The Sri Lanka – Russia Business Council of the Ceylon Chamber of Commerce held its 17th Annual General Meeting virtually on October 28. Yuri Borisovich Materiy, the ambassador of the Russian Federation in Sri Lanka and to the Maldives graced the occasion and addressed the online gathering as the patron of the Council.
While congratulating the newly appointed executive committee for the period 2020-2021, Yuri Borisovich Materiy stated; “Sri Lanka remains one of the key partners for Russia in South Asia. Our ties continue to deepen in many spheres. Further impetus to our relations was given by the positive results of the visit of the Minister of Foreign Affairs of Russia Sergey Lavrov to Sri Lanka on the of January, 14, this year. In 2019 the volume of bilateral trade between Russian and Sri Lanka amounted to $400 million, with imports to Russia from Sri Lanka reaching $290 million. According to the Russian Customs statistics for 8 months of this year the trade turnover has increased by 36% reaching $352,8 million.
We consider that the Russian-Sri Lankan Intergovernmental Commission on Trade, Economic, Scientific and Technological Cooperation can be instrumental in the development of our countries’ business ties. After the appointment of the Co-Chairman of the Commission by the Sri Lankan side there will be a good opportunity to hold its next meeting subject to the Covid situation.
“We noticed that some Sri Lankan companies are making efforts to increase tourists’ flow from Russia since it will help to revive tourism sector in your country. We believe that once the Covid-19 situation normalizes, the arrivals of tourists from Russia increased significantly. Let me stress that the private sector in both our countries, including the members of this Council, remains the real driving force of our bilateral economic ties.”
Rootcode wins Startup of the Year and People’s Choice Award at SAARC Startup Awards 2022
Rootcode, one of Sri Lanka’s leading tech companies, recently took home the “People’s Choice Award” in addition to being bestowed with the “Startup of the Year” title at the SAARC Startup Awards 2022. This regional recognition marks a significant milestone for the Sri Lankan tech space and workforce. Rootcode’s mission to build great tech is well underway, and it is gaining traction faster than ever.
This is the first time a Sri Lankan tech company has made a name for itself in the regional competition, and it is a watershed moment that has focused the global spotlight on Rootcode’s distinct approach to fostering innovation in Sri Lanka. This is also the first time that a Sri Lankan company was able to take home two awards of those presented at the SAARC Startup Awards.
Global Startup Awards SAARC celebrates the spirit of entrepreneurship and promotes bridging boundaries through innovation in its regions, which include Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka, by recognizing them with its most prestigious awards program, attended by top-notch entrepreneurs, corporates, investors, and ecosystem builders from Nordic, Central Europe, SAARC, and ASEAN regions.
Every year, the SAARC Startup Awards bring together hundreds of South Asian startups, entrepreneurs, investors, co-working spaces, and accelerators to provide a platform to highlight trailblazers in the region’s startup world. Rootcode was chosen ahead of dozens of other regional tech startups in the competition.
Sri Lanka is a relative newcomer to the South Asian startup fraternity, and Rootcode’s ability to represent the country on the global stage not long after its inception is remarkable.
“We are extremely humbled and honored by the support shown to us at the SAARC Startup Awards 2022, and being recognized under two categories is a huge milestone for us,” said the CEO and Founder of Rootcode Labs, Alagan Mahalingam. “We have always been driven forward by excellence, collaboration, and integrity, which I believe is the reason why we have come so far and why Rootcode continues to grow every day.”
Rootcode is driven by its focus on helping businesses build great tech not just locally but globally, and its achievement at the SAARC awards stands as a testament to that. Despite the challenging times, this is a win for Sri Lanka.
INSEE Cement felicitates Sri Lanka’s youngest Commonwealth medallist
INSEE Cement awarded aspiring wrestler, Nethmi Ahimsa Fernando, who won a Bronze Medal for Sri Lanka at the recently concluded Commonwealth Games in Birmingham, LKR 1 million cash reward, to support her to pursue her passion. Suranga Kumara, her coach, also received LKR 250,000 cash reward, in appreciation of his contribution towards Nethmi’s recent achievements. INSEE Cement has also pledged to support Nethmi’s aspiration to represent Sri Lanka at the 2024 Olympic games, while also providing the entire cement requirement for the completion of her new house, which is presently under construction, in collaboration with the Manusath Derana initiative.
Textile maker Teejay knits strong start to 2022-23
Q1 revenue more than doubles to Rs 23.9 billion
Teejay Lanka PLC has made a positive start to 2022-23 posting Group revenue of Rs 23.9 billion for the three months ending 30th June 2022. The Group achieved nearly half its full-year revenue of 2021-22 in just the first quarter of the new financial year as a result of the low base of the previous financial year due to the impacts of COVID, the depreciation of the Rupee and the passing on of yarn price increases during the last quarter.
In a filing with the Colombo Stock Exchange (CSE), Sri Lanka’s largest textile manufacturer said it had also recorded significant growth in pre-tax and net profit at both Group and Company level in the quarter reviewed.According to interim financial statements, Group profit before tax for the three months grew by more than Rs 1 billion or 291% to Rs 1.5 billion, while Group net profit for the period was up 301% to Rs 1.2 billion.
At Company level, revenue improved by 108% in the quarter under review to Rs 12.9 billion, while profit before tax grew by 323% to Rs 1.5 billion, and net profit increased by 311% to Rs 1.3 billion.
Domestic debt restructuring will cripple EPF, ETF – JVP
Powerful CEBEU says yes to restructuring but on its terms
SJB opposes blanket privatisations
‘Dates have the highest sugar content to fight Coronavirus’
U.S. Congress to probe assets fleecing by US citizens of Sri Lankan origin
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