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Sri Lanka's exports grew 13.7 percent to 3.6 billion US dollars in the first half of 2010, and imports expanded 42.1 percent amid an economic recovery, expanding the trade deficit by 108 percent to 2.8 billion US dollars, official data show. In the month of June exports grew 23.4 percent to 697.4 million US dollars, with tea exports up 15.4 percent to 120 million US dollars amid better prices. The average export price of tea was 4.3 US dollar a kilogram, up 11 percent from a year earlier the Central Bank said. Industrial exports were up 24.7 percent to 523.4 million US dollars. Garment and apparel exports grew 23.8 percent to 304 million US dollars.

A better market have been created for grape farmers in Jaffna, with the opening of the A-9 road, Agriculture (Extension) Deputy Director Jaffna, S.Sivakumar said. He said there were 52 hectares cultivated with grapes in Jaffna in 2009 and farmers have now cultivated 56 hectares and the cultivated area increases gradually. Though there are other grapes growing districts in Sri Lanka, Jaffna is the only district growing the fruit on a commercial basis, he said. There are 400 farmers cultivating grapes in Jaffna and because of the big demand farmers who gave up cultivation have resumed cultivation of grapes, Sivakumar said. "Farmers cultivate grapes during two seasons. The main season is August-September and the other is January-February. Consumers expect the same quality as grapes imported from Australia. Australian grapes are more sweeter and seedless. We have introduced more sweeter grape varieties namely Cardinal and Israel Blue for farmers engaged in grape cultivation in Jaffna," the Deputy Director said.

Courtesy : Daily News

The drilling for oil in the sea off the North Western coast in Mannar would be completed in three stages. The first step will take three years while the other two stages will take two and three years respectively, Petroleum Resources Minister Susil Premajayantha said. Cairn Sri Lanka (Pvt) Ltd, which is a subsidiary of Cairn India (Pvt. Ltd), is to commence drilling of the first three oil wells in the Mannar Basin.

Chairman of Sri Lanka Ports Authority Dr.Priyath Bandu Wickrama said filling of water to the newly constructed Hambantota Harbour basin will commence in the second week of August. He said the Hambantota Port was built inland and the mouths of it are to be opened in August to fill it with water.

Water Supply and Drainage Minister Dinesh Gunawardena and French Ambassador Christine Robichon signed an Agreement to implement a mega water supply scheme in Trincomalee, a Water Supply and Drainage Board spokesman said. The spokesman said this mega water supply scheme is to be implemented in Trincomalee at a cost of Rs1,800 million. The French Government will fund this project and around 300,000 people in Trincomalee will benefit from this water supply scheme.

Vegetable and fruit exports have recorded an eight percent growth compared to last year during the first five months in this year. National Chamber of Exporters of Sri Lanka (NCE) president Sarath de Silva said Lanka’s vegetable and fruit industry has been earning Rs 3,000 million annually. The National Chamber of Exporters targets a revenue of Rs 10 billion by 2020. In 2010, there is eight percent growth in vegetable and fruit industry when compared to last year. Sri Lanka has been exporting vegetables and fruits for nearly 20 years. All these exports in vegetables and fruits have to be branded to gain more economic advantages and branding is considered as the main marketing plan of the Chamber.

Stocks closed higher Tuesday as price gains on selected midcap and small value shares pushed the market up on low volume trading, while penny stocks continued to be heavily traded, brokers said. The All Share Price Index closed at 4,670.32, up 11.64 points, while the Milanka index of more liquid stocks rose 0.11 percent (5.89 points) to close at 5,345.65. Turnover was 455 million rupees, according to stock exchange provisional figures. Penny stocks continued to be heavily traded, brokers said.

The Power and Energy Ministry has already completed 12 electricity projects in Kilinochchi district with two major projects at a cost of Rs.86 million under the "Uthuru Wasanthaya" program to provide electricity to the Northern province. Providing electricity to the North has been identified by the Government as a priority. The intention of President Mahinda Rajapaksa is to provide all benefits of development enjoyed by the people in the South to the people in the North as well, Deputy Power and Energy Minister Premalal Jayasekera told the Sunday Observer.

The Board of Investment (BOI) has extended an invitation to the Sri Lankan expatriate groups to invest in the development of the country and in particular the North and the East. Speaking to Sunday Observer the new Chairman/Director General, BOI, Jayampathi Bandaranayake, said that in today's global context, there are Sri Lankan nationals who have taken up citizenship in many countries around the world, and a substantial number of them are with emotional ties with the North and the East of this country and we request them to come and invest in their motherland".

Sri Lankan shares hit a record high on Monday as low interest rates and good company earnings fuelled buying across the board, traders said. The Colombo Stock Exchange's All Share Price Index .CSE hit an all-time high of 4,612.76 points, surpassing its previous peak of 4,581.80 hit on Friday. It closed 51.43 points or 1.1 percent firmer at 4,612.76.

Sri Lanka's first quarter growth is likely to be "more than 6.0 percent" allowing year-end growth to reach 7.0 percent, higher than originally forecast, Central Bank Governor Nivard Cabraal said. The Central Bank originally projected a growth of 6.5 percent for 2010. "Our estimates are the first quarter GDP will be over 6.0 percent," Cabraal said. "We can say that yearly growth will be 7.0 percent." He said all sectors have shown growth which is "substantial."

Sri Lanka President Mahinda Rajapaksa on Friday urged the Indian business community to explore abundant opportunities in infrastructure, agri-business and services sectors in the post-conflict era. Addressing the Business Forum organised jointly by the Indian and Sri Lankan Chambers of Commerce here to coincide with the IIFA Awards Weekend, Mr. Rajapaksa said that the new areas and sectors have opened out since the end of the conflict in May last year and local and foreign investors would find them attractive and interesting. He maintained that the policies of his Government were vibrant and package was enticing and exciting and the Indian business community would do well in the forward march.

Sri Lanka's tourist arrivals jumped by 42.3 percent in May compared to a year earlier, boosted by the end of the country's 25-year civil war, tourism board data showed on Friday. Arrivals have risen for 12 straight months since the end of the war in May last year, and were up 31.2 percent in the June 2009-May 2010 period compared to a year earlier.

For the first time, a multinational IT company will open a major production center in Sri Lanka’s Eastern Province. With financial and technical support from the United States Agency for International Development (USAID), a new software product development center, advanced Information Consulting (Pvt) Ltd, has been established in Akkaraipattu, in the Ampara district. The center will create employment opportunities for youth graduating from local educational facilities in the Eastern Province.

The International Monetary Fund (IMF) is likely to release the next tranche of its program loan to Sri Lanka in 4-6 weeks if its management and board are satisfied with the island's budget deficit for 2010, an official said. Policy talks were encouraging, visiting IMF mission chief Brian Aitken told a news conference following meetings with government officials.

Sri Lanka is to get 133.9 million dollars from the World Bank and the Asian Development Bank (ADB) to repair four rural roads, the cabinet office said in a statement. Sri Lanka will also get a loan of 50 million dollars from International Development Association (IDA) to support local government administration in the former north-east war zone.