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Elevated highway from Peliyagoda to Colombo Fort

FT.lk: 

ADB has financed feasibility study and the preliminary designs; Cabinet approves major traffic easing project

Cabinet last week approved preliminary work towards building an elevated highway from Peliyagoda to Colombo Fort to ease traffic congestion and improve mobility.
As per the approval, a Memorandum of Understanding will be signed between HASS Joint Venture, Australia and the Road Development Authority to obtain detailed proposals.
Plans include constructing a new bridge over the Kelani River and an elevated highway from Peliyagoda to Colombo Fort.
Official sources said the project for the construction of the new bridge and its approaches has been formulated separately and is being financed by the Japan International Co-operation Agency (JICA) and feasibility study and the preliminary designs for the elevated highway have already been completed with financial assistance from the Asian Development Bank (ADB).
Cabinet approved the proposal on the elevated highway submitted by President Mahinda Rajapaksa in his capacity as the Minister of Highways, Ports and Shipping.

Work begins on Northern Expressway The Government has begun work on the larger Northern Expressway by finalising contract packages for link between Pothuhera to Galagedara and to Galewela on a priority basis. This portion of the expressway will connect major commercial cities Gampaha, Veyangoda, Mirigama, Kurunegala, Rideegama, Melsiripura and Galewela and further connect major commercial cities Rambukkana and Galagedara. On the Northern Expressway portion, interchanges will be constructed at Enderamulla (system interchange), Gampaha, Veyangoda, Mirigama, Nakalagamuwa, Dambokka, Kurunegala, Ridigama, Melsiripura, Galewala and Pothuhera (system interchange). On the Link Expressway interchanges will be constructed at Rambukkana and Galagedara. System interchange provides connectivity only along the expressway. The feasibility studies and preliminary designs have been already completed and the proposed expressway corridors for the above mentioned sections have been already identified. The Environmental Impact Assessment and land acquisition activities are in progress. These sections of the expressway have been divided into eight individual contract packages for implementation of construction. The proposal, made by President Mahinda Rajapaksa in his capacity as the Minister of Highways, Ports and Shipping, to proceed with the related activities was approved by the Cabinet last week.

Govt. of Sri lanka shows prosperous future to global investors

• President Rajapaksa flags off mega capital market conference with 70 intl. fund managers
• Sri Lanka showcased as a great case study for post-conflict progress
• Treasury Chief Dr. Jayasundera and CB Chief Cabraal woo investors with outline of goals as far as 2035 and 2040
• Say by 2020 Sri Lanka would have reached current per capital level of South Africa and by 2040 graduated to advanced economy like South Korea

By Shabiya Ali Ahlam

A seemingly-upbeat Government yesterday wooed global investors, promising a prosperous future and outlining goals as far as 2040, with an emphasis that Sri Lanka offers the best growth opportunities based on post-war resurgence so far.

The platform from which the emphatic message was conveyed was the mega Capital Market Conference 2014 attended by 70 international fund managers from UK, US, Switzerland, India, Singapore, Pakistan, Hong Kong, Netherlands, Dubai and Bahrain.

Signifying the importance of the opportunity, President Mahinda Rajapaksa officiated as the Chief Guest and rang the Colombo Stock Exchange’s old bell used prior to the commencement of the automated trading.

Presentations by the top officials focused on the post-war rebound in Sri Lanka both from a macro economic perspective and private sector growth.

Finance Ministry Secretary Dr. P.B. Jayasundera who spoke on Sri Lanka’s future vision and Central Bank Governor Nivard Cabraal who gave participants the future economic outlook as well as conference co-hosts Securities and Exchange Commission Chairman Dr. Nalaka Godahewa and Colombo Stock Exchange Chairman Vajira Kulatilaka referred to the resurgence in all spheres of Sri Lanka following the end of the conflict, noting that the country was a case study for post-conflict progress.

“The presence of President Mahinda Rajapaksa demonstrates the importance the Government is placing on the capital market as a key contributor for the development of the economy. I would say the capital market has been great beneficiary of the post-war development,” SEC Chief Godahewa said.

With stock markets considered the barometers of economic development, Dr. Godahewa said: “There is exceptional performance in the stock market, which is symbolic for the post-conflict economic progress of Sri Lanka.”

Dr. Jayasundera, who themed his speech ‘Takeoff to a High Altitude – The Transformation of the Economic Landscape in Sri Lanka,’ said the country had entered a true new wave of development with a promising economic outlook to move rapidly towards a higher income economy over the next decade.

Blending with the topic of his speech, he said: “We have taken off towards a high altitude, but it is a long-haul flight, which needs to be managed skilfully and cautiously. The pilot should be experienced and we are privileged to have a President and Finance Minister who is well experienced to navigate. Further, the co-pilots and the crew should remain sensitive to all aspects and be alert at all times to make the journey a success. It is only then that the passengers will enjoy the flight, in reaching the destination.”

The Finance Secretary also took the attention of participants both foreign and local to a new plateau when he shared the Government’s goals for as far as 2035. Going even further ahead, the Central Bank Chief in his presentation shared some goals up to 2040. Both emphasised that Sri Lanka is certainly serious about steering long-term growth.




Articulating the underlying national vision for economic advancement in Sri Lanka, Dr. Jayasundera referred to the country’s aspirations towards the realisation of 2020/2035 economic milestones – specifically, surpassing $ 7,000 per capita by 2020 and graduating to the transition towards an advanced economy by 2035.

In relation to the Capital Market Conference, the Finance Secretary said: “There is no doubt that we need a strong financial system and capital market, among many other building blocks, having to get into the proper context to be able to raise investments in excess of 40% of GDP. There will also have to be a high-skilled work force within a strong regulatory and institutional framework if this journey is to be made one that is unstoppable.”

Jayasundera also responded to some criticism aimed at the Government with regard to governance issues and others, which he noted was common to emerging countries and nations affected by terrorism such as Sri Lanka.

“The World Rule of Law Index, Global Peace Index, Economic Freedom Index, Ease of Doing Business Index and Global Competitiveness Index, all of which deal with diverse facets of governance, having been computed by reputed international organisations, have placed Sri Lanka well with regard to Asia in its entirely and on top in South Asia,” he said, in addition to detailing various criteria.

“I dealt with these concerns not to argue that the country has perfect governance but to highlight the fact that it is certainly not among the worst lot or even the bad, but in the promising lot among emerging global economies as far as governance is concerned. I also covered these aspects to show how seriously many facets including governance have been included into the overall reform process by the Government towards improving the country ranking,” Dr. Jayasundera emphasised.

Central Bank Chief Cabraal said Sri Lanka had seen extraordinary transformation post-war and global organisations such as the IMF as well as independent persons had commended Sri Lanka’s economic progress.

He also said that ambitious targets were set in 2005 under the ‘Mahinda Chinthana’ and 10 years later the country had progressed rapidly. “All macroeconomic indicators have shown remarkable progress. We are mentioning this because we want people to understand that this is the platform we are on now,” he added.

Cabraal said that on many aspects Sri Lanka could be one the greatest case studies for post-conflict progress. Among others, he cited the performance of the capital market as the best for a country in a post-conflict situation.

“Sri Lanka is currently well entrenched in a ‘virtuous cycle,’ comprising low inflation, low interest rate, lower fiscal deficit and public debt, etc. – from a vicious cycle of high interest rates, inflation, deficit, etc. prior to 2005 – and a conducive investment environment,” revealed Cabraal, adding that “it was a tough call to move away from that cycle. I want to stress that today we have a great need and a commitment to maintain the new virtuous cycle and that is a key platform upon which the future will be built.”

Cabraal also said the country was passing several national mileposts because political stability was also important if economic stability was to be maintained as it was imperative for development.

“We are delivering what many other countries in our region have not been able to provide so far and we are proud that those aspects have also been nurtured and provided whilst the environment for capital development and big businesses have taken shape in our country,” said the Governor.

The Central Bank Chief listed several of the 2020 targets, including the development of economy that would be around $ 150 billion, a $ 7,000+ per capita income, and sound macroeconomic fundamentals, an enabling environment that would reflect a major enhancement and a real economy that would have undergone a paradigm shift.

“When we talk about the new targets it will give you a confidence that it is this target that the Government would give and want to deliver in the next few years,” he said.

“The 2020 targets would obviously be challenging, and many stiff hurdles would need to be surmounted. The challenge is to continue to manage the macro-economic fundamentals in a manner so as to deliver sound targets – even if the global environment is tough. We are confident of doing this,” Cabraal said.

“This newfound success will help Sri Lanka to raise its sights towards 2040, where Sri Lanka could move towards the ‘High Income’ category with confidence,” the CB Chief said.

According to Cabraal, by 2020 Sri Lanka’s projected per capita GDP of over $ 7,000 would take it to where South Africa is today and by 2040 Sri Lanka will be where South Korea is today, enjoying $ 22,670 per capita income.

Pointing out that the country is enjoying economic, political and social stability, CSE Chairman Kulatilaka opined Sri Lanka had the necessary ingredients in the right amount for investments to be brought in. He explained the level of returns the CSE has offered both in equities and debt as well as attractive valuations it is offering at present.

For the benefit of prospective investors, HSBC Global Private Bank Southeast Asia Co-Head Rob Ioannou and Citi Securities Services Managing Director Philippe Dirckx in their presentations highlighted the investment experience and potential in Sri Lanka.

Following the inaugural session and a panel discussion including a Q&A session, around 40 of the visiting foreign investors held one-on-one meetings with 15 S&P SL 20 Index companies.

Source http://www.ft.lk/2014/10/10/upbeat-govt-shows-prosperous-future-to-global-investors/

Port City in Presidential spotlight

President Mahinda Rajapaksa and Chinese President Xi Jinping inspecting the model structure of the Colombo Port City project at the official commissioning ceremony yesterday. The China-financed project will cost $ 1.4 billion – Pic by Sudath Silva     

Modi-Mahinda talks: Indian PM renews 13 Plus call

• Indian Foreign Secretary says Modi discussed 13A in detail with MR
• Modi calls for reconciliation that meets aspirations of Tamils during bilateral talks
• Presidents Office omits references to 13A talks
• Indian leadership vital to SAARC: MR

By Dharisha Bastians
President Mahinda Rajapaksa, whose Government has been euphoric about the BJP victory, held his first official talks with the newly-sworn-in Premier of India yesterday, but found that Narendra Modi echoed the call of his predecessors for full devolution under the terms of the 13th Amendment and beyond for Sri Lankan Tamils.
The two leaders met for their first bilateral discussions at Hyderabad House in New Delhi at 10:30 a.m. yesterday.
Indian Foreign Secretary Sujatha Singh told reporters following the meeting between the two leaders that Prime Minister Modi had called for “full implementation of the 13th Amendment and beyond” – the infamous ‘13 Plus’ mantra that Indian Government has been insistent about since the end of the war.

Singh said the 13th Amendment had been “discussed at some length” between Prime Minister Modi and President Rajapaksa.
The new Indian Prime Minister had appealed to President Rajapaksa that the process of reconciliation should be undertaken in a way that meets the aspirations of the Tamil people within a united Sri Lanka, the Indian Foreign Secretary noted following the meeting.

Southern Expressway Galle to Matara was declared open by President

The Second Phase of the Southern Expressway from Pinnaduwa in Galle to Godagama in Matara was declared open by President Mahinda Rajapaksa on Saturday.

Construction on the highway began in 2006 and the first phase from Kottawa to Pinnaduwa in Galle was declared open in November 2011.
The expressway will reduce the time taken to travel from Colombo to Matara (161 km) to one-and-a-half hours from the current four hours, and currently reduces the time taken to travel from Colombo to Galle (116 km) to one hour from the three hours taken by the regular Colombo-Matara highway.

President declares open first segment of Rs. 27 b outer circular highway around Colombo

President Mahinda Rajapaksa, accompanied by the Ambassador of Japan Nobuhito Hobo, on Saturday declared open the first segment of the Outer Circular Highway (OCH) around Colombo.
After opening the first segment of the OCH from Kottawa to Kaduwela the President drove the first bus on the 11-kilometre long, four-lane highway launching a highway express bus service.

Kottawa-Kaduwela segment of the OCH is located in the Colombo Metropolitan Region and passes through Colombo and Gampaha Districts. Sri Lanka’s longest fly over spanning more than three kilometres is also located in this highway.

Mahinda Rajapaksa to kick off ‘All World Network’ today; to encourage promising companies with Top 25

President Mahinda Rajapaksa will today kick off the Sri Lankan edition of ‘All World Network’ program, which identifies the most advanced emerging companies.
The initiative aims to encourage strategic advancement of Sri Lankan companies as well to find and credential 25 of the country’s fastest growing privately-held companies.
At its launch President Mahinda Rajapaksa will be joined by the initiative’s Co-Founder and CEO Anne Habibya and Ambassador of the USA in Sri Lanka Michele J. Sison. Other Co-Founders of the program are Prof. Michael Porter of Harvard Business School of USA and Deidre Coyleto.
With the introduction of a number of measures for the improvement of competitiveness of our economy, President Rajapaksa has set a target that Sri Lanka should position itself in the top ranking countries of the world in the export of high value teas, apparel products, IT and software products and other specific product sectors by 2020.

Mahinda Rajapaksa, Singh to meet before D-day

New Delhi: India’s Prime Min-ister Manmohan Singh will meet Sri Lankan Presid-ent Mahinda Rajapaksa on the sidelines of the BIMSTEC Summit in Myanmar early next month.
India’s Foreign Secretary Sujatha Singh said at a media briefing the Prime Minister will attend the 3rd BIMSTEC Summit on 4th March and the he will hold talks with Sri Lankan President on the sidelines of the Summit next week.
The Indian Premier will be meeting the Sri Lankan leader for the first time after skipping last year’s Commonwealth Heads of Gov-ernment Meeting held in Colombo in November after bowing to the pressure from the Tamil Nadu political leaders.
Prime Minister Manmohan Singh leaves for Mya-nmar on Monday to attend the BIMSTEC Summit.

The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Coop-eration (BIMSTEC) is an international organization involving Bangladesh, India, Myanmar, Sri Lanka, Thailand, Bhutan and Nepal. The seven-country forum aims to achieve its own free trade area by 2017.
Responding to a media query on how India will vote on the third US-sponsored Resolution at the UN Human Rights Council calling for an international inquiry into Sri Lanka’s war crime allegations, the Foreign Secretary said it is a “very complex process” and they have to wait and see how the resolution is drawn up.
“We have to see the text of the resolution, we have to take several other factors into account and then will finally vote,” the Foreign Secretary said.
India has voted against Sri Lanka on the two previous resolutions tabled by the US and adopted by the UNHRC in Geneva in 2011 and 2012.
As regional elections are approaching this year, the central government of India is under extreme pressure from the Tami Nadu political leadership to vote for the third resolution against Sri Lanka within two years and it is highly unlikely for India to support Sri Lanka at the UN.
Sri Lanka has consistently rejected an international investigation into the war crime allegations and human rights violations as an intrusion into the country’s sovereign affairs.
On Monday, the UN High Commissioner for Human Rights Navy Pillay releasing her report on Sri Lanka called for establishing an “independent, international inquiry mechanism” as the government has failed to ensure independent and credible investigations into past violations of international human rights and humanitarian law.
The government categorically rejected the call saying that conclusions and recommendations contained in her report reflect bias and are tantamount to unwanted interference in the internal affairs of a sovereign State.
The government has launched a diplomatic operation aiming to counter the international pressure that is being exerted on the country ahead of the UNHRC session.
Russia and China have declared their strong support to Sri Lanka against the US-sponsored resolution and opposed an international investigation into the allegations of war crimes committed during the war saying human rights should not be used as a pretext for interference in internal affairs.

No Facebook ban –Sri lankan President

President Mahinda Rajapaksa yesterday denied his Government was planning to ban the prominent social media platform Facebook.
“We want people to understand social media’s powerful advantages as well as its potential dangers, especially when children use it,” the President said on his official Twitter account, @PresRajapaksa.
President Rajapaksa said that as a Government that has always promoted Information Communication Technologies, it had no intention to ban Facebook in Sri Lanka.
He said the Government was actually working on promoting the safe use of social media, instead of bringing about a ban of the popular site.
Addressing a gathering at a temple in Keragala on Monday, President Rajapaksa expressed similar sentiments, saying simply banning the website would not put an end to cyber crime.
Speculation has mounted about a potential ban of social media websites after two suicides were triggered by content published on Facebook. (DB)

President opens Deyata Kirula development exhibition

President Mahinda Rajapaksa ceremoniously declared open the 8th Deyata Kirula National Development Exhibition yesterday at Kuliyapitiya.
The massive development exhibition, held annually since 2006 will be held until 28 February at the Wayamba University Technical College and the Central College of Kuliyapitiya.
The Deyata Kirula exhibition is being held in rural areas with the aim of developing those areas. The exhibition brings massive infrastructure development, especially roads and public facilities to the area slated to hold the Deyata Kirula exhibition.

Kottawa-Kaduwela Expressway to open in March

Economic Development Minister Basil Rajapaksa on Saturday inspected the 11km long Kottawa-Kaduwela Expressway scheduled to be opened next month.
It is a section of the Outer Circular Highway (OCH) located in the Colombo Metropolitan Region and passes through Colombo and Gampaha Districts. This highway runs around 20 km away from the city centre of Colombo, connecting radial routes and has a total length of 29.2 km.
The northern end of the highway is located at Kerawalapitiya on the Colombo-Katunayake Expressway.
The southern end is located in Kottawa on the Colombo-Ratnapura-Wellawaya-Batticaloa (A004) road where the Southern Expressway meets OCH.

With peace this is the era for young entrepreneurs: President

President Mahinda Rajapaksa on Monday said young entrepreneurs should make the most of the country’s peaceful atmosphere.
“Young entrepreneurs should use these most favourable opportunities to expand their horizons by going that extra mile,” the President said in his address at the gathering to mark the 20th anniversary celebrations of the Hambantota District Chamber of Commerce (HDCC) in Hambantota.
President Rajapaksa added that this is the era for entrepreneurs, who can help build and strengthen the country’s economy with their innovative ideas.

Sri Lanka Supreme SAT satellite on Chinese rocket

Sri Lanka's Supreme SAT is launching its first Satellite on a Chinese rocket which can be used for direct to home broadcasts and communications, the state investment promotion agency said.

Sri Lanka's Board of Investment said the firm was operating in co-operation with China Great Wall Industry Corporation. Supreme SAT is a joint project between Supreme group, a Sri Lankan firm and China Satellite Communications Company Ltd, the BOI said.Supreme group has interests in commodity trading including urea, coal, bitumen, PVC and iron ore, the BOI said.