STOCKS OF BEER TO EXPIRE AS DEMAND DROPS

Beer demand drops; stocks to expire soon?

 

The Excise Department said that beer products produced by some liquor companies are piling up in warehouses without being able to be sold due to the decrease in alcohol sales by about 30%.

As a result, some companies involved in liquor production have been closed for two or three weeks.

Meanwhile, Excise Commissioner General Saman Jayasinghe has told the media that the Excise Department is focusing on increasing the export of locally produced liquor products as local sales have fallen.The Commissioner also said that the annual export income of Rs.22 billion is expected to be increased to Rs.30-35 billion.

It was said that although the price of ethanol has increased rapidly in the past, the price of ethanol has come down now and that there is a surplus of ethanol in Sri Lanka.However, the Excise Department said that due to the current economic crisis, there is less motivation to buy alcohol in a background where the prices of all goods in Sri Lanka have increased.Therefore, the Excise Department has planned several strategies to achieve this year’s revenue target of Rs.214 billion.

Also, they pointed out that there are about 350 vacancies at the department and this lack of staff has hindered the achievement of the target revenue.

 

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NEWS

Pavithra gets new post

Minister Pavithradevi Wanniarachchi was appointed recently (09) as the President of the Sri Lanka – European Union Parliamentary Friendship Association.

The special meeting to appoint the office bearers related to the Ninth Parliament of the Sri Lanka – European Union Parliamentary Friendship Association was held in Parliament and was chaired by the Speaker – Mahinda Yapa Abeywardana. Ambassador of the Delegation of the European Union to Sri Lanka – Mr. Denis Chaibi was present as the guest of honor and the Secretary General of the Parliament Mr. Dhammika Dasanayake was also present at this event.

State Minister – Diana Gamage as well as MPs (Dr.) Upul Galappaththi, and Hector Appuhamy were appointed as the new Secretaries to the Sri Lanka – European Union Friendship Association.

Addressing the meeting, the Speaker stated that the European Union has provided grants to Sri Lanka to support and contribute to local efforts towards recovery and reform processes in a wide range of areas including poverty reduction, democratic governance, local development, agriculture, water and health and allocated financial grant for Development Assistance in Sri Lanka during period for 2014 to 2020. Furthermore, the Speaker stated that the European Union supported Sri Lanka during the COVID-19 crisis in the country.

Adding to the same the Speaker also highlighted that Sri Lanka is very much looking forward to welcome the Delegation for Relations with South Asia Countries (DSAS) of the European Parliament which is scheduled to visit Sri Lanka in mid-May this year.

Mr. Denis Chaibi, Ambassador of the Delegation of the European Union to Sri Lanka also stated that over the last 20 years, the European Union has allocated more than 8 billion Euros in grants to Sri Lanka with no repay and conditional laws. He further reiterated that the European Union has assisted Sri Lanka in rural development, reconciliation and is invested in assisting further in the establishment of a green economy as well as social cohesion.

The Ambassador further stated that they believe that Sri Lanka is a mother of democracy in Asia and commended the resilience Sri Lanka has showed in protecting democracy amidst various challenges highlighting how important democracy is for trade.

Speaking at the meeting, newly elected President of the Sri Lanka – European Union Friendship Association, Minister Pavithradevi Wanniarachchi stated that she wishes to work towards strengthening and building relations between the European Union and Sri Lanka further.

Ministers, State Ministers and Members of Parliament were also present at the event held.

 

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NEWS

Expeditious implementation of Indian housing project

High Commissioner of India – Mr. Gopal Baglay and Minister of Water Supply and Estate Infrastructure Development, – Jeevan Thondaman exchanged diplomatic notes, paving way for a three-fold increase in unit cost of a house under Phase-3 of Indian Housing Project (IHP).

This step would now enable expeditious completion of Phase-3 of IHP, under which 4,000 houses are being constructed through grant assistance by Government of India (GOI) in plantation areas of Sri Lanka, spread across 7 Districts in Central, Uva and Southern Provinces.

Close to 46,000 houses were built in different parts of Sri Lanka under the first two phases of IHP. Next phase for the construction of 10,000 houses in plantation areas, announced by Prime Minister Narendra Modi, shall commence soon.

Exchange of diplomatic notes takes place at an important juncture, when the Indian-Origin Tamil (IOT) community who are concentrated in the plantation areas marks 200 years of their arrival to Sri Lanka.

This also coincides with 100 years of establishment of the Assistant High Commission of India in Kandy, which has been instrumental in implementing several people-centric grant schemes by GOI for the IOT community cutting across areas such as education, health, vocational training, livelihood development and several others, in addition to housing.

These milestones shall be commemorated by the Governments of India and Sri Lanka through several joint initiatives along with the establishment of 75 years of diplomatic relations between the two neighbours.

 

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NEWS

Sinopec assures readiness to invest on refinery in Hambantota

Sri Lankan President Ranil Wickremesinghe said that the government has taken a policy decision to expand fuel distribution and a programme will be initiated soon.

He also noted that Hambantota has been identified as a primary energy hub.

According to the President’s Media Division, he made these comments during a discussion with the representatives of the Sinopec Group held at the President’s Office in Colombo today (13).

Sinopec has also stated their readiness to invest in importing, storage, distribution and sales of petroleum products to meet with Sri Lanka’s requirement.

According to the PMD, Sinopec has also pledged to invest in a refinery in Hambantota.

The representatives informed the Sri Lankan government that their company has adhered to the existing system and has applied accordingly. They further conveyed their readiness to fully invest in the construction of a refinery in Hambantota, which has been identified as a central energy hub by the government.

Moreover, the representatives stated that their company is prepared to respond to future solicitations that align with the aspirations of the country.

They also presented a proposal to the President who spoke about the import, storage and distribution of petroleum products.

Expressing his views, President Ranil Wickremesinghe further stated rapid development is expected following the program with the International Monetary Fund.

He also expressed his expectations to promote foreign businesses operating within the country in the future.

 

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