G.o.S.L’s vacillation on C.E.P.A. blamed
exports to India in the first six months of the year was
attributed to the non signing of the Comprehensive
Economic Partnership Agreement (C.E.P.A.) by the
Government of Sri Lanka (G.o.S.L.) and not due to the
global recession, alleged an official speaking on the
grounds of anonymity to The Sunday Leader.
made these comments in the backdrop of Indian High
Commission’s Counsellor (Economic & Commercial) Santosh
Jha’s claim that the steep drop in trade between the two
countries was not due to the global recession, but due
to other reasons, the causes of which are currently
being examined,said Jha.
President Mahinda Rajapaksa was about to sign the
C.E.P.A. with Indian Premier Manmohan Singh at the
S.A.A.R.C. summit held in Colombo in August 2008, but
backed down at the 11th hour due to pressure from
certain local business quarters who alleged that C.E.P.A.
speaking at a seminar in Colombo on Wednesday said
that trade between the two countries in the first six
months of the year fell by 35% year on year (y.o.y.) in
U.S. dollar terms, exports from India to Sri Lanka by
between 35-36% and exports from Sri Lanka to India at a
much higher rate, the percentage of which he was however
unable to quantify.
said that since the signing of the Indo-Lanka Free Trade
Agreement (I.L.F.T.A.) in 2000, trade between the two
countries had grown by 6-7 times, till this year’s
aberration. Meanwhile the source said that the reason
for the drop in Sri Lanka’s exports to India was
allegedly due to G.o.S.L.’s reluctance to broaden the
scope of the I.L.F.T.A. to a C.E.P.A., that would have
had, other than the trade in goods, also encompassed
Investments and Services as well.
C.E.P.A. would also have had relaxed the local value
added requirement needed in regard to certain exports to
India, enabling some 400 additional items to access the
Indian market, he said. It would have had brought down
the 35% local value added requirement needed for those
items to enjoy duty concessions under the present
I.L.F.T.A., to 30% under the proposed C.E.P.A., thus
enabling entry into the vast Indian market.
C.E.P.A. also has laboratory recognition, meaning that
certain items that required to be passed for testing
could have had got such testing certificates from
locally accredited labs rather than from Indian labs as
the case now is, thereby being able to enter the Indian
market without any hassle.
was also room in C.E.P.A. to broaden the Customs
classification favouring Sri Lankan exports, the source
is Sri Lanka’s biggest trading partner, with exports
to Sri Lanka amounting to U.S.$ 2.8 billion last year,
while the balance, in a trading portfolio valued at
U.S.$ 3.26 billion, being exports from Sri Lanka to
is also Sri Lanka’s largest import market and its 6th
largest export market.
exports to India reached its zenith in 2005, when the
island exported U.S.$ 588 million worth of goods to
of Sri Lanka’s export growth at that time was lead by
Vanaspathi and scrap metal-mainly copper related, which
products now are out of the equation mainly because as
far as the former is concerned, India’s import duty on
vegetable oils, a key ingredient required for the
manufacture of Vanaspathi has since come down to zero,
thereby making Vanaspathi exports from Sri Lanka
uncompetitive, while copper related metal exports has
been virtually banned from Sri Lanka as such products
were in need by certain local industries, especially
those related to brassware.
India’s exports to
Lanka are made on a non preferential basis, meaning that
they don’t qualify for duty concessions under the
I.L.F.T.A. Sri Lanka’s high import tariff structure is
blamed for the fall in imports from India in the period
market focus on the outcome of Tuesday’s Monetary Policy
review and expectations of a further rate cut, Friday’s
secondary market trading saw Treasury (T) Bond yields
marginally move up by six basis points due to profit
taking, market sources told The Sunday Leader.
Meanwhile last week’s T Bill primary auction saw yields
fall by 22, 53 and 61 basis points to 9.26%, 10.10% and
10.48% for Bills of 91, 182 and 364 day maturities
respectively compared with the previous week’s average
However banks are still reluctant to lend, the sources
said, adding that there is no one to lend.
others said that banks are concentrating more on
recoveries than on lending. They further said that
though prime lending rates have gone down, i.e. the
lending rates to banks’ top customers, lending rates to
others have however had hardly changed.
main speaker at a function organized by an accountancy
body had some outdated economic data on Sri Lanka.
Agarwal, Professor of Finance and Founder Chairman
Indian Institute of Finance, New Delhi, speaking at the
inauguration of the CIMA Business Forum in Colombo on
Monday said that Sri Lanka’s economy grew by 7% and
unemployment was on the decline.
Lanka’s economy grew by 7.4% in 2006, 6.8% in 2007 and
6% in 2008. Central Bank of Sri Lanka forecasts that the
economy will grow by between 3.5-4.5% this year.
country’s unemployment which was on the descent last
year has however been creeping up this year due to the
has hit the export sector leading to thousands being
made redundant, coupled with the crash of the Golden Key
Credit Card Company which also resulted in the loss of a
few thousand jobs.
1,000 internet accounts go dead
Friday’s “mystery” power outage had a negative effect on
the stock market which saw 1,000 internet accounts not
being able to log in as a result, market sources told
The Sunday Leader.
slack foreign activity, the benchmark A.S.P.I. fell by
5.39 points over that of Thursday’s close to finish the
week at 3,115.34; while the more sensitive M.P.I. fell
by 23.46 points to end the week at 3,504.24 points.
Turnover was Rs. 491.3 million compared to the previous
day’s Rs. 1.6 billion mark.
sources were divided in regard to the bourse’s direction
in the week beginning tomorrow.
some said that due to prices being dearer, the ascent of
the bourse would be much slower, others however said
that the bourse is well on the way to hit the 4,000
Case for competition
in point for the privatization or to allow competition
among utility providers is Friday’s all island power
failure coupled with the suspension of water services to
several areas, also on the same day.
suspensions, made virtually unannounced, apart from the
inconvenience caused to households, also caused
disruption to work in several offices, which did not
have recourse to power generators, resulting in
productivity and economic losses.
bad old days, when telecoms was a monopoly of the State,
citizens had to grin and bear with the attendant
inefficiencies and evils that came with a government
monopoly. But this changed with at least the semi
privatization of the telecoms sector, coupled with
competition being allowed to enter this vital sector of
are paid services and not services provided free to the
such is it not a fundamental right for a consumer of
this country to have recourse to this service anytime
right for him to suffer for the sins of the State
because of its inefficiencies and be deprived of such
the success of the telecoms sector be replicated in the
power and water sectors, if such sectors are also
opened-up for semi privatization or competition?
City at war
closures that the city is still subjected to when
V.I.P.s and their escort vehicles move around, give the
impression that the country is still at war.
Monday, close to 3 p.m., when yours truly was walking to
catch a bus back to office, to the bus stand opposite
the Regal theatre after an assignment at Cinnamon
Lakeside, he witnessed such a spectacle.
C.T.B. bus was parked across the road near the Regal
theatre, preventing traffic moving from Sir Chittampalam
A. Gardiner Mawatha to Fort. Scores of vehicles were
stranded as a result, forming a long line.
this reporter was allowed to walk to the bus stand
unhindered there were no buses, because traffic moving
in from the opposite direction was also seemingly
obstructed. Commuters were there in their numbers at the
little while later the V.I.P. motorcade drove in, down
D.R.Wijewardene Mawatha, after which the free flow of
traffic, to and fro, was allowed.
Flushed with dollars
are compelled to sell their U.S. dollars to the Central
Bank at Rs. 114.80 per unit because there are no buyers
in the market, sources told The Sunday Leader.
Exporters are causing pressure on the rupee to
appreciate by encashing their dollars, they said.
Further, foreign purchases of government securities have
had also made the market flushed with dollars, with the
Central Bank being the sole buyer of foreign exchange
from the market, they said.
Dubai based computer hardware manufacturing company
plans to make Sri Lanka the gateway to South Asia, other
Shafraz Hamzadeen, Group Chief Executive EZY Holdings
Sri Lanka told reporters on Monday that they have a
separate manufacturing plant in India to handle that
country’s requirement of computers.
company which has invested U.S.$ four million in Sri
Lanka began operations in August, with computers
manufactured in their plant in Ratmalana, some 600 of
them, shipped to Pakistan last month, and a similar
number due to be shipped this month as well, with the
value of each of those shipments being U.S.$ 150,000.
Hamzadeen plans to up this regular order to 5,000 by May
Additionally he plans to export computers to Bangladesh
company supplies the local market with between
1,300-1,400 computers a month. He said that Sri Lanka’s
annual requirement of computers, including those bought
second hand, numbered 250,000.
which was formerly based in Singapore, relocated to
Dubai for tax purposes, said Hamzadeen.
E.C. may not act on Panel’s report
European Commission (E.C.) will not necessarily base
their recommendations on the findings made by an expert
panel on the G.S.P. + issue, a diplomat told The Sunday
Leader on Monday.
Bernard Savage, E.C.’s Head of Delegation to Sri Lanka
and the Maldives however said that it would have had
been made easier if the Government had cooperated with
that panel on their investigations in connection with
Sri Lanka’s eligibility to continue to enjoy the G.S.P.
+ concession. The Government did not work with that
panel on the grounds that they did not want the military
investigated on alleged war crimes.
G.S.P. + facility that provides an opening for 14
beneficiary countries, including that of Sri Lanka, to
export several thousands of goods to the E.U. region on
a duty free basis, is intrinsically linked to the
beneficiary countries’ observance of U.N. conventions
governing human rights (h.r.) and labour laws. The E.U.
panel has faulted the Government of the former.
of the alleged h.r. abuse levelled against the
Government is linked to its prosecution of the war
against the L.T.T.E. which it successfully fought to a
finish in May. Savage however said that there is no way
of the E.C./ E.U. member states giving Sri Lanka a
second chance of “putting its house in order” like what
happened last year, in the event they are unhappy over
the island’s performance on the h.r. issue this time.
E.C.’s recommendations are that Sri Lanka should not
enjoy the G.S.P. + concession then that’s final,” he
Savage further said that the E.C.’s review process on
the G.S.P. + issue will be completed this month, after
which it will be referred to the 27 member states for a
vote based on those recommendations.
member states will make known their positions by a vote
Savage said that in general member states don’t go
against the recommendations made by the E.C.
event their recommendations are that the island should
forfeit the G.S.P. + facility, Sri Lanka will however be
given time till June 2010 to export those goods on a
duty free basis, after which the ban will finally become
law, said Savage.
country was given the opportunity of continuing to enjoy
the G.S.P. + concession for a three year period
beginning from this year on the grounds that it be
investigated by the aforesaid panel on the country’s
alleged h.r. abuse issue.
want Sri Lanka to continue to enjoy the G.S.P. +
facility,” Savage, addressing a CIMA function on Monday
objective is to increase cooperation and engagement in
Sri Lanka in the future as we have done in the past,” he
told CIMA invitees.
will continue to fund development works in the North and
East, added Savage.
is Sri Lanka’s single biggest market, with garments, Sri
Lanka’s highest foreign exchange earner, enjoying duty
free access to the E.U. The garment industry provides
employment to 300,000.
the other industries which have penetrated the E.U.
market because of the G.S.P. + facility are fish and
ceramic exports. Sri Lanka has been enjoying the G.S.P.
+ concession since the middle of 2005, on sympathy
generated after the December 2004 tsunami.
G. S. P. +
future of G.S.P. + that allows Sri Lanka to export
several thousands of products to the E.U. region duty
free is one of the popular talks/discussions doing the
rounds among political, diplomatic, business and
academic cum economic circles nowadays.
+ impacts positively on local businessmen who export
such products that come under the aegis of this
facility, thereby profiting from this concession, as
well as the Government of the day because of the
socio-economic stability that this advantage gives in
terms of job creation and job provision, coupled with
the export competitiveness that G.S.P. + naturally
provides, which also helps to build the island’s foreign
reserves as a result.
premature termination of this facility would largely go
against the government of the day at a future election
because of the possible job loss that such an action
would create, coupled with the hit that the island’s
foreign reserves will have to take due to the withdrawal
of this facility.
continuation of this concession however impacts
negatively on the anti Sri Lanka/anti Government lobby
within and without, whose opposition against the
sustenance of this facility stems from political reasons
double standards in dealing with the G.S.P. + issue were
told to this reporter recently by no less a person than
a Western European diplomat whose country is among the
27 European states that constitutes the E.U. (See The
Sunday Leader issue of September 20, 2009)
said that like Sri Lanka, Colombia is one of 14
countries which enjoy the G.S.P. + facility that enables
it to export goods to the E.U. region on a duty free
source who did not want to be named said that Colombia
has however been engaged in a 40 year war with the
F.A.R.C Marxist guerillas which yet continues. In that
war, several civilians sometime get killed when the
Colombian army conducts military operations against that
there is no threat of the E.U. withdrawing the G.S.P. +
concession because of such civilian deaths, he said.
This is allegedly due to U.S. pressure on the European
Commission (E.C.), the administrator of the E.U. The
U.S.A. is also one of the largest markets for the E.U.
lies the crunch.
contrast to Colombia, both the E.U. and U.S.A. have been
crying foul over Sri Lanka military’s recent successful
prosecution of the war against the L.T.T.E. on the
grounds of alleged human rights violations associated
with that conflict.
E.C. has even threatened to prematurely terminate the
G.S.P. + concession to Sri Lanka on account of this,
prior to its due date of expiry, which is December 31,
such a scenario what should the Government do?
vehemently opposed pressure to open a war crimes
investigation on this issue.
citing examples like the Colombian issue on grounds of
inequity by adopting a “dog eat dog” posture in defence,
is not diplomatic etiquette either.
such Colombo is now resorting to “last minute” lobbying
of the E.C., an action that it should have had taken
earlier, that diplomat told The Sunday Leader.
is expected to take a decision in regard to the future
of the G.S.P. + concession on a negative report filed
against Sri Lanka on the human rights issue either this
month, or, if what Minister G.L. Peiris said is true, in
December, which is just two months away.
these circumstances, one thing that the Government can
do to try to mitigate this situation even at this late
hour is to expedite the resettlement of I.D.P.s.
300,000 I.D.P.s have been held in internment camps since
the end of the L.T.T.E. war in May 2009.
President Mahinda Rajapaksa gave a promise to the
international community soon after the war end that
those civilians would once more be re-settled in their
homes in the Wanni after screening and demining works
assured that those civilians would be resettled before
the year end. But after a near five months lapse since
the war end and hardly two months remaining before the
year end, only a handful of those refugees have since
is a belief held by some that the alleged reason for the
slowness in re-settling these refugees is for political
reasons. With elections drawing nigh, such as the
general election due next year, sources allege that it’s
easier to manipulate those refugee voters when they are
in refugee camps, rather than when they are re-settled
in their own homes.
general, the minorities of this country vote for the
opposition U.N.P., or parties aligned to it.
G.S.P. + facility officially terminates on December 31,
2011., after which it may be renewed for a further
period. To date it has been renewed once, from 2009 to
end of 2011.
G.S.P. + duty free concession has been given to only 14
developing countries (including that of Sri Lanka) to
help them get out of poverty. Countries like Colombia
have been enjoying this facility because of its war
concession is linked to Sri Lanka observing universal
labour and human rights laws. It’s on the latter,
connected to the island’s prosecution of the L.T.T.E.
war that the U.S.A. and the E.C. are finding fault with
the Sri Lanka Government, with the E.C. holding the
G.S.P. + facility as a ransom, to try to force the
island to open investigations on alleged war crimes.
Lanka has been enjoying the G.S.P. + concession since
the middle of 2005 on account of the sympathy generated
after the December 2004 tsunami. Though several
thousands of items may be exported to the E.U. region
duty free under this concession, for various reasons,
only a few such exports from the island have in reality
exploited this concession. Those are garments, fish and
Garments are Sri Lanka’s single biggest foreign exchange
earner, with fish and ceramic exports paling into
insignificance when compared with the former. But still
those sectors provide jobs to the people of this
is Sri Lanka’s single biggest export destination,
followed by the U.S.A. E.U. is also the island’s single
biggest tourism market.
Despite the G.S.P. + concession, exports to the E.U.
have been falling in value terms year on year because of
the current recession. But signs are that the “beginning
of the end” of the recession has now started.
Nevertheless, recession or no recession, the G.S.P. +
concession is vital for a developing country such as Sri
Lanka, to give it that vital socio-economic stability
that it now desperately needs.
academics and local exporters feel that the E.C. is
using the G.S.P. + facility as a “carrot and stick”
method to bring Colombo to heel. They cite the example
that if the E.C. had really wanted to kick out the
island from enjoying this concession, they could have
had expunged its name when this facility came up for
renewal this year.
However living in hope alone is not enough. The
Government must take tangible steps to show that it’s
toeing the line, not necessarily by opening up war
crimes investigations, but by making a start to
re-settle those refugees in their thousands back in
Hutch offers discounts
operator Hutchison Telecommunications Lanka (Pvt.) Ltd.
(Hutch) recently launched its “Rate Cutter” to the Sri
Hutch rate cutter offers customers the opportunity to
make outgoing calls to other networks at a low rate of
Rs.1.50 a minute for a period of 30 days once purchased
Hutch rate cutter is priced at Rs.58 (inclusive of tax)
and is available widely.
“Customers will respond positively to our innovations,”
says Hutch C.E.O. Shankar Bali.
is the first time that the concept of “cutting” the
tariff has been used creatively in promoting a company’s
offering, said Hutch General Manager Marketing Sanjaya
have always believed in adding value to our clients’
lives in refreshingly novel ways and are proud to have
done so once again with the introduction of the rate
cutter,” he added.
passion is to bring in simplicity and openness to
communication which in turn will provide unlimited
freedom to our clients,” said Bali.
instance with the rate cutter someone does not have to
spend time agonizing over what numbers he calls often or
who his best friends are, all he has to do is activate
it and talk.”
order to provide convenience and continuous connectivity
to its subscribers, Hutch already connects incoming
calls to subscribers who even have a zero balance in
cost effective gesture has attracted a positive response
from its subscriber base. “You can be assured that as we
go forward we will come up with more creative solutions
to make communication non restrictive; empowering our
customers with ‘true’ freedom of choice wherever they
maybe,” said Bali.
Skills training in N.E.
Light to Life project is endorsed by the Vocational
Training Authority of Sri Lanka (V.T.A.) and aims to
initially collect Rs. 25 million or US$ 215,000 to build
a vocational training school in war torn areas of Sri
organised by Rotary International District 3220 Sri
Lanka and JWT Colombo. Towards the overall success of
this project, over 60 JWT partners have committed their
support by offering media, production and a host of
other services free of charge, which would otherwise
have collectively amounted to Rs. 65 million. Speaking
at a press conference held in this connection, JWT
Colombo Chief Executive Officer Thayalan Bartlett said
that the Government has played its role in bringing
about a final conclusion to the war. The private sector
should not wait for more dividends from the Government,
but should now come together and create the dividends
for its citizens by turning Sri Lanka into a vibrant and
thriving entity. To do so, the private sector has to
first ensure that those left in the wake of a 30 year
war are brought up to speed with the rest of the
country. A modern vocational training institute is a
timely investment towards the future of Sri Lanka.
hope that once this institute is set up, it will help
youth to help themselves and the society they live in.”
to Life Project Chairman and Past Governor Thariq Thulba
said: “Rotary District 3220 is delighted to partner
V.T.A., JWT & Mindshare Colombo to make an investment in
Sri Lanka’s future through a sustainable project that
will give youth the opportunity and security of a good
Prime Athurugiriya land
Lands (Pvt.) Ltd has now ventured into Athurugiriya with
their latest real estate project “Prime City” which
consists of nearly 100 plots of developed land in a fast
developing part of the country.
Although Prime Lands has been in real estate business
for the last 10 years, it has bypassed all its
competitors during the recent economic meltdown due to
its versatile and unique experience gained continuously
as an honest organization “where our customers found a
stable and sincere partner in all there ventures.”
on the vision “Committed to create a better place on
earth,” customers have now found out that “we mean
business, and not commercial gimmicks employed by some
Group Director/CEO Ms. Sandamini Perera, told The Sunday
Leader, “Being the flagship of the Prime Group of
companies enjoying the highest level of trust amongst
its clients, company has thought its timely to introduce
another exciting project with unprecedented pride,”
Introduction of this land at a price like Rs. 147,500
upwards per perch may look unbelievable for a land so
close to the metropolis with all the facilities that one
can think of. Perera explained how they have been able
to withstand such stormy economic weather that prevailed
during the recent past and how they are still in a
position to find this better place on earth for you, now
lands are personally chosen by the Chairman and the
Director/CEO, leaving no room for go-betweens, thus
offering a realistic price, a blessing for the client.
development cost has not got impregnated as we possess
all the necessary earth moving equipment operated by
ourstaff and the works supervised and monitored by
engineers, technical staff and quantity surveyors of our
own, thereby bypassing contractors and others seeking
such opportune works.
don’t charge administrative costs as those are absorbed
by our system itself as a competent organization.
marketing and advertising costs come to more or less
zero as the group is having an advertising arm called
Masterminds which is responsible for this area. Since
we’re a self supported organization it has not become
necessary for us to go looking for funds from banks and
all these benefits accruing to the customer, Perera said
that she has no hesitation to say that this is the
project of the century, where no other competitor can
think of matching.
reasons given above and the staff trained in their
particular area of operation have been the success story
of this company, with continuously increasing customer
trust we’re also mindful of the fact that the most
invaluable treasure of ours is the unswerving clientele.
plots of land which face Athurugirya/Malabe “route no.
344 road” and is equipped with many amenities, including
tarred roads, pipe borne water and three phase
electricity as well as excellent drainage facilities.
According to Perera the area now has many schools,
banks, supermarkets and hospitals which are located in
proximity to each other, plus the public transport in
the area makes living in Athurugirya that much more
said that this latest project offer buyers a chance of a
lifetime, with easy payment schemes that Prime Lands
have on offer as well as the arrangement of bank loans
or loans from Prime Lands itself.
Lands also have a scheme where customers can opt to make
a down payment of 30% and the balance payments over a
period of 15 years if they so wish. The plot prices
start from Rs. 147,000 upwards, an unbelievable starting
price for this location.
market leader, Prime Lands has consistently come up with
innovative ideas in developing and selling lands,
coupling this with customer care.
latest in this regard is Designer Roofs (Pvt) Ltd, a
Prime Group subsidiary, which tends to all roofing needs
and provides customers with roofing solutions which
“manufacture colour roofing tiles for you.”
Wayamba Salterns to list
Wayamba Salterns (Pvt.) Ltd. (W.S.P.L.) plans to raise
Rs. 300 million through a listing in the Colombo Stock
Exchange next month.
Ravi Liyanage, Chairman/C.E.O. of W.S.P.L. told The
Sunday Leader that the listing would result in 30% of
the company’s stake being offered to the public. W.S.P.L.
is a 100% subsidiary of Raigam Marketing Services (Pvt.)
said that he would plough back the money so raised on
his salt business.
company has salterns in Puludivayal, Wanathavilluwa and
Tangalle, and a salt refining plant in Palaviya.
W.S.P.L. in the financial year ended March 31, 2009 saw
turnover increase by 142% year on year (y.o.y.) to Rs.
382.6 million and net profits by 1,220% y.o.y. to Rs.
172.9 million. Liyanage said that Sri Lanka imports 25%
of its table salt requirement, a situation which was not
there when the Elephant Pass saltern was in operation.
the past, The Elephant Pass saltern and Kurunchativu, a
saltern adjacent to it, supplied the now defunct
Paranthan Chemicals Corporation the salt required to
produce salt base industrial products such as caustic
soda, soda ash and chlorine as well,” said Liyanage.
now Sri Lanka annually imports Rs. 1.5 billion worth of
Caustic Soda, a salt byproduct, in to the country.
Additionally, other salt byproducts such as Chlorine and
Soda Ash are also imported into the island, he added.
Raigam Group also has plans to start a virginal saltern
in government property at Kuchchaveli, Trincomalee, in
which connection surveys are now being conducted.
18 approvals have to be got from various government
agencies before work could begin,” said Liyanage who had
made an unsolicited proposal for this land early last
company wants to take the Kuchchaveli land on a 30 year
Liyanage has plans to invest a total of Rs. 750 million
on his various salt projects over a five year period.
Liyanage who has a controlling stake in the Raigam Group
of companies, apart from the manufacture of table salts,
also plans to go in for the manufacture of industrial
Liyanage through his various salt expansion projects
plans to meet this need.
said that Sri Lanka annually consumes around 100,000
metric tons of salt worth Rs. one billion, of which
requirement W.S.P.L. meets 50% of it.
W.S.P.L. has also clinched an order to export 35 twenty
foot equivalent units of containers of salt annually to
Japan. “Each container carries 20 metric tons of salt
valued at U.S.$ 6,000 each,” said Liyanage.
Group which is a Rs. two billion annual turnover company
derives 35% of its revenue from the sale of its soya
meat products which brings it an annual income of Rs.
600 million. This is followed by its salt business which
brings it another Rs. 400 million while its other
business units provides for the remainder.
Liyanage, whose Group is also into sanitary towels
production says of Sri Lanka’s five million women who
are in the menses cycle, only one million use sanitary
towels. This shows the potential that exists for this
market, he said. Liyanage said that he controls 20% (Rs.
70 million) of this market.
Group which began in Horana in 1997/98 with only eight
employees, now has 2,500; Liyanage, a former Customs
Money lenders dominate
five per cent of the total credit requirement in India
is met by local money lenders.
take-off (among banks) in India is low. As a result
there is too much of liquidity, whereas a year ago they
were tight on liquidity-Excerpts from the speech made by
J.D. Agarwal, Professor of Finance and Founder Chairman
Indian Institute of Finance, New Delhi, at the
inauguration of the CIMA Business Forum in Colombo on