One World Duty Free enters South Asia with Colombo store
One World Duty Free (ODF), Singapore’s first home-grown omnichannel duty-free brand, has entered the South Asian market with the opening of its newest store at Port City Duty Free Mall in Colombo. The store, which opened on January 1, 2025, aims to offer a premium shopping experience to both international travellers and local consumers. “The […]
Sri Lanka breaks ground for US$ 120 mn Marina at Port City to boost tourism
Sri Lanka took a major step toward its tourism ambitions with the kickoff of the Marina development at Port City Colombo, a project set to transform the island into a luxury travel hotspot in South Asia. With a target of three million visitors and US$ 5 billion in revenue by 2025, The Marina is expected […]
Sri Lanka central bank to focus on stronger crisis recovery in 2025
Sri Lanka will focus on stronger recovery this year after the island nation posted real GDP growth of 5% in 2024, the highest in seven years, its central bank chief said, hoping to accelerate a rebound from its worst financial crisis in decades. Sri Lanka’s economy crumpled under a severe foreign exchange crisis in 2022, […]
Trump 2.0′ looms large over the global economy
Inflation, interest rates and tariffs mean 2025 is shaping up to be an intriguing year for the global economy. One in which growth is expected to remain at a “stable yet underwhelming” 3.2%, according to the International Monetary Fund. So what might that mean for all of us? Exactly a week before Christmas there was […]
Sri Lanka Economic Summit 2025 to focus on Transformational Growth
The Sri Lanka Economic Summit organised by The Ceylon Chamber of Commerce is to be inaugurated on 28 January at the Shangri La Hotel Colombo, under the theme Shaping Sri Lanka’s Future: Transformational Growth Rooted in Sound Economic Policies. On day 2 of the Summit on January 29th, one of the key sessions will examine […]
Strengthening Bilateral Trade Between Sri Lanka and Malta – Paving the Path for Future Collaborations
On December 27, 2024, His Excellency Ruben Gauci, High Commissioner of the Republic of Malta to India and Sri Lanka, met with Mr. Mangala Wijesinghe, Chairman and CEO of the Sri Lanka Export Development Board (EDB), at the EDB premises to discuss ways to enhance bilateral trade relations between Malta and Sri Lanka. Mr. Shano […]
Sri Lanka’s tourist arrivals surpass 2 million in 2024
Sri Lanka has welcomed its 2 millionth tourist who arrived from Bangkok this year, at the Bandaranaike International Airport (BIA), after a five-year gap. This marks the fourth time in history that annual tourist arrivals have surpassed 2 million, with previous instances occurring in 2016, 2017 and 2018. Deputy Minister of Tourism Ruwan Ranasinghe and Chairman […]
China to build world’s largest hydropower dam in Tibet
China has approved the construction of the world’s largest hydropower dam, stoking concerns about displacement of communities in Tibet and environmental impacts downstream in India and Bangladesh. The dam, which will be located in the lower reaches of the Yarlung Tsangpo river, could generate three times more energy than the Three Gorges Dam, currently the […]
IMF to assess Sri Lanka’s tax revisions in upcoming report
The IMF is reviewing recent tax revision announcements made by Sri Lanka’s president and plans to provide a detailed assessment in its staff report following Executive Board approval of the Extended Fund Facility (EFF). Speaking at a press briefing on Thursday (19), Julie Kozack, Director of the IMF’s Communications Department, stated that while a full […]
US avoids government shutdown after days of political turmoil
The US government has enacted a budget to avert shutting itself down, but the bitterly disputed deal doesn’t include a call from President-elect Donald Trump to increase the federal borrowing limit. US President Joe Biden signed the spending bill into law on Saturday morning. The Senate passed the agreement shortly after a midnight deadline by […]