Chinese electric vehicle giant BYD is rapidly advancing in Sri Lanka’s EV market through a strategic partnership with John Keells CG Auto. The two companies recently signed an MoU to introduce DENZA, BYD’s luxury electric vehicle brand, showcasing models like the D9, N7, Z9, and Z9GT. This move aims to offer Sri Lankan consumers high-end,…
The Internet of Things (IoT) refers to a network of physical devices—such as appliances, vehicles, machines, and other objects—that are connected to the internet and can collect, share, and act on data. These devices often have sensors, software, and other technologies that allow them to interact with their environment or users—without human intervention in many…
The recent closure of the NEXT garment factory in Katunayake’s Free Trade Zone has dealt a significant blow to Sri Lanka’s apparel industry and its broader economy. Announced on May 19, 2025, the shutdown has resulted in the loss of around 1,400 jobs, nearly half of the company’s 2,800-strong workforce. The company cited rising operational…
In the wake of a severe salt shortage and soaring prices in Sri Lanka, opposition MP Mujibur Rahuman (SJB) has accused a government-appointed director of a state-owned salt company of importing bulk salt and reselling it at inflated prices through his private firm. Speaking in Parliament on May 21, Rahuman revealed that Dr. Ravi Liyanage,…
Two major Chinese-backed projects in Sri Lanka — the Sinopec oil refinery in Hambantota and the Colombo Port development — have reportedly been delayed. According to sources, Sinopec has requested to increase the originally agreed local market supply quota of 20% for its oil products. The massive export-oriented refinery project, which involves an investment of…
Vehicle imports to Sri Lanka have resumed following the lifting of the import ban on February 1, but high taxes continue to limit sales, market sources say. New vehicle importers are currently processing orders, and it typically takes about four to six months for a new vehicle to arrive. Importers are required to register imported…
Sri Lanka is ready to tax the digital services supplied by non-Sri Lankans from October 1. This was legalised by the certification of VAT (amendment) Act No. 4 of 2025. Inland Revenue Department said in a press release that procedures for registration, payment and compliance would be specified by the Commissioner General in due course….
China’s trade surplus with Sri Lanka surged to an all-time high of over US$4 billion (Rs. 1.195 trillion) in 2024, nearly doubling from the previous year and highlighting the growing imbalance in bilateral commerce. According to official data, Sri Lanka exported just US$251.91 million worth of goods to China in 2024 — a 2% decline…
The Bank of Ceylon (BoC) has announced plans to issue 100 million debentures valued at Rs. 100 each, totaling Rs. 10 billion. The bank also intends to issue an additional 50 million debentures worth Rs. 5 billion if there is high investor demand, bringing the potential total to Rs. 15 billion. Fitch Ratings has assigned…
The reimplementation of the controversial Parate Execution Law in Sri Lanka has sparked renewed debate across the business and legal sectors. The law, under the Recovery of Loans by Banks (Special Provisions) Act No. 4 of 1990, allows licensed commercial banks to auction properties mortgaged against loans without judicial proceedings if borrowers fail to settle…
