News & Media


June 27, 2016    Reading Time: 2 minutes

Get the latest news roundup here:

Sri Lanka to offer offshore banking in Colombo Port City. Image credit - dchulov / depositphotos

Reading Time: 2 min read


Sri Lanka to launch post-Brexit plans

The Prime Minister, Ranil Wickremesinghe, has outlined plans to strengthen Sri Lanka’s trade relationships with the Asian region to mitigate the fallout from Brexit. The measures taken will include the speeding up of negotiations with India on the Economic Technology Cooperation Agreement.

The Deputy Minister of Foreign Affairs, Dr. Harsha De Silva, has stated that Sri Lanka will also immediately begin negotiating a new trade agreement with Britain.

RTI Bill unanimously passed

The Right to Information (RTI) Bill was unanimously passed on 24 June following two days of debate in parliament.

The new law will grant citizens access to information about public matters, with the aim of combatting corruption and promoting accountability.

Sri Lanka to offer offshore banking

Prime Minister Ranil Wickremesinghe has stated that an offshore banking facility will be offered in the proposed Finance and Business District of the Colombo Port City.

The Finance and Business District aims to replicate the independent laws and courts found in the offshore banking model of Dubai. It is expected that the District will provide services in management, investment, corporate banking and arbitration.


Turkey and Israel to resume ties

After a lapse of six years, Turkey and Israel have agreed to normalise diplomatic relations. The two countries broke all diplomatic ties in 2010, following an Israeli raid on a Turkish vessel bound for Gaza which left nine dead.

The agreement includes a USD 20 million compensation for those bereaved and injured following the 2010 raid, delivery of Turkish humanitarian aid to Gaza, and the return of ambassadors to Ankara and Tel Aviv.

China and Russia strengthen bilateral ties

The Presidents of China and Russia have signed over 30 trade deals in the areas of energy, infrastructure development, and technological cooperation, during Vladimir Putin’s state visit to China.

The two leaders agreed to strengthen global strategic stability and work towards the denuclearisation of the Korean peninsula. They also criticised the deployment of anti-missile systems in Asia and Europe.

Iceland elects new President

Guðni Jóhannesson has been elected President of Iceland in a vote held following the Panama Papers leak, which implicated several Icelandic officials, including the Prime Minister.

Mr. Jóhannesson, a historian by profession, gained  39% of the vote and is scheduled to take office on 1 August 2016. He will take over from President Ólafur Ragnar Grímsson, who served as the country’s president for 20 years.

Untitled Document