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Improving Sri Lanka’s market access to the US – growing beyond traditional products

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The National Chamber of Exporters of Sri Lanka (NCE) is partnering with the Sri Lanka Embassy in Washington D.C. (SLEMB/DC) to better inform Sri Lankan exporters regards the evolving trends in the US market and strategies that could help navigate challenges and overcoming bottlenecks.

At a webinar held recently, over 40 Sri Lankan registered exporters, engaged with 10 selected business entrepreneurs identified by SLEMB/DC, following its State level interactions of the recently constituted Overseas Sri Lankans (OSL) Network. The event was also live streamed through social media of the Chamber, making the discussion accessible to a broader base of those interested in exporting to the USA. Moving forward, it was agreed to conduct sector specific dialogues, where the Sri Lankan exporters will be provided with the opportunity to engage in discussion with the business community of the particular sector, in order to foster mutually beneficial trading relationships. Further a separate event is proposed as a dialogue to enhancing long term trade related relationships such as partnerships, Franchise and Investment opportunities between the two countries.

Inaugurating the session, Sri Lanka’s Ambassador to the USA Ravinatha Aryasinha said, while increasing the value of apparel exports to the US, a concerted effort is presently being made to diversify the export product basket to US. He noted that while the USA has remained the largest single buyer of Sri Lanka’s exports since 1979 and in 2019 had a share of 26.3% of all exports, the products basket to the US had seen very little diversification. Apparel has been the dominant export item accounting for 74.5% of the total value, and did not benefit from GSP facility. The rest which enjoyed GSP, were mainly rubber based products which accounted for 7%, and the other products included tea, iron and steel articles, activated carbon, precious and semi-precious stones and sea food. The Embassy was reaching out to the OSL community in the US and to Americans who are interested in doing business with Sri Lanka and helping them in identifying the products which they could import from Sri Lanka to the US. The increased production of some of these products, could also encourage greater US investment in to Sri Lanka.

In the discussion that followed led by Chairman of the NEC Shiham Marikkar, focused on obstacles faced by importers when importing from Sri Lanka including quality assurance, pricing, promotion and communication and shipping and logistics. The need for adaptation to the largely e-commerce marketing strategies to increase exports. SLEMB/DC Minister (Commercial) Sumedha Ponnamperuma shared insights on the introduction of the US market, import system and current trends.

 

 



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HNB supports Sri Lanka Welfare Society of Blind Women

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Supporting the livelihoods of visually impaired women, Sri Lanka’s most customer friendly bank HNB PLC donated 300 white canes and dry ration packs to the members of the Sri Lanka Welfare Society of the Blind Women.

The donations made utilizing voluntary contributions gathered by HNB employees, were handed over to members of the Society at a special event at HNB Towers under the patronage of HNB Managing Director and CEO Jonathan Alles.

“HNB is proud to partner with the Sri Lanka Welfare Society of the Blind Women to serve the visually impaired women of the country. Our goal is to do our part in ensuring they are given opportunities, recognition and respect that are equal to every other citizen, and we hope that partnerships of this nature will pave the way for a more inclusive and caring society,” HNB Managing Director and CEO, Jonathan Alles said.

With 252 customer centres across the country, HNB is one of Sri Lanka’s largest, most technologically innovative banks, having won local and global recognition for its efforts to drive forward a new paradigm in digital banking. Over the recent past, the bank was ranked among the World Top 1,000 Banks list compiled by the prestigious UK-based Banker Magazine. HNB has a national rating of AA- (lka) by Fitch Ratings (Lanka) Ltd.

HNB was also declared Best Sub-Custodian Bank in Sri Lanka at the Global Finance Awards 2020, in addition to winning the coveted Best Retail Bank in Sri Lanka Award for the 11th time at the Asian Banker Awards 2020, in recognition of its sustainable growth and continuous improvements in processes, products and services amidst a challenging macroeconomic environment.

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People’s Insurance enters Medical Insurance market with ‘the most comprehensive medical insurance cover available in Sri Lanka’

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In an unprecedented effort to enhance its product offerings to customers across Sri Lanka, People’s Insurance PLC recently announced its plans to diversify into the health insurance space of the country. This strategic move to establish its presence as a health insurance provider builds on the well-established public image of People’s Insurance as the insurer who cares with love.

As the market is already heavily saturated with health insurance products offered by the competition, Peoples Insurance had the strategic objective of offering a product to make them stand out from the rest. Following a customer first approach, the insurer has decided to be a step above its competitors by offering a highly comprehensive medical insurance cover available in the country.

Citizens of Sri Lanka and those individuals who currently reside in the country are eligible to obtain a medical insurance cover from People’s Insurance. Individuals can be covered from their 5th birthday onwards. However, infants from the age of 3 months can also be protected by these covers provided that their parents have a medical cover from People’s Insurance too.

Jeevani Kariyawasam, the Head of Operations at People’s Insurance PLC commented on this new development, “When People’s Insurance PLC began to contemplate our entry into the health insurance sector, we knew we had to be different. As we are known as the only insurer who cares with love, our health insurance product had to reflect this strongly. Due to this, we decided to position ourselves as an insurance provider with a highly comprehensive product in the health insurance space. With affordable premiums, we have made every effort to ensure that Sri Lankans can enjoy the peace of mind that health insurance brings about.”

Medical schemes will vary from Rs. 100,000 to Rs. 2 million and premiums will depend on the sum insured, along with the customer’s age band. It is also noteworthy that the geographical scope of treatment extends beyond Sri Lanka and into India as well. Costs related to ambulance call outs, inpatient proceedings, surgical treatments, pharmaceuticals, diagnostics and pre and post hospitalization expenses are just a few of the areas that this comprehensive product covers.

As People’s Insurance PLC has a trusted and well established name in the minds of Sri Lankan customers, it is expected that their entrance into the medical insurance sector will be welcomed by citizens across the island. With the underlying goal of caring for its customers beyond anything else, this new development will allow for more Sri Lankans access to proper healthcare services. This decision truly resonates with a purpose beyond profit initiative.

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Browns Investments purchases 9.9 percent stake in HNB, boosting market

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By Hiran H. Senewiratne

CSE activities were positive but not bullish yesterday. Besides, the CSE announcement on a transaction where Browns Investments purchased a 9.9% stake in HNB plus last minute buying interest brought a positive note to the stock market, analysts said. Browns Investments bought 42 million HNB shares in the price range of Rs. 125.75 and Rs. 132.25 for RS 5.3 billion.

This quantum of shares or 9.9 % percent stake of HNB purchased by Brown Investments happened during the months of April and May, market sources said. Amid those developments both indices were positive. All Share Price Index was up by 45.85 points. Turnover stood at Rs. 890.3 million with a single crossing. The crossing is from Sampath Bank which crossed 500000 shares to the tune of RS 26 million and its shares traded at Rs. 52.

In the retail market, top five companies that mainly contributed to the turnover were, J K H RS 189 million (1.4 million shares traded), Browns Investments Rs. 181 million (27.8 million shares traded),Expo Lanka Rs. 53.8 million (1.2 million shares traded), Sampath Bank 50.2 million (1 million shares traded)and Royal ceramic Rs. 47.3 million (1.4 million shares traded). During the day 74.2 million share volume changed hands in 10600 transactions.

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