In a bid to foster goodwill and comradeship as well as popularize the National Game among the mercantile fraternity of Sri Lanka, the Mercantile Volleyball Association (MVA) has confirmed the dates for the Mercantile Volleyball Tournament 2018.
Since it’s revival in 2012, with the participation of just fifty teams, this will be the seventh consecutive year that the tournament is being organized and the Organizing Committee expects the participation of over 100 men and women’s teams in this year’s tournament. It is envisaged that this year’s tournament will be a highlight of the sporting calendar of the mercantile sector as well as of the national sporting calendar.
The tournament this year will be organized by an enthusiastic and energetic team led by President, Mr. Lakmal Jayasinghe (General Manager – Sales Metro & Region 2 of Sri Lanka Telecom PLC) and an Executive Committee consisting of representatives of reputed companies in Sri Lanka.
The tournament will be held under the accepted national rules and regulations, providing an opportunity for both men and women to participate. Employees who have joined their respective organization before the 10th of May 2018 are eligible to participate.
The preliminary matches of the Mercantile Volleyball Tournament 2018 are scheduled to be held at the Maharagama Youth Centre Court on the 1st and 2nd of September, while the finals will be held on the 10th and 11th of November at the Indoor Stadium of the Maharagama Youth Centre.
The tournament will be held under three categories – Super League, Championship & Division ‘A’ with the total prize money exceeding One Million Rupees. Best Players (Men and Women) will receive a motorcycle each in addition to the trophies for Winners, Runners-Up and the Best Player – Male & Female under the categories of Best Setter, Best Attacker and Best Player.
The awards to be distributed among the different categories will be as follows:
Super League:
Male – First place: Rs. 150,000 & trophy
Second place: Rs. 100,000 & trophy
Third place: Rs. 50,000 & trophy
Female – First place: Rs. 100,000 & trophy
Second place: Rs. 50,000 & trophy
Third place: Rs. 25,000 & trophy
Championship:
Male – First place: Rs. 100,000 & trophy
Second place: Rs. 50,000 & trophy
Third place: Rs. 25,000 & trophy
Female – First place: Rs. 80,000 & trophy
Second place: Rs. 40,000 & trophy
Third place: Rs. 25,000 & trophy
Division A:
Male – First place: Rs. 30,000 & trophy
Second place: Rs. 20,000 & trophy
Third place: Rs. 10,000 & trophy
Female – First place: Rs. 30,000 & trophy
Second place: Rs. 20,000 & trophy
Third place: Rs. 10,000 & trophy
There will also be many other events to keep the spirit and excitement high during the preliminary rounds as well as during the finals, such as selection of the Lucky Team and the Best Coach etc.
Importantly, through this tournament, the Mercantile Volleyball Association seeks to provide a platform for budding Volleyball Players in the country to seek job opportunities and also aid them in the achievement of higher levels in the national game. It is noteworthy that the Mercantile Volleyball Tournament has so far produced four National Players and strives to continue the trend.
Also, the MVA is planning to felicitate a number of veteran players at this years’ tournament and plans to continue the tradition going forward.
The closing date for applications will be the 10th of August. Further details can be obtained by calling 0710 682 682 (Chandana) or 077 648 5456 (Buddhi) or by logging on to www.mva.lk or by E-mailing mvasrilanka@gmail.com
Applications can be posted to The Mercantile Volleyball Association, No 33, Torrington Place, Colombo 7.
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Mercantile Volleyball Championship 2018
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ACL Cables PLC issues landmark 1000th Electrician Debit Card
Sri Lanka’s No. 1 Cable in Sri Lanka ACL Cables PLC achieved a proud landmark when it handed over its 1000th Electrician Debit Card to one of its electrician technician recently.
Suren Madanayake, Managing Director ACL Cables PLC together with Thusitha Suraweera, Head of Card Centre, Commercial Bank PLC presented this unique debit card to electrician S.M.C.P. Sampath. Senior Relationship Manager, Nelum Wasala and Relationship Manager Sarani Bandara of Commercial Bank, were also in attendance for this occasion.
The ACL-Commercial Bank Debit Card was launched a year and half ago by ACL Cables as the first novel co-branded card for electricians by a company in the cable industry to facilitate easy transactions.
Commenting on achieving this milestone, Suren Madanayake said, “We are proud to be the first company in the industry to offer such a unique and automated payment method for our important external business partners to easily manage their transactions at their convenience. We are thankful to Commercial Bank in partnering with us in this project to help facilitate electricians with a real time cash withdrawal mechanism.”
“We also appreciate that all our electricians have faith in us and in partnering ACL to take this novel concept forward and make it a success. As a result, most electricians today are willing to move towards the trend of cashless transactions and are comfortable in using their cards having grasped our intentions behind this project,” Madanayake added.
Partnering ACL on this note-worthy venture, Commercial Bank have signed an agreement with ACL Cables in issuing debit cards for the convenience of electricians including exclusive service terms for the sole benefit of the electricians.
“We recognized that electricians are a key stakeholder group in ACL Cables’ business operation. As Sri Lanka’s leading private bank we were delighted to work together with the nation’s number one cable manufacturer on this novel initiative,” Thusitha Suraweera noted.
Commercial Bank is the only Sri Lankan bank to be ranked among the Top 1000 banks of the world for seven years consecutively; Commercial Bank operates a network of 261 branches and 759 ATMs in Sri Lanka. The Bank has won more than 30 international and local awards in 2016 and 2017 and has over the years received multiple awards as Sri Lanka’s Best Bank, Best Trade Bank, Strongest Bank and Most Respected Bank from a number of local and international institutions and publications.
ACL Cables continuously seeks to uplift the professional capabilities and livelihoods of electricians and has initiated many activities benefitting these tradesmen. These include conducting a series of knowledge sharing and mentoring sessions catering to all electricians’ island wide and special life insurance schemes for their safety.
Today, ACL Cables operates as the industry leader with over 70% market share and a turnover of LKR 14.5 billion as a group. ACL’s innovative products include a range of cables, which cater to industrial and domestic use, electrical switches sockets, ceiling fans and many more electric accessories.
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Pelwatte Dairy supports the Culinary Arts at CAFÉ 2018
Sri Lanka’s 100% local dairy manufacturer, Pelwatte Dairy Industries Limited recently joined hands with the Culinary Art Food Expo 2018 (CAFÉ 2018) as the “Official Dairy Sponsor” and “Co-Sponsor” of the event. The expo was held from 1-3 June at BMICH and was attended by a large crowd of culinary and food industry professionals, students and the general public. The Chief Guest at the opening ceremony was Minister of Tourism Development and Christian Religious Affairs John Amarathunga.
Organized by the World Association of Chef Societies and the Chef’s Guild of Sri Lanka, the expo showcases the very best in culinary artisans spread across Sri Lanka. It also brings together the entire community of culinary professionals. This is the first time that Pelwatte Dairy has partnered with the event.
“We all know that dairy products are an integral part of many recipes be it butter, milk, yoghurt or ghee. Pelwatte Dairy is committed to producing and distributing 100% locally manufactured dairy products not only to households across the island but also to the commercial producers. This is why tying up with an event like CAFÉ 2018 was very important for our brand. Our stall received great response and feedback from everyone who visited us throughout the three days. We also found that many people have misconceptions about dairy products which our knowledgeable and highly qualified staff were able to put right”, said Pelwatte Dairy’s Managing Director Akmal Wickramanayake.
The Pelwatte Dairy stall at CAFÉ 2018 put on a colourful display of its dairy products including butter, liquid and powdered milk, flavoured milk and drinking yoghurt, ghee and ice-cream. Many discounts were also on offer for those purchasing in bulk from the stall, which also functioned as a comprehensive information centre regarding the dairy industry in Sri Lanka.
Furthermore Pelwatte Dairy also provided its signature butter and bulk butter for the cookery demonstrations and butter carving competitions that took place during the expo.
“With the immense success of the expo, we are looking forward to working with the hospitality industry to ensure that 100% locally manufactured dairy products are introduced to their kitchens. Our ultimate goal is to make Sri Lanka self-sufficient in milk which includes the food sector as well”, Wickramanayake added.
Photo Captions: Chief Guest Minister of Tourism Development and Christian Religious Affairs John Amarathunga declaring open the event and (Below from left) Pelwatte Dairy products on display; Pelwatte Dairy’s Managing Director Akmal Wickramanayake addressing the opening ceremony and the Pelwatte Dairy team
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Sampath Bank Engages Sri Lankan Enterprises on Doing Business in Myanmar
With a growing interest in the Myanmar market amongst Sri Lankan businesses, Sampath Bank PLC hosted an informative seminar on doing business in Myanmar at the Cinnamon Grand Colombo, recently.
His Excellency Hon. Han Thu, Ambassador of the Republic of the Union of Myanmar to Sri Lanka was the chief guest of the event.
Delivering the key note address, Mr. Nanda Fernando, Managing Director, Sampath Bank PLC, gave the audience comprising of over 75 senior representatives from leading Sri Lankan enterprises a comprehensive view of doing business in Myanmar.
Mr. Mariano Suariz, Partner, Thanlwin Legal, Myanmar apprised them about the prevailing laws of Myanmar including amendments that have been introduced to make the country an investor friendly destination.
The event also included a panel discussion on educating and raising awareness about the market with Mr. Mariano Suariz, Mr. Nanda Fernando, members of the Bank’s corporate management team, and Mr. Lakkhana Gunaratne, Manager, Myanmar Representative Office, Sampath Bank PLC as the panelists.
The event is part of Sampath Bank’s ongoing efforts to support Sri Lankan businesses with current or planned investments in Myanmar, a market where the Bank has been operating a representative office since October 2015. The Bank’s Foreign Currency Banking Unit (FCBU) helps facilitate finances for these business entities and also provides financial services to other local and international enterprises. In 2017, Sampath Bank concluded a loan transaction with Yangon based hotel developer Family Business Group Hotel Limited (FBGHL), creating history as the first Sri Lankan bank to have closed such a large value transaction in Myanmar.
Working together with the FCBU, the representative office plays an advisory role too, offering assistance with regulatory and legal clearances, from incorporation to growing the business, for existing and potential Sri Lankan investors in the market. The team also helps connect business people from both countries with the aim of facilitating mutually beneficial relationships.
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His Excellency Hon. Han Thu, Ambassador of the Republic of the Union of Myanmar to Sri Lanka, the chief guest of the event, addressing the audience
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Panel discussion in progress – (From left) Mrs. Ayodhya Iddawela Perera, Deputy General Manager – Corporate Banking, Sampath Bank PLC; Mrs. Shashi Kandambi Jassim – Senior Deputy General Manager – Corporate Banking, Sampath Bank PLC; Mr. Mariano Suariz, Partner, Thanlwin Legal, Myanmar; Mr. Nanda Fernando, Managing Director, Sampath Bank PLC and Mr. Lakkhana Gunaratne, Manager, Myanmar Representative Office, Sampath Bank PLC
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A cross-section of the audience
His Excellency Hon. Han Thu, Ambassador of the Republic of the Union of Myanmar to Sri Lanka, the chief guest of the event, addressing the audience
Panel discussion in progress – (From left) Mrs. Ayodhya Iddawela Perera, Deputy General Manager – Corporate Banking, Sampath Bank PLC; Mrs. Shashi Kandambi Jassim – Senior Deputy General Manager – Corporate Banking, Sampath Bank PLC; Mr. Mariano Suariz, Partner, Thanlwin Legal, Myanmar; Mr. Nanda Fernando, Managing Director, Sampath Bank PLC and Mr. Lakkhana Gunaratne, Manager, Myanmar Representative Office, Sampath Bank PLC
A cross-section of the audience
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Seylan Bank propels SME sector with launch of ‘Seylan SME Hub’
Continuing its excellence to uplift the quality of business of Small and Medium Enterprises (SME’s), Seylan Bank has introduced ‘Seylan SME Hub’, a novel concept specially designed to facilitate the SME sector by providing convenient and speedy financial services along with special advisory support.
The Seylan SME Hub is accessible through the bank’s 168 island wide branch network, allowing SMEs to experience dedicated banking services. Seylan’s highly trained financial advisory team awaits to assist SME’s with any queries and advise on better fund management and digital banking facilities to pursue their business goals in a hassle free manner.
Commenting on the launch, K.D.W Rohana, Deputy General Manager Branch Credit said “The Launch of the Seylan SME Hub symbolises another important milestone of Seylan’s vision to catalyse Sri Lanka’s SME sector by streamlining its banking & digital services to offer dedicated banking services for SME’s. Today, SME’s play a pivotal role in a country’s economy. In Sri Lanka SMEs account for more than 75% of the total enterprises and contributes over 52% to the Gross Domestic Product (GDP). With the globalization trend, SMEs have now become game changers in driving economic growth. Understanding this change, we at Seylan Bank have adopted a holistic approach to empower the country’s key economic driver by enabling them with latest financial trends and technological knowhow, so that they are geared to propel forward without any complications”
In addition, Seylan Bank continues its value creation by conducting workshops & Seminars island wide for SME’s and women entrepreneurs on proper cash flow management and work life balance.
Caption for the image: K.D.W Rohana, Deputy General Manager Branch Credit opening the Seylan SME Hub
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Treat Your Dad to a scrumptious Sunday Brunch at the Galle Face Hotel
This Father’s Day, treat your dad to a scrumptious Sunday Brunch at the Galle Face Hotel. The iconic hotel is offering a Father’s Day special at The Verandah restaurant, where dad dines for free (in a group of 4).
The delicious Sunday brunch includes staples like rice and curry and family favourites such as roasted chicken, lamb, artisanal homemade sausages and a wide selection of seafood. Comfort food like pasta, Indian specialties like Naan and East Asian fare will also be available along with a salad bar, cheese station, and dessert stand for those who want to indulge their sweet tooth.
Additionally, the hotel’s Inn on The Green restaurant and pub is offering a full day Happy Hour promotion in celebration of Father’s Day.
Sunday brunch is priced at Rs. 3000/= net per person. Kids under 12 years old are entitled to a 50 per cent discount. Kids under six years old can enjoy the festivities at no charge. For Rs. 5500/= net per person a free flow of beer is included. Contact – 0777-222135 to place a reservation or for more information.
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Toyota Lanka Unveils the Latest SUV that’s taking Asia by Storm
Drive Confident with the Toyota “Rush”
Toyota Lanka (Private) Limited, the sole authorized distributor for Toyota vehicles in Sri Lanka today unveiled the latest Toyota SUV that has been taking the Asian vehicle market by storm. The all-new Toyota “Rush” is a plush 7-seater SUV that embodies the adrenaline rush of driving a vehicle that is truly made for the daring driver. Speaking at the launch of the “Rush”, Toyota Lanka’s Managing Director Shungo Yoshioka said, “Toyota Lanka is pleased to introduce another world-class vehicle to the Sri Lankan market. The Rush is a perfect combination of rugged exteriors, plush interiors and specifications that fit Asian terrain and different weather and driving conditions perfectly. It is being marketed all over Asia at competitive prices to meet the ever-growing demand for SUVs. Perfect for the young vehicle enthusiast who dares to dream big, the Rush is even ideal for families who need an everyday reliable vehicle.” Renowned for its stylish and versatile design to match your life-style, the “Rush” gets a more aggressive design and comes with a total new exterior and interior, with more features compared to its predecessor. The new “Rush” has been designed to provide comfort, performance and versatility, all at an affordable price. “The vehicle market in Sri Lanka is transforming from passenger cars to SUVs that are affordable and go the distance. The Rush is therefore the ideal SUV for customers who are more stringent in their choice of vehicle. This SUV delivers on its promise of being fully-equipped and multi-functional. It also comes backed with a great introductory price and the unmatched Toyota warranty of 3 Years / 100,000km and an unparalleled after-sales service”, said Toyota Lanka’s Director/COO Manohara Atukorala. The 2018 Toyota Rush will come with LED head lamps and tail lamps, electronically retractable mirrors with LED turn indicators, 17-inch alloy wheels, a shark-fin antenna, and a rear spoiler amongst its many features. The effectively positioned steering wheel carries mounted controls to operate the infotainment system in a cabin that blends strength with elegance. It even has 13 cup holders, making it ideal for large families and young adventure seekers who enjoy travelling and exploring. However the key attribute of this stunning SUV is its 7 seat configuration. The seats are foldable ensuring that seating options can be changed depending on your requirement. The seats can also be completely removed to create additional storage space for longer trips or to transport camping gear, and even a surf board! The power and drivability that comes from the 1.5ltr Dual VVTI engine combined with a rear wheel drive platform, assisted by Vehicle Stability Control, Hill Start Assist, Traction Control, Electronic Brake Distribution creates a feeling of confidence in any driver. An impressive ground clearance of 220mm and best in class submersion height (wading depth) of 600 mm provides a unique advantage in your adventures be it in the city or countryside while providing best in class safety endorsed by its ASEAN NCAP 5 star rating. This wonderful masterpiece is priced at an introductory price of LKR 7,995,000/- and orders can now be placed at Toyota Lanka Sales outlets in Wattala, Ratmalana, Maharagama, Kurunegala, Negombo, Matara, and Kandy. For more information please contact 0112-939000.
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Watch FIFA’s World Cup Russia 2018 at Calamander Unawatuna Beach’s Brix Bar
With FIFA’s World Cup Russia 2018 Tournament about to grip the world’s attention, the Brix Bar at Calamander Unawatuna Beach is playing host to the tournament with three screens showing live action and sound, plenty of comfortable bar stools and armchairs as well as standing room, against the backdrop of the best beach in Sri Lanka, Unawatuna Beach, and the Indian Ocean.
If you can’t visit the amazing cities of Russia and witness the greatest soccer tournament in the world, then watching the Group Stages, Round of 16, Quarter Finals, Semi-Finals and Finals at Calamander Unawatuna Beach, is an unbeatable alternative.
Calamander Unawatuna Beach is offering some great deals for the duration of the World Cup; on room rates and some thirst quenching offers on beers, wines, selected foreign and local spirits and a special FIFA Kick-off cocktail to see you through the highs and lows of every game.
Accompanying all this, the Brix Bar will be serving a tasty selection of savoury snacks and bites, including the ubiquitous Sri Lankan Kotthu and Egg Roti, delicious fish cutlets, fried rice and fish n’chips made from the daily catch of white flesh fish, sourced for the hotel seafood market.
For those who are looking for authentic, homemade Sri Lankan food, look no further than the International Buffet, which features Sri Lankan and Indian dishes, served daily at lunch and dinner.
And in the land of limitless possibilities and opportunities and to ensure that our guests can immerse themselves in the spirit of the beautiful game, Calamander Unawatuna Beach is offering free football coaching to our resident and non-resident guests. Take full advantage of this unique opportunity and book your session with us National referees of the Sri Lankan Football Federation and coaches of island divisional teams. Training kicks off at 4:30pm daily onwards for the duration of the tournament.
And after you have polished up your footie skills, you can take a dip in one of the amazing swimming pools; the first glass fronted lap pool or the vermillion sun pool. And for the kids, there is a stunning paddling pool, games, table tennis and badminton. Finally, the famous Unawatuna Beach beckons all our guests for sun bathing, strolling, playing a game of beach volley ball or beach football or cricket. To ensure the best view, please e-mail us on fbm@ubr.com.lk or call 091 438 4545.
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Emirates boosts flights for busy Umrah season
Emirates will be boosting its flights to Jeddah during the busy Umrah season. The airline will operate 24 extra flights, adding more than 10,000 additional seats between Dubai and Jeddah from 12 June to 24 June. The additional flights will be serviced by the Boeing 777-300ER.
Emirates’ additional flights will help accommodate more convenient travel through Dubai during the Umrah season, which starts in Ramadan and concludes in July. These services will run in parallel with Emirates’ regularly scheduled services to Jeddah, which includes three daily flights. The additional services can be accessed by travellers holding a valid Umrah visa.
Adil Al Ghaith, Senior Vice President, Commercial Operations for Gulf, Middle East and Iran said: “Performing Umrah during the month of Ramadan is a significant experience for Muslims and Emirates is helping to make the journey more seamless through convenient connections for the thousands of pilgrims looking to travel during this time. We thank the Saudi Arabian government and authorities for their support to introduce these extra frequencies during Umrah season.”
Onboard, Emirates’ award-winning ice system features special religious programming as well as popular regional entertainment options including new drama series. The airline’s diverse content available on board with up to 3,500 channels of entertainment includes 238 Arabic channels featuring movies, TV, music and audio.
This year, top destinations where Emirates is expecting Umrah travellers to come from are Pakistan, North Africa, the United States, the UK and South Africa.
Photo Caption: Emirates will be boosting its flights to Jeddah during the busy Umrah season
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Sri Lankan industrialists off to Myanmar for the first time as part of $3 Bn rubber exports target
Sri Lanka is sending 20 industrialists from ten manufacturers to this week’s global exposition in Myanmar or the first time as part of the country’s revived efforts to hit $3 Bn in rubber exports.
“This is the first time that the Industry Ministry is actively moving towards national export development work” said the Minister of Industry and Commerce Rishad Bathiudeen on 12 June in Colombo. Minister Bathiudeen was handing over the air-tickets to representatives of 10 Lankan plastic and rubber manufacturing firms who will fly out on June 13 and 14 to join Lankan pavilion at Complast Myanmar 2018, the international Industrial Trade Fair for plastics and rubber sector. Complast 2018 will commence on 15 June in Yangon, Myanmar and will end on 17 June. The Lankan delegation consists of 20 industrialists from Textrip Ltd, Clean Poly Packaging Ltd, Lanmic Exports, Polydime International Ltd, Global Vinayl Ltd, Kalhari Enterprises, World Polybags International, Penguin Polymers, PE Plus Ltd and Oleema Industries Ltd. “The government focuses on exports led growth and aims at a $3 Bn exports target for rubber. This Ministry has evaluated your performance in rubber and plastics sectors and have picked you to represent Sri Lanka at the important Complast Myanmar 2018. At this event, we want you to focus on receiving industry exposure but for the first time, for international rubber market promotion efforts of Lankan rubber, for us achieve export targets” said Minister Bathiudeen.
Last year Sri Lanka’s rubber finished products exports increased by 9% to $ 835 Million in comparison to 2016’s $768 million. Exports of natural rubber too increased by 18% to $39 million from 2016’s $33 million.
The Ministry of Industry and Commerce is subsidising 50% of industrialists’ airfare and accommodation and the total bill for Sri Lanka pavilion at Complast Myanmar 2018.
In addition to raw materials such as polymers and resins, the exhibitors of Complast Myanmar 2018 also plan to showcase processing machines and technologies as well as forms, chemicals, additives, test equipment and recycling services.
Industry and Commerce Minister Rishad Bathiudeen hands over an air ticket to a Sri Lankan plastic and rubber sector representative on 12 June at the Ministry premises joined by Vice President of Plastic and Rubber institute of Sri Lanka Kaushal Rajapakse (third from left).
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Sri Lanka External Debt to increase by US $ 3.8 Bn by 2019 – Global Finance Report
The US State Department projects that Sri Lanka’s external debt will increase by US$3.8 billion in 2019, amidst High government debt, low debt affordability and huge external payment obligations coming due pose strong challenges for Sri Lanka’s economy, a recent report by the Global Finance Magazine highlights.
The reports states that the situation has become increasingly urgent and according to the Central Bank of Sri Lanka, GDP growth dropped to 3.19% in 2017, the lowest in 16 years.
“To realize its aspirations to be an upper-level middle-income country, Sri Lanka requires annual growth between 6% and 8%,” the report said adding that from the end of the civil war in 2009 until 2015, Sri Lanka enjoyed average annual GDP growth of 5.8%.
“The recent slowdown shows the challenge of transitioning from a rural to a more urbanized economy” it added.
It highlights that ongoing foreign direct investment (FDI) inflows are necessary for the country to achieve financial stability and offset its fiscal weakness, according to Moody’s Investor Service. Continuing fiscal consolidation and efforts to reduce external obligations will be important in mitigating the country’s financial risks, the rating agency adds.
Near-term, however, substantial improvement in fiscal strength is unlikely, given the country’s low efficiency in tax collection. The government wants to deepen its reliance on the private sector and attract private investment, report quotes Tatiana Nenova, World Bank program leader for Sri Lanka and the Maldives. But not every inflow of capital is a wise bet, she cautions.
“The composition is not as mature as you would want it to be,” she tells Global Finance from Colombo. “The problem with [infrastructure] is this is not the most productive investment. This is not the investment that will create jobs. This is not the investment that will diversify your economy. And if you do not have a diversified economy, then you cannot export.”
Manufacturing, information technology and tourism create lasting jobs and bring in foreign currency, Nemova explains, while infrastructure construction jobs are temporary.
The Sri Lankan government has embarked on a list of reforms. Much of the land is government-owned, while land administration is weak and cumbersome and has been identified as a major obstacle to FDI. As a solution, the government is investing in new economic zones.
FDI also requires logistics for importing product inputs and exporting the finished products. In helping to achieve this, the government has enlarged the Colombo port and plans further expansion. “Now it [already] has more capacity than it is using,” Nenova says. “When it increases again, it will have even more, so the government is clearly planning for further FDI.”
The World Bank sees many encouraging signs, despite the island nation’s somewhat anti-export history. The public debt-to-GDP ratio declined slightly last year due to a primary surplus. Report also highlights that Poverty declined from more than 15% of the population pre-financial crisis to just 4.1% in 2016. And last year’s plummeting GDP? The bank says it was largely due to natural disasters: a vicious combination of May floods and prolonged drought whose economic impact should disappear.
– Reporting by Devendra Francis↧
Sri Lanka’s SOBEs Assets top 56% of GDP, key 16 reports 87 Bn loss in 2017
Whilst Sri Lanka’s State Owned Business Enterprises (SOBEs) continue to play a significant role in the country’s economy with its presence in key sectors such as Ports, Energy, Banking, Insurance, Water,…etc, and the total asset base of SOBEs had grown by 13.6 percent in 2017 over 2016.
And it accounted for almost 56.8 percent of the Gross Domestic Product (GDP) of the country. However 16 key SOBEs had made net losses amounting to Rs. 87 billion during 2017, the latest report from Ministry of Finance outlines.
Report highlights that during 2017, key 55 SOBEs alone have recorded a total turnover of Rs. 1755.55 billion which is almost 13.22 percent of the Gross Domestic Product (GDP). Out of the 55 SOBEs 39 had recorded a net profit amounted to Rs.136 billion
At present, Out of 400 State Owned Enterprises (SOEs), 264 SOEs are monitored by the Department of Public Enterprises while 136 SOEs fall under the supervision of the Department of National Budget. Of the SOEs under the purview of the Department of Public Enterprises, 55 SOEs, have been identified as key strategically important State Owned Business Enterprises (SOBEs) representing crucial sectors of the economy. SOBEs include Ceylon Electricity Board (CEB), Ceylon Petroleum Corporation (CPC), Sri Lanka Ports Authority (SLPA) etc.
“Although, SOE’s occupy a significant space in the economy, it is by no means a reflection of its potential or capacity” report point out adding that in fact the Return on Assets (ROA) amounting to only 0.64 percent of the 55 SOBE’s is a rough indication that the SOBE’s have not been performing to its full potential.
Finance Ministry report stresses that the reasons for such performance ranges from lack of good governance practices including lack of a clear accountability mechanism, policy and legal framework to a weak supervisory role being played by institutions etc.
– Reporting by Devendra Francis
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Sri Lanka – Finland sign 5 MoUs on Education, Digitization, Health and Energy
Five Memorandums of Understanding (MoUs) on education, digitization, health and energy were signed on 12th June 2018 between the Sri Lankan Government and the Finish government along with private sectors of the two countries. The MoUs were signed on the sidelines of a visit by Finnish Economic Affairs and Development Deputy Minister Petri Peltonen and a Finnish business delegation made up of 17 prominent companies seeking collaboration and investment opportunities in Sri Lanka.
Accordingly, the visiting Finland Economic Affairs and Employment Deputy Minister Petri Peltonen exchanged the respective MoUs with Telecommunication, Digital Infrastructure and Foreign Employment Ministry Secretary Wasantha Deshapriya, Health, Nutrition and Indigenous Medicine Deputy Minister Faizal Cassim and Education Ministry Secretary Sunil Hettiarachchi.
The visit marks the second delegation from Finland to Sri Lanka in the last six months and was encouraged by Sri Lankan Prime Minister Ranil Wickremesinghe’s visit to Finland last year.
The objective is to increase engagement in specific sectors where Finnish companies have become global leaders and use the synergy to foster development in Sri Lanka. Finnish Ambassador to Sri Lanka Harri Kamarainen highlighted the deep historical connections between the two countries and touched on the trade ties that existed hundreds of years ago. He said that he is confident that the two countries could forge new partnerships in the coming years. Deputy Minister Petri Peltonen signed three MoUs with the Sri Lankan Government focused on vocational education and cooperation in the areas of digitization and health. Two other private sector MoUs on education and bio fertilizer were also signed at the event. The Ambassador noted that two more MoUs on IT with the Information and Communication Technology Agency (ICTA) and a second by LTL Holdings to build a 100MW flexible thermal power plant in Bangladesh would also be signed.
According to him Finland is the number one country in Europe when it comes to bio-based renewable energy sources, and 40% of our total energy consumption is from renewable and the aim is to increase this to 50%. With regards to digitization, the Deputy Minister spoke of the well-known Nokia but also pointed out that several other global companies were also spearheading ventures in this area in other parts of the world.
Deputy Minister Petri Peltonen further highlighted that they understand that these MoUs are not the end result but rather the instruments for improving cooperation and building on the commitment and tangible results in those areas that have been focused on by the Prime Ministers of the two countries.
– Reporting by Devendra Francis↧
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George Steuart Teas launches the Craft Box range with Ozone Friendly Pure Ceylon Tea Certification
George Steuart Teas known as the “Original Ceylon Tea People” launched their Craft Box range of teas along with Ozone Friendly Pure Ceylon Tea Certification given by the Sri Lanka Tea Board. The range consists of 13 different types of teas which are in 200g Craft Boxes to support the natural process through look and feel. The range included the popular Black tea variants such as PEKOE, OP1, FBOP, Green Tea Gun Powder and also specialty teas such as Royal Delight, Fiesta, Queens Choice as an extension to the range.
Paddy Weerasekera, Chief Executive Officer – Consumer, George Steuarts & Co said “we are happy to introduce the new Craft Pack range which includes a variety of Ceylon black teas, fruity teas, herbal teas and green teas. We have decided to initially launch these at our very own Town House Tea Lounge where customers can physically examine the many varieties of teas for its textures, aromas and even taste a sample before buying”
Sri Lanka Tea Board was the world’s first to achieve the “Ozone Friendly Tea” recognition under the Montréal Protocol Treaty for cultivating and manufacturing tea in the territory of Sri Lanka without the use of Methyl Bromide (MeBr) or any other Ozone Depletion Substances.
“Today our brand is very popular among regular tea drinkers locally and we are also proud to say that we export our tea to over 50 countries. Locally in most retail outlets across the island the BOPF grade, Dust (Kahata) and Green Tea is sold. There are so many other types of tea which we don’t get to taste unfortunately as its not freely made available. We want to offer these teas to the local market and do that in an affordable way. That’s one of the reasons we made these packs 200g and priced the economically. Now you could taste the finest Ceylon Black Teas and specialty teas as low as Rs. 10/- a cup”, Paddy remarked.
In 1835, our forefathers James and George Steuart established colonial Ceylon’s very first business house. The main line of business at the time was the export of traditional commodities such as Tea, Rubber & Coffee, but it was Tea that the company really took pride in developing and transforming to be the hallmark of George Steuart & Company. James & George Steuart hailed from the Scottish highlands, where Tea in its many varied forms was served more as an art than a way of life. May it be High Tea, Breakfast Tea or simply a Cuppa to cheer, Tea drinking was a fine honed passion. Naturally, arriving in Sri Lanka laden with great expectation for indulging in the art of tea making, the Steuart Brothers were dedicated to create their own distinctive blend of Pure Ceylon Tea. They traversed the island, from North to South, from East to West. Magical discoveries were made. Unique blends of Tea containing distinctive flavours, delightful aromas and scintillating liquors were created. Each blend carried the signature of its origin. Every blend contained a specialty that had the power to arouse the drinker with vivid fantasy.
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Fitch: Capital Regs to Raise Resilience of Sri Lanka Finance Cos
Fitch Ratings-Colombo/Singapore-14 June 2018: New capital-adequacy regulations for Sri Lankan finance companies are likely to improve the resilience of the sector to economic shocks, but will add to capitalisation pressures – particularly for the country’s numerous small-scale finance companies, says Fitch Ratings.
Fitch-rated finance companies are unlikely to face immediate rating action, as we believe they all have adequate capital to meet the thresholds that will apply from 1 July 2018 – even after taking account of potential RWA changes, based on the current asset mix – and most already comply with the 1 July 2021 thresholds. However, future rating action will take into account finance companies’ ability to meet the higher minimum requirements over the next few years. It is possible that some will require external capital to support loan growth and stay in compliance with the higher requirements.
Smaller finance companies had already been struggling to raise capital to comply with an earlier requirement that each finance company hold a minimum core capital of LKR2.5 billion by 1 January 2021. The new minimum capital ratios are likely to add to those difficulties, although the lack of regular disclosures compared with banks prevents us from assessing in full the likely impact on individual finance companies.
The minimum Tier 1 ratio will increase from 5% to 6% for all finance companies on 1 July 2018, and then rise to 8.5% by 1 July 2021, with incremental increases each year. The minimum total capital ratio will also increase steadily. Additional capital surcharges for finance companies with assets of more than LKR100 billion will be introduced on a staggered basis from 1 July 2019, and will reach 150bp by 1 July 2021 (see chart).
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Meanwhile, capital ratios will come under downward pressure from changes to the calculation of risk-weighted assets (RWAs) to bring the framework further into line with the recommendations of the Basel committee. The changes will substantially increase RWAs, stemming mainly from additional of risk weighting for ‘operational risk’ and changes in the computation of RWA for credit risk. Finance companies that are highly exposed to uncollateralised lending to retail borrowers – such as microfinancing – may see the sharpest increases in RWAs, as this lending will be risk-weighted at 125% instead of 100% previously. However, the new RWA methodology does not include market risk – unlike for banks – which the regulators view as low in this sector.
The document setting out the new capital regulations categorises finance companies with more than LKR100 billion – those facing the additional surcharge – as “domestic systemically important licensed finance companies (D-SILFCs)”. However, we do not believe that this means the authorities consider these companies to have the same systemic importance as “domestic systemically important banks (D-SIBs)”. Accordingly, we continue to see the propensity for sovereign support for Fitch-rated finance companies as very low.
Meanwhile, capital ratios will come under downward pressure from changes to the calculation of risk-weighted assets (RWAs) to bring the framework further into line with the recommendations of the Basel committee. The changes will substantially increase RWAs, stemming mainly from additional of risk weighting for ‘operational risk’ and changes in the computation of RWA for credit risk. Finance companies that are highly exposed to uncollateralised lending to retail borrowers – such as microfinancing – may see the sharpest increases in RWAs, as this lending will be risk-weighted at 125% instead of 100% previously. However, the new RWA methodology does not include market risk – unlike for banks – which the regulators view as low in this sector.
The document setting out the new capital regulations categorises finance companies with more than LKR100 billion – those facing the additional surcharge – as “domestic systemically important licensed finance companies (D-SILFCs)”. However, we do not believe that this means the authorities consider these companies to have the same systemic importance as “domestic systemically important banks (D-SIBs)”. Accordingly, we continue to see the propensity for sovereign support for Fitch-rated finance companies as very low.
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Constituent Changes to the S&P Sri Lanka 20 Index
The Colombo Stock Exchange (CSE) announces the following changes in S&P Sri Lanka 20 index constituents made by S&P Dow Jones Indices at the 2018 mid‐year index rebalance.
A revision of the S&P SL 20 methodology in March 2017 established the practice of a semiannual rebalance of the index (previously conducted annually). The rebalance of the index now takes place during the months of June and December each year. The revision also established the inclusion of non‐voting ordinary shares listed by the respective companies of the S&P SL 20 Index, provided that such shares meet relevant liquidity requirements.
The exclusions and inclusions as announced by S&P Dow Jones Indices, effective from 18 June 2018 (after the market close of 14 June 2018) are presented below in alphabetical order.
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The S&P SL 20 index includes the 20 largest companies, by total market capitalization, listed on the CSE that meet minimum size, liquidity and financial viability thresholds. The constituents are weighted by float-adjusted market capitalization, subject to a single stock cap of 15%, which is employed to reduce single stock concentration.
The S&P SL 20 index has been designed in accordance with international practices and standards. All stocks are classified according to the Global Industry Classification Standard (GICS®), which was co-developed by S&P Dow Jones Indices and MSCI and is widely used by market participants throughout the world.
To be eligible for inclusion, a stock must have a minimum float-adjusted market capitalization of 500 million Sri Lankan rupees (Rs), a six-month median daily value traded of Rs 0.5 million, have been traded at least 10 days of each month for the three months prior to the rebalancing reference date, and have positive net income over the 12 months prior to the rebalancing reference date. For information, including the complete methodology, please visit: www.spindices.com
Effective from 18 June 2018 the stocks in the S&P Sri Lanka 20 in alphabetical order are as follows.
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The S&P SL 20 index includes the 20 largest companies, by total market capitalization, listed on the CSE that meet minimum size, liquidity and financial viability thresholds. The constituents are weighted by float-adjusted market capitalization, subject to a single stock cap of 15%, which is employed to reduce single stock concentration.
The S&P SL 20 index has been designed in accordance with international practices and standards. All stocks are classified according to the Global Industry Classification Standard (GICS®), which was co-developed by S&P Dow Jones Indices and MSCI and is widely used by market participants throughout the world.
To be eligible for inclusion, a stock must have a minimum float-adjusted market capitalization of 500 million Sri Lankan rupees (Rs), a six-month median daily value traded of Rs 0.5 million, have been traded at least 10 days of each month for the three months prior to the rebalancing reference date, and have positive net income over the 12 months prior to the rebalancing reference date. For information, including the complete methodology, please visit: www.spindices.com
Effective from 18 June 2018 the stocks in the S&P Sri Lanka 20 in alphabetical order are as follows.
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A lifetime of impact and a lifeline to those in need: Footsteps to Freedom returns to Colombo
Nivendra Uduman, Sara Nazoor and Ranil Thilakaratne has spent almost three months traveling Sri Lanka by foot. They have walked over 1,400 kilometers and touched more than half a million lives, all in an effort to erase the stigma and raise awareness about mental health and suicide prevention. On 12 June, they concluded the journey that began on 1 April 2018, returning home to Colombo’s Independence Square.
Back in Colombo, the trio was emotional as they reunited with friends, family and supporters who had gathered to welcome them back. This is the second such journey for Nivendra, who undertook the first Footsteps to Freedom journey in 2016 with colleague Hansini Gunsekara. What he saw during this first 550 km walk inspired him to retrace his steps and charter a new path around Sri Lanka to reach more communities and people, he says. The walk was held in aid of two charities working in the areas of emotional wellbeing and suicide prevention in Sri Lanka-Shanthi Maargam and CCCline 1333.
Everyone has their own struggle, says Nivendra, highlighting just how important it is to simply listen. “I met a deputy principal of a school who had been wheelchair bound since his childhood. He also had other health complications. When we had a conversation privately he spoke about thoughts he was having about ending his life due to his health issues and also about the positives in his life like his wife and family. This conversation really struck a chord with me because he said he felt like he released some of the burden he carried by talking to me and also the fact that I didn’t feel sorry for him or express sympathy made him want to talk more. It was an inspiring conversation and I learnt how important it is, once again, to just stay put and listen.”
Nivendra, Sara and Ranil conducted over a 100 workshops during their walk around Sri Lanka. Nivendra is a counselling psychologist while Sara Nazoor is a trainee psychologist. Ranil Thilakaratne is from CCCline 1333, an organization that works primarily in the area of suicide prevention. With Sri Lanka reporting one of the highest incidences of suicide in the world, the need for better awareness on mental health is acute, they say.
Sara found herself listening to many women who revealed that they had suicidal thoughts. “It was quite a grounding experience because as a young mental health worker there wasn’t much I could do, but call and check up on them,” she says. She also pointed to practical problems in the system that prevented better care. “They didn’t have mobile phones to call the help line numbers and while some were diagnosed with mental health issues, even then when they called the toll free number counsellors who could speak in Tamil weren’t available. It was heart wrenching to know that at times I was the only person who was checking up on them.”
Ranil also highlighted the need for better awareness of the services that exist to support those struggling with their mental health. “A 15-year-old girl had died by suicide, and it was harrowing to learn of her reason. She was a victim of rape and she felt that she would be blamed and judged for what happened to her even though it was beyond her control. People need to know about the services that are available. Please help us get the word out,” he asks.
Photo caption: (Above – from left) Counselling Psychologist Nivendra Uduman, trainee psychologist Sara Nazoor and CCCline1333 Manager Ranil Thilakaratne welcomed back at Independence Square, Colombo
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The trio share an emotional embrace after completing 73 days of walking over 1,400 kilometers around Sri Lanka to raise awareness and shatter the stigma; Founder of Footsteps to Freedom, Nivendra Uduman addressing the media and 1333 – CCC Foundation’s counselling hotline conveyed along the way to all seeking help
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Nivendra Uduman, Sara Nazoor and Ranil Thilakaratne with the Scout Movement, which has been an integral part of Footsteps to Freedom II as they joined the three on their journey at various locations
The trio share an emotional embrace after completing 73 days of walking over 1,400 kilometers around Sri Lanka to raise awareness and shatter the stigma; Founder of Footsteps to Freedom, Nivendra Uduman addressing the media and 1333 – CCC Foundation’s counselling hotline conveyed along the way to all seeking help
Nivendra Uduman, Sara Nazoor and Ranil Thilakaratne with the Scout Movement, which has been an integral part of Footsteps to Freedom II as they joined the three on their journey at various locations
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Cargills Bank partners with Cheapefares.com for greater customer convenience
Cargills Bank has partnered with Cheapefares.comto further expand its merchant network, enabling greater convenience for regular shoppers.
The partnership would entice customers to make their ticket payments at any Cargills Food City outlet island-wide from 8.00.a.m. to 10.00.p.m. on 365 days of the year. Upon reserving the hotel or flight booking through cheapefares.com, customers will be given a reference code which they can provide to their preferred Cargills Food City outlet to process the payment through Cargills Cash facility. The real time payment update will create more convenience in the post booking process.
The latest tie-up encourages bank’s digital drive towards offering an array of augment financial services to customers and thus proves its goal to create financial inclusion to every Sri Lankan.
Cargills Bank Head of Retail Banking,Mr. Buddhika Perera said: “travelling and holidaying has become a key part of modern consumer’s lifestyle. Our commitment is to make life simple to every Sri Lankan through our sphere of digital initiatives and our partnership with Cheapefare.com will further strengthen our service to regular shoppers in paying their merchants at Cargills Food City outlets that operates from 8.00a.m. to 10.00.p.m.”
Director of Cheapefares.com Thanaraj Myilvakanam said: “we are pleased to have partnered with Cargills bank and we are confident that this would create better convenience to our consumers on their payments in the aftermath of a booking or a reservation. Despite the credit card plays a key role in the ticket booking industry which predominantly works online in the modern market, there are many customers who prefer alternatives to settle their payments. The capability of simply being able to pay your ticket at the nearest Cargills Food City will no doubt creates a better customer experience”.
Cheapefares.com Pvt Ltd is an Online Travel Agency (OTA) which is the Online Travel Brand website of Metro Travels & Tours Pvt Ltd. The company established in 2000 and obtained IATA accreditation in 2007. The company now has offices in Colombo, Jaffna,Trincomalee, Vavuniya and Mannar.
Cheapefares.com offers Flight bookings, Hotel and Holiday Packages, visas, Insurance and other travel related services. The online website enables to book Flights with the best travel solutions and go beyond customer expectations.
Cargills is a brand that has been faithfully serving Sri Lankans for 174 years, built on a foundation of values and ethics. True to this heritage and the ethos of ‘Banking on the Human Spirit’, Cargills Bank is taking banking to the masses by being inclusive and accessible. The amazing Cargills Cash Savings Account is available at over 350 Cargills Food City outlets, open between 8am and 10pm, 365 days of the year – allowing you to do grocery shopping and banking at the same place at your convenience.
Cargills Bank’s Head Office is in Colpetty with branches at Maitland Crescent, Maharagama, Old Moor Street, Wattala, Rajagiriya, Kandy, Peradeniya, NuwaraEliya, Ratnapura, Thanamalwila, Matara, Galle, Kurunegala, Kaduruwela, Vavuniya, Chunnakam and Jaffna.
Photo caption: (From left) Renuka Hettiarachchi, Marketing Manager, Cargills Bank Limited, Pramuditha Kalani, Manager Alternate Channels, Cargills Bank Limited; Thanaraj Mylvaganam, Director, Cheapefares.com; Ruchira Lakmal, Head of Operations – OTA, Cheapefares.com
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Pradeep Edward and SLIM ready to empower marketing in Sri Lanka
The Sri Lanka Institute of Marketing appointed Pradeep Edward as the 40th President at this year’s Annual General Meeting. Pradeep is a dynamic personality with immense experience in the fields of Sales and Marketing.
He joined SLIM in 2000 where he completed most of his marketing related studies. He was appointed the Charter President of the SLIM MBA Alumni and the Director of SLIM CPM Society. In 2013 he was elected to the Ex-Co of SLIM and moved up the ranks as Assistant Secretary, Secretary, Vice President and President.
According to Pradeep, he did not ‘stumble’ upon marketing as it was a conscious choice to join the dynamic field. His career began in sales, which made him aware of the value that marketing could bring into his profession. “I liked the side of sales and marketing which enabled me to meet new people every day and gave many networking opportunities,” he said.
It is with this step forward that he continued to add on to his professional qualifications as he realized that other areas such as finance and HR were equally important in building a business. “I am a firm non-believer in having role models. My personal view is that there are leaders whom one can look up to and be inspired by, but one should not try to imitate them. It is important to understand your inner strength and develop yourself”.
Pradeep Edward is the current CEO of Lanka Hospitals Diagnostics (Pvt.) Ltd. With over 2 decades of experience, out of which 15 years have been in the Managerial capacity and 8 in the level of General Manager/COO and CEO, his experience and knowledge makes him fit to lead the National Body for Marketing. He has served as a Judge and Technical Advisor at both local and international programmes such as the National Exporters Awards and Asia Marketing Excellence Awards and is a member of the National Branding Committee, appointed by the Department of National Planning of the Ministry of National Policies and Economic Affairs in coordination with the Export Development Board. The committee aims to develop a strategic global campaign for Sri Lankan Exports.
In addition Pradeep is a Certified Marketer and Chartered Marketer of CIM – UK, and a Fellow member of the Institute of Management Specialists – UK. He has also served as President of the Pharma Promoters Association of Sri Lanka and Hon. Secretary of the Sri Lanka Chamber of the Pharmaceutical Industry. He holds an MBA from the Buckinghamshire New University, Postgraduate Diplomas in Marketing and Business Management as well as a Diploma in Finance.
Expressing his views about marketing in Sri Lanka, Pradeep stated, “similar to many other areas, Sri Lanka has a lot of talent in the field of marketing as well, but we fail to achieve the mark at the final outcome. I have been involved in several judging panels of several awards and seen the magnitude of thinking that is behind the campaigns which come from our very own region”. According to him, a major drawback in the industry is that we tend to focus only in our area of expertise and as a result do not have a cohesive approach.
The country lacks international exposure and the President of SLIM is proud to declare that SLIM is in the forefront in bridging this gap. “We initiated this by bringing down Philip Kotler. Last year we had Ron Kaufman conducting a Knowledge Forum and CEO Forum on Services Marketing. This year everything is ready for the forums with none other than John Mattone, coach of Steve Jobs,” said Pradeep.
At events such as SLIM Brand Excellence, excellent products are showcased but are not marketed well enough to be brought from the village to the city, let alone to be marketed internationally. This is one of the reasons behind SLIM introducing Gamata Marketing, where the village based manufacturers are educated about the importance of marketing.
Under his leadership SLIM is also working on a few new projects to address the need of the hour in the marketing industry. “We are currently planning an awards programme for young entrepreneurs and start-ups, which is definitely the future of marketing. The idea behind it is similar to what we had when we launched the Digital Marketing programme at SLIM. Taking cue from the success of this course, we will launch the Digital Marketing Awards this year which is today only a category in Brand Excellence. SLIM has continued to be proactive in identifying and catering to the needs of the time in the marketing industry”.
Sri Lanka as a country has a lot of potential and assets which other countries do not. In his opinion, it is important to understand the strengths we have and take every opportunity to brand and market the island. “There is no worth in trying to imitate or follow what other countries do. It has not worked for us at all,” he stated. “We should also decide on what areas that we are to develop and do it gradually. What we are doing currently is that we try to develop all industries at once, which is not practical,” he added further.
According to Pradeep, the issue we face in building the national economy is that we attempt to cover all industries at one go. He sees Tourism as an industry which we should focus on developing first. “A majority of Sri Lankans can communicate in English and we are innately hospitable people. This is a key asset we have which most others do not. We should also get our segmentation right and aim for high-end tourists to improve the sector. This coupled with effective marketing can develop the industry tremendously.”
The year under Pradeep Edward’s leadership will be gearing up for a special year towards SLIM celebrating its 50th anniversary. The year is themed as ‘The Year of Gratitude’. Following the tradition of felicitating past presidents, he looks forward to including the backbone of the Institute; members, affiliated institutes and the SLIM staff. The laying of the foundation for the new SLIM building too is part of the plan for the year as well as setting up the SLIM archives to document and record the work and achievements.
The most important aim for Pradeep under his reign is to establish the women’s association. “Unfortunately SLIM has not produced a female president for the past 47 years. We have quite a number of active female members who have contributed to the growth of SLIM, and this year I have 3 ladies in my committee including the Hon. Secretary. We will be focusing on this area as we have some amazing women leading the marketing industry at present,” he concluded. “As for my Marketing Mantra there are 7Ps in marketing , but I strongly believe in only 1P and that is People, if we have the correct people and work with them all others will fall in line”.
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Sampath Bank to breathe new life into Medirigiriya Danyawa Wewa
Inland tanks around the country have been an intrinsic part of Sri Lankan society from time immemorial. Serving as the lifeblood of agrarian communities in Sri Lanka’s dry zones, these tanks were built to harvest and store rainwater to be used for farming and other purposes during the dry season. They also serve to replenish lakes and ground water tables in the surrounding region as the water in them seeps through the soil, absorbing vital nutrients along the way. However, over the years, some of these tanks have deteriorated with age and lack of maintenance, affecting the communities that depend on them.
As a Bank that takes pride in its Sri Lankan roots, Sampath Bank has always appreciated the immense value that the Wewa system adds to the country. Right from its inception, the Bank has been working with authorities and local communities to restore tanks around the island through its “Wewata Jeewayak” program.
As part of its “Wewata Jeevayak” initiative, the Bank joined hands with the Divisional Irrigation Engineer’s Office, Minneriya, and the Divulankadawala Govi Samithiya to restore the Danyawa Wewa in Divulankadawala, Medirigiriya, recently.
The Divisional Irrigation Engineer – Minneriya, officers of the Divisional Secretariat Office, other senior government officers and representatives of the Govi Samithiya were at the ceremonial inauguration of the project together with officers and customers of Sampath Bank and members of the Madirigiriya and Higurakgoda communities.
Built eons ago by 10 villagers from Divulankadawala to harvest rainwater, the 12 acre Danyawa Wewa is also fed by water received from the Minneriya Tank. The Danyawa Wewa became the focal point of the ‘Minneriya Janapada’ project initiated by the government a few decades ago, under which communities were settled around the tank.
Today, the Danyawa Wewa serves as the main irrigation source for 96 families carrying out farming on over 112 acres of paddy fields across 3 villages in the region. Its streams provide water for drinking and other household purposes to about 225 families in neighboring villages. Furthermore, 2,100 students of the Divulankadawala Central College also get their drinking water from the tank’s streams.
The Danyawa Wewa has great cultural significance too with pilgrims on route to Medirigirya during Poson stopping by and having a bath in it.
Over the years, the tank has become shallow due to the accumulation of sludge and the lack of proper maintenance. Its water retention capacity has been further hampered due to damages to the sluice and canal, which has resulted in water leaking through the sluice gate.
Under the Wewate Jeevayak effort, Sampath Bank will provide the funding required for the complete restoration of the tank with members of its Hingurakgoda Branch overseeing the project. They will work together with the Minneriya Divisional Irrigation Engineer’s Office and members of the Divulankadawala Govi Samithiya to remove the sludge accumulated in the tank, repair its sluice gate and construct bathing places. Once completed, it will help secure year round water supply for the Madirigiriya and Higurakgoda communities
“Helping communities save water to be used during the dry season, inland tanks or wewas have always been a symbol of abundance and prosperity in Sri Lankan society. Drawing inspiration from these tanks and other historic traditions, we at Sampath Bank too seek to help people save more and prosper. We are committed to going beyond serving as a trusted financial service provider and adding value to the communities we operate in,” said Mr. Lalith Weragoda, Assistant General Manager (AGM) – Human Resources, Sampath Bank PLC. “In line with this, we continue to reach out to farmers in the country’s dry zones through our Wewata Jeewayak program. We work with local authorities and members of the local community to give a new lease of life to dilapidated tanks around the island, helping them secure water for irrigation and other needs, all through the year. We look forward to working with the people of Divulankadawala and other stakeholders on rebuilding the Danyawa Wewa.”
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