Economic & Market Bulletin
[October 11, 2005]

	Today's Stories
	President writes to Abdul Kalam
	Sri Lanka pledges US$ 100,000 to Pakistan
	FEATURE: Economic & Market Bulletin

A weekly publication of the Economic Affairs Division of the Ministry of Foreign Affairs
Volume 2:Issue 29 
30^th September, 2005 

Sri Lanka to launch tourism promotion campaign in India

• Sri Lankan Tourist Board (SLTB) will spend one million US dollars to launch a special tourism marketing campaign in India next year.

• According to the officials, the aim of the event is to woo more tourists from India. The campaign specifically targets the Indian leisure and the corporate traveller.

• According to the sources, Indian tourist arrivals passed the 105,000 mark last year and the SLTB hopes to increase this to over 120,000 by the end of the year.

New ISO 22000 Food Safety Management Systems 

• According to the Sri Lanka Association for Quality (SLAQ), the International Organisation for Standardization (ISO) recently issued the much-anticipated standard for Food Safety Management System (FSMS), ISO 22000:2005, covering requirements for any organization in the food chain.  

• This new international standard plays a vital role as new regulations attaching importance to Hazard Analysing and Critical Control Point (HACCP) Systems that will be in operation from the 1^st of January 2006.

• This will be of special importance to the Tea industry, Desiccated Coconuts, Fisheries, Spices (mainly cinnamon) and Fruit and Vegetable exports from Sri Lanka.

Sri Lankan Cargo Opens office in Abu Dhabi 

• The newest office of the Sri Lankan Cargo opened in Abu Dhabi recently. This was opened with the aim of providing a fast and convenient service to its customers in the Middle East.

• The new office is located at the Cargo terminal in Abu Dhabi Airport. This will support Sri Lankan Cargo’s enhanced operations to the Middle East, especially its increased frequencies in to Abu Dhabi.

New BOI agreements 

• Heritage Reserves (Pvt) Ltd signed an agreement with the BOI (Board of Investment) to start a venture to operate a hotel project in Sri Lanka. The project is a local and Spanish investment worth Rs.985 million and will located in Koslanda. Employment at capacity will be 580 employees.

• Rose Mill Fibre Grinders (Pvt) Ltd signed an agreement with BOI to set up a project to process cotton grinding stockinette and cleaning and wiping rage for export. The products would be exported to the UK, USA and Europe. The project represents an investment of Rs.254 million and is an investment from England. The factory will be located at No. 311, Condrad Premathiratne Mawatha, Seeduwa.

SAARC energy ministers to meet in Pakistan

• Asian Association for Regional Cooperation (SAARC) is expected to achieve substantial progress in materialising the Energy Ring. Two day meeting of SAARC energy experts would be held to decide the detailed agenda for a meeting of energy ministers.

• According to the officials, projects including those concerning cooperation in energy trade, independent power producers, standards of efficiency, fuel efficiency for road transport and CNG, rural electrification and micro hydroelectric and wind energy plants would be discussed at the meeting.

Colombo Port installs modern scanning systems 

• The Colombo Port will be the first port in the region to introduce the Mega Port concept. This system will be coming into operation within the next few weeks.

• According to the officials, under this concept, all outbound and inbound containers will be checked to prevent weapons of mass destruction and radioactive items to be smuggled in and out of Sri Lanka.

• The US Energy Department extended its support to Sri Lanka following the signing of the Memorandum of Understanding by the Ministry of Ports and Aviation. The local component was provided by the Sri Lanka Ports Authority, especially necessary infrastructure.

EXCHANGE RATES ON SEPTEMBER 29 

EXCHANGE RATES ON GULF CURRENCIES 

 (Source: Financial Times 30 September, 2005)