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Standard operating procedure for local assembly of vehicles and component manufacturing to be launched

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The Ministry of Industries spearheaded by . Wimal Weerawansa is soon to launch the standard operating procedure (SOP) for local assembly of vehicles and automotive component manufacturing to encourage world renowned brands to locally assemble vehicles.

Dimantha Jayawardena, president of the Sri Lanka Automotive Component Manufacturers’ Association said that the new SOP has been prepared in keeping with the highest standards around the world. “This SOP has been prepared by the Policy Development Division of the Ministry of Industries in close collaboration with Ministry of Finance, Sri Lanka Customs, Registrar of Motor Vehicles, Sri Lanka Automobile assemblers and Automobile Component Manufacturers. With the launch of the SOP it will become mandatory that vehicle assembly comply to the SOP and increase value addition for locally manufactured vehicles.

The SOP includes guidelines and standards for registration at the Department of Motor Traffic, BOI, Sri Lanka Customs and the Ministry of Industries and for the local assembly of vehicles.

It has also specified the necessary regulations for standardization of the assembling and manufacturing process, the automobiles and components, and the establishment of the assessment facilities. It also has guidelines for the exportation of assembled and manufactured vehicles and the recommended exemptions of excise duties.

Jayawardena also said, “The SOP clearly states that it is vital that the sector should be provided with the opportunity to expand itself in the domestic market at the first stage and in order to achieve this objective, there should be a substantial level of investment in the domestically value-added automobile manufacturing/assembly industry, which could create the demand for locally manufactured components increasing their quality and to achieve internationally renowned standards.

“This SOP includes all regulations, procedures and requirements related to different aspects of the industry, from the registration of an industry to the safety and quality standards applicable to the same and is subject to review and revision every five years. Prospective local assemblers should be given the flexibility during the first two years to invest and start operations and adhere to the SOP guidelines within a 2-year time-frame.”

We expect more than 20,000 direct jobs and 25,000 indirect jobs to be created within the next 2 – 3 years. Currently SLACMA is working with the Ministry of Skills and Development together with NAITA and German Tech to absorb these students to the local assemblies.

The advantage of local manufacturing of automobiles allow technology transformation and technical training under some of the world’s best manufacturing standards such as Just In Time, 5S, KAISEN, LEAN Manufacturing, IATF 16949 and Six SIGMA standards. This will help our students to apply these manufacturing methods in other manufacturing industries.

“I must commend His Excellency the President for his vision of adding value to Sri Lankan products and services and in the process greatly enhancing the skill level of the local workforce.” He added.



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Moose Clothing Company wins award at SLIM Brand Excellence 2020

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Hasib Omar, Executive Director/CEO at Moose Clothing Company (second left) with the company’s Head of Sales and Marketing Stefan Schumacher, Head of Supply Chain Vinu Basnayake and Senior Manager Finance Nadeesha Gunawardana.

Moose Clothing Company clinched their first bronze award for “Best New Entrant Brand” category at the recently held SLIM Brand Excellence Awards 2020.

Moose Clothing believes in creating clothing that’s loved by all, allowing everyone to embrace and celebrate their unique personalities. Moose Clothing has over time established itself as a versatile brand that creates comfortable quality clothing with the perfect fit. The brand is keen about perfecting every aspect of their clothing and puts in every effort to create a quality garment that will always speak for itself.

Commenting on their marvellous achievement, Hasib Omar, Executive Director/CEO of Moose Clothing Company said, “This is indeed a testimony of our hard work and dedication towards the brand and our customers. At Moose we believe that each customer is unique and our clothing is tailored to match that uniqueness. We entered the market with that in mind and this award is a clear indication that we are on the right track.”

Established in 2018, the brand’s journey is all about celebrating the free-spirited personality of the wearers with versatile clothing that’s suitable for work, dance and play. 

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CSE bounces back; indices pick-up but turnover low

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By Hiran H.Senewiratne 

CSE activities bounced back  yesterday following a continued decline in its activities on  previous days.  But the market registered low turnover, fuelling investor concerns, stock market analysts said.

Both CSE indices moved upwards. The All Share Price Index went up by  76. 69 points and S and P SL20 rose by 39.03 points. Turnover stood at Rs. 2.07 billion without a crossing.

In the retail market, top five companies that mainly contributed to the turnover were; Expolanka Rs. 188 million (4.2 million shares traded), LOLC Holdings Rs. 158.6 million (526,000 shares traded), Sampath Bank Rs. 155 million (one million shares traded), JKH Rs. 145 million (975,000 shares traded) and  Dipped Products Rs. 118 million (2.8 million shares traded). During the day 76.96 million share volumes changed hands in 18746 transactions.

Sri Lanka’s rupee quoted flat at 196.00/197.00 levels to the US dollar in the one-week forwards market on Friday while bond yields remained steady, dealers said. The rupee last closed in the one- week forward market at 196.00/197.00 to the dollar on Thursday.

Sri Lanka expects the GDP to grow between 3.0 to 3.5 per cent in the first quarter of 2021 with the rapid vaccination campaign rolled out giving people more confidence.

 

 

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AIA Insurance congratulates Sri Lanka’s Most Admired Companies

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AIA Insurance congratulates the winners of Sri Lanka’s Most Admired Companies 2020, for being recognized not just for their financial performance but also the value they create for their shareholders, customers, employees and the wider community.

AIA commended the 25 companies that were awarded this esteemed accolade- for proving their mettle with consistency, authority and sustainable growth, creating excellent business performance. This was the third consecutive year that AIA was the Platinum Sponsor of the Awards, organized by the International Chamber of Commerce Sri Lanka (ICCSL) and other affiliated sponsors.

AIA CEO Nikhil Advani commented, “As part of Asia’s leading insurer and Sri Lanka’s Best Life Insurance Company for the 2nd consecutive year (awarded by the Global Banking and Finance Review) AIA’s core philosophy is doing the Right Thing, in the Right Way and with the Right People. We take pride in being associated with this event, which recognizes business excellence and ethics- essentially doing the right thing, the right way for the right results. We place honesty and integrity in the highest esteem and are delighted to celebrate reputed companies that share our values in generating value for their shareholders, customers and the community.”

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