The Economy
📰 The Asian Development Bank (ADB) remains optimistic on Sri Lanka’s reform initiatives
ADB Country Director Takafumi Kadono expressed optimism about the continuity of the reforms
in Sri Lanka but warned that there is limited room to manoeuvre as the country seeks a
sustainable recovery.
Link: https://tinyurl.com/2jnwjxum

📰 Sri Lanka surpasses 1.6 million tourist arrivals in October
Sri Lanka is steadily approaching its target of 2.3 million tourist arrivals in 2024, having
welcomed 1,620,715 visitors by October. According to the latest data from the Sri Lanka
Tourism Development Authority, October alone recorded 135,907 arrivals, reflecting positive
momentum in the tourism sector.
Link: https://tinyurl.com/24f3dfu6

📰 Amsafe Bridport increases investment in Sri Lanka by USD 8.5 million
AmSafe Bridport, a US-based subsidiary of Transdigm Company, expanded its investment in the
Wathupitiwala Export Processing Zone on 31 October, with an additional investment of USD 8.5
million.
Link: https://tinyurl.com/3mv299sa

⚖ Politics & Policy
📰 Sri Lanka-Canada Business Council strengthens bilateral trade and investment under the new Government
The Sri Lanka-Canada Business Council (SLCBC), recently completed a successful trade and
investment mission to Canada from 14 – 22 October. The nine-member delegation aimed to
bolster trade and investment opportunities between the two countries.
Link: https://tinyurl.com/yee9cyjf

📰 China to supply 11.82 million metres of uniform fabric for schoolchildren in 2025
The Chinese Government has agreed to supply 11.82 million metres of fabric to be used as
uniform material for schoolchildren in 2025. This fabric, intended for school students, has been
approved for use following testing of a sample provided to the Ministry of Education by the Sri
Lanka Institute of Textile and Apparel (SLITA).
Link: https://tinyurl.com/2m8nj83h

📰 Export Development Board (EDB) forms task force to address issues faced by exporters
The Export Development Board has established a trade facilitation task force to address
challenges in the export value chain and increase export efficiency.
Link: https://tinyurl.com/4m26yzdf

📰 Sri Lanka Customs launches online tracking system for Customer Declarations (CusDec) and containers
Sri Lanka Customs has officially announced the launch of its new online tracking system for
CusDec and container shipments. The system will be available to the public on 06 November.
Link: https://tinyurl.com/4j7x3ud8

📰 Sri Lanka aims for 30 percent electricity rate cut by 2025
The Government aims to restructure the power sector to reduce electricity rates by 30 percent
within the next year, Senior Consultant in Economic Affairs and Finance to the President, Prof.
Anil Fernando stated.
Link: https://tinyurl.com/yw75mtv2

📰 The Micro, Small, and Medium Enterprises (MSME) call on President Dissanayake for urgent debt recovery reforms
The MSME Chamber of Sri Lanka has made an urgent appeal to President Dissanayake, calling
for significant reforms to the country’s debt recovery processes, particularly concerning the
Recovery of Loans by Banks (Special Provisions) Act No. 04 of 1990.
Link: https://tinyurl.com/yw75mtv2

📰 The European Union (EU) engages in discussion with the Board of Investment (BOI) to bolster economic partnerships
The EU Ambassador to Sri Lanka, Carmen Moreno, recently held discussions with BOI
representatives, with a focus on strengthening and enhancing economic relations between the
EU and Sri Lanka.
Link: https://tinyurl.com/32r3ykh5

⁉ What you need to know
📰 Marks and Spencer (M&S) performance for H1 indicates optimal preparedness for the upcoming festive season
UK retailer Marks and Spencer (M&S) has reported a 5.8 percent increase in sales, amounting
to £6.52 billion (USD 8.41 billion). The Group is experiencing significant growth momentum,
particularly in its clothing and home category, ahead of the crucial Christmas trading period.
Link: https://tinyurl.com/4z5z979n

📰 Teejay Group concludes first half (H1) with strong outlook for future growth
Teejay Group has recorded a Profit after Tax of LKR 0.9 billion during H1 of the financial year
ending 30 September. The Group’s revenue reached a notable LKR 32.7 billion, recording an 11
percent increase compared to H1 of the previous year.
Link: https://tinyurl.com/7by2axsp

📰 Signature partners with Sri Lanka Cricket (SLC) as their official clothing partner
Signature, Sri Lanka’s premier menswear brand, has been appointed as the Official Formal and
Casual Clothing Partner for SLC from 2024 to 2027.
Link: https://tinyurl.com/yc34z8wn

Disclaimer – This Advisory is intended for circulation among JAAF stakeholders only. Please do
not circulate or share on social media. This document summarises results covering significant
political and economic events. The 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