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Monday June 3rd, 2024

Sri Lanka to optimize investments in mineral resources

ECONOMYNEXT – Sri Lanka is exploring the optimal utilization of its mineral resources to bolster the nation’s economic growth, and the potential for creating value-added products from these resources, a state minister said.

“Given our nation’s rich mineral resources, we have devised plans to expand investment opportunities,” State minister of Urban Development and Housing, Arundika Fernando said.

“We have taken the decision to extend investment prospects along our coastline, collaborating closely with agencies such as the Investment Promotion Board and the Ministry of Lands,” Fernando said.

The minster said they were considering the introduction of a specialized bank dedicated to the development of domestic industries and introducing new legislation.

“We are committed to introducing a new environmental protection and ocean protection bill in our country. This legislation will play a vital role in safeguarding our natural resources.”

“The Department of Coastal Conservation actively participates in initiatives aimed at enhancing the value of our mineral resources. These resources have the potential to yield significant value through the production of value-added goods.”

“Our primary focus must centre on pioneering innovative programs that contribute to our country’s economic recovery. Timely and effective resource management is crucial for initiating income-generating initiatives.

From a geographical standpoint, Sri Lanka occupies a strategically vital position in Asia.

India has been eyeing Trincomalee, the mineral resource rich district, for decades. A mineral sand deposit in its northern part contains Ilmenite, Rutile, Zircon, Monazite, Garnet, Sillimanite, and other heavy minerals, Export Development Board (EDB) data shows.

Sri Lanka’s state-run Lanka Mineral Sands Limited is to export 60,000 metric tonnes of ilmenite to China this month after a shipment of 30,000 tonnes of Zircon mineral sands was shipped out of Trincomalee harbour earlier this month.

The EDB said it had identified the value-added mineral products sector as a potential sector to be developed and promoted in the international market, and met with members of the Chamber of Mineral Exporters (CME) to discuss growing the mineral-based industry in Sri Lanka.

CME members requested the government foster foreign investments and proposed that the state conduct a comprehensive ore reserves study to maintain transparency and informed decision-making within the industry.

They asked for government support in research and development, and a 300% tax rebate for research and development activities in collaboration with Sri Lankan educational institutions.

They also requested revising royalty systems grounded in pithead value, in line with international norms and pointed out the need for an equitable approach to royalty calculations to ease the financial burden on mining entities.

Securing international accreditation for the Geological Survey and Mines Bureau laboratory in collaboration with the Sri Lanka Standards Institution to enhance global credibility was also discussed.

CME pointed out the untapped potential of numerous pocket mines in Sri Lanka, and advocated for the development of support industries equipped with state-of-the-art technology.

Members also urged the government to consider duty waivers for the import of new technology and pertinent spare parts to foster innovation and elevate the sector to international standards. (Colombo/Sep26/2023)

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Water levels rising in Sri Lanka Kalu, Nilwala river basins: Irrigation Department

Sri Lanka Navy assisting in rescue operations (Pic courtesy SL Navy)

ECONOMYNEXT – Sri Lanka’s Irrigation Department has issued warnings that water levels in the Kalu and Nilwala river basins are rising and major flooding is possible due to the continuous rain. People living in close proximity are advised to take precautions.

“There is a high possibility of slowly increasing prevailing flood lowline areas of Kiriella, Millaniya, Ingiriya, Horana, Dodangoda, Bulathsinhala, Palinda Nuwara and Madurawala D/S divisions of Ratnapura and Kalutara Districts, up to next 48 hours,” it said issuing a warning.

“In addition, flood situation prevailing at upstream lowline areas of Ratnapura district will further be prevailing with a slight decrease.

“The residents and vehicle drivers running through those area are requested to pay high attention in this regard.

“Disaster Management Authorities are requested to take adequate precautions in this regard.”

The island is in the midst of south western monsoon.

DMC reported that 11,864 people belonging to 3,727 families have been affected due to the weather in Rathnapura, Kegalle, Kilinochchi, Jaffna, Mullaitivu, Kalutara, Gampaha, Colombo, Galle, Matara, Hambantota, Puttalam, Kurunegala, Kandy, Nuwara Eliya, Anuradhapura, Polonnaruwa, Badulla, Moneragala, and Trincomalee districts.

Meanwhile, the Meteorology Department stated that showers are expected on most parts of the island today.(Colombo/June3/2024)

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UNP gen secy defends call for postponing Sri Lanka poll, claims opposition silent

The UNP party headquarters in Pitakotte/EconomyNext

ECONOMYNEXT — United National Party (UNP) General Secretary Palitha Range Bandara has defended his call for postponing Sri Lanka’s presidential election by two years, claiming that his proposal was not undemocratic nor unconstitutional.

Speaking to reporters at the UNP headquarters Monday June 03 morning, Bandara also claimed that neither opposition leader Sajith Premadasa nor National People’s Power (NPP) leader Anura Kumara Dissanayake have spoken against his proposal.

“I have made no statement that’s undemocratic. My statement was in line with provisions of the constitution,” the former UNP parliamentarian said.

He quoted Section 86 of Chapter XIII of the constitution which says: “The President may, subject to the provisions of Article 85, submit to the People by Referendum any matter which in the opinion of the President is of national importance.”

Sections 87.1, 87.2 also elaborates on the matter and describes the parliament’s role, said Bandara.

“I spoke of a referendum and parliament’s duty. Neither of this is antidemocratic or unconstitutional. As per the constitution, priority should be given to ensuring people’s right to life,” he said.

“Some parties may be against what I proposed. They may criticse me. But what I ask them is to come to one position as political parties and make a statement on whether they’re ready to continue the ongoing economic programme,” he added.

Bandara claimed that, though thee has been much criticism of his proposal for a postponement of the presidential election, President Wickremesinghe’s rivals Premadasa and Dissanayake have yet to remark on the matter.

“I suggested that [Premadasa] make this proposal in parliament and for [Dissanayake] to second it. But I don’t see that either Premadasa nor Dissanayake is opposed to it. To date, I have not seen nor heard either of them utter a word against this. I believe they have no objection to my proposal which was made for the betterment of the country,” he said. (Colombo/Jun03/2024)

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300 of 100,000 trees in Colombo considered high risk: state minister

ECONOMYNEXT – Trees in Sri Lanka’s capital Colombo are being monitored by the municipal council, Army and Civil Defense Force as the severe weather conditions continue, State Minister for Defense Premitha Bandara Tennakoon said.

“Within the Colombo Municipal Council city limits, there are 100,000 trees. Of these, around 300 are considered high risk,” Tennakoon told reporters at a media conference to raise awareness about the current disaster management situation.

Not all trees required to be cut down he said. “We can trim some of the branches and retain them.”

The problem was that buildings in the vicinity of the tree had cut branches on one side, causing it to become unbalanced, the minister said.

New laws would be brought in so provincial/municipal institutions could strengthen enforcement of building codes.

“We don’t have a single institution that can issue a warning about a tree. Not one to tell us what trees can or cannot be planted near a road.

“Trees should be suitable for the area. Some trees have roots that spread and damage roads, buildings. When the roots can’t go deep, they tend to topple over.

“Now Environment Day is coming up, and anyone can go plant a tree by the road. We have to take a decision about this. We have to enforce laws strongly in future.” (Colombo/June3/2024)

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