An Overview of Sri Lanka's Trade Policy
Sri Lanka has been practicing an open economic policy since 1977. The economy has been growing steadily during the past few years with a rate of over 8% in 2014. GDP growth remains one of the healthiest in the region at 7.3% with per capita income at USD 3,191 in 2013. The country also has a high literacy rate of 95.6% and an unemployment rate of 4.4%.
The main exports are textiles and apparel, tea and spices, rubber products, precious stones, coconut products and fish. Sri Lanka is world famous for tea and overseas employment of Sri Lankans is also a significant contributor to the economy. Key imports include petroleum, textiles, machinery and transportation equipment, building materials, mineral products, foodstuffs. Sri Lanka's main markets include USA, UK, Japan, China, India and the Middle East. Among the main import markets are Japan, India, UK, USA, among others.
Sri Lanka has signed Free Trade Agreements with India, Pakistan and China. It is also a member of the South Asian Free Trade Area (SAFTA), APTA, BIMSTEC and a member of the G-15.
Sri Lanka has been successfully moving towards achieving the Millennium Development Goals and has achieved halving poverty, gender equality and education goals.
The Ministry of Industry and Commerce and particularly its Department of Commerce, is tasked with Sri Lanka's trade policy, implantation and promotion, especially overseas.
For more information please visit the following websites:
Ministry of Industry and Commerce: www.industry.gov.lk
Department of Commerce: www.doc.gov.lk
Why Invest in Sri lanka
Sri Lanka has one of strongest economies in the South Asian region, with a growth rate of over 8% in 2014. Strategically located in the Indian Ocean, with a large and dynamic services sector, an educated and skilled workforce, excellent infrastructure and global connectivity, Sri Lanka is an ideal destination for the foreign investor. The country is also fast emerging as an air, maritime, energy, knowledge and commercial hub in the region.
The Government of Sri Lanka has put in place several regulations to promote and protect foreign investment, including total foreign ownership in almost all areas of the economy. There are no restrictions on repatriation of earnings and the safety of foreign investment is guaranteed under the constitution. There is also a sophisticated and transparent legal framework in place. Sri Lanka has signed 28 bilateral investment protection agreements and 38 agreements on the avoidance of double taxation. Free trade agreements with India, Pakistan and recently with China, also provides access to these large markets.
Sri Lanka's export processing zones and industrial parks have been a linchpin in the industrial development and inflow of foreign direct investment into Sri Lanka. The country's economic development zones are seen as benchmarks of successful implementation of zone development strategies.
Sri Lanka’s strategic location in the Indian Ocean is an added incentive for the investor, as it is situated in one of the world’s most important and busiest maritime routes. The country is also well connected by air. The Government has heavily invested in infrastructure and energy. Yet, Sri Lanka is also mindful of environmental protection and sustainable development.
The Board of Investment of Sri Lanka (BOI) is the key institution regarding the promotion of investment and the one stop shop for all potential investors to Sri Lanka.
For further information regarding investing in Sri Lanka, please visit the BOI website on. www.investsrilanka.com
CONSTRUCTION OF FOUR LANE ELEVATED HIGHWAY FROM NEW KELANI BRIDGE TO RAJAGIRIYA ON BUILD, OPERATE AND TRANSFER (BOT) BASIS INVITATION FOR EXPRESSIONS OF INTEREST (EOI)
The Cabinet Appointed Negotiations Committee on behalf of the Government of the Democratic Socialist Republic of Sri Lanka (GOSL), intends to obtain Expression of Interest (EOI) from National/International Firms/Joint Ventures to shortlist experienced and capable applicants as eligible Investors to submit the Expression of Interest for the construction of Four Lane Elevated Highway from New Kelani Bridge to Rajagiriya with link to Baseline road at Dematagoda.on Build, Operate and Transfer (BOT) basis for maximum concession period of 30 years by investing self-financing .The investor is expected to collect toll fee from the users of this highway to recover the investment.
The Length of the proposed elevated highway is 6.9 Km. and need to complete the project within 30 months from the date of letter of award. The lands required for construction is made available to implementer / Investor in phase out basis as per the contract agreement.
The tasks involves in the Project are carrying out Survey and investigation, Designing, Construction, Supervision, Financing, Procurement, Operation, Maintenance and Transfer of Facility.
The interest parties should submit an Expression of Interest as per the format given in the EOI document.Details of Expressways and National Highway network in Sri Lanka are available in www.mohsl.gov.lk and www.rda.gov.lk. EOI document could be collected from the address given below or downloaded from the above two websites from 13.07.2017 to 23.08.2017.
Elevated Highways Project
Road Development Authority
No 200, Pannipitiya Road
Contact Tel : +94112882992/ +94112889533
Fax : +94112878019
In the instance of submission of EOI, on the outer envelope of the EOI application, “Elevated Highway from New Kelani Bridge to Rajagiriya” should be indicated and also the applicants name, address and contact details. The EOI application, in one (1) original, one(1) copy and one(1) soft copy should be delivered on or before 14.00Hrs.on 24.08.2017 to the address given below.
Cabinet Appointed Negotiation Committee
C/O Secretary, Ministry of Higher Education and Highways
8th Floor, Maganeguma Mahamedura,
No 216, Denzil Kobbekaduwa Mawatha
Cabinet Appointed Negotiation Committee
Ministry of Higher Education and Highways
The Chairman/Managing Director of Standing Cabinet Appointed Procurement Committee (SCAPC) under the Ministry of Power and Renewable Energy inviting sealed applications for registration of coal suppliers, who wish to register with Lanka Coal Company to supply coal for Lakwijaya Power Plant-Puttalam, Sri Lanka under Spot and Term Tenders.
The application form and the information document for the above registration could be downloaded from the website www.lankacoal.lk.
Further Lanka Coal Company has confirmed that the Term Tender for the season 2017-2019 has been invited from the registered suppliers for coal of LCC and deadline of the bid submission will be on 10th August 2017.
Further information could be obtained from the Manager Operations via +94 112 824681/2 and +94 71 1113111.
SAARC Investment Forum and Trade Fair 2017 in Colombo, an initiative of SAARC Chamber of Commerce and Industry (SAARC CCI) and Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL) expect to bring down investors across the world who are interested to invest in SAARC region while promoting intra-regional investments and trade across the region.
The SAARC Trade Fair 2017, scheduled to take place from the 7th – 9th of September, 2017, will further provide opportunities for businessmen and investors to network and capitalize on opportunities across SAARC region. The fair will feature products such as machinery, handicraft, textile and readymade garments, household and kitchen appliances, electronic and electrical items, upholstery related products, health and fitness items, gift items, ceramic and sanitary fittings, food and processed foods, auto parts and vehicles, gem and jewellery and much more.
The SAARC Investment Forum 2017, taking place on the 6th September, will provide a key platform for local and foreign investors to engage in cross border investments. It will welcome over 250 investors and influential figures such as local and foreign investors and entrepreneurs, fund managers, Chairmen and CEO’s, owners of enterprises, representatives of global trade associations, international development agencies and high-level Government officials from SAARC countries. The event will showcase and demonstrate business opportunities related to renewable energy, tourism, real estate and manufacturing amongst others.
Further information on these two events can be downloaded from the website of the SAARC CI.
Current Calls for tenders:
Bid forms are available at the Sri Lanka Embassy in 1040 Vienna, Weyringergasse 33 - 35, 4th floor.
Procurement of 18 nos. Axels with Wheels for Heavy Trolleys and 16 nos. Axels with Wheels for Light Trolleys to Sri Lanka Railways - Procurement no.: SRS/F.7481
Closing date: 29th August, 2017
For further information on this procurement, please see here.
The Government of Sri Lanka, which has embarked on an ambitious economic growth program, has decided to conduct an International Trade Fair (CRT) for the benefit of global players in Coconut, Rubber and Tea industries value chains. The CRT, which is scheduled to be held from 11th to 13th August 2017 in Colombo, will be organized by the Ministry of Plantation Industries (MPI). The venue will be the Bandaranaike Memorial International Conference Hall (BMICH) which is the best location for conduct of international events of this nature.
The CRT will be a world class event with facilities for global value chain players in coconut, rubber and tea industries to meet, network, interact, share and learn latest knowledge pertaining to all aspects of their respective industry operations. Participants will have access to industry information which relates to markets, technological aspects, production processes and products. The event will be designed to facilitate free flow of information among participants with unrestricted interactions aided by innovative ICT practices. Any participant, both local and foreign, will enjoy numerous benefits. It will also provide a transparent global market opportunity for all types of coconut, rubber and tea based products and allied services offered by participants.
The participants at the CRT - 2017 would include,
- machinery and equipment suppliers,
- technology and knowledge providers,
- suppliers of materials including chemicals,
- distributors and marketers,
- CRT producers and value added products manufacturers.
For further information on this major event, please visit www.crttradefair2017.com.