Business
Govt. to press ahead with 289 infrastructure projects worth Rs. 5 trillion – State Minister Cabraal
By Hiran H.Senewiratne
The government will continue 289 infrastructure projects worth more than rupees five trillion despite current economic challenges, State Minister for Money and Capital Markets and State Enterprise Reforms Ajith Nivard Cabraal said.
” Sri Lanka was able to pull through a very difficult period due to the Covid 19 pandemic. Despite those challenges the government was able to maintain macroeconomic fundamentals reasonably well. Further, the rupee has depreciated by 6.8 percent last year and to prevent further rupee depreciation, the Central Bank has taken prudent decisions, State Minister Cabraal said at the Annual General Meeting of the National Chamber of Commerce of Sri Lanka. The event was held at Kingsbury Hotel last Tuesday. At the event Nandika Buddhipala was elected the new President of the National Chamber of Commerce of Sri Lanka for the year 2021.
‘In 2020 the government set up macro environmental fundamentals in a proper manner that have set up the platform for stable economic growth this year. Due to the Covid 19 pandemic situation we were quite resilient and our exports touched US$ 2 billion and imports touched US $ 3 billion and, therefore, we were able to reduce the balance of trade by US$ one billion, Cabraal said.
Further, foreign remittances increased by 6 percent during last year. Due to the placing of macro environment fundamentals Sri Lanka could achieve 4 percent to 5 percent GDP growth, Cabraal said.
Cabraal added – “Despite all odds we will increase public investments in a reasonable manner to move forward infrastructure projects, which had come to a standstill during the last regime.
‘The Port City project would be a very good project for Sri Lanka and it would start its development work soon. Once it’s started it would generate many employment opportunities for the country.
‘As the Chamber is involved in supporting the SME sector we need equity funds to develop, apart from bank debt capital. With the development of the stock market activities, SME sector should inject not only debt capital but also equity capital.’
Newly elected president Nandika Buddhipala said it is vital for SMEs and micro SMEs in Sri Lanka to access overseas markets through a credible authentic platform. By creating such a platform for Sri Lanka, the National Chamber believes that Sri Lankan products will reach their market destinations easily.
‘To meet this requirement the National Chamber has embarked on a nationally important mission to develop and professionally manage a web based platform, he added.
Business
Ceylinco Life agent among three global finalists for award
Ceylinco Life’s Ambalantota branch agent AIP Manjula has been named one of three global finalists for the prestigious Insurance Agent of the Year award at the 11th Asia Trusted Life Agents & Advisers Awards (ATLAA) 2026.
The recognition places a Sri Lankan insurance professional among the finalists in a regional field spanning South Asia, Southeast Asia, East Asia and the wider Asia-Pacific region.
Ceylinco Life said the achievement reflected the calibre and customer-focused approach of its agency force, while recognising Manjula’s professionalism and commitment to policyholders.
The award evaluates insurance agents on criteria extending beyond sales performance, including ethical conduct, client service, policy persistency, digital adoption, innovative practices and contributions to the insurance industry and community.
The awards are organised by Asia Advisers Network and Asia Insurance Review, with LIMRA as co-organiser. An independent judging and balloting process is monitored by KPMG as the official scrutineer. The judging panel comprises senior insurance executives, association presidents and industry experts from across the Asia-Pacific region.
Business
CEAT Kelani retains AA+ rating for sixth year
CEAT Kelani Holdings (CKH) has retained its National Long-Term Rating of ‘AA+(lka)’ with a Stable Outlook from Fitch Ratings for the sixth consecutive year, reflecting the company’s financial resilience and leading position in Sri Lanka’s pneumatic tyre market.
The ‘AA+(lka)’ rating, the second-highest on Fitch’s national scale, indicates a very strong capacity to meet financial commitments.
Fitch said CKH’s established market leadership and resilient financial profile remained key strengths, while noting its exposure to price-sensitive, cyclical and highly competitive markets.
The Stable Outlook reflects expectations that the company will maintain its market position despite rising input costs and increasing competition from imported tyres, while preserving adequate credit metrics during periods of weaker earnings and higher investment.
Fitch expects CKH’s established brand, extensive dealer network and adaptive pricing strategies to support its market position. Planned production facility upgrades are also expected to improve product quality, particularly in the radial tyre segment.
The rating agency expects near-term pressure on margins from higher raw material and energy costs but said the company’s low leverage and sound liquidity would provide a cushion.
CKH Chairman Chanaka De Silva said the rating reinforced the company’s focus on disciplined financial management, operational adaptability and long-term investment.
Business
Rivon Agriglobe introduces ZETOR tractors, Rover e-bikes
Rivon Agriglobe and Rivon Lanka, affiliated with Celogen Lanka, Assidua Technologies and Kelun Lifesciences, have introduced ZETOR and Agriglobe tractors, the Z-Tukoba power tiller and Rover electric motorcycles to the Sri Lankan market.
The new range was launched at a special event held on September 4 at the Sannasa Hotel in Dambulla, attended by more than 120 dealers from across the country.
The event was graced by Nalin Welgama as Chief Guest, together with Rishi Kumar, Managing Director; WH Roshan, Finance Director; Sadish Kumar, Director; Sumith Nandana, General Manager; Suresh Dhammika, Head of Sales; and Jayasuriya, Operations Manager.
The agricultural machinery range includes the 50-horsepower ZETOR HORTUS 50 and Agriglobe 50 tractors and the Z-Tukoba power tiller, offering what the company described as European-engineered technology for Sri Lankan farmers.
The launch also featured the recognition of Rover E-Bike dealers, highlighting the company’s efforts to expand its island-wide dealer network and promote electric mobility.
The companies said the new models would be available through their growing dealer network across Sri Lanka, providing customers with access to agricultural machinery and electric motorcycles.
-
News5 days agoMastermind Naufer Moulavi among 15 found guilty
-
News7 days agoHatton youth protest against reported death sentence for Lankan in Saudi Arabia
-
News7 days agoMahaweli rises as heavy rain triggers flood, landslide fears
-
News6 days agoProtest against setting up of cement factory in highly populated area near BIA
-
Midweek Review5 days agoThileepan’s fast unto death: An authentic narrative that many missed
-
Latest News4 days agoShowers above 100 mm are likely at some places in the Western, Sabaragamuwa, Central and North-western provinces and in Galle and Matara Districts
-
Editorial6 days agoTrouble beginning in earnest
-
Editorial5 days agoBig Bad Bills
