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Biala at the helm of FTZMA for another term

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STANDING:- Prabath Gunasekera( Chairman.Calico Color Pvt Ltd), Nishantha Bakmeege (CEO/Managing Director, Screenline Pvt Ltd), Sean Umagiliya ( Managing Director,Dial Textiles Industries Pvt Ltd), Manjula Mahadanaarachchi ( CEO, Lalan Rubbers Pvt Ltd), Mark Muller ( Country Manager, Crystal Martin Ceylon Pvt Ltd), Tyronne Weckasinghe ( Managing Director, Flintec Transducers Pvt Ltd) SEATED:- Lalith Kahatapitiya ( Chairman, KIK Lanka Pvt Ltd), Beauno Fernando ( Managing Director, Shore to Shore Pvt Ltd ), M.H.Z.M.Marzook ( Managing Director, Filotex Lanka Pvt Ltd), Jatinder Biala ( Managing Director, Isin Lanka Pvt Ltd), State Minister D.V.Chanaka, Raja Edirisuriya ( Chairman, Board Of Investment of Sri Lanka), Dhammika Fernando ( Executive General Manager, Tropical Findings Pvt Ltd, Fazal Abdeen ( Director, ATG Ceylon Pvt Ltd)

The General Manager and the Director of ISIN Lanka (Pvt) Ltd, Jatinder Biala retained his position as Chairman of the Free Trade Zone Manufacturers Association (FTZMA) as members voted in favour of extending the term of the current office for another year at the 41st Annual General Meeting held at the Hilton Colombo.

Accordingly, EGM – Tropical Findings (Pvt) Ltd, Dhammika Fernando is also unanimously re-elected as the secretary of the Association while Vice Chairman Hemantha Perera, Managing Director of Isabella (Pvt) Ltd also will continue to serve for another term.

M.H.Z.M.Marzook, Managing Director of Filotex Lanka (Pvt) Ltd, will remain as the Treasurer, are the Executive Committee members.

The former State Minister of Aviation and Development of Export Zones, D.V. Chanaka was the chief guest at the AGM while ILO Country Director Ms. Simrin Singh and Chairman of Board of Investment of Sri Lanka Raja Edirisuriya were the guests of honour.

FTZMA is the leading Association representing the foreign direct investors in the various export processing zones in Sri Lanka. Since it commenced its operation from Katunayake Free Trade Zone over 40 years ago, the Association has been representing the foreign direct investments, expanding their presence to all Free Trade Zones in Sri Lanka.

In his statement after the re-election, Chairman Biala said: “FTZMA’s role in Sri Lanka’s export industry is well recognized for its pro-active and forward-looking actions during the difficult situation the country is in today. Our membership spans some of the most prominent and major industrial groups in Sri Lanka.”

“Over the last four decades, we have addressed the issues relating to the various aspects of business faced by the member enterprises by liaising with BOI and other state agencies such as Customs, Central Bank and Ports Authority etc. As a leading association we take utmost care of our employees whilst looking after the interests of the investors, at the same time we ensure that the operations of the enterprises are carried out without any hindrance with the close support of the BOI During pandemic period our association has taken various steps to help the health and law enforcement authorities to overcome various challenges whilst sustaining the interests of our investors and our employees. During this period we have contributed to promote foreign direct investments,” Biala added.

“FTZMA strongly believe that our country will be able recover from the current difficult economic situation faced by our members and the present Government would formulate policies and take action in the right direction to foster the socio-economic progress of Sri Lanka and will bring back confidence of all investors,” the Chairman said.

The Association ensures that continuous and smooth operation of the activities and most importantly sustain the industry by satisfying the Investor. Issues brought up by members are being dealt with efficiently by creating a conducive environment with officials of the Board of Investment of Sri Lanka and all stake holders.

“During the pandemic in last year, an Intermediate Care Centre (ICC) established by Association in collaboration with the Board of Investment of Sri Lanka and our member Crystal Martin Ceylon Pvt Ltd (CMPL) was very successful and helped immensely for the wellbeing of employees & staff of all BOI companies. This unmatched act was appreciated by all stakeholders. The Association is once again thankful to CMPL, BOI, NYSC, their member enterprises, Health Ministry, Doctors, Medical staff and all those who have contributed for their perpetual support to make this a reality We are also happy to note that the Website launched by us last year for the benefit of our members is very successful and very much useful to most of our members and outsiders. We will continuously update it with all activities and whatever data that could be updated for the benefit of the Association and its members,” Chairman Biala added.



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Business

Dialog Smart Home Enables Seamless Home Automation via Range of Intuitive Solutions 

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Dialog Axiata PLC, Sri Lanka’s premier connectivity provider, introduced a range of convenient and integrated solutions via ‘Dialog Smart Home’ to enable intelligent automation and intuitive control of homes.

The newly introduced range of future-fit smart home solutions by Dialog Smart Home ranges from Home Automation, Home Security & Surveillance and Home Connectivity, and are designed to enable any home to work as one harmonious system where all elements work in tandem together to create a truly intelligent home.

The Home Automation solutions offer homeowners seamless and convenient control of their electronic appliances through their smartphones anytime, anywhere. With the Smart Touch Wall Switches, Smart Power Strips and Smart Fan Controllers, homeowners can take control of existing light bulbs, table fans, rice cookers, chargers, ceiling fans and more appliances. Additionally, the Artificial Intelligence (AI) powered TeDi Alexa Solution enables users to control connected smart devices including TVs, air conditioners, home security systems and more through voice commands.

Home Security & Surveillance solutions transform basic cameras into high-powered CCTV solutions. Baby and house monitoring smart cameras can be placed inside homes to keep a 360-degree eye on children and pets. The Indoor Security Camera has the ability to sound a siren and notify users if a stranger enters their home. Dialog Smart Home has also partnered with Singer to offer customers world-renowned Dahua CCTV solutions.

The Home Connectivity solutions offers consumers Wi-Fi extenders to facilitate uninterrupted internet connectivity across the house to fit the homeowner’s lifestyle and requirements.

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CBSL implements extraordinary measures to support banking sector

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The Central Bank of Sri Lanka, considering the prevailing macroeconomic conditions and its impact on the banking sector, has decided to implement the following regulatory measures to support the banking sector to facilitate effective financial intermediation and the flow of credit to the economy, whilst ensuring the soundness of the banking sector.

• Sri Lankan banking sector maintains a Capital Conservation Buffer (CCB) of 2.5% to ensure that banks have an additional layer of usable capital that can be drawn down during stress times. An industry wide flexibility is granted for banks to drawdown the CCB (up to 2.5%), if needed, subject to restrictions on distribution to shareholders/ repatriation of profits and submission of a capital augmentation plan to rebuild CCB during a period up to three years.

• The current deadline for licensed banks to meet the enhanced minimum capital requirement (31.12.2022) is extended up to 31.12.2023. Licensed banks which are unable to meet the minimum capital requirement by 31.12.2022, need to submit their capital augmentation plan, including plans to consolidate or merge with suitable financial institutions, by 31.12.2022 and these licensed banks too shall refrain from distribution of dividends/ repatriation of profits until the minimum capital requirement is met.

• Licensed banks are encouraged to move to approaches such as The Standardised Approach (TSA) or alternative TSA for computation of risk weighted assets for operational risk for the purposes of computing the Capital Adequacy Ratio, subject to supervisory review.

• Licensed banks are given the flexibility to stagger the unrealised mark to market loss on Government Securities denominated in LKR on account of the recent interest rate hike for Capital Adequacy purposes until Q2 of 2024, subject to conditions.

• Licensed banks are granted flexibility on the treatment for Other Comprehensive Income (OCI) for Capital Adequacy purpose in line with the International Standards.

• The deadline for licensed banks to submit the document on Internal Capital Adequacy Assessment Process (ICAAP) for 2022, to the Central Bank of Sri Lanka is extended by one month, until 30.06.2022.

• As a short-term measure to support licensed banks to adjust their liquidity profiles, licensed banks are provided with the flexibility to operate maintaining the Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) not lower than 90% up to 30.09.2022. Furthermore, the Central Bank of Sri Lanka, on 06 May 2022 decided to restrict certain discretionary payments of licensed banks, such as declaring cash dividends and repatriation of profits, until the financial statements for the year 2022 are audited by its External Auditor, engaging in share buy backs, increasing management allowances and payments to the Board of Directors until 31 December 2022 with a view to strengthening the liquidity and capital positions of licensed banks under these exceptional circumstances.

The above measures were introduced with the aim of providing the licensed banks with more flexibility and opportunities to operate in these challenging conditions and support economic recovery, while taking measures to improve their safety and soundness. The Central Bank of Sri Lanka will periodically review the implementation of these policy measures and expects licensed banks to avail these measures in the best interest of the customers and the economy at large, while supporting the banking sector to remain resilient.

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CEAT official tyre supplier for locally assembled Tata Ace HT 

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CEAT Kelani Holdings has been appointed as the official tyre supplier for Tata Ace HT series compact trucks which are assembled in Sri Lanka by DIMO in collaboration with India’s largest automobile manufacturer TATA Motors.

 CEAT RHINO PLUS TL tyres in the size of 155R12 8PR, manufactured at the CEAT Kelani plant in Kelaniya are used for the TATA Ace HT series vehicles, popularly known in Sri Lanka as “DIMO Batta” under this project. The locally manufactured CEAT RHINO PLUS TL tyre features a zig zag pattern on its circumference and ribs with lateral notches that contribute towards uniformity and better wear and tear on local roads.

 Commenting on this latest OEM agreement of the company, CEAT Kelani Holdings Managing Director Mr. Ravi Dadlani said: “As a brand that has been at the forefront of local value addition in Sri Lanka, CEAT is excited to contribute further to the process through its association with this assembly operation. This is particularly relevant in the prevailing situation in the domestic market. We are able to provide high-quality tyres engineered for local conditions at competitive prices and ensure uninterrupted supply, while at the same time helping to conserve foreign exchange.”

In January this year, CEAT was appointed as an OEM for a range of heavy-duty trucks, tippers and light commercial vehicles assembled in Sri Lanka by Lanka Ashok Leyland PLC (LAL), a joint venture company of Ashok Leyland India. In November 2021 the brand was chosen as the OEM for Bolero City Pik-up vehicles assembled in Sri Lanka by Mahindra & Mahindra India in collaboration with Ideal Motors.

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