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| Sunday, 17 July 2005 |
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Brandix signs MoU with AP Government Sri Lankan based Brandix Lanka Limited, in association with the Andhra Pradesh Government is planning to develop a Garment City in an area of 1,000 acres at Atchyuthapuram mandal of the Visakhapatnam district. Brandix and the Andra Pradesh Government will form a Special Purpose Vehicle (SPV) to set up this export oriented apparel city with integrated and support industries. Brandix will create sustainable employment for a minimum of 60,000 people over four years from the date of formation of the SPV. Brandix will hold 76% of the equity while the state Government will hold the remaining 24% equity in the project. Lanka IOC to open gas stations in Jaffna Lanka IOC a unit of India's largest oil refiner plans to open gas stations in Jaffna. The new fuel station in Jaffna will sell branded Lanka IOC fuels, including diesel, kerosene and liquefied petroleum gas. Economy grows 4.8% in Q1, 2005 According to the Central Bank the macroeconomic stability of the country is improving and the economy grew by 4.8% in the first quarter of the year. According to CB officials the point-to-point inflation rate and the annual average inflation rate is declining. In external trade the BOP (Balance of Payments) has recorded a surplus. The GSP + scheme agreed by the EU is another positive factor for the growth of the export sector. The removal of Sri Lanka from the "list of war risk" by the London based Joint War Committee is another important factor to increase Ports and Shipping activities. In the sectoral analysis, the industrial sector grew by 6.9%, service sector by 5.3% and the agricultural sector by 0.5%, against 5.8%, 9.5% and - 0.3% of the corresponding quarter of the previous year. Tesco UK to source more from Lanka Tesco, UK's largest retailer has agreed to purchase a variety of Sri Lankan products for its 2,500 outlets throughout the UK, Ireland, Central European countries, Japan and South Korea. |
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