COYLE urges government to engage business leaders in policy-making process for fair, sustainable, and economically sound decisions
The Chamber of Young Lankan Entrepreneurs (COYLE) held its 24th Anniversary Celebrations on 10th March 2023, at Shangri-La Hotel, Colombo. The event was attended by the chief guest, Prime Minister, Dinesh Gunawardena; the guest of honour, U. S. Ambassador, Julie Chung; former President of Sri Lanka, Maithripala Sirisena; Chief of the Defense Staff, General Shavendra Silva; cabinet and state ministers; parliamentarians; commanders of the Sri Lanka Armed Forces; government officials, and business leaders.
The Chamber of Young Lankan Entrepreneurs (COYLE) comprises more than 116 prominent individuals who serve as Chairmen and Controlling Shareholders of some of the most influential companies in Sri Lanka.
It has over 500 member organizations and is affiliated with nearly 50 business chambers in the country. The organization is managed and controlled by young entrepreneurs but also boasts a number of senior and respected business leaders who joined the organization during its formative years to help shape COYLE into what it is today.
The Chamber actively promotes entrepreneurship, the development of rural communities, and thought leadership. In adherence to the organization’s strongly held principles and as a mandatory service to the community, COYLE engages in countless CSR initiatives through its member companies around the country. The Chamber provides leadership, learning, and development for its members and stakeholders, and over the years, it has grown into a vehicle for business growth in Sri Lanka via its many local and global networks.
The past year was an exceptionally challenging one for all parties in the Sri Lankan economy. Remarking on this, the Outgoing Chairman of COYLE, Mr. Dimuth Chankama Silva, stated during his address, “This year was the greatest test of our mettle. Even diamonds are born out of pressure. This year gave us the opportunity to shine through pressures from all directions. I believe we shone. We are here alive and kicking, our businesses are growing, we are conquering international markets and territories, and COYLE has grown in leaps and bounds.”
A notable emphasis was given to the introduction of the COYLE theme for the year 2023/24, EVOLUTION: #Resilience, #Agility, and #Transformation. The incoming Chairman, Mr. Rasith Wickramasingha, stated, “Evolution is to upscale capability, enhance skills and increase creativity, innovate at a time of chaos, and re-imagine a new business environment. Evolution requires change: change in mindset, attitude, self-awareness, and acumen of the surrounding environment as well as culture.”
He went on to note that in today’s environment, every five years constitutes a generational gap and emphasized the need for COYLE to evolve as a chamber in order to be relevant and sustainable for the future. He further mentioned that decades of ill-conceived, politically driven policies based on the advocacy of a few, rather than consultative decision-making with recognized business chambers, have led to the current crisis. Elaborating on this point, Mr. Rasith Wickramasingha said, “Policy formulation should be done based on sound economic principles and business acumen. Businesses rely on stable policies so that they may plan ahead. Ad hoc policies which bring no economic benefit have led to losses in the private sector and leakage of foreign exchange from the country.”
He emphasized that it is heartbreaking to see that the individuals who strive continuously for the betterment of the country and persistently do the right thing get penalized while those engaging in unethical practices to avoid taxation are rarely held accountable. COYLE hopes for more genuine dialogue from policymakers regarding these issues and affirms that the organization’s globally exposed and experienced members could be a great value addition to any actions taken to revive the economy. What sets COYLE apart from the rest is that its members are made up of business owners and decision-makers who are passionate about doing something good for the country, who are genuinely aligned with this cause, and willing to embrace the future without diluting our national and cultural heritage.
The 24th Anniversary Celebration of COYLE closely reflected in its overarching tone the state of the country following the Easter Bombings, the pandemic, and the economic and political crisis. The event also honored and recognized the Chamber’s numerous members who weathered the storm by building resilience, being agile, and transforming their businesses. It also highlighted the many CSR initiatives undertaken by COYLE member organizations, many of which were carried out quietly, purely as a service to the country.
These initiatives focus on communities most affected by the calamities of the past years and were chosen regardless of race, religion, or creed. With a host of esteemed and influential guests attending the celebrations, COYLE made this event a platform to convey a strong message calling for sociopolitical change in the country. COYLE believes that the hardline decisions taken by President Ranil Wickremesinghe and the Governor of the Central Bank, Dr. Nandalal Weerasinghe, were tough but necessary considering the state of affairs. The Chamber also notes that as a result of these decisions, gradual change for the better is apparent in the economy. Considering the massive pool of collective experience, expertise, and connections held by COYLE, it is capable of providing significant value and insight for economic reform. Hence, COYLE urges the government to actively engage and work together with the Chamber to expedite economic revival.
Venora Lanka Power Panels to set up assembly plant in Australia
By Hiran H.Senewiratne
Sri Lanka- based, export- oriented manufacturer, Venora Lanka Power Panels (Pvt) Ltd, with a state of the art electric panel factory at the Export Processing Zone, Biyagama, will set up an assembly plant in Australia.
“Once we set up the electric panel assembly plant in Australia, we will export all our panels from Sri Lanka and that plant will do 30 percent value addition to the product to supply that market, the company’s chairman/ Managing Director, engineer Sagara Gunawardena told The Island Financial Review.
Gunawardena said that the company is a value- addition assembly plant and he would be investing AUS $ 2 million for the project to be set up in Melbourne and hire 100 engineers and other professionals. He explained that the venture has enormous potential.
Venora Lanka provides power panels to mega projects in Sri Lanka and exports to Bangladesh, Maldives, Kenya, Ethiopia, Seychelles and Myanmar. Panel assembling is strictly in compliance with IEC 61439 standards, it was explained.
Gunawardena added: ‘I firmly believe that, being a truly customer focused organization, every employee and every process in the organization has to be aligned behind delighting customers. Therefore, at a time when the country is facing a major dollar crisis, my company would be aiming at bringing dollars into the country, while providing employment for local professionals, especially engineers.
‘At Venora Lanka we do not try to change customers’ mindsets. Instead, we take time to understand what they really want and focus our brand on delivering that. Venora is values- driven first and cost- driven second – creating a unique brand proposition.
‘Since the US dollar rate has come down, it is our concern that importers and suppliers do not change their prices, which is really affecting the manufacturing sector.
Company sources added: ‘The company has several wings of operation, such as local and overseas projects, switch board assembling, telecommunication infrastructure installations, earthing, lighting and surge protection, incorporating world renowned brands.
‘Venora Lanka Power Panels is the first Sri Lankan company to receive the licence, in accordance with the UK Trade Mark Act 1994, to use the trade mark “Best Enterprise”. It won a global award at the event, ‘Golden Awards for Quality and Business Prestige’, held in Geneva, Switzerland, in 2015.
‘Within a short span of time, with the perfect blend of progressive thinking and expertise, Venora Group has expanded to consist of, Venora International Projects, Venora Telecom, Venora Industrial Solutions and Venora Lanka Power Panels (BOI approved). Further, Venora has established its overseas presence through Venora Engineering Kenya and Venora Engineering Myanmar.’
Share market moves into positive territory; indices up
By Hiran H. Senewiratne
CSE trading got off to a positive note yesterday but during the last session of the day the momentum slowed. However, the market is now moving towards positive territory following the Central Bank announcement of a downward trend in interest rates, market analysts said.
Amid those developments the market witnesses improvements in both indices and in the turnover.
The All- Share Price Index up by 12.8 points and S and P SL 20 rose by 6.97 points. Turnover stood at Rs 710 million with one crossing. The crossing was reported in JKH which crossed 430,000 shares to the tune of Rs 60.2 million; its shares traded at Rs 140.
In the retail market top seven companies that mainly contributed to the turnover were; JKH Rs 212 million (1.5 million shares traded), Access Engineering Rs 44.7 million ( three million shares traded), Lanka IOC Rs 34.5 million (264,000 shares traded), Browns Investments Rs 28.6 million (5.3 million shares traded), LOLC Finance Rs 23.8 million (4.7 million shares traded), Capital Alliance Rs 22.9 million (615,000 shares traded) and First Capital Holdings Rs 19.2 million (574,000 shares traded). During the day the 31.4 million shares volumes changed hands in 9000 transactions.
Yesterday, the Central Bank’s US dollar buying rate was Rs 285.16 and the selling rate Rs 298.85.
Ceylinco Life appoints new COO and Deputy COO to strengthen leadership pipeline
Ceylinco Life has announced the appointments of Ranga Abeynayake and Samitha Hemachandra as Chief Operating Officer and Deputy Chief Operating Officer respectively, following the creation of the two positions as part of the Company’s leadership pipeline for the next decade and beyond.
Abeynayake has been with Ceylinco Life for 25 years and is an Executive Director and the Company’s Deputy Chief Financial Officer, while Hemachandra has been with the Company for 23 years and is the General Manager – Marketing.
“These appointments add further strength and depth to the management structure and look at our leadership requirements for the next 10 to 15 years,” Ceylinco Life Chairman R. Renganathan said. “Transparent and long-term succession planning is extremely important in the financial services sector, ensuring seamless continuity and consistency for all stakeholders.”
Ceylinco Life Managing Director and CEO Thushara Ranasinghe added: “Ranga Abeynayake and Samitha Hemachandra have been part of the management team that achieved market leadership for Ceylinco Life in 2004 and maintained that leadership to this date, unbroken for 19 years. They represent the core values and the vision and mission of the Company, and will be fully supported by the Board of Directors and the management team as they are groomed for key leadership positions.”
A Fellow Member of the Institute of Chartered Accountants of Sri Lanka and of the Institute of Certified Management Accountants of Sri Lanka, Ranga Abeynayake counts over 25 years of experience in handling key management positions in the areas of Finance, Risk Management, Strategic Planning, Treasury Management and Project Planning. He holds a Master of Business Administration (MBA) from the Postgraduate Institute of Management (PIM) of the University of Sri Jayewardenepura. Abeynayake previously served as Chairman/Non-Executive Director of Citizens Development Business Finance PLC., and currently serves as a Non-executive Director of Ceylinco Insurance PLC and as a Director of Serene Resorts Limited.
A Fellow (FCIM) and Chartered Marketer of the Chartered Institute of Marketing (CIM) – UK, and of the Certified Management Accountants (CMA) – Australia, Mr Samitha Hemachandra counts over 20 years of work experience in Brand Management, Customer Relationship Management, Marketing Management and Strategic Planning. He has been directly involved in designing, developing and implementing many integrated marketing campaigns for Ceylinco Life. Mr Hemachandra holds a Master of Business Administration (MBA) from the University of Western Sydney – Australia. He is a past Chairman of the Marketing and Sales Forum of the Insurance Association of Sri Lanka (IASL) and has been a member of the judging panel of the SLIM Brand Excellence awards for many years.
He is currently a Director of Ceylinco Healthcare Services Ltd., and a Non-executive Director of Citizens Development Business Finance PLC (CDB), which are subsidiary and associate companies of Ceylinco Life.
Adjudged Sri Lanka’s ‘Brand of the Year’ and ‘Service Brand of the Year’ by the Sri Lanka Institute of Marketing (SLIM) and ‘Best Life Insurer in Sri Lanka’ by World Finance for the ninth consecutive year in 2022, Ceylinco Life was conferred the ‘Peoples Life Insurance Service Provider of the Year’ title at 2023 SLIM Kantar Peoples Awards for the 17th consecutive year. Ceylinco Life has been the country’s leading life insurer for more than half of the 35 years it has been in existence. The Company was also ranked the ‘Most Valuable Life Insurance Brand in Sri Lanka’ by Brand Finance and certified a ‘Great Workplace’ in Sri Lanka for the third consecutive year in 2022. Ceylinco Life has close to a million lives covered by active policies and provides innovative life insurance solutions which offer protection while de-risking the goals and ambitions of the Company’s policyholders.
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