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Sri Lanka: A Journey Through Economic Growth, Cultural Richness, and Global Connectivity

Sri Lanka is emerging as the "Wonder of Asia" with remarkable economic advancements, showcasing a diverse and skilled professional pool. With a GDP growth rate above 8% and impressive tourist arrivals, Sri Lanka is dynamically positioned as a global hub. Notable infrastructure developments, including various international airports and seaports, enhance trade routes, while advancements in telecommunications signal growing global connectivity. Rich in cultural heritage and hospitable as ever, Sri Lanka stands ready to leverage its unique advantages for sustained growth and development.

brenna-morris
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Sri Lanka: A Journey Through Economic Growth, Cultural Richness, and Global Connectivity

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  1. 5 5

  2. 4 5

  3. 3 5

  4. 2 5

  5. 1 5

  6. Our Genetic Endowments

  7. Learn ability 1980’s – Cricket 1996 – Cricket world cup

  8. Adaptability 1980’s – Lingerie exports to US 2011

  9. Intellectuality King Ravana’s Aircraft 10% of NASA Scientists are Sri Lankan

  10. Professionalism 1983- CIMA / SL Branch Worlds 2nd largest pool of Qualified professionals

  11. Never Change…! Million years ago…. Still Friendly and Hospitable!

  12. Sri Lanka - Emerging Wonder of Asia Sam Wijesekara Counsellor / Commercial Sri Lanka Deputy High Commission Chennai

  13. Sri Lanka: The Wonder of Asia • USD 4,000 per capita income • GDP growth above 8% on average ($ 100bn by 2016) • 2.5 mn tourist arrivals per annum • Over 10 sectors contributing USD 1 billion each in export earnings • Private investment around 22-24% of GDP (now 18-20% of GDP) • FDI to be around 5% of GDP (2011-2% of GDP*) • ICT literacy rate to increase to 75% from 30% at present • 2nd International Air Port & more than 5 International Sea Ports B y 2 0 1 6

  14. Sri Lanka as a Dynamic Global Hub – Five Hub Concept

  15. Overview of the Sri Lankan Economy GDP per Capita • Central Bank Statistics • Economic growth of 8.3% amidst a global recession and increasing commodity prices in 2011. • Inflation reduced from over 20% in 2008 to approximately 5% in Q4 2011. • Per capita GDP almost doubled between 2005 and 2010. • Unemployment rate declined from 5.8% to 4.3% in 2011. • Expected tourist arrivals in 2011 to be 800,000 increase of over 23%. Movement in Inflation Source: Central Bank of Sri Lanka

  16. International Confidence

  17. Towards Right Direction

  18. Towards Right Direction 2011

  19. Infrastructure

  20. Colombo Airport Passenger movement 5 Mn / Annum Cargo movement 250,000 tons / Annum Highest number of flights to India from any country New Airport in the Southern Region

  21. Colombo Port Colombo South port development (under construction) World Port Ranking • No. 1 in South Asia • Total container throughput 4 Mn. TEUs • Transshipment cargo 70% 3 days transit time to Singapore • Centrepoint on the East/West sea routes • Gateway to the Indian subcontinent Capacity to be increased - 11.7 million TEUs

  22. Telecommunications • Sri Lanka is being developed as regional hub for telecommunications • Fastest growth sector driven by public private partnership • Development of faster and more efficient technologies • Fiber Optic Cables with • SEA-ME-WE IV • (Connectivity Bandwidth - 1.32 terabits per second) SEA-ME-WE IV fiber cable network

  23. Power 1. Main power sources - Hydro - 49% - Thermal - 49% - Other - 2% Norochcholai Coal Power Project • 2. Projects under construction • Norochcholai Coal Power Project • Upper Kothmale Hydro Power Project • Sampoor coal power project (NTPC) • 3. Future requirements • Total existing capacity- 2817 MW • Additional capacity by 2015 - 2500 MW • 4. Pipeline projects • LNG Power & LNG Terminal • India Sri Lanka high-tension • Power Connection (Study complete) Upper Kothmale Hydrol Power Project

  24. Energy Development

  25. Expressways & Highways Jaffna Northern Highway • Colombo - Airport Expressway (25km) • Southern Highway (130km) (Declared opened!) • Outer Circular Highway (28km) • Colombo - Kandy Highway (98km) • Katunayake - Padeniya - Anuradhapura (153.3km) Anuradhapura Katunayaka-Anuradhapura Highway Kandy Colombo-Katunayaka Highway Colombo-Kandy Highway Outer Circular Highway Colombo Southern Highway Southern Highway Extension Hambantota Matara

  26. Trade Opportunities

  27. Indian Exports - $ Bn

  28. Unexplored trade / Import into India with no DutySample out of ‘000 potential products

  29. Zero duty access products Apparel (3mn Pieces) Tea (15mn kgs) Fisheries Products Diamond Gem & Jewellery Electrical & Electronic Products Ceramic & Porcelain Wooden Products All products falling under HS Chapter 63 to 96

  30. Sri Lanka Potential Exports to India Apparel 36.18 (7.64%) Ceramic 1.1 (0.22%) India :77%,Pakistan:10%,Maldives:7% Bangladesh: 5% Others 1 % Tea 1.41 (0.3%) Potential products to India (US $ Mn)

  31. Thrust Export Sectors 32

  32. Other (Competitive) Export Products

  33. Unexplored trade / Export to Sri Lanka Sample out of ‘000 potential products

  34. Instruments • Indo Lanka Free Trade Agreements (ILFTA) - since 2000 ( more than 4,000 items are freely tradable) • Investment Promotion & Protection Treaty - since 1997 • Double Taxation Avoidance Treaty - Since 1983 • Constitutional Guarantee for FDI (Article 187)

  35. Sri Lanka – the “Logistic conduit” for Market AccessIndian Continent

  36. Sri Lanka – the “Trade conduit” for Market Access GSP China Pakistan S/ Korea India

  37. Investments

  38. Targeted Sectors • Tourism / Recreation • Infrastructure (Roads, Ports, Hospitals, Township • development, Construction of Houses/Industrial Zones/IT parks) • Garments & Textiles • IT and IT Enabled services/ Education • Value added Agro-based industry/Food processing • Utilities (Telecom, Power, Energy) • Other Export oriented projects

  39. Investment Incentives Granting of Tax Holidays for identified sectors from 4 to 12 years depending on the Investment value and scale of enterprise. Duty Free Imports :  Capital Goods and Raw materials (for Export Oriented Activities) Capital Goods only (for all other categories) Exemption from Exchange Control : For Companies that export goods and Services

  40. Strategic Development Projects • Identification of Strategic Development Projects • Projects of national interest and likely to bring major Economic and Social benefits to the country. • Projects that would change the landscape of the country. • Incentives under SDP Act • Longer Tax holidays • Concessionary Tax Rates • Exchange Control Exemption • Import Tax Concessions

  41. NTPC - Strategic Development Project Sampoor, Trincomalee District US $ 500mn Investment 2x250 MW power project BOO Project • 25 years cooperate tax holiday • 05 years custom duty/VAT/PAL/NBT exemptions for project related goods • 25 years custom duty/ VAT/PAL/NBT/Excise exemptions for coal / spare parts imports. • Exemptions on withholding tax on interests paid • Exemptions on withholding tax Technical fee paid to consultants.

  42. Portfolio of Leading Global Investments in Sri Lanka

  43. Indian Investments in Sri Lanka(under Section 17 of BOI)

  44. Cumulative FDI growth from India Number of Existing Companies - 95 Total cumulative FDI (actual) - US$ 644 mn Cumulative FDI growth US$ Mn

  45. Leading Indian Investments in Sri Lanka

  46. Tourism

  47. अपि स्वर्णमयी लङ्का न मे लक्ष्मण रोचते जननी जन्मभूमिश्च स्वर्गादपि गरीयसी "Lakshmana, even this golden Lanka does not appeal to me, mother and motherland are greater than heaven." Great epic -Ramayana

  48. ‘8 wonderful experiences in 8 wonderful days’ Authenticity, Compactness, Diversity Pristine Scenic Heritage Wild Festive Thrills Bliss Essence

  49. Genetics at work • Best Destination to go 2010- New York Times • National Geographic 2010 – 2nd best tourist destination • Conde naste Travel Magazine 2011- Hottest destination to travel 2012 • World Civic Index- 8

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