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‘Sri Lanka well positioned to become leading trade and maritime hub in Asia’

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‘Sri Lanka is a gateway to almost 3 billion people in South Asia, East Asia and the Pacific and is located close to some of the busiest trading routes in the world. The country is therefore well positioned to become a leading trade and maritime hub in Asia, ambassador of Norway to Sri Lanka Trine Joranli Eskedal said.

The ambassador was addressing the 19th AGM of the Sri Lanka – NORDIC Business Council of the Ceylon Chamber of Commerce on Sept. 21 as Chief Guest.

At the meeting Prasath Mahalingam of 99X Technology Limited was elected unanimously as the president of the Council.

The ambassador noted that the promotion of business cooperation between Norway and Sri Lanka, including increased trade and investment, is one of her key priorities.

The ambassador added – ‘The Sri Lankan – Norwegian bilateral relationship has withstood the test of time and is stronger today because it has always been based on mutual respect and cooperation. On this occasion, I want to make special mention of the ‘Match-Making Programme’ funded by NORAD, and very successfully implemented by the Ceylon Chamber of Commerce, a few years ago. This project aimed at encouraging Norwegian businesses to invest and initiate commercial co-operation with Sri Lankan partners. Over a 15-year period, it mobilised interest amongst 330 Norwegian SMEs in commercial operations with and in Sri Lanka. This programme had its roots in the embassy support for the Hambantota Integrated Rural Development programme carried out from 1979-1999. ‘Norway’s Sovereign Wealth Fund, which is managed by the Norwegian Central Bank, had a total of USD 114 million investments in Sri Lankan stocks at the end of 2019, investing in 20 Sri Lankan companies.

The ambassador further noted that at a time when traditional development co-operation is on the decline, increasing trade and commercial co-operation will emerge as prime areas of interaction between Norway and Sri Lanka. There are many new opportunities for Sri Lanka to expand trade and investment by identifying new niche markets and products. She concluded by saying that the Royal Norwegian Embassy looked forward to continuing the partnership with the NORDIC Business Council and supporting Sri Lanka on its development journey.

The outgoing president, Merrick Gooneratne appreciated the support extended to local exporters through the ‘Sri Lanka – Norway Match – Making Programme,’ managed successfully by the Ceylon Chamber of Commerce, and requested Norway’s support to initiate similar programmes for further developing trade and investment between Sri Lanka and the NORDIC region.

Prasath Mahalingam, 99X Technology Ltd. was elected president of the Council, and Jehan Perinpanayagam, of Infomate (Pvt) Ltd., and Andre Fernando, of MAC Holdings (Pvt) Limited were elected Vice Presidents. The Committee members representing Aitken Spence Travels (Pvt) Ltd., Indika Abeykoon, Alpha Industries (Pvt) Ltd., Sarath Weerasuriya, Columbus Tours (Pvt) Ltd., Bobby J. Hansen, John Keells IT Ousman Anthony and Wilhelmsen Meridian Navigation Limited, Maleena Awn, were elected to serve for the period 2020 – 2021.

The Bilateral Business Councils, an integral part of the Ceylon Chamber of Commerce, play a vital role in the promotion of international business. The main activity of the Councils is expansion of business between Sri Lanka and the partner country. The Ceylon Chamber operates 20 Bilateral Business Councils with the prime objectives of promoting of trade and investment, joint ventures, services including promotion of tourism between Sri Lanka and the respective countries. The first Business Council, Sri Lanka – Japan Business Co-Operation Committee was formed in 1979. Since then, 19 more Business Councils were formed to fulfill the primary objectives.

The Sri Lanka – NORDIC Business Council was inaugurated in 2001 to promote trade, tourism investment and services between Sri Lanka and Denmark, Finland, Norway and Sweden and vice versa. The Sri Lanka – NORDIC Business Council of the Ceylon Chamber of Commerce continues to act as the vital link between Sri Lanka and the partner countries, to develop new initiatives and areas of cooperation in terms of trade, tourism and investment. The Business Council membership comprise a wide spectrum of companies engaged in infrastructure, logistics and services, financial services, tourism and leisure, import and export trading, manufacturing, ICT and telecommunication.

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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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