News & market updates

The Sri Lanka – Greater Mekong Business Council met Thailand's Ambassador to discuss activating the FTA and attract Thai investment and cooperation in tourism, agriculture (production/processing/distribution), fisheries and healthcare to boost bilateral trade and investment.

Sri Lanka approved its first National Social Protection Policy on 15 July 2024, establishing pillars of social assistance, social care, social insurance and labour market/productive inclusion. A Technical Committee will guide implementation to harmonise programs across government, private sector and NGOs.

USAID committed an additional $24.5 million to Sri Lanka via a Development Objective Grant Agreement to support market-driven growth, environmental sustainability and resilience, and improved governance.

EDB organised a Sri Lanka country pavilion at Medi-Pharm Expo Vietnam 2024 (1–3 Aug) featuring three Sri Lankan pharmaceutical manufacturers (Gammainterpharm, Astron, Morison) to promote exports and explore contract manufacturing. The delegation connected with Vietnam regulators and distributors to boost market access.

IFPRI's 2024 Global Food Policy Report finds 2.8 billion people cannot afford a healthy diet, with nearly half of those unable to afford one living in South Asia. The report calls for food-system transformation to address affordability, availability, crop diversity and rising processed-food consumption.

Rotary District 3220 launched “Rotary for Little Hearts” to raise US$1 million to expand paediatric cardiac and intensive-care services at Lady Ridgeway Hospital in Colombo. The project aims to increase ICU beds, expand cardiac surgery and intervention capacity, and reduce child mortality.

EDB and the Sri Lanka Embassy organized a Sri Lanka country pavilion at Medi-Pharm Expo Vietnam (1–3 Aug 2024) featuring three Sri Lankan pharmaceutical manufacturers to promote exports and secure distributor contacts. Vietnam imports about 40% of its pharmaceutical demand and bought USD 6.9bn in 2023.

Sri Lanka – Greater Mekong Business Council met Thailand's Ambassador to discuss activating the FTA and attracting Thai investment to boost tourism, agriculture (production, processing, distribution), fisheries, healthcare and bilateral trade between the two countries.

IFPRI held the South Asia launch of its 2024 Global Food Policy Report in Kathmandu, focusing on 'Food Systems for Healthy Diets' and warning that 691–783 million people faced hunger in 2022 and 2–3 billion people cannot afford a healthy diet.

The Ceylon Chamber of Commerce launched 'Vision 2030', a Five-Year economic plan handed to President Ranil Wickremesinghe that targets raising the digital economy to 10% of GDP and annual FDI inflows to $5bn. The plan covers healthcare, agriculture, logistics, power, exports and SME development.

The ASPI rose 42 points (0.4%) to 11,294 as the Colombo market closed marginally higher on turnover of Rs. 582 million. Gains in John Keells, Richard Pieris, HNB, BIL and others supported the rise, turnover was led by JKH and capital goods, banking and F&B sectors, while foreigners net sold Rs. 20.6m.

The Ceylon Chamber launched 'Vision 2030', a five-year policy plan presented to the President that sets targets including raising the digital economy to 10% of GDP, annual FDI to US$5bn and exports to 30% of GDP, alongside reforms across healthcare, agriculture, logistics, energy and digitalisation.

The Sri Lankan Embassy and Export Development Board held a webinar with over 100 Vietnamese pharmaceutical companies to promote Sri Lankan pharma exports and joint ventures ahead of Medipharm Expo 2024. The note highlighted Vietnam's pharma market of over $10bn, rising toward $16bn.