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| Sunday, 17 August 2003 |
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| News Business Features Editorial
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Thai PM promises US$ 1b worth bilateral trade Two-way trade worth one billion dollars was agreed upon by Prime Minister Ranil Wickremesinghe and Premier of Thailand, Dr Thaksin Shinawatra during the latter's visit to Sri Lanka last week. The agreement will be for a time frame of five years. Export credits of US$ 20 million have also been allocated to help Sri Lanka import Thai goods, Dr Shinawatra told business leaders in Colombo. The expansion of tourism and aviation were other areas discussed by the two leaders. Thailand and Sri Lanka have similar religious and cultural ties as Theravada Buddhism is practised in both countries. There is much tourist traffic between the two countries as both have much to offer the tourist. The economic pact will be beneficial to both countries under the BIMST-EC agreement, Dr Shinawatra said. The Thai PM also emphasised the need for developing the rural economy. Poverty alleviation is the need of the hour, and the other area of development should be the plantation sector, he said. (PJ) State Bank of India seeks bigger role in Lanka The State Bank of India is exploring the possibility of extending its role in Sri Lanka as an 'Embedded Bank'. Indrajit Gupta, Chief General Manager (Foreign Office) at the Corporate Centre in India was on tour in Sri Lanka to examine the prospects of extending the reach of the bank. Gupta had wide ranging discussions with Finance Minister K.N. Choksy and Governor Central Bank of Sri Lanka, A.S. Jayawardene. He also called on Nirupam Sen, the Indian High Commissioner in Sri Lanka. During his visit to Kandy to survey the potential for branch expansion and business development, Gupta met a cross-section of the business community and other dignitaries, including Assistant High Commissioner of India in Kandy, Achal Malhotra. Gupta also had on his agenda consultations with Minister of Industries, Rohitha Bogollagama, Chairman Board of Investment, Arjunna Mahendran and officials of the Ceylon Chamber of Commerce. The State Bank of India is one of the oldest banks operating in Sri Lanka, serving the island since 1864. It is the largest bank in India with a network of over 9,000 branches and has 50 overseas offices. (PJ) Colombo Port records highest container throughput The Port of Colombo handled a record volume of 185,697 TEUs, the highest number of containers handled by the Port of Colombo during a month in its container handling history. The previous highest was 169,682 TEUs handled in July 2001 which was prior to the Port of Colombo being affected by an additional war risk premia. The Port of Colombo has handled 134,757 TEUs of transhipment container during the month of July 2003, which is an increase of 17.4% as against the transshipment volumes handled during the month of July 2002. The SLPA attributes this achievement to the reforms carried out by the SLPA in the recent past which includes enhancing the productivity and efficiency at Jaye Container Terminals (JCT) by 100-120% downsizing its workforce by 8500 personnel, elimination of speed money paid by port users and the marketing strategy based on product/price competition. The world class container facilities provided by the South Asia's largest container terminal, Jaye Container Terminals, managed by SLPA and SAGT managed by P&O Ports has also resulted in the Port of Colombo re-establishing its position as the preeminent gateway to the Indian subcontinent. |
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