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DFCC Bank supports industrial excellence by partnering CNCI Achiever Awards

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DFCC Bank PLC, stepped up once again for the 3rd consecutive year to partner with the Ceylon National Chamber of Industries (CNCI) as the principal sponsor and official banking partner of the CNCI Achiever Awards 2020.

The CNCI Achiever Awards was held for the 19th consecutive time to recognize the outstanding efforts of exceptional performers who have molded their respective industries with innovative solutions, while overcoming challenges and meeting the demands of their clientele. This year, the event was recently held under strict health guidelines at the Galadari Hotel in Colombo. 

Commenting on the sponsorship, Chief Executive Officer of DFCC Bank PLC Lakshman Silva stated, “We are pleased to have partnered with the Ceylon National Chamber of Industries (CNCI), as the Main Sponsor and Official Banking Partner of the 19th CNCI Achiever Awards 2020. DFCC is honored to partner in reconciling successful Sri Lankan businesses from various industrial sectors. Our partnership with this prestigious awards programme aligns seamlessly with our commitment to foster and reward industrial growth across the country and support local entrepreneurs in MSME & SME sectors.”

 

 

 



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Sri Lanka could benefit from global trend towards EV use – IPS study

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By Ifham Nizam

The latest publication of the Institute of Policy Studies of Sri Lanka (IPS), `Trade Wars in Electric Vehicle Supply Chains: A Win for Sri Lanka’s Graphite Industry?” indicates that Sri Lanka is poised to benefit from the global trend towards electric vehicles (EVs). Sri Lanka stands to gain by leveraging its top-quality vein graphite, crucial for EV battery manufacturing, the publication says.

Sri Lanka, renowned for its high-quality vein graphite, is poised to benefit from the increasing demand for “non-China origin” graphite, driven by the global push towards electro mobility and the US Green Industrial Policy.

The IPS publication brought out by IPS researchers, Dr Asanka Wijesinghe, Malisha Weerasinghe and Chaya Dissanayake, explores the potential for Sri Lanka to join the supply chain for Electric Vehicle (EV) battery manufacturing.

Speaking at a seminar recently at the IPS, Colombo 7, IPS Research Fellow, Dr. Asanka Wijesinghe said that Sri Lanka’s commitment to sustainability and quality standards places it strategically in the non-China graphite export market, boosted by US industrial policies favouring domestic assembly and non-China sources.

Wijesinghe said that their new study highlights Sri Lanka’s opportunity to become part of the EV battery supply chain.

The study suggests that Sri Lanka could focus on upstream activities, including exporting battery-grade graphite and anodes, and strengthen Research & Development to enhance its strategic position in the non-China graphite export sector, thus attracting investment and ensuring sustainability.

Responding to The Island Financial Review on the possibility of a Free Trade Agreement (FTA) with the US, Wijesinghe believes that a comprehensive FTA may be challenging but a limited one, in the style of the Japan-US Mineral Free Trade Agreement, will be beneficial to Sri Lanka.

“Sri Lanka will have to navigate the complex geopolitical landscape in finalizing such an agreement. On the upside, such an agreement helps value addition to Sri Lanka’s graphite within the country and via export to the US under the subsidy program proposed by the US, he added.

Dr. Wijesinghe also said that US’s strategic move to adopt a proactive green industrial policy, driven by the imperative to achieve net-zero emissions and national security concerns, presents fresh opportunities for graphite producers outside China. The recently enforced Inflation Reduction Act (IRA) plays a pivotal role in reshaping the global EV battery supply value chain by excluding China and promoting domestic assembly and manufacturing of EV components.

Key findings from the IPS study reveal that as a result of these developments, the demand for graphite, a critical component of Lithium Ion Batteries (LIBs), is set to surge. “Non-China” graphite exporters, including Madagascar, Mozambique and particularly Sri Lanka, are positioned to benefit from the re-alignment of the supply chain.

The study also focuses that the Partial Equilibrium modeling results indicate that Sri Lanka holds a strategic advantage in the emerging market. Sri Lanka’s vein graphite, known for its purity, flawless crystal structure, and strong electrical conductivity, stands out as an ideal choice for the growing global demand.

Wijesinghe also stressed that despite facing challenges in terms of cost competitiveness, Sri Lanka’s focus on sustainable practices, minimal environmental impact, and compliance with acceptable labour standards positions it as a key player in the evolving landscape of “non-China” graphite exports.

“Additionally, Sri Lanka possesses a comparative advantage in graphite production and benefits from an established mining sector with an existing consumer base. Increased demand will party help Sri Lanka by increasing the world market price of graphite in the future. However, the productivity of the mining sector needs to be increased to lower the unit cost, to benefit from the emerging global opportunities,” he added.

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Minimum room rate policy ‘killing hotel industry’

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Chandana Amaradasa

By Hiran H.Senewiratne

Policy inconsistency for Sri Lanka’s tourism sector pulls the industry into jeopardy and the new laws that impose a minimum room rate on Colombo City hotels, could make Sri Lanka lose the competitive edge among other countries in the region, a top travel and tourism expert Chandana Amaradasa said.

‘The imposing of a minimum room rate on Colombo City hotels is actually killing the industry, resulting in the industry losing the competitive edge among hotels in the region. Room rates, accordingly, could henceforth rise to between 80 percent and 100 percent even in low standard city hotels in Colombo as well, Amaradasa said.

‘The minimum room rate in Colombo city hotels is currently a bit high with the new law on a minimum charge rate for Colombo City hotels coming into effect and it would affect the industry because all the city hotel standards are not the same. On top of that, to attract high- end tourists into the country Sri Lanka does not have world call events, Amaradasa told The Island Financial Review.

Amaradasa added: ‘All hotels in Colombo have a massive supply chain and with the loss of business/occupancy rates the entire economy will be affected and so far two major MICE tourism events that were scheduled to be held in Sri Lanka have shifted to Thailand.

‘The tourism industry is just picking- up and this type of move is detrimental to the entire sector because these room rates are normally determined by demand and supply and not by gazette notifications.

‘At present, Colombo five star hotels are mainly patronized by Indian tourists, corporate clients and MICE tourists. This will not only impact hotel revenue but the outside supply chain as well. Nowhere in the world is the tourism industry regulated in this manner and this would enable our competitors, such as Vietnam and Thailand, to attract tourists.

‘As a long term consequence, some of the airlines could also pull out of Sri Lanka and hotels will halt recruiting new staff and training them with the limiting of their revenue sources.

‘At present many experienced/quality hotel sector employees have left the country. Once this law comes into play most city hotels will suffer. Therefore, existing hotel sector employees in every category will go for greener pastures.’

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Sheraton Colombo Hotel celebrates International Women’s Day with empowering insights

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Sheraton Colombo Hotel, part of Marriott Bonvoy’s portfolio of over 30 extraordinary brands, marked International Women’s Day with a powerful event themed ‘Women at the Workplace,’ bringing together influential women leaders to inspire and empower attendees.

Sheraton Colombo’s International Women’s Day celebration reaffirmed the hotel’s commitment to promoting gender equality, empowerment, and creating an inclusive environment that nurtures and uplifts women professionals.

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