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Call for legal and market-based rationale before looking to increase FDIs

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by Sanath Nanayakkare

A reliable legal framework and a market-based level playing field are of crucial importance to increase the presence of foreign investors in Sri Lanka and to encourage further foreign direct investments (FDIs) to Sri Lanka, German ambassador Holger Seubert says.

He said so specifically referring to German investors and German companies, launching the 7th edition of Top German Brands in Sri Lanka, in the presence of BOI chairman Sanjaya Mohottala, Chief Delegate of German Industry and Commerce in Sri Lanka Andreas Hergenröther and more than 100 representatives of German brands.

In the context of current restrictions slapped on imports to Sri Lanka, the ambassador emphasised the fact that bilateral trade degenerating into a one-way street was neither free nor fair.

“Sri Lankan exports to Germany were three times higher than German exports to Sri Lanka. Germany is committed to free and fair trade. In fact, German exports to Sri Lanka decreased until the end of November by 26.8%, while Sri Lankan exports to Germany decreased by 5.8%. Until the end of November German exports to Sri Lanka were about 215 million Euro in the year 2020, while Sri Lankan exports were more than three times higher reaching about 664 million Euro”, he said.

Head of Risk Management Solutions of Deutsche Bank Dhakshitha Serasundera speaking at the event said, “It has become increasingly difficult for our clients to manage their foreign exchange exposure given the unprecedented current market environment and volatility which could continue in the near term. Deutsche Bank has been operating in Sri Lanka for 40 years and has been supporting our clients to meet their daily transaction banking and foreign exchange requirements through many different economic cycles.”

AHK Chief Delegate Andreas Hergenröther said, “Despite the Covid-19 pandemic 176 German brands have joined Top German Brands 2021, which is an increase of 13% compared to last year”.

To support current and future German investments in Sri Lanka, the German – Sri Lankan Fast Track Dialogue, which was initiated in 2019 by former Minister Malik Samarawickrama, the German embassy and AHK Sri Lanka, will be continued on February 25.

Through this Dialogue, German companies expect to have the opportunity to discuss with the BOI chairman and other Sri Lankan authorities the challenges and opportunities with regard to their existing or future investments.



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Moose Clothing Company wins award at SLIM Brand Excellence 2020

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Hasib Omar, Executive Director/CEO at Moose Clothing Company (second left) with the company’s Head of Sales and Marketing Stefan Schumacher, Head of Supply Chain Vinu Basnayake and Senior Manager Finance Nadeesha Gunawardana.

Moose Clothing Company clinched their first bronze award for “Best New Entrant Brand” category at the recently held SLIM Brand Excellence Awards 2020.

Moose Clothing believes in creating clothing that’s loved by all, allowing everyone to embrace and celebrate their unique personalities. Moose Clothing has over time established itself as a versatile brand that creates comfortable quality clothing with the perfect fit. The brand is keen about perfecting every aspect of their clothing and puts in every effort to create a quality garment that will always speak for itself.

Commenting on their marvellous achievement, Hasib Omar, Executive Director/CEO of Moose Clothing Company said, “This is indeed a testimony of our hard work and dedication towards the brand and our customers. At Moose we believe that each customer is unique and our clothing is tailored to match that uniqueness. We entered the market with that in mind and this award is a clear indication that we are on the right track.”

Established in 2018, the brand’s journey is all about celebrating the free-spirited personality of the wearers with versatile clothing that’s suitable for work, dance and play. 

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CSE bounces back; indices pick-up but turnover low

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By Hiran H.Senewiratne 

CSE activities bounced back  yesterday following a continued decline in its activities on  previous days.  But the market registered low turnover, fuelling investor concerns, stock market analysts said.

Both CSE indices moved upwards. The All Share Price Index went up by  76. 69 points and S and P SL20 rose by 39.03 points. Turnover stood at Rs. 2.07 billion without a crossing.

In the retail market, top five companies that mainly contributed to the turnover were; Expolanka Rs. 188 million (4.2 million shares traded), LOLC Holdings Rs. 158.6 million (526,000 shares traded), Sampath Bank Rs. 155 million (one million shares traded), JKH Rs. 145 million (975,000 shares traded) and  Dipped Products Rs. 118 million (2.8 million shares traded). During the day 76.96 million share volumes changed hands in 18746 transactions.

Sri Lanka’s rupee quoted flat at 196.00/197.00 levels to the US dollar in the one-week forwards market on Friday while bond yields remained steady, dealers said. The rupee last closed in the one- week forward market at 196.00/197.00 to the dollar on Thursday.

Sri Lanka expects the GDP to grow between 3.0 to 3.5 per cent in the first quarter of 2021 with the rapid vaccination campaign rolled out giving people more confidence.

 

 

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AIA Insurance congratulates Sri Lanka’s Most Admired Companies

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AIA Insurance congratulates the winners of Sri Lanka’s Most Admired Companies 2020, for being recognized not just for their financial performance but also the value they create for their shareholders, customers, employees and the wider community.

AIA commended the 25 companies that were awarded this esteemed accolade- for proving their mettle with consistency, authority and sustainable growth, creating excellent business performance. This was the third consecutive year that AIA was the Platinum Sponsor of the Awards, organized by the International Chamber of Commerce Sri Lanka (ICCSL) and other affiliated sponsors.

AIA CEO Nikhil Advani commented, “As part of Asia’s leading insurer and Sri Lanka’s Best Life Insurance Company for the 2nd consecutive year (awarded by the Global Banking and Finance Review) AIA’s core philosophy is doing the Right Thing, in the Right Way and with the Right People. We take pride in being associated with this event, which recognizes business excellence and ethics- essentially doing the right thing, the right way for the right results. We place honesty and integrity in the highest esteem and are delighted to celebrate reputed companies that share our values in generating value for their shareholders, customers and the community.”

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