Introduction to Sri Lanka

Overall port activities are expected to increase rapidly over the next 12 to 18 months. This rapid increase is due to the expansion of the Colombo South Port terminal, the opening of the new Hambantota bulk terminal, increased trans-shipment activities within South Asia, substitution of long-distance land-based transport with coastal shipments, and the commencement of regular East Africa sea transport services.

Colombo Port will reach its maximum throughput capacity of 4.5 m TEUs by 2012. By then, the first phase of the new south harbour terminal will be ready, improving overall functionality and adding an initial 2.5 m TEUs of capacity. Three more terminals with a capacity of 2.5 m TEUs each will also be added through 2020.

“Construction of the Hambantota Port Phase I, has progressed well and 80 percent of the work is complete. The first ship is scheduled to enter the Port in November,” Ports and Aviation Ministry Secretary, K V P Ranjith de Silva said at the “Sri Lanka Unveiled” forum recently."

COLOMBO: Sri Lanka will relax foreign exchange regulations by cutting down on paperwork for foreigners investing in the country, the central bank said on Friday.

Foreign investors have long complained of the lengthy paperwork required to both invest and repatriate money but Sri Lanka says the measures are designed to safeguard its reserves.

KD Ranasinghe, the chief economist at the central bank told Reuters in an interview that the relaxation, which is expected to be announced in 2011 budget due November 22, will also allow foreign investors to repatriate funds more easily. It will also become easier for local firms to invest abroad, he said. “The (new) system will be very liberal, so that foreign investors can come in and go out at any time,” Ranasinghe said.

he government yesterday decided to allow tourists to obtain visas online to visit Sri Lanka. The decision was taken following a discussion held at Temple Trees chaired by President Mahinda Rajapaksa, the Presidential Media Unit announced.