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Arava recognised at Presidential Export Awards as Emerging Exporter of the Year 2020/21

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Asiri Gurusinghe, Chairman / Founder, Arava (Pvt) Ltd receives the presidential award from President Gotabaya Rajapaksa at the Presidential Export Awards ceremony organised by the Export Development Board Sri Lanka (EDB).

Arava Private Limited, a leading exporter of coconut-based products received the “Emerging Exporter 2020-2021” Award at the Presidential Export Awards organized by the Export Development Board Sri Lanka (EDB).

The flagship event of EDB, which has helped many of Sri Lankan exporters to reach global market in terms of productivity and value creation, was recently held at the BMICH where President Gotabaya Rajapaksa was the chief guest. Asiri Gurusinghe, Chairman & Founder, Arava (Pvt) Ltd received this prestigious presidential award from the President.

Presently the company manufactures 10 – 12 product range made out of coconut based products coir fiber bales, cocopeat, grow bags, cut coco fibre and husk chips to name a few, which is exported to over 46 countries around the world covering seven continents.

Having commenced on a small-scale in 2013, Arava (Pvt) Ltd has come a long way to become a leading exporter that now exports a substantial number of containers annually. In addition to having established two subsidiary companies related to export services, today the company owns three fully-fledged manufacturing plants with a workforce exceeding 350. As an ISO 9001:2015 certified company, Arava (Pvt) Ltd is focused on manufacturing and exporting high quality unique products from Sri Lanka.

Asiri Gurusinghe said, ” Arava is fully committed to maintaining the highest standards in its manufacturing process which has OMRI certification and GMP certification. Initiating from coir based products, we have also broadened our portfolio towards other value added products in building a Sri Lankan brand in the world. All our products are certified by the Sri Lankan government approved authorities and required international standardizing agencies to ensure the quality. I would like to thank my staff and the customers who have trusted our products.”



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Business

Seven factors of concern at upcoming Monetary Policy Review

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by Sanath Nanayakkare

The Central Bank of Sri Lanka (CBSL) is scheduled to announce its latest monetary policy review on 20th January 2022, with all eyes on dwindling foreign reserves and foreign currency exchange in the country.

In this context, First Capital Research has named 7 factors of concern that could be taken into account at the upcoming monetary policy review. They are as follows.

* Foreign Reserves USD 3.1 billion – Dec 2021

* Inflation CCPI 12.1% – Dec 2021

* GDP Growth -1.5% – 3Q2021

* Private Credit LKR 60.5 billion – Nov 2021

* 03M T-Bill rate 8.38% as at 12.01.22

Liquidity and CBSL Holdings LKR -364.0 billion and LKR 1.42 trillion

Balance of Trade (BOT) and Balance of Payment (BOP) USD -6.5 billion and USD -3.3 billion for Jan-Oct 21

First Capital Research’s Policy Rate Forecast – Jan 2022-Apr 2022 notes that they believe the CBSL may highly consider tightening the monetary policy rates in this policy review but given the concerns over economic growth, there is a probability of 40% for CBSL to maintain its policy stance at current levels.

“With high frequent indicators improving in line with expectations, we have eliminated any probability of a rate cut. We expect a continued increase in probability for a rate hike in order to prevent overheating of the economy amidst the given fiscal and monetary stimulus,” they said.

As per First Capital’s view, CBSL either can choose to hike policy rates by 50bps or 100bps or hold policy rates steady, while a rate cut is off the table due to the high debt repayment and the high domestic borrowing requirement.

First Capital believes that there is a 60% probability for a rate hike due to the remedial actions required in achieving external stability.

However, there is also a 40% probability to maintain the policy rates at its current level in order to further improve the high frequency indicators.30%, they noted.

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Sri Lanka’s dash brand enters international markets

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Multichemi International Ltd, which manufactures and distributes a wide range of products under dash, one of Sri Lanka’s leading detergent and household care brands, has begun exporting its products to several international markets in Asia and Oceania, with plans also to enter Africa. The dash brand includes a wide range of products in car care, household care, home fragrances and laundry care sectors. Multichemi International Ltd, which has been awarded ISO 9001:2015 certification, is a Sri Lankan pioneer in environment-friendly cleaning products, having launched the country’s first biodegradable, safe cleaning products over 28 years ago.

Amila Wijesinghe, General Manager of the Company said,”Having conquered the domestic market, we are now ready to capture the international market. We are confident that our products which are of high quality will receive a good demand overseas as well. The feedback we have received so far from our overseas customers is extremely encouraging. We are dedicated to taking our products to the international market, to bring in foreign currency to the country and help uplift the economy”,

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Janaka Abeysinghe appointed SLT CEO

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Sri Lanka Telecom PLC has announced the appointment of Janaka Abeysinghe as its Chief Executive Officer (CEO) with effect from February 1, 2022.

The incumbent CEO Kiththi Perera will be overseas on leave for a period of two years to pursue higher studies, according to a stock market filing by the company.

Abeysinghe joined SLT in 1991. In his present role, he leads the enterprise and wholesale business of SLT that provides integrated voice and data solutions to enterprises, government institutions, domestic telco operators and global wholesale carriers.

In his career at SLT spanning 29 years, he has held a number of senior positions, including general manager Enterprise and International Sales and has extensive experience in the areas of Enterprise Digital Services, Enterprise Communications Solutions, Data Communications, Business Development, Domestic and International Switching Operations and Global Wholesale Voice & Data Business.

He holds a Master’s Degree in Electrical and Computer Engineering from the University of Kansas, USA and a BSc degree in Electronics and Telecommunications Engineering with a First Class Honours from the University of Moratuwa.

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