Category: World

  • Singapore and Sri Lanka sign free trade agreement

    Singapore and Sri Lanka sign free trade agreement

    COLOMBO: Singapore and Sri Lanka signed a free trade agreement on Tuesday (Jan 23) which will deepen economic ties and facilitates greater trade flows between the two countries.

    The Sri Lanka-Singapore Free Trade Agreement (SLSFTA) was signed by Singapore’s Minister for Trade and Industry (Industry) S Iswaran and Sri Lanka’s Minister for Development Strategies and International Trade Malik Samarawickrama.

    Prime Minister Lee Hsien Loong and Sri Lankan President Maithripala Sirisena witnessed the signing in Colombo.

    With the deal inked, Singapore and Sri Lanka companies will gain greater access to each other’s markets across many sectors, said Singapore’s Ministry of Trade and Industry (MTI) in a news release.

  • Moon-Chan Kim in seek of commercial opportunities in Sri Lanka

    Moon-Chan Kim in seek of commercial opportunities in Sri Lanka

    Mr. Moon Chan Kim the Co-founder and technical adviser of E&D Co., Ltd, a company which provides environment and energy technology solutions.  Its products include EnDsel-PF, a device that reduces the particulate matter, carbon monoxide, and hydrocarbon emissions from diesel vehicles; and EnDsel-PPF, a solution for emission control from light and medium duty diesel vehicles. He developed and commercialized automobile environmental catalysts and single type DPF, and P-DPF system.

    Moon Chan Kim a citizen of Korea with a brooch of the Sri Lankan flag tagged on his jacket, is now in the course for commercial opportunities in Sri Lanka along with directing Korean firms to invest in such commercial opportunities he discovers to be fitting.

    Korea is also one of Sri Lanka’s leading donors of Official Development Assistance (ODA). Korean ODA has contributed to Sri Lanka’s development process through the Economic Development Cooperation Fund (EDCF), and grant assistance via the Korea International Cooperation Agency (KOICA). There are many lessons that our lawmakers and people can learn from Korea. When World War II ended, Korea was way behind both Sri Lanka and Japan in terms of economic growth.

    Mr. Moon-Chan Kim in 1993 graduated from Yondsei University, Seoul Korea with a Ph.D. in Chemical Engineering a study of the hydrocracking and the hydrodesulphurization over NiPtMo, CoPtMo catalysts supported on HZSM-5, LaY, and r-Al2O3, and their acidic characterization.

    Following his graduation, Moon-Chan Kim in 1995 became the professor of Environmental Engineering at the Cheongju University in Korea executing many national projects for the environmental catalysts and renewable energy.

    Been the founder and CEO of ENFC CO., Ltd. In 2005 and also the founder and CEO of the Oil City., Ltd. In 2012, Mr. Moon-Chan Kim is now the Asian region policy officer of International Biographical Center a publisher owned by Melrose Press Ltd that specializes in producing biographical publications, such as the Dictionary of International Biography, Great Men and Women of Science and other vanity awards.

    Sri Lanka in the modern era has become a center of attraction for foreign investments as a part of a South Asian trio with high potential for growth. Korean business leaders have already expressed their strong interest in investing in Sri Lanka.

    Sri Lanka with an economy worth of $278.415 billion and a per capita GDP of about $11,068.996, Sri Lanka has a strong growth rate in recent years. Sri Lanka’s economic future can be seen as a services hub to produce goods which plug into regional and global value chains and a center for high-value agricultural products such as fruits, vegetables and dairy contributing the rapid growth of the tourism and export sectors.

    With an unemployment rate of 4.2%, with foreign firms inclined towards investing in Sri Lankan businesses seeking for opportunities, it will in return be an opportunity for the unemployed population in the country to seek for job opportunities which will contribute towards the economy of the country as a benefit.

    In 2010, as the research scientist for the Department of Chemical Engineering, MIT in Cambridge, USA, Moon Chan Kim executed and commercialized power generation system by fast pyrolysis with waste biomass and MSW and emulsion fuel for IMO Tier 3 regulations.

    The country’s geographically strategic location near two high-growth regions (India and Southeast Asia), and its tourist potential, as well as the measures taken by the government, creation of free zones, reduction of food subsidies and other consumer goods, are factors that draws the eyes of foreign investors towards Sri Lanka.

    Moon Chan Kim is a professional in areas such dissociation catalyst of waste plastics and woody fiber for producing diesel oil, heterogeneous catalysts for environmental fields such as reducing NOx, CO, dioxin, ozone, VOCs (volatile organic carbons), and toxic materials. Further, he has entitled The Da Vinci Diamond Award (IBC 2016), Great Men and Women of Science Award, and furthermore. Hence, his knowledge and participation in the commercial sector will be beneficial for Sri Lanka.

  • SriLankan Airlines Achieves Highest Ever Monthly Revenue in December

    SriLankan Airlines Achieves Highest Ever Monthly Revenue in December

    SriLankan Airlines, the national carrier of Sri Lanka and a member of the oneworld alliance, achieved the highest ever monthly revenue in Company history in December 2017. The air-transport operation of the Company recorded a stand-alone revenue of US Dollar 100.1 million – the first instance in the 38-year history of the airline where monthly operating revenue reached this landmark figure.

    The airline attributes the increase in revenue to its expanded network and continuous improvement in revenue management processes. A total of 566,627 passengers were carried during the month, a 27% increase over December 2016 and recorded a Passenger Load Factor of 85.9% – above that of most major airlines in the world. Cargo carriage too witnessed a significant growth, rising 23% year-over-year to 12,016 metric tonnes.

    The airline’s newly launched route to Melbourne, Australia, was a resounding success – achieving a Passenger Load Factor of 92.4% – and recording a significant overall profit during the month. This makes Melbourne the first long-haul route launch of the airline in recent years to reach profitability in such a short period.

  • Last year 183 ships arrive at Sri Lanka’s Hambantota port

    Last year 183 ships arrive at Sri Lanka’s Hambantota port

    Sri Lanka’s Ministry of Shipping and Ports says last year 183 ships arrived at the Magampura Mahinda Rajapaksha Port in Hambantota Port. Out of these ships, 175 ships were cargo ships.

    In 2017, 126,514 tonnes have been unloaded at the Magam Ruhunupura Mahinda Rajapaksa Port and 46,835 tonnes have been shipped from the Port.

    The port’s total container handling capacity is 198,000 TEUs and also has a 950,000 tons Break Bulk handling capacity. Its bulk Cargo capacity is around 2.5 million tons (including 1.6 million tons cement) and it also has 396,000 units Roll-on/Roll-off (RO-RO ) capacity.
    Source: Colombo Page

  • Sri Lankan Airlines flight from London diverted to Frankfurt due to medical emergency

    Sri Lankan Airlines flight from London diverted to Frankfurt due to medical emergency

    SriLankan Airlines flight UL504 en-route from London to Colombo with 268 passengers was diverted to Frankfurt airport last night due to a medical emergency, the airline said. The fight has landed safely at Frankfurt International Airport in Germany.

    The airline in a travel alert said the most important factor was the health and safety of the passenger in concern and it has made every arrangement to meet the needs of the customers who were affected by this incident.

    “The expected time of departure from Frankfurt will be notified shortly, once Frankfurt airport re-opens after the usual nighttime closure,” it said.