The Joint Apparel Association Forum (JAAF) held its 21st Annual General Meeting on 27th January in Colombo. Speaking at the event the reappointed Chairperson, Saifuddin Jafferjee, reflected on the achievements of the past year while emphasizing the work needed to navigate upcoming challenges in the apparel industry.

“I am deeply honored to serve this incredible industry once again,” Jafferjee remarked, expressing gratitude for the trust placed in him. He celebrated the sector’s resurgence beyond the $5 billion export mark, attributing this milestone to the collective resilience and efforts of industry leaders and teams. However, he also acknowledged the fragility of the recovery amidst intensifying competition and pricing pressures, particularly from regional players such as Cambodia, Vietnam, and Bangladesh.

Despite flat imports in key markets like the EU, Jafferjee highlighted year-on-year steady progress in the US and UK markets, citing initiatives including collective industry-level collaboration to attract anchor brands back to Sri Lanka as crucial steps toward attracting and newer global buyers. “Sustained collaboration and strategic innovation are vital for relevance in this evolving landscape,” he urged.

Reflecting on the broader economic climate, Jafferjee noted how political transitions and economic reforms, including the IMF program and debt restructuring efforts, posed challenges for JAAF’s advocacy. Key wins during the year included continuation of the SVAT scheme, , revisions to electricity tariffs, progress in Eravur textile zone development and securing cumulation benefits for Indonesian fabric with the EU.Sri Lanka has also made an application to the UK for cumulation of Indonesian fabrics and is confident this will be granted in the next few months.

As JAAF looks ahead, Jafferjee outlined priorities including unlocking new market access, driving digitization to align with government business facilitation policies, advocating for tax reforms, and phasing out para tariffs. “We must strengthen ties with nations like India, China, the UK, and the EU to secure preferential access, while championing labor reforms to sustain competitiveness,” he emphasized.

Sri Lanka Insurance Life (SLIC Life), the largest and strongest insurer in the Life Insurance industry, recently hosted its much-anticipated Star Awards 2024 at Shangri-La, Colombo. This grand celebration was dedicated to honoring the ‘Heroes of Excellence’ the top-performing sales achievers who demonstrated exceptional dedication, resilience, and excellence in driving success throughout the year 2023. The awards night stood as a testament to the remarkable contributions of these individuals, who continue to play a pivotal role in shaping SLIC Life’s success story.

Over 300 outstanding achievers were recognized for their exemplary performance across several categories, including Best Insurance Advisors, Best New Business Producers, Best Team Leaders, Best Group Leaders, Best Branch Managers, Best Regional Managers, Best Bancassurance Sales Officers, and Best Bancassurance Senior Area Executives. A Special Award for achievers were also presented under each category.

The evening celebrated some of the finest achievers: All Island Best Regional Manager P. Sathiyan (Northern Region), All Island Best Branch Manager A. Supesan (Jaffna Branch), All Island Best Group Leader N. Narththanan (Chavakachcheri), All Island Best Team Leader Amila Prasad (Kiribathgoda), All Island Best New Business Producer (Advisor Category) N. Nagarajah (Jaffna), All Island Best Advisor S. M. M. G. Subasinghebanda (Nugegoda), and All Island Best Bancassurance Sales Officer (Advisor Category) Ms. A. L. T. M. Liyanage, who were lauded for their exceptional contributions and unwavering commitment to excellence in 2023

The prestigious event was attended by over 350 members of Sri Lanka Insurance Life, including Chairman Nusith Kumaratunga, Group Chief Executive Officer Chandana L. Aluthgama, and the Corporate Management team. The ceremony also acknowledged the esteemed members of the Platinum Star Club and Platinum Club, further cementing the importance of excellence and dedication across the organisation.

NDB Bank marked a momentous occasion with the official launch of TradeLinc, a revolutionary digital banking solution that is set to redefine supply chain finance in Sri Lanka. This exclusive event, attended by over 100 distinguished business customers, demonstrated the bank’s unwavering commitment to advancing innovative financial solutions and empowering businesses across the nation.

The evening began with an inspiring address by Kelum Edirisinghe, CEO of NDB Bank, who articulated the bank’s vision for the future of digital banking. He emphasised the strategic importance of TradeLinc as a catalyst for growth, providing Sri Lankan businesses with real-time solutions to optimise liquidity and enhance supply chain operations.

Rukmal Dharmadasa, Chief Manager of NDB Supply Chain Finance, offered a comprehensive introduction to the TradeLinc platform, outlining its key features and benefits. Designed to meet the unique needs of the Sri Lankan market, TradeLinc enhances visibility, enables real-time funding, and offers cost-effective solutions tailored for local businesses, particularly SMEs.

The significance of this milestone was further highlighted through a special address by Takafumi Kadono, Country Director of the Asian Development Bank (ADB), who underscored the global importance of closing the trade finance gap and enabling small and medium enterprises to thrive. Complementing this, Ms. Aparna Soni, Relationship Manager of the Trade and Supply Chain Division at ADB, shared her insights on how innovative supply chain finance solutions like TradeLinc can drive sustainable growth and foster greater financial inclusion.