Business
Baurs share short term solutions for Sri Lanka’s organic agriculture conversion
A. Baur & Co. (Pvt.) Ltd., widely known as Baurs, a diversified business group and one of the pioneering innovators in agriculture in Sri Lanka, recently shared preliminary key insights and solutions for the country’s farming industry to successfully master the conversion from conventional to organic, backed by scientific evidence and sound knowledge drawing from both professional and practical experiences.
A. Baur & Co. (Pvt.) Ltd (Baurs), together with its contracted institutions namely Research Institute of Organic Agriculture (FiBL) and School of Agricultural, Forest and Food Sciences (HAFL), in their findings upon their study visit suggested necessary steps for the country to embrace a successful transition from conventional to an organic production system within a short period of time.
The report highlighted that the conversion to an agricultural system without using synthetic fertilizers cannot function by just replacing mineral fertilizers with organic fertilizers, citing the fact that there needs to be sufficient organic fertilizers, including the importance of reactivating soils biologically as the current soil-plant system, accustomed to mineral fertilizers, is not adapted to digest and use them. Additionally, it also mentioned that larger quantities of raw materials need to be transported and spread in fields.
It stressed that the ecological conversion to an organic one requires a holistic change of concept, which will take several years including efforts towards capacity development. However, given the immediate ban in the country it recommended that farmers be provided with options for soil fertility management without synthetic fertilizers for the ongoing Maha season.
As the first step, it recommended large amounts of organic fertilizers be organized by importing such products and begin capitalizing on natural sources of nitrogen. Parallelly, potential sources of organic remains, such as waste from the food industry and markets and remains from the animal industry for instance, must be identified and explored in ways to valorize them as organic fertilizers. And that such recycling will also close nutrient cycles, contributing to a positive environmental impact.
Compost should play a crucial role especially in its role to activate soil biology and its contribution to stabilize soil structure which in turn brings numerous benefits, citing that quality composts can also reduce the incidence of plant diseases.
Secondly, it suggested a new holistic management towards agricultural production be undertaken which requires more time, supported by relevant skills and knowledge. Crop rotations or mixed cropping techniques, soil fertility management and selecting crop varieties that are appropriate for organic production are important tasks to act upon, all of which will result in an efficient and sustainable system in the long term.
Baurs is actively engaging with the team of senior experts from FiBL and HAFL who are also coordinating their efforts together with other relevant organisations, with the view of continuously studying the country’s ecological landscape and provide the best scientific and practical solutions and knowledge to embrace the transition challenge.
Business
Affairs of Sri Lankan Airlines could be turned around using local expertise – former CAA chair
The financial affairs of national carrier Sri Lankan Airlines could be turned around along with the fortunes of Mattala Airport, using local management expertise without divesting these assets, former chairman CAA and veteran travel and tourism expert Upul Dharmadasa said.
“Sri Lanka has experts and knowledgeable persons to develop Sri Lankan Airlines into a viable entity. But when it comes to the debt restructuring process the government should absorb the losses to salvage our national carrier, former chairman Civil Aviation Authority Upul Dharmadasa told The Island Financial Review.
Speaking on Mattala Airport Dharmadasa said that during the Covid 19 pandemic he spearhead the airlines’ operations to bring more than 138,000 Sri Lankans back into the country. “At that time Mattala Airport functioned as a second international airport and it assisted the government in managing Covid patients in a more systematic way, he said.
Dharmadasa added: ‘Further, Mattala Airport’s 12 anniversary falls today. It falls on the government to develop it as the second international airport. It could attract large aircraft.
“We need to deploy proper and qualified persons to streamline the entire process.
“I have been in the airline industry for more than four decades. The number of airline arrivals in the country and departures from it have come down considerably after Covid 19 pandemic.
“In this scenario, Sri Lankan Airlines should focus on launching new flights to US and Canada. Together they account for more than 1.4 million Sri Lankan diaspora members who fly to Sri Lanka.
“Sri Lankan Airlines should resume Rome flights as well, which is a lucrative market. Apart from that Sri Lankan Airlines should focus on new destinations, wherein they could sell tickets and attract huge revenue to the airline.
“The airline should have 25 aircraft to offer uninterrupted services to air travelers but at present it has only 23 aircraft.”
By Hiran H Senewiratne
LOLC Al-Falaah, Sri Lanka’s leading provider of alternate financial solutions, proudly announces the launch of ‘Al-Falaah Wakalah Future-Cash’, a pioneering Shariah-compliant alternative for Factoring, Invoice & Cheques discounting facility, designed to transform business financing. This ground-breaking financial solution empowers businesses to elevate and realize future cash flows in real-time, while maintaining adherence to ethical financial principles. Setting a new benchmark in Sri Lanka’s Islamic financial services sector, this initiative strengthens LOLC Al-Falaah’s commitment to innovation and excellence in the alternate finance arena.
Unlike conventional Factoring, which relies on interest-based returns against receivables, LOLC Al-Falaah’s ‘Wakalah Future-Cash Today’ product is structured under the ‘Wakalah-Bil-Istithmar’ concept, ensuring full compliance with Islamic economic jurisprudence. Through this model, LOLC Al-Falaah provides capital infusion into business operations in exchange for a pre-determined Anticipated Profit Return (APR), eliminating interest-based transactions. Businesses are appointed as agents to deploy these funds within their operations, with surplus earnings allocated as a performance incentive. This structure enhances financial discipline, promotes transparency, and encourages ethical business practices.
The introduction of this pioneering facility is particularly timely as Sri Lanka transitions towards economic recovery and long-term stability. Shiraz Refai, Head of Alternate Financial Services at LOLC Al-Falaah, emphasized the significance of this initiative: “As Sri Lanka embarks on a path of economic resurgence, businesses require the right financial instruments to capitalize on emerging opportunities. As a trailblazer in the alternate financial services sector, LOLC Al-Falaah has identified a critical gap in the bills-discounting and factoring industry. The launch of LOLC Al-Falaah’s ‘Wakalah Future-Cash Today’ product presents a strategic solution that enhances liquidity and working capital efficiencies while adhering to Islamic financial principles.
City Cycle Industries Manufacturing (Pvt) Ltd, a leading provider of sustainable mobility solutions and renowned for its household brand Lumala, has been honored with the Best National Industry Brand award under the Large-Scale Other Industry Sector at the recent National Industry Brand Excellence Awards 2024.
Organized by the Sri Lanka Technical Development Board under the Ministry of Industry and Entrepreneurship Development, the award ceremony was held on 21 February at Eagle Lakeside and saw the participation of distinguished leaders from diverse industry sectors. The vent was graced by Prime Minister Harini Amarasuriya as the Chief Guest.
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