đź’° The Economy
đź“° Central Bank of Sri Lanka (CBSL) maintains Overnight Policy Rate (OPR) at current level
The Monetary Policy Board of CBSL has decided to maintain the Overnight Policy Rate (OPR) of
the Central Bank at its current level of 8.00 per cent.
Link: https://tinyurl.com/2p8e83jh
đź“° Sri Lanka apparel achieves 5 percent export growth in 2024
Sri Lanka’s apparel export earnings reached USD 4.7 billion in 2024, marking a 5 percent year-
on-year (YOY) growth, according to the Joint Apparel Association Forum (JAAF).Link: https://tinyurl.com/b3kkmem5
đź“° Sri Lanka export revenue records 7.06 percent growth in 2024
According to the latest data released by the Sri Lanka Export Development Board (EDB), Sri
Lanka has achieved a record-breaking total export revenue of USD 16.17 billion in 2024.
Link: https://tinyurl.com/mkxsd77r
âš– Politics & Policy
đź“° US Ambassador Julie Chung suggests Sri Lankan entrepreneurs build operations in the US
US Ambassador Julie Chung has called on the Sri Lankan Government to prioritize transparency,
good governance, and streamlined trade regulations to attract foreign investment. Speaking at
the Sri Lanka Apparel Exporters Association AGM, she emphasized that the United States
remains open for business and looks forward to increased trade and investment partnerships.
Link: https://tinyurl.com/4z6mc2ty
đź“° Sri Lanka seeks export diversification to boost economic growth
Sri Lanka’s Export Development Board (EDB) anticipates generating USD 18.3 billion from
merchandise and services exports in 2025, of which USD 14.1 billion of the projected exports
are to be merchandise goods such as apparel and textiles, tea, spices, gems and jewelry,
coconut products, rubber, and fish.
Link: https://tinyurl.com/5b5vdhsa
đź“° Public Utilities Commission to investigate electricity tariff relief distribution
The Public Utilities Commission has announced plans to investigate whether businesses and
other institutions are effectively passing on the reduced electricity tariff relief to the public.
This move follows the implementation of a 20 percent reduction in electricity tariffs for six
months, which began at midnight on the 17 January.
Link: https://tinyurl.com/4se2eee5
đź“° Government to modernize Customs, Excise, and Inland Revenue Departments
President Anura Kumara Dissanayake stated that necessary actions are being taken to create a
modern organizational structure, with structural reforms being implemented within Sri Lanka
Customs, the Department of Excise, and the Department of Inland Revenue.
Link: https://tinyurl.com/3xekjtfz
đź“° Sri Lanka aims for USD 36 billion in exports under new policy
In line with the Government’s policy, “A Thriving Nation – A Beautiful Life”, President Anura
Kumara Dissanayake has directed officials to implement measures to increase export revenue
to USD 36 billion by 2030. He noted that export earnings, which stood at USD 16.1 billion in
2024, are projected to reach USD 18.2 billion this year.
Link: https://tinyurl.com/3anrhzfe
!? What you need to know
📰 Prime Minister Amarasuriya commends apparel industry’s contribution to the national economy
Prime Minister Harini Amarasuriya lauded Sri Lanka’s apparel industry and its predominantly
female workforce for their vital role in the economy. Speaking on the sector’s 350,000-strong
workforce, she emphasized the need for inclusive, ethical, and sustainable practices across the
value chain. Acknowledging the industry’s goal of USD 8 billion in export revenue by 2025, she
expressed confidence in its achievement.
Link: https://tinyurl.com/yc3x5yed
đź“° Apparel industry looks to innovation and policy support for growth
Newly elected Sri Lanka Apparel Exporters Association (SLAEA) Chairperson Rajitha Jayasuriya,
has called for bold strategies, innovation, and Government support to strengthen the industry’s
future. Speaking at SLAEA’s 42nd Annual General Meeting, she outlined four key priorities:
adopting technology, diversifying export markets, empowering the workforce, and improving
national policies.
Link: https://tinyurl.com/yhexc2y7
đź“° Regen Renewables signs up with J J Mills Group to solarize their factories
Regen Renewables (Pvt) Ltd., announced the signing of a landmark contract with J J Mills Group
to commission state-of-the-art Solar Photovoltaic (PV) Systems across their facilities.This
multimillion-dollar partnership marks a major milestone in advancing sustainable industrial
practices in the country and demonstrates both commitment to environmental responsibility
and carbon neutrality progression.
Link: https://tinyurl.com/mssyhbft
📰 Italian business footprint in Sri Lanka increases with Benji’s USD 35 million expansion
Benji Limited and the Board of Investment (BOI) have signed a USD 35 million expansion
agreement. The Company’s parent company Oniverse cited its deep understanding of Sri
Lanka’s business ecosystem and renewed confidence in the country’s economic stabilization as
key factors behind the investment decision.
Link: https://tinyurl.com/2kpku2am
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