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Sri Lanka Expands Bingiriya Export Processing Zone to Boost Investment and Job Opportunities

2024-07-14 19:58:38.445000

Sri Lanka is undergoing significant changes in various sectors. Several firms in the PwC network have decided to exit and join the Deloitte network, effective October 28. This strategic move is expected to contribute to growth in key service areas and aligns with the firms' business goals [dd5670c9]. In addition, Sri Lanka's President, Ranil Wickremesinghe, has expressed support for a two-state solution to the Israel-Palestine conflict, calling for an immediate end to the fighting [152c1b9e]. The President has also addressed concerns over fuel prices and their impact on developing economies [da1b9d58].

Furthermore, the fuel supply sector in Sri Lanka is set to witness changes as well. US-based RM Parks has signed an agreement to invest $110 million in fuel distribution in Sri Lanka. The investment will be made in collaboration with Shell Plc and will involve the import and sale of petrol, diesel, kerosene, and furnace oil. RM Parks also plans to expand its business to include the distribution of other petroleum or gas products, such as aviation fuel and EV charging [e936ffbb].

These transformations reflect Sri Lanka's evolving landscape in terms of business partnerships, international relations, and economic strategies. The country is actively seeking opportunities for growth and addressing various challenges to ensure a sustainable future. Sri Lanka's cabinet of ministers has also approved the proposed electricity sector reforms bill, which aims to improve efficiency, transparency, and accountability in the electricity sector. The bill will enable the unbundling of CEB services and allow private sector participation in generation, transmission, and distribution. Additionally, President Wickremesinghe has emphasized the need to develop regional tourism markets and create a unified regional tourism bloc. He encouraged Sri Lankan entrepreneurs to invest in other countries within the region, including India, and highlighted the potential for tourism development along the Bay of Bengal and Sri Lanka's east coast. Sri Lanka has also applied to join the Regional Comprehensive Economic Partnership (RCEP) and is pursuing comprehensive economic partnerships with India and Bangladesh. The Colombo Stock Exchange opened with positive gains, with the All Share Index up 0.13 percent and the S&P SL20 index up 0.52 percent [e936ffbb].

In line with its efforts to boost investment and job opportunities, the government of Sri Lanka has launched initiatives to expand the Bingiriya Export Processing Zone. President Ranil Wickremesinghe inaugurated the second and third phases of the industrial zone, along with its first commercial factory. The expansion plans include developing Bingiriya, Dummalasuriya, and Madampe to metropolitan standards, alongside infrastructure improvements. The government projects an estimated $2,600 million export revenue and 75,000 new job opportunities upon completion of the project. The industrial zone was allocated an additional 1,000 acres of land in 2018. Sri Lanka aims to capitalize on its export economic potential and improve its competitiveness in the international market. However, the country has made very little progress in making import and export procedures more efficient, transparent, and less costly. This inefficiency has affected the competitiveness of exporters, especially small and medium-sized enterprises [405fdceb].

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