanka’s infrastructure especially BOI’s Export Processing Zones and also to visit the Southern City of Hambantota.

In that connection BOI made arrangements for the delegation to travel and gain first hand impression of the current status of the BOI’s zonal infrastructure.

In addition the Thai delegation also expressed interest in the development taking place in Colombo and also development plans related to the Western Megapolis project.

Published in Economy & Commerce

A 50-member high-profile delegation, led by Business Department of Liaoning Province and Shenyang Zhongqiao International Exhibition Co.Ltd, will arrive in Colombo on the 1st of June to attend in the Construction Expo & Chinese Commodity Fair 2017 scheduled in the BMICH.

 The objective of the visit is to actively promote economic and trade cooperation between Sri Lanka and the Liaoning region of China. 

A powerful group with large enterprises in the subordinate seven city from Liaoning province, will be showcasing Construction Materials, Hardware Fitting,
Ceramics, Garment, Aluminum Alloy material, Textile, Bedding and so on in the Construction Expo & Chinese Commodity Fair 2017.

The group is led by Shenyang China Council for the Promotion of International Trade. Shenyang Wuai group with 20 stalls in more than 100 kinds of products and Liaoning Zhonghe Co.,Ltd will be represented for Shenyang Faku with 10 stalls and a dozen of fine ceramic will be exhibited as well. 

The Construction Expo & Chinese Commodity Fair 2017 is a boost to strengthen ties between Sri Lanka and China and can be considered a significant event when the two countries celebrate the 60th anniversary of the establishment of diplomatic relations between them. 

Simultaneously, the Event offers a great opportunity for visiting Sri Lankan enterprises to obtain a firsthand view of the Chinese production and also to pursue opportunities for establishing fruitful partnerships with Sri Lankan enterprises. 

Liaoning Province, an important part of China, the provincial capital is Shenyang. It is also an important junction in northeast China economic zone and the Bohai Economic Zone.

Published in Miscellaneous

With its strategy to provide customers a state-of-the-art banking experience, the fast growing Pakistan-based MCB Bank declared open their newly refurbished and renovated Wellawatte branch on 26th May, 2017.

The opening ceremony was graced by the chief guest Mr. R A A Jayalath, Assistant Governor- Central Bank of Sri Lanka. He congratulated MCB Bank for contributing to the local banking industry from moving out of a single branch operation and having an extended branch network serving the local community. Special invitees H.E. Dr. Sarfraz Ahmed Khan Sipra- Acting High Commissioner and Mr. Janbaz Khan, Counselor from the High Commission of Pakistan in Sri Lanka also participated at the event along with the presence of MCB Bank’s Country General Manager Mr. Aali Shafi and other senior officials.

MCB Wellawatte branch caters to all personal, SME and corporate customer segments and offers a comprehensive range of financial products and services including various types of deposit and transaction accounts, loans, leasing, remittances, virtual banking and trade services. Safe deposit locker facility is also available for Wellawatte customers.

Addressing the gathering, Mr. Aali Shafi, Country General Manager said ‘Customers are at the heart of everything we do here at MCB Bank. The elevated Wellawatte branch is yet another initiative in our mission to provide all our customers a modern-day banking setting with more ease and convenience’. Further he added that ‘We will continue to grow with the support and guidance of our regulators, customers, other stakeholders and keep investing in people and infrastructure in Sri Lanka’.

MCB Bank Limited commenced its operations in Sri Lanka in 1994 and brings a rich and diverse international and regional experience to the country combined with its core values based on integrity, respect, excellence, customer centricity and innovation. It holds the second largest branch network among foreign banks in Sri Lanka and was awarded the rating of [SL] A+ with a stable outlook by ICRA Lanka Limited.

The branches are conveniently located at Colombo Fort, Pettah, Maradana, Wellawatte, Kollupitiya, Kandy, Galle and Batticaloa offering extended banking hours till 4.00 p.m. on weekdays. MCB customers are able to access their accounts over 3,500 ATMs across the country via the LankaPay network.

Published in monetary

The leading non-bank finance company in Sri Lanka, People’s Leasing & Finance PLC subsequent to upgraded and relocated two of its branches at Mathugama & Aluthgama.

The new branches were inaugurated by Mr. Sabri Ibrahim, the successive CEO, PLC along with Mr. Damith Malawithanthila, Deputy General Manager (Operations) and Ms. Priyanka Wimalasena, Senior Manager, PLC. Also a host of PLC customers graced the occasion.

Mr. Damith Malawithanthila, Deputy General Manager (Operations) addressing the gathering said People’s Leasing Company operating with the motto; “People’s Friendly Leasing” has attracted a gamut of prospective customers and converted them as loyal customers over the years.

“PLC is in the process of enhancing its branch network and relocating identified branches to bring more convenience to customers. We changed locations of Mathugama & Aluthgama PLC branches to provide customer friendly, hassle free and convenient leasing services”, said the DGM.

He added, “Ours is a one-stop-shop. Hence I humbly invite people in the vicinities of Mathugama & Aluthgama to step into these relocated PLC branches and obtain all financial services pertaining to leasing & finance in a minimum possible time without hassle. I wish their businesses to thrive and personal lives to brighten up by associating with the PLC”.

“We have been providing an unmatched financial service to all Sri Lankans for 14 consecutive years.Our intent is to enhance our service network to cover the whole island for the benefit of all citizens. A spacious and state-of-the-art branch in their nearest town that offers hassle-free services and convenience is our promise to PLC customers. PLC branches are being commissioned in almost every main city in the island with that object”, he said.

People’s Leasing Company was commissioned in 1995 as a wholly owned subsidiary of the biggest state bank in Sri Lanka, the People’s Bank. PLC has retained the market leader in the non-bank finance sector in Sri Lanka.

In recognition of the quality credit and innovations of the company, Fitch Rating Lanka has assigned PLC a credit rating of AA-(lka) which makes PLC the highest rated finance company. According to Brand Raitings PLC retaining AA by Brand Finance Lanka. PLC is the only Sri Lankan finance company to have two international ratings one equal to the Sovereign from Standard & Poor's ('B+/B') and the other, one notch below the Sovereign from Fitch Rating International ('B'). 

PLC's financial service product portfolio includes; leasing, fixed deposits, saving accounts, personal and business loans, margin trading, factoring and Islamic financial services.

People's Leasing conglomerate consists of five subsidiaries namely, People’s Insurance PLC, People’s Microfinance Ltd, People’s Leasing Property Development Ltd, People’s Leasing Fleet Management Ltd and People’s Leasing Havelock Properties Ltd.

The uniqueness of PLC is its strength and the stability to provide diverse financial solutions under one roof to its customers, thus enabling the customers to obtain customers friendly services.

Published in monetary

New First Class cabin, offering 6 instead of 8 private suites, will debut on a Boeing 777-300ER

Emirates has confirmed that its new First Class product will be showcased at the Dubai Air Show in November. Making its debut onboard a Boeing 777-300ER, Emirates’ new First Class cabin will feature 6 private suites laid out in a 1-1-1 layout, compared to the existing 8 private suites in a 1-2-1 layout on its existing 777 fleet.

In addition to the entirely redesigned First Class product, Emirates’ new Boeing 777-300ER will also boast a range of other new features in the Business and Economy Class cabins. Emirates will announce the destinations where the new Boeing 777-300ER is to be deployed in due course.  

Sir Tim Clark, President Emirates Airline said: “Our products and services across cabin classes are continually improved and enhanced. But what our customers will see on Emirates’ new 777s starting from November, will be a much bigger revamp that takes our onboard experience to the next level. All cabins will sport a totally fresh new look. We are excited to showcase the results of years of planning and development invested into our new First Class offering, and our overall Emirates 777 experience. More details will follow, watch this space.”

Emirates is the world’s largest operator of the Boeing 777, flying 162 of these modern, efficient wide-body aircraft to six continents from its hub in Dubai. 

The airline pioneered the private suite concept on commercial flights in 2003, establishing a new standard for First Class travel. Emirates’ track record of successful innovations that have raised the bar for the industry in terms of inflight customer experience include: Shower Spas and the Onboard Lounge onboard its A380 aircraft, unparalleled entertainment on demand in all classes with its award-winning ice system, and inflight connectivity through in-seat text, email and telephone services, as well as mobile and wi-fi services.

Published in Aero
Page 1 of 52