Contd. from Page 01

These efforts are a part of our bigger plan to link this sector to our exports.”

According to the Export Development Board, Sri Lanka’s food exports in Y2016 jumped by a huge 112 percent to US $ 240.48 million, doubling from 2015’s US$ 113 million (categories are processed fruits and vegetables, confectionary and bakery items and processed foods). President-sri Lanka Food Processors Association Maliek De Alwis said that the food sector within Sri Lanka’s SMES could be way larger than officially believed. “The food sector presence within Sri Lanka’s SMES could be more than 50 percent if we are to count the unregistered micro, village level food suppliers, and urban restaurants, street-side small hotels and bakeries. The Ministry’s efforts will be relevant to all of them.”

Dr. H. Amarathunga, Director FIU-SRI Lanka signed the MOU with Luo Yubing, Director General, China AML Monitoring and Analysis Centre and Phajo Dorjee, Deputy Governor/ Head of FIU, Royal Monetary Authority of Bhutan on behalf of the respective institutions.

These MOUS have been entered into, in terms of the provisions of the Financial Transactions Reporting Act, No. 6 of 2006.

China became a member of the APG in 2001 and joined the Financial Action Task Force (FATF) as a fully fledged member in 2007.

The Fiu-bhutan which was formally established in October, 2010 within the Royal Monetary Authority, obtained its membership of the APG in 2011.

The FIUS across the world, adopt MOUS to co-operate with each other through the exchange of information, in order to combat ML and TF which are more often internationally connected and emanating from global criminal activities. In view of this, greater coordination among Financial Intelligence Authorities is facilitated through MOUS which provide a legal framework adaptable to each country. This has been introduced by the Egmont Group, the association of FIUS worldwide. With the signing of the above two MOUS, the total number of MOUS entered into by the FIU-SRI Lanka, has increased to 35.

The promotion of organic value chains in Sri Lanka not only creates income growth and new employment opportunities, but also contributes to the sustainable management of natural resources, as well as to improvefood safety and quality.

GIZ’S Organic Pavilion will explain necessary steps companies need to take in order to successfully access and market their organic products, including soil preparation, organic certification, information on tax exempted EU export goods and information on the access to the European organic market.the pavilion will feature organizations such as the Export Development Board (EDB), Sri Lanka Standards Institution (SLSI), Lanka Organic Agriculture Movement (LOAM), European Chamber of Commerce in Sri Lanka (ECCSL) and Controlunion. A number oforganic producers from the Northern and Eastern Provinces are exhibiting their products at the ongoing exhibition. This initiative is supported by Ceylon Chamber of Commerce.

In order to promote the organic agricultural sector, in Sri Lanka, GIZ works closely with SMES and farmer associations/cooperatives by providing advisory services, technical support on certification processes for the European market, and by actively linking Sri Lankan organicproducers to buyers in the EU.

On behalf of the Federal Ministry for Economic Cooperation and Development (BMZ), the SME Sector Development Programme of the GIZ and the Sri Lankan Ministry of Finance aims to increase the competitiveness, inclusiveness and environmental sustainability of Small and Medium-sized Enterprises in the Northern and Eastern parts of Sri Lanka, as well as in other secondary growth areas.

Ceylon Chamber of Commerce, which is serving the nation during the last 178 years and is engaged in help shaping the national economic transformation, in order to steer Sri Lanka to greater heights.

“It’s a quiet day. We haven’t seen much transactions. There is slight import demand, may be because of the long weekend,” a currency dealer said requesting anonymity.

The Central Bank held its policy rates steady on Thursday and said past tightenings are helping cool inflation and credit growth, signalling receding concerns about price pressure as it focuses on supporting an economy hit by extreme weather. Central Bank Governor Indrajit Coomaraswamy on Thursday said the bank had expected to purchase 1.2 billion dollars directly from the market between March and December. Coomaraswamy had earlier said the rupee was still “over-valued”, and that the monetary authority was buying dollars to avoid any appreciation. The banking regulator is compelled to buy dollars from the market to meet a reserves target set by the International Monetary Fund (IMF) under a US$1.5 billion, three-year loan programme. Sri Lankan shares were steady at 6,569.88, as of 0643 GMT. Turnover was Rs.255.1 million (US$1.66 million).

Both stock and foreign exchange markets will remain close on Monday for a Buddhist religious holiday.

Japanese carmakers are also facing uncertainty over US President Donald Trump’s drive to support domestic firms over foreign imports.

He has strongly criticised Toyota over its ongoing project to build a new factory in

A slowdown in Chinese domestic fuel demand as people use more electric vehicles or co-share bicycles and scooters has pushed refiners to export more gasoline.

China’s gasoline demand is expected to slow to 3.5 to 4 percent in 2017 compared with last year’s 6.5 percent growth, said Sri Paravaikkarasu, head of East of Suez oil at FGE.

Sales growth for automobiles, mainly powered by gasoline, has slowed to 0.7 percent in the first half of 2017, compared with 8.7 percent a year ago, while those powered by