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Jatinder Biala re-elected FTZMA chairman

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New office bearers elected in 40th Annual General Meeting

Jatinder Biala , General Manager / Director of Isin Lanka (Pvt) Ltd was elected as the president of the Free Trade Zone Manufactures’ Association (FTZMA) at the 40th Annual General Meeting (AGM) held at Vivanta Colombo Air Port Garden in Seeduwa, on September 16.

The AGM also elected new office bearers for the period 2020/2021 and shared the presentation of its annual report and the audited accounts for the preceding year of the FTZMA were also shared with their members. The auditors for the ensuing year were also elected during the AGM.

The FTZMA was founded in 1981, three years after the first ever largest Free Trade Zone was commissioned in Katunayake. The organization is the main trade chamber of foreign direct investors that pioneered activities of the main Industrial Zone in Katunayake, plays a pivotal role in the national economy and is shaping it up while providing direct and in-direct employment plus means of living for hundreds of thousands people in the vicinity.

Over the years, FTZMA has been instrumental in resolving various challenges and issues with the relevant authorities in professional and expeditious manner. As such the reputation of the association has grown and it has become an entity which duly cares about the interest of entrepreneurs and investors. Since its inception, FTZMA has grown with its member enrollment is now representing over 75% of enterprises located in Katunayake Export Processing Zone. Further, association has developed sound relationship with Business Chambers both inside and outside Sri Lanka and also gets involved in establishing and making policy representations to relevant government authorities.

 

There have been several other free trade zones set up in the country while using Katunayake as a model and FTZMA is looking forward to spread its membership in those Free Trade Zones too. FTZMA is the sole trade chamber that represents over 280 enterprises in all 13 BOI zones and three more zones in Mirrijjawila (Pharma), Bingiriya and Eravur, addressing common issues in liaising with BOI and other state agencies. Moreover, FTZMA is also one of the main employer bodies representing the NLAC- National Labour Advisory Council since its inception

There are over 60 member enterprises under the wings of FTZMA which is having close links with the BOI, Ministry and all statutory bodies, building relationships and raising matters related to its members. The matters related to environment, labour, infrastructure, legal, customs, immigration, Ports & Air Ports and Logistics etc. are discussed and taken care of. The Association renders its services to the members and all BOI investors housed in and out of the zones island-wide towards developing their business operations and creating opportunities to foster and safeguard their interest at all times.

FTZMA is a founding organization of the apex body – Joint Apparel Associations Forum (JAAF) which is the umbrella body for apparel trade of the country and it aims to be the “One Stop Service Provider” for all the member enterprises and all BOI investors housed in all the zones and outsides island whilst representing them in all the forums. The Secretariat of FTZMA is run by Secretary General Vasantha Dias, established at unit18, Plaza Complex, Free Trade Zone, Katunayake.

 

 

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Business

New look Chagall opens at Park Street

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Chagall opened its doors at Parkland on Park Street Colombo 2 , with Gerald Solomons, personally welcoming all his clients and the media to the brand new Chagall. 

Gerald who established Chagall as Sri Lanka’s most elite and fashionable salon, despite the prevailing situation with the pandemic and the existing restrictions, displayed his usual flair and panache, greeting everyone with the socially correct ‘ayubowan’ and ensuring that each and everyone present was made to feel special and welcome.Continuing the bold colour scheme of red, black and white, Gerald like his muse Marc Chagall, has a wide range of styles that can cater to an eclectic clientele.

The artist Chagall saw his work as “not the dream of one people but of all humanity”; similarly Gerald through his salon Chagall would like to transform each and every person who walks in through his door, so that they leave transformed, with a new confidence in themselves and their appearance.

Mrs World Caroline Jurie, clients and well wishers, keeping in mind health guidelines made their way to Chagall at Parkland on October 20 where Gerald and his team reaffirmed their commitment to their clients and the beauty industry, to continue upholding the highest standards and maintain all safety measures and health protocols.

Having established himself and Chagall as the hairdresser / stylist and salon of the elite, Gerald’s doors are open to anyone who wants to look good and different to those around them. ” Our doors are open to everyone who wants to look good, who wants to make a statement and who dares to bedifferent” said Gerald .Manicures, pedicures, long and short hair cuts and styles, make up, facials,bridal dressing, sari drapes and the whole gamut of services will beavailable, all in brand new surroundings.All staff have undergone intensive refresher courses with Gerald beinginvolved in their training himself. 

Known for his cool demeanor and eclectic style, Gerald started hairdressing at the age of 15 having left school, determined to make an impression in the world of hair, beauty and style! He joined  Moira Muthukrishna where hiscareer in hair dressing began and today he is a living legend. Chagall was set up in New Zealand where Gerald lived for over 20 years and then moved back to Sydney where Chagall continued. Gerald has also worked in Hawaii, Australia and London.Chagall.

 

 

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CSE indices pick up as trading yields Rs. 1.09 billion

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By Hiran H.Senewiratne

The  stock market on Monday suffered a near 2 percent  decline as investors reacted negatively to the sharp spike in COVID-19 cases in the second wave. Moreover, current investor favourite counters,  Tokyo Cement and Expolanka shares, also slightly declined in trading due to the current situation, market analysts said Amid those developments, both indices moved upwards yesterday. The the All Share Price Index rose by  15.74 points  and the S&P SL 20 Index was up by 8.73 points. The market managed to post Rs. 1.09 billion, safeguarding its track record of over a billion plus turnover for more than a month. But no crossings were reported during the day. 

In the retail market, top five companies that mainly contributed to the turnover were: Tokyo Cement (Non Voting) Rs. 160 million (3.2 million shares traded), Expolanka Rs. 187.6 million (7.8 million shares traded), HNB Rs. 99.8 million (881,000 shares traded), Tokyo (Voting) Rs. 86.7 million (1.47 million shares traded) and Dialog Rs. 69.5 million (6.34 million shares traded). During the day  55.3 million share volumes changed hands in 12620 transactions yesterday.

The market also lost Rs. 44 billion in value with blue chips JKH, Carsons, Ceylon Tobacco, Bukit and Distilleries as major contributors to the ASPI’s dip on the previous day.  Some analysts linked the lacklustre trading and sentiment to the quarantine curfew imposed in Fort and Pettah which caused a shutdown of offices and businesses in the area. 

 

 

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Initiative to support startups in Sri Lanka

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Microsoft for Startups recently launched the Highway to a 100 Unicorns initiative in Asia Pacific to strengthen the region’s startup ecosystem. This follows the initiative’s success in India, where only 56 startups were selected to the Emerge X program from six states, which have over 15000+ startups. The Emerge X winners have greatly benefited with global market access support, a 3-day founder bootcamp with world class mentors, access to funding, ongoing mentorship, and guidance on Azure, artificial intelligence, machine learning and more.

Innovation is critical to unlocking inclusive economic growth in Asia Pacific; high income economies in the region invest three times more in research and development as compared to their peers. To spur innovative entrepreneurship, Microsoft will work closely with governments and industry partners to discover and nurture technology startups with a high potential to become truly global enterprises in the future.

“At Microsoft, we are working to build up a more supportive ecosystem for startups in Sri Lanka,” said Hasitha Abeywardena, Country Manager, Microsoft Sri Lanka and Maldives. “Startups play a vital role in our economy as innovators, disruptors and first-movers. Sri Lanka needs more entrepreneurial development to fuel economic growth. Through Highway to a 100 Unicorns, we will enable startups in Sri Lanka to drive digital innovation in the region. We look forward to walking with founders along their growth journey and supporting them to scale and achieve more.”

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