The Economy
Sri Lanka records 5.5 percent Gross Domestic Product (GDP) growth in Q3 2024
Sri Lanka’s GDP increased by 5.5 percent in Q3 of 2024, marking a significant improvement
compared to the 1.2 percent growth recorded during the same period the previous year.
Link: https://tinyurl.com/5n97t347

Purchasing Managers’ Index (PMI) for November expands in key sectors
In November, the Purchasing Managers’ Index (PMI) for manufacturing registered an index value
of 53.3, signifying sustained expansion in sectoral activities. The services sector reported an
index value of 60.5, reflecting a marginal increase from the 60.3 recorded in October.
Link: https://tinyurl.com/22x9573r

⚖ Politics & Policy
Sri Lanka aims to be Asia’s top destination for foreign direct investments
Finance and Planning Deputy Minister Dr. Harshana Suriyapperuma expressed confidence that
Sri Lanka can become the best place for foreign direct investments (FDIs) in Asia, with the
Board of Investment (BOI) stepping up efforts to improve the services to the potential investors.
Link: https://tinyurl.com/3fny2cts

President Dissanayake reveals plan for parate execution
The suspension of the parate execution law, which allows banks to auction collateral on
defaulted loans, has been extended until March 2025, President Anura Kumara Dissanayake
stated in Parliament.
Link: https://tinyurl.com/mtehbj3b

Australian High Commissioner engages with the Export Development Board (EDB) to boost trade ties in Sri Lanka
Australian High Commissioner to Sri Lanka Paul Stephens and his team recently met Chairman
and Chief Executive Mangala Wijesinghe to strengthen bilateral trade relations between the
two countries. The High Commissioner explained the potential for Australia to invest in the
mineral sector in Sri Lanka, including joint ventures on export led manufacturing.
Link: https://tinyurl.com/de8a6svy

President Dissanayake announces stance on PAYE tax
President Anura Kumara Dissanayake announced in Parliament that the PAYE tax exemption
limit has been increased from LKR 100,000 to LKR 150,000, following discussions with the
International Monetary Fund (IMF) during the third review.
Link: https://tinyurl.com/2suvkey6

Government issues gazette for Phase 1 of vehicle imports
A gazette notification has been issued specifying the types of vehicles permitted for import
under the first category, effective from 18 December.
Link: https://tinyurl.com/2eu8x829

India to facilitate LNG supply to Sri Lanka’s energy sector
Indian Prime Minister Narendra Modi announced on 16 December that India plans to supply
Liquefied Natural Gas (LNG) to Sri Lanka’s power plants. Additionally, India will collaborate on
integrating the power grids of both countries and establish a petroleum pipeline to strengthen
energy connectivity between the two nations.
Link: https://tinyurl.com/bdsdkkut

Sri Lanka and India agree to set new standard in bilateral ties
During his first overseas state visit to New Delhi, Sri Lankan President Anura Kumara Dissanayake
and Indian Prime Minister Narendra Modi agreed to elevate their bilateral relationship to a new
standard of cooperation. President Dissanayake requested Prime Minister Modi’s support in
expediting technical discussions on Sri Lanka’s claim to the United Nations Commission on the
Limits of the Continental Shelf (UNCLCS) for establishing the outer limits of its continental shelf
beyond the Exclusive Economic Zone.
Link: https://tinyurl.com/56nzcj35

⁉ What you need to know
The 2024 GEAR program graduation ceremony empowers women in the apparel industry
The 2024 GEAR program graduation ceremony was held in Colombo recently, honouring the
accomplishments of 102 female trainees representing prominent factories, including Brandix
Lanka, Courtaulds Clothing Lanka, and Hirdaramani Apparel. This initiative marked a significant
milestone in their professional development, with 81 trainees advancing from team member to
supervisory positions and 21 progressing from supervisor to executive roles.
Link: https://tinyurl.com/emxvp654

Sri Lanka’s apparel exports record 5.60 percent growth from January to October 2024
Sri Lanka’s apparel exports have increased by 5.60 percent to USD 3.96 billion from January to
October 2024, as per the latest data released by the Sri Lanka Apparel Exporters Association.
Link: https://tinyurl.com/32vs49hs

Hela Apparel Holdings celebrates over 100 graduates at NIBM certificate award ceremony
Hela Apparel Holdings celebrated over 100 graduates at a certificate ceremony at the NIBM
Auditorium, Kurunegala. This event recognised participants of the IT and English courses
provided under the Hela Diridaruwo initiative, and the Techno Entrepreneurship Course held
under the Hela Diriliya initiative.
Link: https://tinyurl.com/3xc35fs7

Twinery leads Sri Lankan innovation as it celebrates 100 granted patents
Twinery, the innovation arm of MAS Holdings, has announced the milestone achievement of
securing its 100th utility patent. The patents encompass 23 unique inventions and have been
granted across more than 20 countries, including the US, Europe, Japan, and India.
Link: https://tinyurl.com/2hv22s7y

Disclaimer – This Advisory is intended for circulation among JAAF stakeholders only. Please do
not circulate or share on social media. 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