Economic & Market Bulletin
[September 26, 2005]

	Today's Stories
	46th death anniversary of SWRD today
	FEATURE: Economic & Market Bulletin

A weekly publication of the Economic Affairs Division of the Ministry of Foreign Affairs
Volume 2:Issue 28 
23^rd September, 2005 

Sri Lanka ranks as the Best Performer in South Asia
 

• According to the latest United Nations Development (UNDP) Report, Sri Lanka ranked as the best performer in South Asia, scoring above average in the Human Development Index Report 2005.

• Sri Lanka’s Human Development Index (HDI) score of 0.751 (out of a maximum of 1) is above the average of 0.718 for medium human development countries. It is significantly higher than the average for South Asia, which stands at 0.628.
   

Timex Garments ties up with Eveden Ventures Limited
 

• Timex Garments Ltd. and UK based Eveden Ventures Ltd. finalised a Joint Venture.  According to the sources, the new company, Eveden Timex Private Ltd. recently signed an Agreement with the Board of Investment (BOI) to set up a manufacturing unit to produce lingerie and swimwear for the export market. 

• This new project represents an investment of Rs. 260 million which will contribute towards the exports, primarily to the US and UK from Sri Lanka.  The phase one of the project will create employment for approximately 500 individuals and it will be based in Wathupitiwala Export Processing Zone. (WEPZ). 
   

JICA funds Rs. 52 million for web based training programme
 

• Japan funded Rs. 52 million to web based training to Sri Lanka through Japan International Cooperation Agency (JICA).  This will create new job opportunities for the youth in Sri Lanka strengthening IT to an economically viable industry. 

• Under this Agreement two types of training programmes will be implemented. 

                         i.      In-Country Training Programme (ICTP)

                         ii.     Third Country Training Programme (TCTP) 

• Sri Lankan and foreign participants will be invited to attend this programme. 
   

Saudi Arabia Business Visa Rules Eased 
 

• Saudi Arabia has eased business visa regulations. The Ministry of Foreign Affairs of Saudi Arabia has instructed its missions abroad that they must issue all visas, especially trade visas, within 24 hours.

• According to the sources, entry visas will be given for business purposes to representatives of foreign companies on the basis of applications presented by the federations of chambers in their respective countries. Company representatives carrying an invitation from a Saudi chamber but which have no business relations with a Saudi firm are also entitled to receive entry visas.

India ICICI Bank gets Lanka licence 
 

• ICICI Bank of India has received a provisional banking licence from the Central Bank of Sri Lanka to commence operations in the island. 

• According to the officials Bank planned to offer banking services in the metropolitan area cantered on Colombo.  This will commence operations in October.  The Bank would tap into a growing base of Indian cooperate clients and Sri Lankan companies doing business with Indian firms. 

ICTA to set up Lankan Government network
 

• The Information and Communication Technology Agency of Sri Lanka (ICTA) recently decided to set up Lankan Government Network (LGN).  This network will be set up for the provision and operations of managed services for Sri Lanka Government network infrastructure. 

• LGN will be easily available, secure and reliable basic information infrastructure platform that will connect all the Government organisations of Sri Lanka.  This would be carried out in a cost effective and safe method to provide Internet, e-mail and IP based voice services to the Government organisations.  The project is expected to address the basic hardware and LGN network needs of the connecting Government organisations including providing WAN connectivity to the LGN Hub. 
   

US steps up Tsunami support for Sri Lanka

• The US Government signed several grants amounting to US $ 2.1 (approximately Rs. 210 million) million for the purpose of providing increased Tsunami assistance through the US Trade and Development Agency (USTDA). 

• These grants are to help to develop emergency communication, water and transportation in the country. The total value of the grants is $ 2,095,00. 

US Grant for airport modernisation

• The US Government handed over a US $ 0.42 million technical assistance grant to the Sri Lankan Government to the airport infrastructure development.  The grant will enable the Government to develop a comprehensive capital investment programme for the country’s civil aviation infrastructure. 

Bangladesh Single Country Trade Fair in Sri Lanka

• The High Commission for Bangladesh in Colombo has decided to hold a four day single country trade fair on Bangladesh from 20 – 23 January, 2006 in the Sri Lanka Exhibition and Convention Centre. Export Promotion Bureau (EPB) of Bangladesh will be the chief organizing authority in Bangladesh.

The finance launches express money transfer facility 

• The Finance Company Limited (TFC) in collaboration with the London based Xpress Money Services Limited recently launched an Xpress money transfer facility to the Sri Lankan market. 

• The Xpress money transfer is a simple and cost effective way of transferring money from one place to another using state of the art technology.  According to the officials the Xpress money transfer was a highly reliable and secure method, which bypassed cumbersome banking producers and documentation, thus eliminating delays.