Business

Hela Apparel Holdings formally commences operations in Egypt

Published

5 years ago

2022/02/22

Hela Apparel Holdings, Egypt

Following the conclusion of its successful listing on the Colombo Stock Exchange, Hela Apparel Holdings has expanded its global footprint by formally commencing operations at its latest factory in Egypt recently. The much-awaited expansion will enable the company to provide an attractive nearshore manufacturing offering, strengthening the organization’s focus on providing the world’s leading apparel brands with innovative and sustainable supply chain solutions.

The 275,000 square foot manufacturing facility is situated in the Alexandria Governorate, an area with a well-established skill base in apparel manufacturing that also hosts one of Egypt’s largest ports. The facility is equipped to accommodate up to 2,500 workers during a single shift, with the potential for significant further expansion. With this new addition, Hela has increased its global footprint to 12 directly-operated manufacturing facilities, reaffirming its position as one of the leading apparel manufacturers in Africa.

Commenting on the expansion, Sanath Amaratunga, CEO of Hela Kidswear said, “We’ve had an extremely positive response from both our existing and a range of new customers on our expansion into Egypt. It offers an immediate solution to the growing demand for speed in apparel sourcing. The well-established skill base and integrated supply chain in Egypt allow us to offer a range of product types at competitive rates. In addition, Government authorities are very supportive and provide a range of incentives when establishing export-orientated manufacturing in Egypt. I would also like to take this opportunity to express my gratitude to the Egyptian embassy in Colombo for their invaluable support throughout the establishment process, as well as to our staff members in Egypt for their hard work and commitment to Hela’s vision”.

Egypt offers a range of advantages for apparel manufacturing – most notably its geographic proximity to major markets, with shipping times as little as 3 days to Europe and 12 days to North America. This addresses the increasing demand for speed and nearshoring solutions from global apparel brands, which has become more pressing as a result of the logistics disruptions caused by the pandemic. Egypt also has a well-established textile supply chain, which drastically reduces the need to ship raw materials from Asia, bringing down lead times further, as well the overall environmental impact of production, which is another key benefit for apparel brands. In addition, Hela’s foray into Egypt will allow indefinite duty-free access to both the EU and UK market, through Egypt’s bilateral free trade agreements – as well as to the US via the Qualifying Industrial Zone initiative.

“Given the strong interest we are seeing from customers, we expect a significant positive contribution to both top and bottom-line growth from Egypt over the coming months, with the medium-term goal of reaching USD 100 million in exports from the country” he added.

Hela Apparel Holdings is a social capital-focused company built on a culture of inclusivity, equality, and sustainability with a strong focus on strategic partnerships with long-standing customers, providing responsive and dynamic end-to-end supply chain solutions to global apparel brands. The company is a leader in ethical and sustainable apparel manufacturing, having received numerous global accolades in this regard and recently becoming a signatory to the UN Global Compact. Through its global expansion initiatives, the company has also emerged as a leader in Africa’s apparel manufacturing revolution. The Group provides manufacturing solutions to some of the world’s top luxury apparel brands including Tommy Hilfiger, Calvin Klein, Michael Kors, and VF Corp, through its 12 manufacturing facilities located in Sri Lanka, Kenya, Ethiopia, and Egypt.

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Business

Commercial Bank scales up ADB credit line to empower Jaffna SMEs

Published

4 hours ago

2026/09/28

Thilina Walpola

Empowering Regional Enterprise: ADB Country Director Shannon Cowlin (right), T. Thivaharan, Manager of Commercial Bank’s Manipay Branch (center), and P. Prabakaran, Proprietor of New V.S.P. Gingelly Oil (left),at the production facility in Sandilipay, Jaffna (415 km north of Colombo). The visit highlighted how targeted ADB-backed financing helps local small and medium-sized enterprises overcome financing barriers, upgrade operations, and stimulate employment across regional supply chains.

By Sanath Nanayakkare

Continuing its mission to drive inclusive economic recovery and empower Sri Lanka’s grassroots business sector, the Commercial Bank of Ceylon PLC has actively accelerated the disbursement of the Asian Development Bank’s (ADB) Enhancing Small and Medium-Sized Enterprises Finance Project line of credit.

As Sri Lanka’s premier private sector lender, Commercial Bank drives regional development by bridging financial gaps outside the Western Province. Jaffna and the broader Northern Province remain pivotal focus areas due to their immense potential for industrial regeneration, vibrant agricultural output, and entrepreneurial resilience in the post-crisis economic landscape.

Directing targeted, affordable financing enables local enterprises to overcome historical financing barriers, expand production capacity, and stimulate employment across regional supply chains.

Quality at the Source: ADB Country Director Shannon Cowlin inspects a bottle of premium sesame oil at the New V.S.P. Gingelly Oil factory floor in Jaffna. Working capital facilities extended through Commercial Bank under the ADB line of credit enable manufacturers like Harish Industries to meet growing wholesale and retail demand across Sri Lanka while securing long-term economic resilience.

The dedicated credit scheme offers affordable interest rates to help small and medium-sized enterprises (SMEs) rebound from recent macroeconomic shocks, maintain employment stability, and build long-term sustainability. Designed to target underserved segments, the funding line prioritizes viable enterprises located outside the Colombo district, women-owned and women-led businesses, and ventures incorporating strong climate finance components. Eligible sectors span manufacturing, agriculture, animal husbandry, technology, tourism, and direct export industries.

A standout beneficiary showcasing the transformative impact of this regional focus is Harish Industries, a flourishing manufacturing firm located within the purview of Commercial Bank’s Manipay branch in Jaffna. Owned and operated by proprietor Ponnuchamy Prabakaran, Harish Industries manufactures premium sesame oil under the popular brand name “New VSP Gingelly Oil”.

The working capital facility extended by the line of credit to Harish Industries helped to cater to short-term liquidity needs, ease out cash flow pressure, and operate the business in a sustainable manner.

Additionally, this financial backing helped create more employment opportunities, strengthen its supply chain, and expand business operations to meet growing wholesale and retail demand across Sri Lanka.

Business

A tech-savvy new generation stepping in to reinvent Sri Lankan hospitality

Published

5 hours ago

2026/09/28

Thilina Walpola

When the final twelve champions took the stage for their honours, the event shifted from a mere ceremony into a profound symbol of tomorrow

The grand halls of the Taj Samudra in Colombo buzzed with a distinct energy on the morning of September 25, 2026, as leaders gathered for the National Celebration of World Tourism Day.

Yet, beneath the formal discussions on digital agendas and artificial intelligence, a deeper, more vibrant narrative was quietly unfolding. This was not merely a story of algorithms and automated efficiency; it was a human story – a tale of Sri Lanka’s youth stepping forward to redesign the future of hospitality.

For generations, Sri Lanka’s allure has been rooted in its timeless landscapes, golden shores, and the legendary warmth of its people. But as global travel evolves, a new generation of tech-savvy local innovators is finding ways to weave cutting-edge technology into the rich tapestry of Sri Lankan culture. This shift took center stage during the Tourism Start-Up Competition 2026, held under the theme “AI-Driven Innovation for the Future of Tourism”.

Out of 52 competitive applications spanning tertiary and commercial levels, young minds proved that technology and tradition can go hand in hand.

The twenty-five shortlisted teams stood before expert panels to defend visions that bridge the gap between ancient heritage and modern data intelligence.

Behind every submitted AI solution was a young entrepreneur eager to protect local destinations, enhance visitor experiences, and elevate service delivery.

When the twelve winners were finally honoured, the celebration transformed into something much greater than an awards ceremony.

It served as a powerful reminder that the true engine of Sri Lanka’s digital transformation is its youth. Armed with code, creativity, and a profound love for their country, these young visionaries are ensuring that when travelers explore Sri Lanka, they do not just witness the future – they feel the heartbeat of a new, digitally empowered era of hospitality.

Business

IRD enforces mandatory TIN certificate submission for specified transactions starting November 01

Published

5 hours ago

2026/09/28

Thilina Walpola

The Inland Revenue Department (IRD) has announced a sweeping regulatory shift, confirming that the submission of a valid Taxpayer Identification Number (TIN) Certificate will become mandatory for a wide range of essential financial, commercial, and property transactions starting November 1, 2026.

The decisive directive, enforced under the legal framework of the Inland Revenue (Amendment) Act, No. 11 of 2026, applies directly to individuals specified under Section 102(3) of the principal Inland Revenue Act.

Under the new mandate, relevant authorities and corporate entities across the island have been instructed to withhold processing or completion of key procedures unless applicants present a verified TIN document. The specified transactions include:

Financial Services: Opening any account at a bank or financial institution, and obtaining a credit card.

Property and Construction: Obtaining approval for building plans, and registering land or titles to land.

Automotive Administration: Registering a motor vehicle or renewing a motor vehicle license.

Commercial Activity: Registering a new business.

Corporate Transfers: Transferring shares of a company incorporated in Sri Lanka—a requirement binding on both the transferor and the transferee.

The IRD has reiterated that acquiring a TIN remains a statutory obligation for all resident individuals who were aged 18 or older as of December 31, 2023, as well as those who attain the age of 18 on or after January 1, 2024, upon reaching that milestone. Officials handling the designated services have been sternly directed to verify compliance before moving forward with any customer requests.

To streamline the transition and prevent administrative bottlenecks, the department has encouraged members of the public who have not yet secured their numbers to register promptly via the official IRD e-Services platform. Furthermore, recognizing potential logistical hurdles, the IRD noted that a printout of the online TIN verification result—clearly displaying the applicant’s National Identity Card (NIC) number and TIN—will be accepted as a valid alternative to the official certificate.

As the November 1 deadline approaches, citizens are urged to secure their documentation beforehand to ensure uninterrupted access to essential public, financial, and legal services.