Sri lanka 2011-beyond

© Research & Development Unit Asia: Still in the Lead Asia continues to outpace other regions, buoyed by resilient exports and strong domestic demand - World Economic Outlook, April 2011 – IMF Sri Lanka has what it takes to be the Wonder of Asia - Dr. Ngozi Okonjo-Iweala, Managing Director of the World Bank Sri Lanka best place to invest in South Asia: Jim Rogers Sri Lanka 2 0 1 1 & b e y o n d …

Sri Lanka: The Wonder of Asia B y 2 0 1 6 ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

What the End of the Internal War offered to Sri Lanka ? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],*May 2009 – Apr 2011

Why invest in Sri Lanka ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],"If you were smart in the 1800s’ you moved to London, if you were smart in the 1900s’ you moved to New York City, and if you are smart now you move to Asia " - Jim Rogers Research & Development Unit

OUTLOOK ON SRI LANKA Fitch Ratings India BBB- Why invest in Sri Lanka ,[object Object],[object Object],[object Object],Sri Lanka Poised for Rapid Growth: S&P India BBB- Bangladesh BB- Pakistan B- Moody’s India Ba1 Bangladesh Ba3 Pakistan Ba3 Research & Development Unit Fitch & S&P Grading AAA AA A BBB BB B CCC CC C D (+)/(-) Moody’s Grading Aaa, Aa, A, Baa, Ba, B Caa, Ca, C (1)/(2)/(3) Standard & Poor’s B + Stable Moody’s B 1 Stable Fitch Ratings B + Positive HSBC BB- Stable a – Provisional e – Forecast Source: CBSL Annual Report 2010 GDP Growth Rate (%) 2010 4Q 8.6 2010 8.0 2011 e 8.5 2012 e 9.0 2013 e 9.5 2014 e 9.5 Per Capita GDP (USD) 2009 2,057 2010 a 2,399 2011 e 2,794 2012 e 3,200 2013 e 3,660 2014 e 4,190

Sri Lanka - Key Indicators Research & Development Unit

Sri Lanka - Key Indicators (Cont…) Research & Development Unit

Medium Term Macroeconomic Framework 2010 – 2014 (a) Revised, (b) Provisional (c) Excluding receipts of Asian Clearing Union, (d) External official reserves include the proceeds from the IMF Stand-by Arrangement facility-2009. (e) Total debt service payments as a percentage of earnings from exports of goods and services, (f) Year-on-year growth in end year values Sources: Ministry of Finance and Planning, Department of Census and Statistics, Central Bank of Sri Lanka Research & Development Unit Indicators Projections Real Sector Units 2009 (a) 2010 (b) 2011 2012 2013 2014 Real GDP Growth % 3.5 8.0 8.5 9.0 9.5 9.5 GDP Deflator % 5.9 7.3 6.0 5.5 5.0 5.0 Per Capita GDP US$ mn 2,057 2,399 2,794 3,200 3,660 4,190 Total Investment % of GDP 24.4 27.8 29.5 32.0 33.0 34.0 National Savings % of GDP 23.7 24.7 25.8 29.1 30.7 32.3 External Sector Current Account Balance % of GDP -0.5 -2.9 -3.7 -2.9 -2.2 -1.7 Overall Balance US$ mn 2,725 921 775 525 825 1,325 External Official Reserves (c) (d) Months 5,097 6,610 8,004 8,938 9,668 10,281 Debt Service Ratio (e) % 18.9 14.6 13.5 16.2 12.6 14.3 Fiscal Sector Current Account Balance % of GDP -3.7 -2.1 -0.8 1.0 1.7 1.6 Overall Budget Deficit % of GDP -9.9 -7.9 -6.8 -5.2 -4.8 -4.8 Financial Sector (f) Reserve Money Growth % 13.1 18.8 14.5 14.5 14.5 14.5 Broad Money Growth (M 2b ) % 18.6 15.8 14.5 14.5 14.5 14.5 Growth in Credit to Private Sector % -5.8 25.1 18.8 17.1 16.4 15.9

Towards Enhanced Macroeconomic Stability ,[object Object],Lower tax regime Relaxation of strict foreign exchange controls and BOI Reforms ,[object Object],[object Object],Lower interest rates ,[object Object],Fiscal prudence ,[object Object],Infrastructure development Research & Development Unit

“ Sri Lanka has what it takes to be the Wonder of Asia” ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Research & Development Unit

Ease of Doing Business in Sri Lanka According to the World Bank’s ‘Doing Business 2011’ report, Sri Lanka’s Ease of Doing Business ranking has remained unchanged from 2010 at 102 nd out of 183 other economies. Research & Development Unit The President of Sri Lanka in his address to the United Nations General Assembly (2010) had stated that Sri Lanka aims to improve its ‘Doing Business’ ranking to 30 by 2014. Central Bank of Sri Lanka (CBSL) together with the Ministry of Economic Development is coordinating the strategy to achieve the goal articulated by the President. The Budget for 2011 has already made significant strides to simplify taxation, and thereby improve the ranking in the area of “Paying Taxes.” There is also ample scope for eliminating a large number of “procedures” involved in various areas by establishing “one stop shops” where an entrepreneur needs to submit required documents at one point only and all the necessary formalities and clearances are undertaken by the agency concerned. This could be effectively done in the area of Dealing with Construction Permits and Trading Across Borders. In the area of land registration, introduction of title registration could reduce time involved substantially. Court procedure also has to be closely studied in order to devise a method to reduce the delay and improve the ranking in Enforcement of Contracts. CBSL will be looking at other aspects also to facilitate business. In particular, to reduce the time and effort spent on searching for information, CBSL has already produced a booklet “A Step by Step Guide to Doing Business”, which contains necessary information needed by an entrepreneur during each stage of operating a business. (For more info - web: www.cbsl.gov.lk , Tel: +94 11 2477377) 2011 2010 India 134 135 Bangladesh 107 111 Maldives 85 96 Pakistan 83 75 Singapore 01 01

Sri Lanka Moves up in the Economic Freedom Index Sri Lanka has moved up considerably in the “2011 Index of Economic Freedom” released by The World Heritage Foundation and the Wall Street Journal. Sri Lanka has been ranked as the world’s 107 th (from 183 economies) freest economy in 2011, higher in comparison to the 120 th place in 2010. Research & Development Unit ,[object Object],[object Object],[object Object],[object Object],[object Object]

Areas for further improvement & some concerns… Research & Development Unit Source: www.imf.org

Sri Lanka as a Dynamic Global Hub – Five Hub Concept

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Research & Development Unit

[object Object],Colombo South Harbour Development Project Area Approx. 600 hectares. Scope Four terminals of over 1,200m in length each to accommodate 3 berths alongside depths of 18m and provision to deepen to 23m to accommodate deeper draft vessels of the future. Stages Two stages. The 01 stage - infrastructure - USD 300 Mn and 02 stage - terminal facilities - USD 700 Mn Engineer Scott Wilson Ltd – UK Contractor Hyundai Engineering & Construction Co. Ltd., Korea In 2010, GOSL signed a USD450 Mn deal with China Merchants Holdings and Aitken Spence to build the first of the 03 terminals. Each terminal is expected to add the capability to handle 2.5 Mn TEUs more. The port now handles 4.5 Mn TEU. Hambantota Port Development Port of Hambantota is planned to develop as a Services and industrial port. Cost - Phase 1 : USD 361 Mn (85% funded by the Ex-Im Bank, China) Duration : 39 months. The port will be able to berth 04 vessels on completion of the first phase. Sri Lanka is situated along the major east-west shipping routes between the Malacca Straits and the Suez Canal which links Asia and Europe. An estimated 36,000 ships including 4,500 oil tankers use the route annually and daily around 200 vessels pass the southern sea of Sri Lanka. The second phase of the port will include a container terminal and the third phase a dockyard. Upon completion the port will cover 4,000 acres of land and accommodate around 30 vessels. The contract for the Second phase of construction of the Hambantota Port was awarded to a Chinese Company on December 31 2010, CHEC Ltd. signed on for the Engineering, Procurement and Construction (EPC) of the Hambantota Port. The contract value amounts to USD 810 Mn with a construction period of 36 months. Port of Trincomalee Trincomalee harbour is the second best natural harbour in the world and the available water and land area is about 10 times as much as the Port of Colombo. Trincomalee was tentatively identified to cater for bulk and break bulk cargo and port related industrial activities including heavy industries, tourism and agriculture etc. At present SLPA is in the process of re-developing Trincomalee as a metropolis growth centre. SLPA plans to advertise internationally and locally to call for proposals from potential investors for Industrial Park and Tourism Zone. Research & Development Unit

[object Object],Oluvil Port Development Stage I Contract Period : 27 months Estimated Cost (Stage-1) : Euro 46.1 million Source of Funding : Denmark (DANIDA) Government of Sri Lanka, in its plan to give impetus to economic development in the Eastern region, has decided to build a port at a site in Oluvil under the “Nagenahira Navodaya” Programme which was launched to expedite the development activities in the region. This port will form the southeastern link in the developing chain of coastal harbours in the country and will provide more convenient and cost effective access to and from the southeastern region for goods and cargo originating on the west coast. The proposed project is comprised of the construction of a commercial harbour and a basin for the fishing crafts and it covers a land area of 60ha in the first stage and 105ha in the second stage. The harbour basin would cover an area of 16ha of the sea and would spread 1.2km along the coast line. Stage II - Developing the Harbour to cater to 16,000 ton ships, Increasing harbour basin depth to 11 m. Construction of additional 470 m quay wall & other structures. Port of Kankesanturai and Point Pedro Another rehabilitation and improvement project is planned for Kankesanthurai (KKS) Harbour, to include the repair of the breakwaters, piers and roads, including dredging and wreck removal and the harbour basin. To ensure cargo handling work continues without interruption, the SLPA committed by utilize its own funding to carry out emergency repairs to the breakwater and dredging of the basin. In the meantime the government of India has indicated willingness to grant USD 23 m for removal of wrecks and construction of a New Pier. Out of four barges damaged by the Tsunami in December 2004 at PPD – Point Pedro, three of them are beyond use. Two new barges were fabricated with funding from National Budget and SLPA Budget. Additionally the feasibility of developing Point Pedro to the level of an SLPA regional port for the Northern Province will be explored. Research & Development Unit Sailboat Manufacturing in Sri Lanka Barramundi Boatyard Pvt Ltd., which is a BOI approved manufacturer of Luxury sailboats has released their second sail boat, which was made in Sri Lanka in Weligama. Ships & Boats manufacturing sector, which recorded a 57.81% growth in 2009, had grown by 38.9% on average over the last three years.

A new Colombo Fort redefined According to zoning plan of the Colombo City, the Fort area is classified as a concentrated development zone. The most prominent of land marks in the area are the crossroad of Chatham Street & Janadhipathi Mawatha, formerly Queens Street. A transformation to the Fort takes place from transworks building that is based on lower Chatham Street in the heart of the fort or Colombo 1, which is set to become the epicenter for the transworks square designed by the UDA. Colombo Fort area will be reconstructed with increased accessibility for conducting trading activities. ,[object Object],Port City in Galle Face The UDA and the Sri Lanka Ports Authority (SLPA) are now planning to reclaim land from the sea and build a 400-acre port city under the Galle Face development project. This is expected to cost around Rs. 30 bn and will be completed in 03 years. The city includes hotels, apartments, malls, yacht marinas & a golf course. Residential housing The Mount Mary mixed development project aims at demolishing the now dilapidated & underutilized housing units along Dematagoda to make way for the construction of new commercial housing.. The lands owned by the state timber corporation along Baseline road in Orugodawatte will be used for high density housing. Eco- Friendly city The scenic road around the beira will open up space for jogging & walking while the waters will provide rowers with a place to exercise their skills. The green & blue concept initiated under the Sir Patrick Geddes plans to make Colombo a green destination back in 1921 will be put into operation today with the dream of making the city of Colombo “The garden City of the East” Research & Development Unit ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Greater Hambantota Development Project New Town – Siribopura Siribopura town which is located 1.5 km north of Hambantota town is to be re-modeled to act as the administrative and financial centre for Hambantota. All the administrative functions to be relocated in the new town by end 2010. Establishing a separate 15-20 acre area for financial related institutions including banks is also considered. At present UDA has given approval for 10 banks (CBC, HNB, Sampath, Seylan, PB, BOC, NDB, NSB, Ruhunu Development Bank, Sanasa Development Bank) to locate their branches in the identified location. Many banks have proposed to establish their regional offices here. (please see appendix map, area marked as ‘CBD 1-Siribopura’ within the demarcated area for the New Town development) A commercial centre for the new town has also been identified. The Hambantota urban council has been proposed to be upgraded to a Municipal Council in 2011 and the Divisional Secretariat – Hambantota is also to be re-modeled to suit the present conditions of the area. Sri Lanka co-hosted 2011 cricket World Cup-semi finals with the introduction of a new cricket stadium in Hambantota. Hambantota Cricket stadium with its state-of-the-art amenities was added to the ICC`s list of main cricket venues in the world. International Cricket ground (Suriyawewa) Hambantota International Airport will be the second international airport of Sri Lanka, the length of which will be 3.5 km, where even the largest aircraft can be landed. The airport, estimated to cost USD 210 Mn, will cover an area of 2,000 hectares. Hambantota airport will be one of the green airports in the world and will commence its commercial operations in 2013. It is estimated that this project would generate over 50,000 direct and indirect employment. Mattala airport would cater 60% for cargo handling & 40% for passenger handling. International Airport Hambantota (Mattala) ,[object Object],Research & Development Unit

Hambantota International Seaport (Magampura Harbour) This is expected to be one of the three major harbours of Sri Lanka and will attract a considerable percentage of 36,000 ships that pass Hambantota using the East-West global shipping route at present and currently divert to other regional ports for their supplies, spending additional money and time. The first phase (one of the three) of the harbour was completed in December 2010. The first phase facilitates the anchoring of three ships. The total investment for Phase 1 - USD 361 Mn. ,[object Object],Investment Promotional Zones Located in Siribopura, Hambantota, the project started in 2006 with Korean aid. It has direct access to the southern expressway between capital Colombo and the other regions. Commonwealth Summit 2013 is proposed to be hosted at HICC. The high end apparel industries are based at Bata-atha, Mirijjawila, and Beliatta. Export Processing Zones yield many opportunities for investments. The government has already implemented its plans to develop the Hamabantota district as a business friendly district that actively pursues the government policies on economic liberalization with emphasis on private sector investment. The investment promotion zone is part of the government plan to develop Hambantota as an economic centre. The Government has allocated 1100 hectares (2717 acres) of state land in Hambantota, to be used as an Investment Promotion Zone. The Board of Investment of Sri Lanka will allocate this land within the IPZ to the prospective investors on a 50 year lease basis. The investments will cover diverse industries and sectors. Hambantota International Convention Centre (HICC) The Hambantota International Sports Hub (HISH) will consist of vivid sports utilities: Sports Business Enterprise Park, Athletics Stadium, Warm Weather Training Facility, Cycling Development Centre, Hockey Centre, 18 Hole Golf course, Squash Centre, Aquatics Centre, Rugby & Football Development facilities, Multi Sports Halls & State-of-the-art media centre. This sports complex figures prominently in Hambantota’s bid to host the Commonwealth Games in 2018. Hambantota International Sports Hub (HISH) Research & Development Unit

Hotels and Tourism Development Main attractions: Angulmaduwa Brassworkers Bundala National park Deep South Tourist City – Hambantota Kataragama Jungle River Safari Mulkirigala rock monastery Kudawella blow hole – Hummanaya Tissamaharama Kirivehera Kirinda Situlpawwa Temple Ussangoda Yala National Park Udawalawa National Park ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Research & Development Unit ,[object Object]

Location : 65 acre industrial estate in Atchchuvely Cost : Rs. 199 Mn (GOSL – Rs. 25 Mn., India – Rs. 174 Mn.) Commencement : 2011/2012 Reactivation of Atchchuvely Industrial Zone – Jaffna ,[object Object],[object Object],[object Object],[object Object],[object Object],The medical sector has been slow in moving into the north compared to other service sectors like banks, insurance & finance companies. This project is the second stage of the expansion program of the central nursing home which is already in existence. Construction began in 2010. This project is expected to be a fillip to the medical sector in the North. World class hospital in Jaffna soon A Credit Agreement for USD 416 Mn for the construction of the Northern Railway line was signed between India and Sri Lanka. The construction of the railway line will be carried out in three segments, from Madhu to Talaimannar, Madawachchiya to Madhu and Omantai to Palaly. The Indian government-owned Transport IRCON, is rebuilding the 110 km rail track from Medawachchiya to Talaimannar in two phases, which is expected to be completed by end-2011. Cost: 149.7 million dollars. Rebuilding of Northern Railway line The 288-metre-long two-way Sangupiddy Bridge declared opened in January 2011, linking the shortest land based route between the South and the Jaffna peninsula. This bridge built at a cost of Rs 1,037 million on a soft loan from Britain will reduce the travel time through A- 32 Highway, between Colombo and Jaffna by 110 km (three hours). Sangupiddy Bridge Research & Development Unit

Many experts are calling Sri Lanka the “Hong Kong of India”. Sri Lanka will benefit from its proximity to India, just as Hong Kong benefits from being a trade hub to China. ,[object Object],Mphasis moves to Colombo Mphasis, the fastest growing IT Company in India, has invested USD 3.5 mn in their global delivery centre in Colombo. There vision being that Sri Lanka is a poised in achieving a high economic growth with much potential and the talent and capabilities of Sri Lanka’s IT professionals. This would create 500-1,000 employment opportunities. Research & Development Unit Seventy percent of the volume handled by the Colombo port is transshipment of goods imported by India. Sri Lanka has embarked upon a plan to increase capacity by circa 50% at the Colombo port in three years. Currently volumes handled by the Colombo port include 75% of transshipment goods whilst the balance accounts for import/export boxes. India & Sri Lanka are expected to sign a new economic agreement covering both goods & services. Due to the FTA with India bilateral trade volumes were up from USD 658m in 2000 to USD 3.04 bn in 2010. Sri Lanka enjoys a free trade agreement with Pakistan, in addition to India. It also has a preferential trade agreement with its south Asian neighbors, which is currently in the process of becoming a free trade agreement. Sri Lanka also benefits from special concessions from China, Korea, Thailand & Bangladesh. ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Fortis Global Healthcare enters Sri Lanka India and Singapore based Asia Pacific’s fastest growing healthcare provider, Fortis Global Healthcare Holdings Pvt. Ltd., buys minority 28.6% stake in Lanka Hospitals for Rs. 4 Bn.

Chinese Investments in SL ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Japanese Investments in SL ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Research & Development Unit

TOURISM Performance Forbes: ‘ Sri Lanka’s beach stretch from Tangalle Bay to Weligama and Bentota among the Top 10 in Asia…’ The New York Times: ‘ Sri Lanka - the number one holiday destination for the year 2010’… Sri Lanka recorded 654,476 tourists arrivals in 2010 and 2.5 million arrivals are expected by 2016 Visit Sri Lanka Year 2011 - Sri Lanka Tourism Development Authority Tourist Earnings – USD 506.1 Mn in 2010 USD 600 Mn in 2011* , and USD 2.5 Bn in 2016* In 2011, for the first time in the history of Sri Lanka tourism, tourist arrivals had surpassed 250,000 within the first four months. *forecast Over 800,000 tourists expected in 2011

[object Object],[object Object],[object Object],[object Object],Sri Lanka: Up Coming Hotel Projects ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Research & Development Unit

Sri Lanka: Up Coming Hotel Projects (cont…) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Domestic business groups, John Keells Holdings and Amaya too are either planning and/or started building new properties, expanding / upgrading their properties . ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Research & Development Unit

Southern Highway Completion : Mid-2011 Sponsors : JBIC, ADB and GOSL Cost : USD 600 Mn Contractors : Kumagai Gumi, China Harbor Engineering Company, Taisei Corporation Southern highway, the first toll road project in Sri Lanka, is a 126km-long express highway running from Colombo to Matara on the south coast and will be further extended to Hambantota. The speed limit of the express highway is 100km/hr. Once the project is finished, the travel time between Colombo and Matara will be reduced from four hours to 1.5 hours. Colombo-Katunayake Expressway Contractor : Metallurgical Construction – China Cost : USD 292.4 Mn Completion : end 2012 Capacity : 25.8 k.m., four lanes. It is designed for speeds of between 80-100 k.m. per hour which reduces the travelling time to 20 minutes. Colombo-Kandy Expressway Capacity : 6 lanes & 98 km in length. Reduce travel time from 03 hours to 50 minutes. Facilitate vehicle speed up to 110km an hour. Due to land acquisition issues this will be built as an elevated expressway on a concrete wire bridge ‘duct’. Phases : Phase 1- Kadawatha to Ambepussa (48.2km with 4 lanes, is expected to be expanded to 6 lanes) Phase 2- Ambepussa to Katugastota (50+km with 4 lanes elevated) INFRASTRUCTURE Research & Development Unit

Infrastructure (Cont…) Reviving Railways - 12 stations to be upgraded ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Outer Circular Highway (OCH) Capacity : 29 km (18 mile) 04 lanes, with provisions to upgrade the road for 06 lanes. Completion : Mid 2013. Access will be provided to all “A” class roads via interchanges and the OCH will have an operational speed limit of 80 km/h. Research & Development Unit

Mono Rail System ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Sri Lanka to List Stake in Broadcast Tower Northern Road Connectivity Project Investment : USD 173 mn (ADB - USD 154.4 mn & GOSL - USD 18.6 mn.) Completion : 2015 Activities covered: Rehabilitation & improvement of about 140km of provincial roads with rehabilitation or replacement of selected bridges in Northern Province. Project implementing agencies: The RDA under the supervision of the Ministry of Highways Objective: Improve road connectivity within the Northern Province & between the Northern Province & southern region in Sri Lanka Infrastructure (Cont…) Research & Development Unit

[object Object],[object Object],International Airport Hambantota (Mattala) ,[object Object],[object Object],[object Object],[object Object],Major Development at Bandaranayake International Airport (BIA) Research & Development Unit ,[object Object],[object Object],US aircraft maker eying on Sri Lanka domestic aviation market

Norochcholai power plant Goal : Construction of a 300 MW coal fired thermal power plant with Infrastructure for 900MW (III phases . Cost : USD 455 Mn. Donor : EXIM Bank – China Engineer : Access Solar (Pvt) LTD ,[object Object],Upper Kotmale Hydro Power Plant Scope : The 150 MW power plant of Upper Kotmale will annually generate 409 GWatts. Stages : The total estimated costs of the Project is US $ 350 million. The Project is expected to be completed during 2011. Over 80% of the project has now been completed; the final stages are presently underway. Contractors : CEB and Maeda Corporation, Japan. Sri Lanka’s biggest wind power project in Uppudaluwa Scope: Seven 1.7MW wind turbines, with a total capacity of 10.5MW, were installed in Puttalam, Uppudaluwa, with a view to increasing wind power generation to 100MW. Stages: USD 18.55 mn, Indian investment. The venture is expected to commence operations by June 2011 . Contractor: Orient Green power Limited, India (OGPL) Oil to Sri Lanka - Search on for oil off Southern Coast 3D seismic data of the 3,400 sq km exploration block has been offered to Cairn India. The data is being analyzed by Cairn’s geologists with a view to identifying the best location to start drilling. Exploration /drilling is expected to commence in 2011 and there is a 60% probability of finding offshore oil deposits. Project: 08 years, 03-stage oil exploration project Contractor: Cairn Lanka (India) Cost: USD 172 Mn or Rs.18 Bn Kerawalapitiya power plant Kerawalapitiya Dual-Cycle thermal power generation plant with a capacity of 300 megawatts was commissioned in February 2010. Cost : USD 222.5 Mn Research & Development Unit

[object Object],[object Object],Jaffna to develop as a knowledge hub ,[object Object],75% ICT literacy by 2016 and IT sector as a great export earner Plans Afoot for 15 International Universities ,[object Object],The Knowledge Hub initiative will help to develop Sri Lanka as a destination for investments in higher education and position the nation as a centre of excellence and regional hub for learning and innovation. Providing Necessary Infrastructure and Cutting-edge Technology ,[object Object],Designate and establish a Knowledge City ,[object Object],Research & Development Unit

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],SOURCES The information contained in this presentation has been drawn from sources that we believe to be reliable. However, while we have taken reasonable care to maintain accuracy/completeness of the information, it should be noted that Commercial Bank of Ceylon PLC and/or its employees should not be held responsible, for providing the information or for losses or damages, financial or otherwise, suffered in consequence of using such information for whatever purpose. The views expressed in the presentation are not necessarily those of the Management of Commercial Bank of Ceylon PLC Research & Development Unit Commercial Bank of Ceylon PLC ©Sri Lanka: 2011 & Beyond – 28-04-2011

Sri lanka 2011-beyond

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