Business
Hirdaramani Knit Mihila certified CarbonNeutral® for 8th consecutive year
A Hirdaramani Group factory at Agalawatte manufacturing knit fabric has been certified as a CarbonNeutral® Manufacturer for the eighth consecutive year in 2020, a company news release said last week.
This factory, Mihila, commenced operations in 2008 and is the world’s first custom built eco-friendly factory, the release claimed saying its sustainability is founded on four core areas – energy consumption efficiency, water consumption efficiency, waste generation reduction and biodiversity improvement.
The factory received its first CarbonNeutral® certification in 2012 through productivity measures in the factory that delivered a 48% energy reduction within the building in comparison to similar factories, and on-site renewable electricity generation of 22,000 kWh per year, the release said.
The group has also invested in external emission reduction projects, such as financing small-scale hydroelectric power projects as well as large-scale solar power plants across Sri Lanka that have contributed towards the achievement of its CarbonNeutral status, it added.
“This innovative approach has delivered several rewarding firsts for the company. Mihila was home to the first industrial scale production of upcycled fashion for Tesco’s F&F brand. It was also one of the first to have a biodiversity refuge on its premises and to introduce LED task lights.”
Hirdaramani has a global footprint with factories in Sri Lanka, Vietnam, Ethiopia and Bangladesh and an employee base of 55,000. The factory is home to over 2,000 members of the Hirdaramani team producing over 650,000 apparel pieces every month for premium global brands, the release said.
“Mihila is the crown jewel in our commitment to sustainability,” says Nikhil Hirdaramani, Director of Hirdaramani Group. “Though investing in the design and construction of a green factory was costly especially at that time, we always believed it was the right thing to do. Today we can proudly state that the rewards have been immense. When Mihila was first certified as CarbonNeutral in 2012 it was such a huge achievement for us as it was the result of many years of planning and dedication to do better for the planet and our people.
“Even though this is the eighth consecutive year of us receiving the certification, there is still a lot of excitement and pride tied to the certification for us; it really affirms the group’s commitment to our values of sustainability.”
Business
Cabinet approves implementing ‘Trade Facilitation Action Plan 2025-2028”’
In the year 2016, Cabinet approval was granted for the establishment of a National Trade Felicitation Committee for the empowerment of the Trade Felicitation Agreement (TFA) of the World Trade Organization (WTO) and the inter-coordination of institutions in respect of the implementation of 36 obligations included therein. Sri Lanka has committed to implement the plan for implementation of trade facilitation during the period 2017-2030 thereunder.
Even though countries in the region have fulfilled a higher percentage of the overall commitment, Sri Lanka has only fulfilled about 37.4% of
the total commitment. Taking into consideration the prevailing situation, technical assistance has been requested from the Japan International Coordination Agency with the technical expertise of the International Trade Center to provide independent recommendations enabling the implementation of priority activities on a speedy basis after completion of the assessment of the trade facilitation measures.
Accordingly, “Roadmap for trade facilitation in Sri Lanka” and “Trade Facilitation Action Plan 2025-2028” have been prepared with the participation of about 200 public and private stakeholders.
The Cabinet of Ministers has approved the proposal presented by the
President to follow the said roadmap and implement the action plan.
Business
Cabinet nod to launch ‘ITC She Trades Hub’
The Cabinet of Ministers has approved the proposal presented by the President in his capacity as the Minister of Investment Promotion to sign the proposed non-financial Memorandum of Understanding between the Sri Lanka Export Development Board and the International Trade Center to commence an ‘ITC She Trades Hub’ in Sri Lanka to increase the participation and competitiveness in the businesses operated by women.
Once the ‘ITC She Trades Hub ‘ is established, the women entrepreneurs in Sri Lanka will be able to obtain the necessary training in the relevant topics, such as market and investment opportunities and the required technical assistance.
Business
Individual income tax structure to be amended
The Cabinet of Ministers has approved the proposal presented by the president to take steps to amend the Inland Revenue Act No. 24 of 2024 so as to enable the imposition of necessary legal provisions to implement the following reduction to the individual income tax structure effective 01-04-2025 as follows
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