Improbable things happen all the time when possibilities connect with each other in a large sequence of events. This universal truth became evident when the newly constructed duty-free shopping complex in the Colombo Port City was inaugurated on 5th September 2024.

The occasion marked the debut of the first urban duty-free shopping mall in the region, featuring a range of stores, restaurants, and various retail outlets. Notable international duty-free retailers, including One World, China Duty Free Group (CDFG), and Flemingo will be operating within the mall, positioning the Colombo Port City as a premier shopping destination.

A day prior to this event, on Sep 4, the parliament approved key regulations to kickstart financial activities in Port City, according to State Minister for Investment Promotion Dilum Amunugama.

President Ranil Wickremesinghe who officially opened ‘The Mall’, embarked on an observation tour of the new complex.

In his address on the occasion, President Ranil Wickremesinghe reflected on the rapid development of the port city, noting that two years ago, such progress seemed unlikely. He attributed this turnaround to his government’s efforts in establishing economic stability, supported by the International Monetary Fund (IMF), which has enabled the Port City’s financial sector to advance.

State Minister Dilum Amunugama addresses the gathering

The President also highlighted that approximately 100 companies are now interested in the Port City, with 74 expected to commence investment activities by the end of the year. He expressed optimism about the future growth and potential of the area.

Addressing the gathering he said:

“The inauguration of this duty-free centre in the Port City today marks a significant milestone. Our tourism industry has now gained global prominence, attracting visitors who are drawn to this new shopping complex. The development of shopping malls in the Port City is a key part of our strategy to enhance the region’s appeal and provide goods for tourists. This represents the beginning of a new era for the Port City.”

“Two years ago, the prospect of such development seemed improbable. However, we have made this progress possible through our efforts to establish economic stability, with crucial support from the IMF. Our agreements with the IMF, the World Bank, the Asian Development Bank (ADB), and 18 lending countries have been instrumental in advancing this program. Maintaining these agreements without alterations is essential for securing a prosperous future for our country. Any attempts to modify these agreements could jeopardize our on-going progress and prospects.”

“Approximately 100 companies are currently directing their attention towards the Port City. Of these, 74 companies are expected to arrive in Sri Lanka by the end of this year. Additionally, a new tourist zone will be established in Colombo Fort, which is anticipated to increase the number of visitors to these areas.”

One of the duty-free shops

“The police headquarters has been relocated, and the Foreign Ministry is moving to a new building. Plans are underway to renovate the Republic Square and construct new buildings in its centre, aiming to develop the area into a tourist zone. The old post office building will also be utilized to advance the tourism industry. The old port and its jetty, as well as the old Customs building, will be repurposed for tourism.”

“The naval headquarters has been relocated to Akuregoda, creating opportunities for new hotel developments in that area. The current President’ House will also be leveraged to expand the tourism sector, with plans to create a robust tourism industry there.”

“To develop the country, it is essential to attract a larger number of tourists and increase the revenue generated from them. We should take pride in being able to initiate such a shopping complex within two years. Three renowned global companies have already established themselves within a 7,000-square-meter area, with more expected to arrive. We are committed to securing the country’s economic stability and advancing the Port City to become a globally recognized centre.”

INSEE Cement’s Director – Productions and Solutions Portfolio Dr. Moussa Baalbaki recently gave an interview to the media on harnessing the potential of Sri Lanka’s construction industry to trailblaze the path to zero carbon emissions by 2050. The following are some excerpts from it.

Q. What inspired INSEE Cement to establish the i2i collaboration space and what makes it unique in the industry?

The inspiration behind the INSEE i2i (Innovation to Industry) collaboration space was our commitment to elevate the national construction industry through open innovation and collaboration. We recognized the need for a dedicated space where various internal and external stakeholders could come together to develop new products and solutions. What makes the i2i collaboration space unique is that it is the only facility of its kind in Asia, promoting cooperation among engineers, researchers, students, innovators, architects, academics, professional bodies, industry experts, and even competitors. This initiative is timely, addressing the rapid changes in the construction industry, which increasingly favours performance-based and sustainable designs.

Q. How has the i2i collaboration space contributed to the expansion of INSEE Cement’s products & solutions portfolio over the past few years?

The i2i collaboration space has played a pivotal role in expanding our products & solutions portfolio. Through i2i, we have introduced several innovative building materials under the SANSTHA brand. Over the past few years, we have successfully launched Superior Blended Cements, INSEE SANSTHA Mortar, INSEE SANSTHA Paint, and INSEE SANSTHA PVC products. These products are a direct result of the collaborative efforts and innovation fostered at the i2i collaboration space, enabling us to meet the evolving needs of the construction industry.

Q. Can you describe some of the key partnerships and collaborations that have been formed through the i2i centre?

The i2i collaboration space has facilitated numerous partnerships and collaborations. We have engaged with various industry stakeholders, including Siam City Cement’s business partners, local and international NGOs, government bodies, and academic institutions. These collaborations have been instrumental in promoting innovation and sustainability in Sri Lanka’s construction industry. For example, we have worked closely with universities to support PhD research on topics like sustainable concrete design and construction and demolition waste management.

Q. What role does i2i play in supporting Sri Lanka’s ambitious plans to achieve net zero carbon emissions by 2050?

The i2i collaboration space is integral to our efforts to support Sri Lanka’s green development agenda. Through this initiative, we are developing sustainable and efficient products, such as Superior Blended Cements, which reduce carbon emissions b per ton of cementitious material produced. INSEE Cement is also the first company in Sri Lanka to receive Environmental Product Declarations (EPDs) for its comprehensive cement product portfolio. These EPDs provide standardized and third-party verified information about the environmental performance of our products throughout their lifecycle, aligning with our commitment to achieving net zero carbon emissions by 2050.

How has the i2i collaboration space influenced industry practices and standards in Sri Lanka?

The i2i collaboration space has significantly influenced industry practices and standards in Sri Lanka by promoting higher quality and performance standards. Our state-of-the-art testing facilities and knowledge-sharing initiatives have elevated the local building materials industry to international best standards. The i2i collaboration space has also played a key role in advocating for sustainable and environmentally friendly construction practices, which has been recognized through awards such as the Green Industry Awards for low carbon and climate-resilient production.

Q. Can you elaborate on the research and development activities conducted at the i2i collaboration space?

The i2i collaboration space is equipped with modern equipment providing more than 40 different types of test modules for the construction industry. These include advanced testing methods for assessing the durability, chemistry, rheology, and strength of concrete. Key functional areas include the Durability Space, Chemistry and Rheology Space, Aggregate Space, and Strength and Wet Space. These areas allow us to conduct comprehensive research and development activities, ensuring that our products meet the highest standards of quality and performance.

Q. How does the i2i collaboration space engage with and benefit various industry stakeholders, including young engineers and academics?

As a market leader, INSEE Cement is committed to engaging and benefiting a wide range of industry stakeholders through the i2i collaboration space. We organize hybrid knowledge-sharing sessions that facilitate open discussion and promote new products and solutions. The centre also functions as an information library, offering mentoring and coaching on advanced concrete technology by INSEE experts. We invest in academic research, supporting PhD students working on innovative construction industry topics. The facility is accessible to university students, young engineers, and architects, providing them with a learning space to foster innovation in the construction industry.

Q. How do you see the i2i collaboration space evolving to meet the changing needs of the construction industry in Sri Lanka?

The i2i collaboration space will continue to evolve by embracing new technologies and methodologies to meet the changing needs of the construction industry. We aim to foster a culture of continuous improvement and collaboration, driving the development of advanced sustainable constructions. By engaging with a diverse range of stakeholders and creating an inclusive and inspiring environment, we are committed to building the future leaders of the industry. INSEE Cement will continue to lead by example, promoting sustainable development and contributing to the nation’s growth.

By Hiran H. Senewiratne

Digital Mobility Solutions (Lanka) Limited the holding company of ” Pick Me “company will offer the sale of 43.4 million shares at a price of Rs 36, stock market sources said.

Amid those developments both indices recorded a downward trend due to worries among investors about the future political landscape. Therefore, All Share Price Index down by 2.51 points while S and P SL20 down by14.1 points. Turnover stood at Rs 449 million with two crossings.

Those crossings were reported in Windforce, which crossed 2.5 million shares to the tune of Rs 48.7 million and its share price traded at Rs 19.50 and Cable Solutions three million shares crossed to the tune of Rs 21 million and its share price traded at Rs 7.

In the retail market top seven companies that mainly contributed to the turnover were JKH Rs  47.6 million (286,000 shares traded), Grain Elevators Rs 33.3 million (214,000 shares traded), Commercial Bank Rs 27.5 million (323,000 shares traded), HNB Rs 20.1 million (122,000 shares traded) Capital Alliance Rs 15.3 million (372,000 shares traded), Sampath Bank Rs 14.1 million (201,000 shares traded) and Ceylon Cold Stores Rs 12.6 million (244,000 shares traded).During the day 22.7 million share volumes changed hands in 6056 transactions.

It was said that the manufacturing sector and banking sector counters were very active at the market. The rupee opened stronger at Rs 298.70/80 to the US dollar yesterday, dealers said. Bond yields were up, they said, and stocks opened up 0.09 percent.

The rupee closed at Rs 298.80/90 against the greenback on the previous day.

In the secondary market; A bond maturing on 15.12.2026 was quoted at 11.15/40 percent, up from 11.10/25 percent.

A bond maturing on 01.07.2028 was quoted at 12.85/13.00 percent, up from 12.85/95 percent.A bond maturing on 15.06.2029 was quoted at 12.10.25 percent.