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NCC focusing on SDGs, inclusivity and equality

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Speech by the President of National Chamber Nandika Buddhipala 63rd Annual General Meeting

(Continued from Saturday)

Collaborations with Professional Institutes

With the view of developing business opportunities for both MSMEs sector and the Corporate Sector the Chamber singed MoUs with the Association of Chartered Certified Accountants (ACCA), Chartered Financial Analysts (CFA Society) Sri Lanka.

National Business Excellence Awards 2021

The most awaited business benchmark program, the National Business Excellence Awards 2021 (NBEA), was launched on the 16th of November 2021. Chamber initiated a fresh approach to structure the content of the NBEA Application to capture current trends shaping the industries and businesses across world with further emphasize on securing long-term sustainability through Environmental, Social and Governance (ESG) initiatives required to create long-term value for all, not just for selected few.

The final event is scheduled in February/March 2022 – to be conducted with compliance to all health regulations. It is very encouraging to receive over 100 applications for the competition.

Sustainable Development Goals

As the country’s foremost Chamber in business development, NCCSL’s focus on business sustainability has grown gradually over the years. Its services to members and businesses, especially in the micro, small and medium sectors have an unmistakable undertone of sustainable development, with a strong focus on inclusivity, diversity and equality. Intrinsically, the National Chamber of Commerce is responsible for developing businesses to reach their potentials, while embedding a consciousness for social development and environmental sustainability into organizational actions, values and objectives.

We have embarked on a journey giving the emphasize on Sustainable Development Goals, inter alia, Quality Education – Ensuring inclusive and quality education and promoting lifelong learning opportunities for all, Gender Equality – Achieving gender equality and empowering all women and girls, Reduce Inequality – Reducing inequality within and among Sri Lanka, and Partnership for Goals – Strengthening the means of implementation and revitalizing the global partnership for sustainable development.

Wayforward

The all of our activities during the last year and moving forward this year also will be based on our Vision to be the leading source of services and assistance to businesses countrywide for promotion of domestic and foreign trade with special emphasis on the development of Micro, Small and Medium Enterprises. We will endeavor to make sure our strategies and activities moving forward also to be align with Sustainable Development Goals and upholding diversity, inclusivity and equality in creating long-term value for all in the society enhancing the power through unity.

In order to enlighten the stakeholders I would like to briefly elaborate on our expected activities in the near future.

NCCSL is planning to join with an international Webinar on “Connecting South Asia with Global Markets through Hong Kong” jointly organized by Hong Kong Trade Development Council (HKTDC), Federation of Indian Chambers of Commerce & Industry (FICCI), Dhaka Chamber of Commerce & Industry (DCCI) and Federation of Nepalese Chambers of Commerce & Industry (FNCCI) on 10th February 2022.

We will be working with St. Petersburg International Economic Forum (SPIEF) organized by The Roscongress Foundation in Russia during June 2022 which is one of the largest events of this nature in the world.

NCCSL is planning to revive the Meet the Ambassador initiative physically which we could not continue due to Pandemic, however, it is expected to recommence the event moving forward in order to facilitate trade, exports and investments.

Further, we are expecting trade and investment delegations from Sultanate of Oman and Bangladesh in the near future with a view to facilitate trade, export and investment opportunities among our nations.

Further, NCCSL is expecting to launch entrepreneurship development program in both Sinhala and Tamil language throughout the island in order to uplift required skills of doing business, business planning, finding markets and finance, improve taxation knowledge and financial literacy of our SMEs.

I take the opportunity to express my sincere gratitude to all the office bearers, council members and the NCCSL team led by CEO/Secretary General Bandula Dissanayake; without your immense support NCCSL wouldn’t have achieved the success in every activity we engaged in.

Thank you.

(Concluded)



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Dialog Smart Home Enables Seamless Home Automation via Range of Intuitive Solutions 

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Dialog Axiata PLC, Sri Lanka’s premier connectivity provider, introduced a range of convenient and integrated solutions via ‘Dialog Smart Home’ to enable intelligent automation and intuitive control of homes.

The newly introduced range of future-fit smart home solutions by Dialog Smart Home ranges from Home Automation, Home Security & Surveillance and Home Connectivity, and are designed to enable any home to work as one harmonious system where all elements work in tandem together to create a truly intelligent home.

The Home Automation solutions offer homeowners seamless and convenient control of their electronic appliances through their smartphones anytime, anywhere. With the Smart Touch Wall Switches, Smart Power Strips and Smart Fan Controllers, homeowners can take control of existing light bulbs, table fans, rice cookers, chargers, ceiling fans and more appliances. Additionally, the Artificial Intelligence (AI) powered TeDi Alexa Solution enables users to control connected smart devices including TVs, air conditioners, home security systems and more through voice commands.

Home Security & Surveillance solutions transform basic cameras into high-powered CCTV solutions. Baby and house monitoring smart cameras can be placed inside homes to keep a 360-degree eye on children and pets. The Indoor Security Camera has the ability to sound a siren and notify users if a stranger enters their home. Dialog Smart Home has also partnered with Singer to offer customers world-renowned Dahua CCTV solutions.

The Home Connectivity solutions offers consumers Wi-Fi extenders to facilitate uninterrupted internet connectivity across the house to fit the homeowner’s lifestyle and requirements.

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CBSL implements extraordinary measures to support banking sector

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The Central Bank of Sri Lanka, considering the prevailing macroeconomic conditions and its impact on the banking sector, has decided to implement the following regulatory measures to support the banking sector to facilitate effective financial intermediation and the flow of credit to the economy, whilst ensuring the soundness of the banking sector.

• Sri Lankan banking sector maintains a Capital Conservation Buffer (CCB) of 2.5% to ensure that banks have an additional layer of usable capital that can be drawn down during stress times. An industry wide flexibility is granted for banks to drawdown the CCB (up to 2.5%), if needed, subject to restrictions on distribution to shareholders/ repatriation of profits and submission of a capital augmentation plan to rebuild CCB during a period up to three years.

• The current deadline for licensed banks to meet the enhanced minimum capital requirement (31.12.2022) is extended up to 31.12.2023. Licensed banks which are unable to meet the minimum capital requirement by 31.12.2022, need to submit their capital augmentation plan, including plans to consolidate or merge with suitable financial institutions, by 31.12.2022 and these licensed banks too shall refrain from distribution of dividends/ repatriation of profits until the minimum capital requirement is met.

• Licensed banks are encouraged to move to approaches such as The Standardised Approach (TSA) or alternative TSA for computation of risk weighted assets for operational risk for the purposes of computing the Capital Adequacy Ratio, subject to supervisory review.

• Licensed banks are given the flexibility to stagger the unrealised mark to market loss on Government Securities denominated in LKR on account of the recent interest rate hike for Capital Adequacy purposes until Q2 of 2024, subject to conditions.

• Licensed banks are granted flexibility on the treatment for Other Comprehensive Income (OCI) for Capital Adequacy purpose in line with the International Standards.

• The deadline for licensed banks to submit the document on Internal Capital Adequacy Assessment Process (ICAAP) for 2022, to the Central Bank of Sri Lanka is extended by one month, until 30.06.2022.

• As a short-term measure to support licensed banks to adjust their liquidity profiles, licensed banks are provided with the flexibility to operate maintaining the Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) not lower than 90% up to 30.09.2022. Furthermore, the Central Bank of Sri Lanka, on 06 May 2022 decided to restrict certain discretionary payments of licensed banks, such as declaring cash dividends and repatriation of profits, until the financial statements for the year 2022 are audited by its External Auditor, engaging in share buy backs, increasing management allowances and payments to the Board of Directors until 31 December 2022 with a view to strengthening the liquidity and capital positions of licensed banks under these exceptional circumstances.

The above measures were introduced with the aim of providing the licensed banks with more flexibility and opportunities to operate in these challenging conditions and support economic recovery, while taking measures to improve their safety and soundness. The Central Bank of Sri Lanka will periodically review the implementation of these policy measures and expects licensed banks to avail these measures in the best interest of the customers and the economy at large, while supporting the banking sector to remain resilient.

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CEAT official tyre supplier for locally assembled Tata Ace HT 

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CEAT Kelani Holdings has been appointed as the official tyre supplier for Tata Ace HT series compact trucks which are assembled in Sri Lanka by DIMO in collaboration with India’s largest automobile manufacturer TATA Motors.

 CEAT RHINO PLUS TL tyres in the size of 155R12 8PR, manufactured at the CEAT Kelani plant in Kelaniya are used for the TATA Ace HT series vehicles, popularly known in Sri Lanka as “DIMO Batta” under this project. The locally manufactured CEAT RHINO PLUS TL tyre features a zig zag pattern on its circumference and ribs with lateral notches that contribute towards uniformity and better wear and tear on local roads.

 Commenting on this latest OEM agreement of the company, CEAT Kelani Holdings Managing Director Mr. Ravi Dadlani said: “As a brand that has been at the forefront of local value addition in Sri Lanka, CEAT is excited to contribute further to the process through its association with this assembly operation. This is particularly relevant in the prevailing situation in the domestic market. We are able to provide high-quality tyres engineered for local conditions at competitive prices and ensure uninterrupted supply, while at the same time helping to conserve foreign exchange.”

In January this year, CEAT was appointed as an OEM for a range of heavy-duty trucks, tippers and light commercial vehicles assembled in Sri Lanka by Lanka Ashok Leyland PLC (LAL), a joint venture company of Ashok Leyland India. In November 2021 the brand was chosen as the OEM for Bolero City Pik-up vehicles assembled in Sri Lanka by Mahindra & Mahindra India in collaboration with Ideal Motors.

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