Singapore's Auston Institute of Management to Invest Rs 200mn in Sri Lanka on Sports Education

12th March 2012, www.dailynews.lk, By Ramani Kangaraarachchi

A reputed Singapore University, Auston Institute of Management merged with Coventry University UK and will invest Rs 200 million in Sri Lanka on sports education for the first time. Auston Institute Chairman Tan Kah Hoe, who was a former High Commissioner in Sri Lanka told Daily News Business.

The official signing ceremony of the agreement was held between Coventry University's affiliated member in Sri Lanka, Austan Institute of Management-Ceylon Ltd and the Education Ministry at the Education Ministry auditorium on Tuesday.

Hoe said during his tenure in Sri Lanka as the High Commissioner from 1996to 2009 he observed many Sri Lanka students going to Singapore for higher education and in this process he developed a keen interest to help Sri Lanka, as education is the key to peace. He initiated to send 40 Sri Lankan students to Singapore as peace ambassadors then and Auston Institute of Management Ceylon was established in 2010. 'At a time Sri Lanka is interested in inviting foreign investors this scholarship program is a good move.

We can cut down cost on education of Sri Lankan students while promoting local talents to reach global standards', he said .According to this scheme cricket and rugby will be awarded Rs. One million each scholarships to obtain a sports management degree from world famous

Coventry University in UK while completing their three-year degree course in Sri Lanka. The agreement was singed for a ten-year period and 200 school sportsmen will receive Rs 200 million worth scholarships . Every school will be given the opportunity to nominate three sportsmen annually who maintained a superb career in cricket or rugby.

The final selection will be based on four main elements, sports skills, character, scholastic abilities and financial circumstances.

Sri Lanka Singapore Business to Go Up with MOU Signed between Singapore Business Federation and Board of Investment of Sri Lanka

16th February 2012, www.businesstimes.com.sg, By Malminderjit Singh

SINGAPORE companies can look forward to increasing business opportunities and partnerships in Sri Lanka as a result of a pact inked between the two countries yesterday to deepen economic ties.

The Singapore Business Federation (SBF) and the Board of Investment of Sri Lanka (BOI) signed a memorandum of understanding aimed at strengthening cooperation and promoting business and investment relations between the two countries, in conjunction with the state visit by Sri Lanka's President Mahinda Rajapaksa. The signing ceremony at the Istana yesterday was witnessed by Mr Rajapaksa and Prime Minister Lee Hsien Loong.

The MOU calls for a deeper collaboration between the private sectors of both nations and enhancing institutional relations. It also seeks regular exchanges of information on investment policies and projects.

The MOU also emphasises the creation of a favourable environment for the promotion of business and investment in all economic sectors as well as using the two countries as a hub to trade and invest in the region.

A key element of deepening ties is through a more frequent flow of people and ideas, and the MOU will look to achieving this as it will formalise a mutual exchange of visits and assistance in the organisation of business delegations and investment missions. It will also look at promoting joint- venture collaborations to trade or invest in the two countries or in a third market.

Some of the initiatives in the MOU are already taking shape with the SBF leading the way for Singapore businesses to establish a presence in Sri Lanka.

'SBF will be leading a business mission to Sri Lanka in the second quarter with a view to tapping opportunities in urban planning and solutions, infrastructure, real estate development, education, healthcare services, manufacturing and trading, and logistics,' said SBF chief executive officer Ho Meng Kit.

SBF's efforts in engaging Sri Lanka for Singapore businesses are not new though, said Mr Ho. 'SBF has been engaging Sri Lanka since 2006 when it led a business mission to Colombo to evaluate the business potential there. There have been regular exchanges between both sides over the years, with Singapore companies showing increasing interest to participate in Sri Lanka's post-war reconstruction efforts.'

On a national level, Singapore's economic relations with Sri Lanka have been increasing steadily, especially after the civil war that plagued the South Asian country for decades.

Singapore's total trade with Sri Lanka in 2011 amounted to $1.85 billion, which represents a 53.5 per cent increase over the 2009 bilateral trade volume, following the end of the civil war in the first half of that year. This figure makes Sri Lanka Singapore's 37th ranked trading partner globally, whereas Singapore is one of Sri Lanka's top five trading partners.

There are more than 300 Sri Lankan companies registered here and Singapore's investments in Sri Lanka - which cumulatively amounted to $500 million at the end of 2011 - are diversified across a wide range of sectors including property development, food and beverage processing, logistics, telecommunications and hospitality. Some of the Singapore companies in these sectors in Sri Lanka include Asia Pacific Breweries, Keppel Logistics, Ghim Li Group and Pico Global Services.

Mr Rajapaksa is here on his first bilateral visit at the invitation of President Tony Tan Keng Yam. Yesterday, he called upon Dr Tan and Mr Lee at the Istana.

PM Lee reiterated Singapore's commitment to further bilateral cooperation and told Mr Rajapaksa that Singapore was prepared to enhance the existing technical cooperation programmes with Sri Lanka under the Singapore Cooperation Programme. The enhancements would focus on human resource development and economic development. They include trade facilitation and promotion, and tourism and hospitality.

President Tan hosted a state banquet at the Istana last night for the Sri Lankan president. Mr Rajapaksa, who is also Sri Lanka's Minister for Defence, will also attend the Singapore Airshow and meet Singapore Cabinet ministers.

Image: PM Lee with President Rajapaksa at the Istana yesterday.

Related Info :

• Singapore Firm Buys 48pct of Deccan Aviation, a Sri Lankan Helicopter and Aircraft Operator

• Singapore Airlines & Sri Lanka Tourism Promotion Bureau to Jointly Promote Tourism to Sri Lanka

Singapore Dy. PM and Defence Minister Says Sri Lanka is the Fastest Growing Asian economy after China

14th November 2010, www.island.lk, By Dayan Jayatilleka

In the run-up to the commencement of President Mahinda Rajapaksa’s second term, Sri Lanka’s contemporary achievement received a glowing testimonial from an important political personality in the East Asian region, the Deputy Prime Minister and Defence Minister of Singapore, Teo Chee Hean.

The Singaporean Deputy Prime Minister and Defence Minister was delivering the keynote address as guest-of-honour at the 6th International Conference of South Asia on the theme of ‘South Asia in the New Decade: Challenges and Prospects’, organised by the Institute of South Asian Studies (ISAS) of the National University of Singapore (NUS) which has been rated three years running by the Times Higher Educational Supplement as one of the world’s 25 top universities.

Speaking on Thursday at the Mandarin Orchard hotel in Singapore, Teo Chee Hian observed:

"Sri Lanka has emerged from a decades-long civil war, and is enjoying an economic revival. It is currently the second-fastest growing Asian economy after China, a fact not lost upon the IMF, which recently upgraded Sri Lanka to middle income emerging market status.

Like Brazil, Sri Lanka enjoys an adult literacy rate of just over 90%. Sri Lanka’s gross enrolment ratio, which gives an indication of school attendance, is also comparable to that of China.

What is particularly noteworthy of Sri Lanka’s growth is the narrowness of its gender gap. In the Global Gender Gap Report 2010 published by the World Economic Forum, which measures gender-based disparities on economic, political, education and health-based criteria, Sri Lanka ranked within the top 20, the only South Asian country to do so. Closing the gender gap is not just an issue of gender equity; it is also one of harnessing the current human resource potential, and uplifting the potential of the next generation. The most important determinant of a country’s competitiveness is its human talent – the skills, education and productivity of its workforce. In any country, women account for half of the current talent base and have a key role in nurturing the next generation."

Deputy PM Teo previously served as Singapore’s Minister for Education from 1997-2003, and Minister for the Environment from 1996-97. Prior to entering politics, he served as Singapore’s Chief of Navy from 1991-92.

Singapore to Invest in SriLankan Airlines and Subsidiary

17th October 2010, www.sundaytimes.lk

Top management from two top Singapore airline-related companies in which Singapore’s biggest investment arm, Temasek Holdings has major stakes, were in Colombo this week for discussions with SriLankan Airlines and government officials on investments in the local carrier and its subsidiary, officials said.

The delegation of 3-4 officials from Singapore Technologies Aerospace (ST Aerospace), one of the largest third-party, independent aviation repair and overhaul (MRO) companies in the world, and 3-4 officials from Singapore Airlines Terminal Services Ltd (SATS), Singapore’s leading provider of Gateway Services and Food Solutions, arrived on Wednesday for talks on a range of issues. The ST Aerospace team was led by a President (from one of the business units) while the SATS team was headed by a senior Vice President.

This follows a business trip to Singapore last month by Treasury Secretary Dr. P.B. Jayasundera and SriLankan Airlines Chairman Nishantha Wickremasinghe for discussions with Temasek Holdings, which has substantial stakes in ST Aerospace and SATS. In its August 15 edition, the Sunday Times exclusively reported that the government was hoping to persuade Temasek to invest in SriLankan Airlines and other loss-making state entitites.

“For the moment they (Singapore firms) are looking at involvement in units of Srilankan Airlines. Temasek may consider investing in the airline but that would be later,” one national airline source said.

He said the the two companies were looking at Srilankan Catering and the airline’s engineering unit. It has been already announced that a 20% stake in SriLankan Catering would be sold to the public.

“SATS is specialised in maintainance, repairs and overhauls and we would like them to take SriLankan Catering to the next level. In the case of ST Aerospace, we would like itsr technology and support to make the airline a top class engineering unit in addition to offering its services outside,” the source said, adding that the involvement would be both in terms of investment and transfer of technology.

“If SATS is involved in SriLankan Catering it would also create the credibility needed to entice any other investor,” the source said adding that the Singapore companies are looking at either a 50:50 joint venture or a smaller stake with a technology transfer process.

ST Aerospace provides defence and commercial customers a total aviation support system, having extensive capabilities in engineering and development, life cycle maintenance, materials and component supplies, refurbishment, customised modifications and upgrades.

SATS has over 60 years of operating experience and an emerging global presence. Its comprehensive scope of airlne services encompasses airfreight handling, passenger services, ramp handling, baggage handling, aviation security and aircraft interior cleaning, while the food solutions business comprises airline catering, food distribution and logistics, industrial catering, chilled and frozen food manufacturing as well as airline linen laundry.

It has a presence in 31 airports in nine countries in Asia while its expanding Food Solutions business has gone beyond Asia to the UK.

CITICORP Singapore Buys Entire Allocation for Foreigners in UDA Debentures

05th October 2010, www.news360.lk, By Prasanna C. Rodrigo

CITICORP Investment Bank Singapore limited of Singapore has purchased the entire amount of Rs. 3 billion allocated for foreign investors in the just concluded debenture issue of Sri Lanka’s Urban Development Authority.

Bank of Ceylon the issuer to the debenture said the money came through the local branch of the CITI Bank, which in US$ terms runs up to roughly US$ 27 million.

The Ports Authority, Bank of Ceylon, Sri Lanka Insurance Corporation, the National Insurance Trust Fund, Seylan Bank, Commercial Bank and Sampath Bank are the local parties who invested on this UDA debenture.

UDA raised Rs. 10 billion via this issue and have already announced the basis of allotment of debentures.

Accordingly, The Ports Authority will receive Rs. 1.7 billion worth of debentures; The National Insurance Trust Fund a sum of Rs. 1.045 billion, Bank of Ceylon and the Sri Lanka Insurance each will get Rs. 871 million.

Meanwhile, the 3 other Banks, Seylan, Sampath and the Commercial Bank respectively will receive Rs. 435 million worth of debentures, each.

The UDA debenture will be listed on the main board of the CSE within a period of 2 weeks.

The debenture offered 3 types of investment packages.

A 11% rate will be given to annual payment of interest, a 10% rate will be given to monthly payment of interest and the bi-annual rate will be decided based on the Treasury bill rate + 0.75%.

The salient feature of this debenture is, it is given a Sri Lankan Government’s treasury guarantee.

Related Info:
Sri Lanka UDA Debenture Issue Closes after Rs11bn Bids

Sri Lanka's Colombo Dockyard Delivers Supply Vessel to Singapore's Greatship Global Offshore Services

31st August 2010, www.lankabusinessonline.com

Sri Lanka's Colombo Dockyard has delivered the second of a series of four Multipurpose Platform Supply Vessels (MPSV) for Singapore's Greatship Global Offshore Services, a statement said.

The delivered vessel, with a 3,200-tonne deadweight capacity, was designed by Seatech Solutions International of Singapore in consultation with the owner and the builder, Colombo Dockyard.

"The role of the vessel is to support offshore oil and gas fields on a twenty-four hour per day basis," said the yard, which books profits on delivery of vessels and is a unit of Japan's Onomichi Dockyard Company.

"The vessel is built for operation in un-restricted waters and is capable of undertaking multi-purpose roles such as transportation of pipes, fresh water, diesel, methanol, bulk cement, stores, equipment, and moving men and materials between platforms and shore."

The vessel has an endurance of about 35 days and a cruising range of about 9,200 nautical miles.

The vessel has a larger accommodation area for 50 persons as against the 24 persons in the previous Anchor Handling Tug Supply Vessels built by Colombo Dockyard.

"Over the past few years, Colombo Dockyard operating in joint collaboration with Onomichi Dockyard Company has accumulated a wealth of experience in building vessels for the offshore sector requirements," the statement said.

"(It) is now well-experienced and geared to meet any kind of requirement that may arise in the offshore oil exploration activities being carried out in the Sri Lankan waters."

Colombo Dockyard has said it will deliver a total six vessels this year and will focus more on offshore work with the search for oil off the island's north-west coast.

Sri Lanka's Colombo Dockyard Delivers First of Four Multipurpose Platform Supply Vessels to Singapore

07th April 2010, www.lankabusinessonline.com

Sri Lanka's Colombo Dockyard, a listed ship builder, said it was getting ready to deliver the first of a series of four Multipurpose Platform Supply Vessels for a Singaporean client.
 
The yard, which is majority owned by Japan's Onomichi Dockyard, said in a statement it is building four 78-metre Multipurpose Platform Supply Vessels for Greatship Global Offshore Services of Singapore.

The vessel is to support offshore oil and gas fields on a twenty-four hours a day basis and has an endurance of about 35 days and a cruising range of about 9200 nautical miles.

"The vessel is capable of multi-purpose roles such as transportation of pipes, fresh water, diesel oil, bulk cement, stores, equipment, moving men, materials between platforms and shore, and also fire fighting."

The vessel was designed by ship design firm Seatech Solutions International (S) of Singapore in consultation with the owner and the builder, Colombo Dockyard.

"Over the past few years, Colombo Dockyard has accumulated a wealth of experience in building vessels for the offshore sector requirement," the statement said.

"(It) is now well geared to meet any kind of requirement that may arise in the offshore oil exploration activities being carried out in the Sri Lankan waters and offer its expert assistance in marine engineering."

Colombo Dockyard is set to deliver six vessels this year, including the Multi Purpose Platform Supply Vessels and a passenger vessel for the Indian government for use in its Lakshadweep island territories.

Incredible Offers from SriLankan Airline on 62nd Independence. Only 62% of the Fare of Packages to a Range of Destinations.

27th January 2010, www.thebottomline.lk

As the whole of Sri Lanka celebrates the 62nd anniversary of Independence this year, so does SriLankan Airlines, joining into celebrate this joyous occasion with everyone born during that epoch making year, 1948.

It was the year when Ceylon gained freedom from the colonial yoke and a fledgling nation was born. This was a nation full of hope and promise with dreams of a glorious future.

If you were born in 1948, well then it’s celebration time with the “Incredible 62 Independence Extravaganza” from SriLankan Airlines.

All you need to do is to pay only 62% of the current fare of all outbound packages to a range of destinations. And mind you, this includes economy class return airfare, two night accommodation on twin sharing basis on bed and breakfast with return airport transfers.

All yours to choose from Bangalore (Rs.16,119), Chennai (Rs.13,019), New Delhi (Rs.24,799), Mumbai (Rs.27,279), Bangkok (Rs.26,039), Beijing (Rs.49,599), Hong Kong (Rs.47,119), Kuala Lumpur Special (Rs.24,179), Kuala Lumpur (Rs.29,139), Singapore Special (Rs.27,899), Singapore (Rs.31,619), Maldives (Rs.37,819) and Dubai (Rs.42,159).

Do bear in mind that ticketing has to be completed prior to February 4 with travel valid until March 31, 2010.

“You don’t have to be born in 1948 to enjoy this offer. You can go a step further and treat your parents, an old school teacher, an uncle, aunt or any special person celebrating his or her 62nd birthday this year,” said General Manager SriLankan Holidays Amith Sumanapala.

What better way to show your love and affection than with this special Independence cum birthday offer. For details call the SriLankan Holidays Office, your nearest travel agent or call us on +94 (0) 1 9733 3838.

Bon voyage and happy birthday with ‘Incredible 62 Independence Extravaganza’ from SriLankan Airlines.

Singapore Investor Forum by SEC of Sri Lanka Targets Fund Managers in Singapore to Promote Investment

18th November 2009, www.lankabusinessonline.com

Sri Lanka market watchdog hosts Singapore investor forum An investor forum targeting fund managers in Singapore to promote investment in Sri Lanka's capital markets will be held on November 26, the island's market watchdog said.

"With the end of the war and the return of investor confidence, Sri Lanka is poised to enter an era of economic growth and prosperity," the Securities and Exchange Commission said.

"In the light of these favourable developments this investor forum marks the first step in a series of events targeted at promoting capital market investments."

SEC chairman Udayasri Kariyawasam said in a statement that about 125 participants have signed up, above a targeted 100, showing that there was renewed interest in the country.

The forum is organized by the SEC and the High Commission of Sri Lanka in Singapore.

A luncheon meeting will be held on November 26 at the Fullerton Hotel where John Keells Holdings PLC, Commercial Bank of Ceylon PLC and National Development Bank PLC will make presentations.

The statement said Sri Lanka's deputy finance minister Sarath Amunugama, senior officials of the SEC, CSE, broking firms and custodian banks will attend the conference.

Singapore Urges investors - Explore Opportunities in Sri Lanka

19th October 2009, www.google.com, AFP

Singapore is urging local businessmen to explore investment opportunities in Sri Lanka following the defeat of the Tamil separatist insurgency there, a report said here Monday.

"Our business community should take an interest in what's happening, assess the risk and be aware there is a new situation," Foreign Minister George Yeo was quoted by the Singapore Straits Times as saying during a visit to war-scarred Jaffna.

"We have historical ties with Sri Lanka and it is an asset that may achieve some value," he told Singapore media Sunday at the end of a four-day trip to the island.

Yeo said he had a sense of "cautious optimism about Sri Lanka's future" as it emerges from four decades of war between the central government and the Liberation Tigers of Tamil Eelam (LTTE).

Government forces overran the Tigers' last jungle holdout in northeast Sri Lanka in mid-May, ending their struggle for an independent Tamil homeland, one of Asia's longest-running ethnic conflicts.

But Yeo said there were still latent problems to be resolved in the wake of the conflict.

"The key question is whether national reconciliation is achieved... The LTTE is destroyed but the underlying problem is not resolved, which is the contradictions between Sinhalese, Tamils and, to a lesser extent, Muslims."

About nine percent of Singapore's multi-ethnic population are Indian, and many of them are Tamils, while Tamil is one of Singapore's official languages.

Singapore's trade with Sri Lanka totalled 1.49 billion Singapore dollars (1.07 billion US) in 2008, just 0.42 percent of the city-state's total trade last year.

Singapore's total foreign direct investment abroad stood at 260 billion US dollars as of 2007.