Business
Eco Spindles strengthens Sri Lanka’s circular economy for plastic recycling
Eco Spindles (Private) Limited, Sri Lanka’s largest plastics recycler, has announced plans to expand its capacity to manufacture yarn using recycled plastics, as well as innovative new additions to its suite of cutting-edge, eco-friendly products used by some of the world’s leading fashion brands.
The company owns one of only two plants in the world capable of creating polyester yarn directly from recycled polyethylene terephthalate (PET) plastic flakes. After the completion of the second phase of its yarn plant expansion programme in April 2022, the company expects its capacity to manufacture recycled polyester yarn to increase by 120%, from 100 tonnes of Draw Textured Yarn a month to 220 tonnes a month.
For its third phase of expansion, Eco Spindles is exploring potential opportunities to expand its footprint within or beyond Sri Lanka.
Given that its products, made using recycled PET plastics, are primarily exported, these developments pave the way for the company to generate more export earnings and foreign exchange for Sri Lanka. It also addresses the improper disposal of plastics, one of the world’s biggest environmental issues.
These developments were announced at Eco Spindles’ annual yarn conference held virtually on the 14th February 2022, with the participation of the company’s senior management. During the conference, Eco Spindles also felicitated its top 10 buyers of 2021.
The conference featured keynote addresses from BPPL Holdings PLC Managing Director and Chief Executive Officer (CEO) – Dr. Anush Amarasinghe, Eco Spindles Yarns CEO – Nalaka Senavirathna and Eco Spindles Yarns Head of Sales – Jerome De Mel. In addition to plans for business improvement, the speakers also shared their insights into the ongoing battle against plastic pollution and offered promising solutions adopted on a national scale with global impact.
“As people who are passionate about the environment, we are painfully aware of the impact plastic materials have on nature since more than 583 billion PET plastic bottles are produced each year with 85% of it going to landfills. We also believe that to resolve this crisis, the solution is social entrepreneurship which seeks to create and support a circular economic model. It is from this understanding that Eco Spindles emerged, and we are fortunate that our customers and partners have supported us in this vital mission. We look forward to continuing to collaborate with them in the future,” Dr. Amarasinghe said.
Eco Spindles also announced plans to manufacture recycled polyester yarn using textile waste during the conference. The company has been working closely and trailing this innovation with leading apparel manufacturers in Sri Lanka and global apparel brands. The first commercially viable product will be launched in May 2022.
“Globally, only 20% of clothing waste is recycled or reused, while the remaining 80% is incinerated or in landfills. Given that Sri Lanka is a prolific exporter of apparel, the ability to recycle textile waste back to yarn will provide the domestic industry and its global brands and retail partners a significant boost in enhancing their sustainability efforts. Additionally, a PET bottle, which typically takes over 1,000 years to degrade in the environment, can be recycled into polyester yarn, which manufacturers later convert into garments. Through this conversion, we remove over 900 years in degradation time if we responsibly dispose of and recycle plastic,” Nalaka Senavirathna said.
Business
“ViYASA” National Business Facilitation Centre (NBFC) to be opened tomorrow (22)
The National Business Facilitation Centre (NBFC), which is being established under the Presidential Secretariat with the aim of removing administrative and regulatory barriers that exist among government institutions in relation to investment and industry and expediting these processes, will be opened tomorrow (22).
The centre is being established on the President’s initiative with the aim of bringing about a positive transformation in the industrial sector. The centre will provide solutions to issues that arise in dealing with the government machinery when starting and operating a business, while also coordinating with the relevant government institutions to provide the necessary facilities.
The “ViYASA” National Business Facilitation Centre (NBFC) has been established at Building C-80, Hector Kobbekaduwa Mawatha, Colombo 07, and is headed by Senior Additional( Secretary to the President, Seevali Arukgoda.
The centre will be opened under the patronage of Minister of Labour and Deputy Minister of Finance and Planning Dr Anil Jayantha Fernando and Minister of Industry and Entrepreneurship Development Sunil Handunnetti, with the participation of Secretary to the President Dr Nandika Sanath Kumanayake.
The website https://nbfc.presidentsoffice.gov.lk is also scheduled to be officially launched on the occasion.
President’s Media Division)
Business
Charting a worker-centered AI future: Colombo hosts landmark ITF conference
By Sanath Nanayakkare
Artificial intelligence and automation present serious challenges for workers – such as job consequences seen in docks and rail systems – and emphasises that workers cannot simply stop technological progress. By gathering young trade unionists in Sri Lanka, the ITF aims to establish key principles for engaging with technology, ensuring workers have a strong voice at the bargaining table, and encouraging constructive social dialogue with corporations and governments.
These compelling words from ITF General Secretary Stephen Cotton underscored the urgent reality facing modern labor as rapid technological advancements sweep across global industries.
Confronting this shifting landscape head-on, the International Transport Workers’ Federation (ITF), in partnership with the National Union of Seafarers of Sri Lanka (NUSS), convened a ground-breaking conference on artificial intelligence in Colombo from September 15–17.
As the ITF’s first-ever AI-focused global conference and the first of its kind hosted in Sri Lanka, the landmark event marked a critical milestone in balancing technological innovation with worker-centered safeguards.
Representing over 16.6 million transport workers worldwide, the ITF designed the gathering to tackle the multifaceted impacts of AI on safety, operations, workforce development, and governance. Rather than resisting progress, the conference focused on proactive engagement, establishing guiding principles to protect workers’ rights and privacy both at sea and on land.
Key discussions centred on sharing best practices for upskilling and reskilling transport personnel, ensuring that human oversight remains central to AI-driven logistics, routing, and maintenance.
Reflecting on the historic nature of the event, Boa Athu, CEO of National Union of Seafarers Asia Pacific, noted that the conference represented a monumental moment as AI emerges as a permanent fixture of contemporary life.
Highlighting NUSS’s pride in hosting the event in Colombo, Athu emphasised that AI offers transformative potential when guided by strong social dialogue, equitable access to training, and robust governance safeguards.
Ultimately, the Colombo conference demonstrated that the future of transport must be shaped by those who keep the world moving. By uniting international labour leaders, affiliates, port operators, and regulators, the event laid a vital foundation for inclusive policy frameworks that champion fair labour standards, securing a powerful voice for workers in an automated tomorrow.
Business
Bridging the digital divide: Sri Lanka’s airport licence challenge
By Sanath Nanayakkare
As Sri Lanka experiences a surge in visitors from its largest tourist market, India, a modern administrative hurdle has emerged at Bandaranaike International Airport (BIA).
While nations like India and Pakistan have successfully transitioned to fully digital driving licences and cashless ecosystems, Sri Lanka’s Department of Motor Traffic counter still requires a physical card to issue temporary local permits, The Island Financial Review learns.
This mismatch creates significant friction for independent travelers who rely entirely on smartphones and cloud-stored credentials. Tourists turned away at the airport – and sometimes redirected to the Werahera office in vain – find themselves unable to legally rent and drive vehicles. Consequently, this policy gap harms local car rental operators, causes tourist frustration, and deprives the government of valuable permit revenue.
The situation highlights a distinct irony: Sri Lankan motorists easily travel abroad using International Driving Permits that are readily accepted in India and Pakistan, yet local infrastructure cannot reciprocate due to outdated verification systems.
Recognizing the problem, Department of Motor Traffic officials have noted that upgrades and new equipment are currently in the works to integrate foreign digital platforms.
For a nation aggressively pursuing a national digitalisation drive, rapidly modernising these transport protocols is essential to keeping pace with global travelers and unlocking the full potential of its tourism economy.
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