TransDigm Group is a US-based, 6.6 billion USD company that employs over 16,000 people. A pioneer in the global aviation engineering services supplier industry, TransDigm is the parent company of AmSafe Bridport that operates in Sri Lanka. Since 2001, AmSafe Bridport has been in operation at the Wathupitiwala EPZ in Nittambuwa. The company that provides engineering solutions to the global aviation industry and aircraft manufacturers like Airbus and Boeing, contributes significantly to the Sri Lankan economy.

A press release further elaborated: ‘Marking a significant milestone in their contribution to the economy, Shield Restraint Systems (Pvt) Ltd on Oct. 31 held a ground breaking ceremony for a state-of-the-art, manufacturing facility at the Wathupitiwala EPZ in Nittambuwa. The ceremony was held under the patronage of US ambassador Julie Chung.

‘Andrew Shinn the Economic Officer from the United States embassy in Colombo, Daniel Jackson the Economic and Commercial Officer from the United States embassy in Colombo, chairman of the BOI Arjuna Herath, Director General of the BOI Renuka Weerakone, Executive Director of Zones (BOI) M K D Lawrence, Executive Director Investment (BOI) Ranjith Dharmasiri, and Wathupitiwala Zone Director Prasad Silva were also present. Vice President of the Free Trade Zone Manufacturer’s Association Fazal Abdeen and Secretary of the FTZMA Tyronne Weckasinghe also graced the occasion.

‘Representing AmSafe Bridport UK, its president Audun Ror, Vice President of Operations Andy Davies, Vice President of Engineering & Sales Natalie Paul, and Vice President of Finance Tracy Jones were also present at the ground-breaking ceremony. President Dennis Pursel, and Vice President of Operations Adam Cole represented Shield Restraint Inc., USA.

‘The brand new facility will be constructed with an investment of 8.5 million USD. The plant which will manufacture export-grade safety restraints like seat belts, nets and other safety restraint equipment, will provide job opportunities for 500 skilled workers.

‘Due to the new tax revisions put in place by the United States on goods manufactured in China, American companies are looking for alternative countries to set up their manufacturing plants. After conducting extensive feasibility tests, AmSafe Bridport chose Sri Lanka for the new plant set-up over other countries like India, Mexico, Thailand and Malaysia. Accordingly, Sri Lanka’s investment-friendly climate prompted Shield Restraint Systems to move the manufacturing plant from China to Sri Lanka.

‘Speaking at the ceremony General Manager of AmSafe Bridport Chandani Ekanayake said, “The brand new facility marks a significant milestone in Sri Lanka’s manufacturing capabilities. Creating 500+ job opportunities for talented Sri Lankans, the facility will also open avenues for many other support services and other stakeholders involved in the business. We are also looking forward to creating a positive impact to Sri Lanka’s export earnings, and thereby contribute to the recovering economy as well”.

“Shield is trusted globally for manufacturing the highest quality safety restraint equipment under processes that are based on the ISO9001 and IATF16949 standards. The high quality material used for manufacturing ensures utmost comfort and security for the end user. We are proud to be the manufacturing hub for these equipment and look forward to completing this facility, and kick starting the production by the (enter timeline here)”.

‘The production lines will include, child passenger safety restraints and buckles, commercial vehicle restraints, construction vehicle seat belts, emergency vehicle seat belts, material handling restraints, recreational vehicle restraints, integrated child harnesses, protection netting and much more.’

By Ifham Nizam

In a comprehensive discussion that addressed the current state of Sri Lanka’s key industries NPP Colombo District candidates, Chathuranga Abeysinghe and Dr. Rizvie Salih, outlined a series of initiatives aimed at driving economic growth, enhancing transparency and fostering a more competitive business environment.

At the Business Edition Forum held on Sunday at the Ramada, Chathuranga responded to concerns from the gem and jewellery sector, which has seen reduced revenue due to the Value-Added Tax (VAT) imposed on raw stone imports.

He said that the government aims to position Sri Lanka as a global Gem and Jewelry Hub. As part of this vision, the government plans to eliminate taxes on both the import of raw gems and the export of finished jewelry, with the goal of increasing industry revenue from 600 million rupees to an ambitious 2.5 billion rupees in the coming years.

Addressing concerns about bureaucratic inefficiencies and corruption, Chathuranga emphasized the government’s commitment to digitization. Plans are underway to create a digital infrastructure that connects vital government services, including the Identity Office, Land Registry, and Inland Revenue Department, to streamline processes and reduce corruption. This move aims to provide transparency and improve service delivery to citizens and businesses alike.

Dr. Rizvie discussed the need for improvement within the National Medicines Regulatory Authority (NMRA) to reduce delays in drug approvals.

He highlighted the importance of adequate staffing and laboratory resources, alongside a transparent process, to ensure a steady and high-quality supply of essential medicines to the public.

Responding to a query on increasing the competitiveness of Sri Lankan businesses, Chathuranga outlined the government’s focus on improving three fundamental business resources: electricity, transportation and access to capital.

He stressed that the government is working to offer affordable capital through development banks while building a supportive ecosystem for start-ups and entrepreneurs. This includes not only providing funding but also access to market information, expertise and business guidance to help new businesses meet growth milestones. Additionally, policies to attract angel investors and incentivize private-sector support are expected to boost start-up development.

The garment industry, a vital sector of the Sri Lankan economy, is facing competitive pressure due to tax disparities on local and imported goods. Chathuranga assured stakeholders that this issue is being addressed, alongside a comprehensive review of recent VAT increases on various industries. The government is working to assess the impact on each sector to identify areas where tax reductions are warranted while balancing revenue needs in line with IMF requirements, he said.

Highlighting the importance of exports, he asserted that value-added businesses are key to Sri Lanka’s future economic health. These businesses, he stated, are crucial to realizing the government’s vision of a “thriving nation” that provides a “beautiful life” for its citizens.

The Colombo Tea Traders’ Association (CTTA), the apex private-sector body representing Sri Lanka’s tea trade, marked its 130th Annual General Meeting at the Shangri La on October 25 , 2024. This milestone event brought together over 500 distinguished members, industry veterans, and stakeholders to celebrate CTTA’s enduring legacy and its pivotal role in championing Ceylon Tea on the global stage.

Founded on August 9, 1894, the CTTA has consistently driven progress in the tea industry, overseeing the world-renowned Colombo Tea Auction, the largest single-origin tea auction globally. Over 130 years, CTTA has upheld its founding commitment to “promoting the common interests of tea sellers and buyers while preserving the Colombo Tea Market’s good name.” Reflecting on CTTA’s legacy, Mr. Sanjaya Herath, Chairman of the CTTA, stated, “This landmark anniversary reminds us of our responsibility to sustain the legacy of Ceylon Tea and innovate for the future. Our tea industry must harness advanced technology, foster public-private partnerships, and support smallholder farmers to ensure resilience and growth.”

In honor of this momentous year, CTTA organized a series of impactful initiatives, underscoring its dedication to both heritage and social responsibility. The association expanded its outreach by deploying two 1990 Suwasariya ambulances to Maskeliya and Nivithigala in February, increasing access to essential medical services in tea-growing communities. Additionally, the “Ray of Hope” charity initiative, launched in April, further emphasized CTTA’s commitment to supporting vulnerable communities within the tea sector. The association also revived the Colombo International Tea Convention in July 2024, welcoming over 800 delegates to celebrate Ceylon Tea’s heritage, sustainability efforts, and global role.