JOINT APPAREL ASSOCIATION FORUM SRI LANKA (JAAFSL)
💰 The Economy
📰 Sri Lanka records 15.2 percent growth in expatriate remittances for September 2024
In September 2024, Sri Lanka recorded a 15.2 percent surge in remittances from expatriate workers, amounting to USD 555.6 million. This increase is attributed to the heightened utilisation of official banking channels.
Link: https://tinyurl.com/zbvaczk4
📰 Industrial output and manufacturing index indicate annual growth in August 2024
The Department of Census and Statistics reported a 1.2 percent increase in industrial production for August 2024 compared to the same month in 2023. Furthermore, the overall index for the manufacturing sector increased in August 2024, rising to 91.3 percent from the 90.2 percent recorded in August 2023.
Link: https://tinyurl.com/bduzt72t
📰 Central Bank of Sri Lanka (CBSL) anticipates positive prospects for financial system in its Financial Stability Review 2024
The CBSL has stated in its Financial Stability Review 2024 that Sri Lanka’s financial system is poised to experience improvement, with an anticipated rise in asset quality and strengthened capital buffers, while also prudently managing risks.
Link: https://tinyurl.com/yepc4z3a
⚖ Politics & Policy
📰 The United Kingdom (UK) announces initiatives to deepen trade relations with Sri Lanka
The UK is actively working to enhance trade relations with Sri Lanka, utilising the Developing Countries Trading Scheme (DCTS) to reduce tariffs and streamline export regulations. This announcement was made by the British Minister of State for Business and Trade, Douglas Alexander, in the UK Parliament last week.
Link: https://tinyurl.com/2svw5tzw
📰 President authorizes allocation of LKR 50 million in aid for flood victims
President Anura Dissanayake has directed the Treasury to disburse LKR 50 million rupees for prompt relief to flood victims, as announced by the President’s Media Division.
Link: https://tinyurl.com/yxxfz2yx
📰 Government to reconsider Adani wind power project
The Attorney General apprised the Supreme Court that the Cabinet of Ministers has opted to re-evaluate matters pertaining to the wind power project in Wedithalathivu, Mannar, which was proposed by India’s Adani Green Energy.
Link: https://tinyurl.com/2fbnmrsh
📰 Cabinet endorses funding for pension allowance, increased fertilizer subsidy, and fishing industry aid
The Cabinet of Ministers has approved the President’s proposal to allocate funds from the national budget for key initiatives, including an LKR 3,000 interim monthly allowance for pensioners, an increased fertilizer subsidy of up to LKR 25,000 per hectare for paddy farmers (up to 2 hectares), and financial assistance for fishing vessel owners during the 2024/25 Maha season.
Link: https://tinyurl.com/j4xdkxxa
⁉ What you need to know
📰World Bank economist points to the Indian market as key for Sri Lanka’s export diversification
World Bank Senior Economist Richard Walker has expressed his views on the potential of Sri Lanka’s apparel sector to diversify into new areas, which could offer greater opportunities for export market expansion. He further explained that Sri Lanka’s export potential could be tapped by gaining a share of the large Indian market by engaging in light manufacturing, the production of machinery and equipment for exports.
Link: https://tinyurl.com/mu24975p
📰 Hela Apparel Holdings secures LKR 1.6 billion through completion of rights issue
Hela Apparel Holdings PLC has confirmed the successful completion of its rights issue, raising LKR 1,596,826,135 through the issue of shares.
Link: https://tinyurl.com/3k3vkpan
📰 Sri Lanka gears up for Mercedes-Benz Fashion Week Sri Lanka 2024
Sri Lanka is preparing for the Mercedes-Benz Fashion Week 2024, organised by AOD and supported by DIMO, the exclusive Mercedes-Benz distributor. The event is scheduled from 07th – 10th November at Cinnamon Life, in conjunction with the Sri Lanka Design Festival (SLDF). Link: https://tinyurl.com/ed37ssdc
Disclaimer – This Advisory is intended for circulation among JAAF stakeholders only. Please do not circulate or share on social media. T
his Advisory, written for our partners interested in developments in Sri Lanka against the backdrop of the current crisis, is an update on the one issued last week. T
he Advisory includes economic, political, social and governance perspectives. It draws on news reports, analyses, Government announcements and documents, and other sources that we may be in contact with or have access to.
This Advisory was prepared by the Strategic Communications Unit of Adfactors PR Lanka.
For inquiries, contact sarah.muiz@adfactorspr.com