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Sri Lanka - Latest News/Current Events, Economic Overview & Trade Relations

AEI | Quick Facts about Srilanka

Official Name Democratic Socialist Republic of Sri Lanka
Capital Colombo
Location Southern Asia, island in the Indian Ocean, south of India
Area total: 65,610 sq km land: 64,740 sq km water: 870 sq km
Climate tropical monsoon; northeast monsoon (December to March); southwest monsoon (June to October)
Terrain mostly low, flat to rolling plain; mountains in south-central interior
Sri Lanka
Sri Lanka

First Private Equity fund from Sri Lanka

Singapore based investment company, Calamander, is going to create the first private equity fund focused on Sri Lanka, after three decades of civil war.

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Sri Lanka

Hope to rebuild life after the war

The central Bank of Sri Lanka is planning to open credit re-finance for people at refugee camps. it is more than 200.000 people live in this locations. According to government, more than 80 percent would have a better live condition in less than a year.

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Sri Lanka

Sri Lanka Negotiates with IMF for $1.9 Billion Loan

The global economic crisis is sending many national government looking for temporary financial assistance.

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Sri Lanka

Sri Lanka Trade Deficit Rises Sharply in 2008

Sri Lanka's trade deficit increased to $5.871 billion during 2008, compared to last year's trade deficit of $3.656 billion.

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Sri Lanka

Sri Lanka's BoI Gives Approval to UAE Firms to Build Refinery in Hambantota

The Sri Lankan Board of Investment (BOI) has given its approval to two UAE petroleum firms to build a refinery in the southern town of Hambantota.

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Sri Lanka

Harvard Business School Invites Sri Lankan to Speak at Asia Business Conference

The Harvard School of Business has invited Sri Lankan economist Mr. Chandula Abeywickrema to speak at the upcoming Harvard Asia Business Conference.

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Trade Agreements

Global System of Trade Preferences among Developing Countries

Tanzania, United Republic OfTanzania, United Republic Of
Trinidad And TobagoTrinidad And Tobago

The Global System of Trade Preferences arose out of the United Nations Group of 77. The Group first appeared interested in 1976 to develop a global system of trade for developing countries. Over years of negotiations, the agreement was signed by the participating members of the Group of 77. The members are currently looking to expand their economic ties to other developing countries in Asia, Latin America and Africa. http://www.unctadxi.org/templates/Page____6207.aspx

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India - Sri Lanka Free Trade Agreement

Trade has grown immensely among the two countries since the signing of a trade agreement. India is the 4th largest investor in Sri Lanka and their economic, political and social relationship remains close. India grants nearly 1/6th of its total development credit to Sri Lanka. Currently both countries are looking to establish a Comprehensive Economic Partnership Agreement. http://commerce.nic.in/ilfta.htm

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South Asian Free Trade Area

Introduced at the South Asian Association for Regional Cooperation summit, the South Asian Free Trade Area created a free trading zone that reaches 1.4 billion people.   The SAFTA contains zero customs duty on practically all products. http://www.saarc-sec.org/data/summit12/saftaagreement.pdf

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Trade Organizations

Bay of Bengal Iniative for MultiSectoral Technical and Economic Cooperation (BIMSTEC)

The Bay of Bengal Initiative for MultiSectoral Technical and Economic Cooperation (BIMSTEC) is an international organisation involving a group of countries in South Asia and South East Asia. The member nations of this group are: Bangladesh, India, Myanmar, Sri Lanka, Thailand, Bhutan and Nepal.

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South Asian Association for Regional Cooperation (SAARC)

The South Asian Association for Regional Cooperation (SAARC) is an economic and political organization of eight countries in Southern Asia. It was established on December 8, 1985 by India, Pakistan, Bangladesh, Sri Lanka, Nepal, Maldives and Bhutan. In April 2007, at the Association's 14th summit, Afghanistan became its eighth member.

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