The Ceylon Chamber of Commerce says the reduction in the tariff rate from 44% to 30% is a constructive and important first step by the Government toward bringing Sri Lanka’s tariff structure for exports to the U.S. closer to that of regional competitors.

“We encourage continued engagement with the U.S. administration to secure a further reduction by 1 August, especially given that several regional peers are expected to benefit from even lower rates,” it said, in a statement.

The Ceylon Chamber of Commerce further said that progress in achieving a further reduction will be critical to strengthening Sri Lanka’s position in this key market, maintaining buyer confidence, and supporting sustained trade growth over the long term.

“The Ceylon Chamber stands ready to support the Government’s efforts in this regard through constructive dialogue, industry feedback, and coordinated advocacy,” the statement added. (Newswire)

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Sri Lanka will host the first Business Conclave under Sri Lanka’s Chairmanship of the Indian Ocean Rim Association (IORA), in Colombo from 28 to 29 May 2024.

The Ministry of Foreign Affairs under the Chairmanship of IORA in collaboration with the Ceylon Chamber of Commerce as the current Chair of the IORA Business Forum, will host the first Business Conclave at the Shangri-La Hotel.

According to the Foreign Ministry, the Business Conclave under the theme of “Sustaining Growth – Bridging Horizons” will focus on the key sectors of smart agriculture, ICT, logistics, tourism, renewable energy and SME Development and women’s empowerment. 

The Forum is expected to provide an opportunity for leaders of Industry to develop stronger economic partnerships and connections across the Member States of IORA.

Participants are expected to gain greater exposure to diverse business and investment prospects to build synergies with their counterparts from the 23 IORA countries and 12 Dialogue Partner countries who will be represented by their trade delegations.

The Business Conclave precedes the IORA 26th Committee of Senior Officials Meeting scheduled for 30 – 31 May 2024. (Newswire)

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A group representing children, youth, and civil society organizations today voiced their concerns regarding the Climate Summit hosted by the Ceylon Chamber of Commerce (CCC) under the theme “Code Red: Climate Risks and Opportunities for Sri Lankan Businesses.”

Issuing a statement, a collective of 16 organizations argued that labelling a business-focused summit aimed at economic prosperity as a “Climate Summit” is misleading and constitutes greenwashing.

“Climate change should not be perceived as a profit-oriented opportunity but as a series of problems that require effective efforts and holistic solutions prioritizing the people whose livelihoods and existence depend on the natural environment and the future generations,” they said.

Meanwhile the summit’s entry fee of Rs. 40,000 per participant has also sparked debate about its accessibility and the sincerity of its commitment to climate change mitigation.

The groups called on the media to practice ethical reporting and urged the public to critically evaluate the summit’s agenda and outcomes. They advocate for a summit that prioritizes true sustainability through transparency, inclusive participation, and genuine commitments, rather than serving as a platform for corporate greenwashing. (Newswire)

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