‘Are economic reforms aimed at easing burden on masses a fault?’ asks President

Oct 30, 2023

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Keeping the big picture in focus and strictly sticking to a roadmap of economic stability and growth, President Ranil Wickremesinghe last week questioned whether the implementation of economic reforms aimed at easing the burdens on the masses ‘a fault’ as some groups claim it to be.

Urging the entire nation to rally round to create policy-based frameworks through collaborative discourses in order for the country and its people to be better off in the future, the President said," Unfortunately, some groups involved in traditional politics are actively working to hinder our economic revival. They are spreading false information about our reform agenda and intentionally misleading the public with claims that we are selling off the country,"

"Throughout history, these groups have continuously resorted to fear-mongering tactics, falsely asserting that our actions are driven by a desire to sell out our nation. They have deceived many Sri Lankans in the 1950s, 1960s, 1970s, and even the 1980s, instilling an irrational fear of the country being sold out. From then until now, these groups have disrupted real progress for economic reform by perpetuating this slogan of "selling the country", he said.He made these remarks while making a special statement to the nation on the ‘National Transformation Roadmap’ designed for the country.

The President went on saying, "I am confident that you will no longer be deceived by such slogans. It is imperative for all of us to work diligently and to totally devote ourselves for the upliftment of our country. Our objective is to transform into a fully developed nation on the global stage by 2048. If we fail to align our economy with the modern world and the latest trends in technology, we will regress. If we don't bring in reforms now, the consequence of such failure will perpetuate the country in an economic malaise. Let us forge ahead and shape our economy in a way that enables us to compete on the global stage. Let us carry out the necessary economic reforms for the greater good of our nation.

"Through these economic reforms, our aim is to rectify misguided policies, programmes, and projects. Rebuilding a bankrupt nation cannot be achieved by using traditional methods. We must adopt a fresh approach and embark on a new journey of transformation."

"What are the outcomes of these economic reforms?"

"The cost of living for all Sri Lankans will decrease, and our standards of living will rise. Is that a fault? Is it tantamount to selling our country? These reforms generate new opportunities for businesses to grow and thrive, ranging from small-scale enterprises to large-scale ventures. Is that a fault? Is that about selling the country?

"We are working to provide necessary relief and basic essentials to the poor and the most vulnerable segments of our society. Is that a fault? Is that a betrayal of our country?"

"The burden of covering losses incurred by state owned enterprises will no longer be placed on the people. Is that a fault? Does it lead to sale of the country?"

"A culture of accountability and transparency is being fostered. Is that a fault? Does that mean the country is being sold? We are working to make Sri Lanka one of the world's fastest-growing nations. Is that a fault? Does that imply that the country is for sale?

"The implementation of our economic reforms serves only to achieve sustainable development and prosperity in our country. Through these reforms, we will accelerate Sri Lanka's modernization, expand our markets and encourage greater contributions from the international community towards our development."

"We acknowledge that this journey is not an easy one, and we anticipate numerous challenges along the way. However, we are determined to overcome these obstacles. Our government is always committed to acting in the best interests of our country," the President said.

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By Hiran H.Senewiratne

Sri Lanka- based, export- oriented manufacturer, Venora Lanka Power Panels (Pvt) Ltd, with a state of the art electric panel factory at the Export Processing Zone, Biyagama, will set up an assembly plant in Australia.

"Once we set up the electric panel assembly plant in Australia, we will export all our panels from Sri Lanka and that plant will do 30 percent value addition to the product to supply that market, the company's chairman/ Managing Director, engineer Sagara Gunawardena told The Island Financial Review.

Gunawardena said that the company is a value- addition assembly plant and he would be investing AUS $ 2 million for the project to be set up in Melbourne and hire 100 engineers and other professionals. He explained that the venture has enormous potential.

Venora Lanka provides power panels to mega projects in Sri Lanka and exports to Bangladesh, Maldives, Kenya, Ethiopia, Seychelles and Myanmar. Panel assembling is strictly in compliance with IEC 61439 standards, it was explained.

Gunawardena added: ‘I firmly believe that, being a truly customer focused organization, every employee and every process in the organization has to be aligned behind delighting customers. Therefore, at a time when the country is facing a major dollar crisis, my company would be aiming at bringing dollars into the country, while providing employment for local professionals, especially engineers.

‘At Venora Lanka we do not try to change customers’ mindsets. Instead, we take time to understand what they really want and focus our brand on delivering that. Venora is values- driven first and cost- driven second – creating a unique brand proposition.

‘Since the US dollar rate has come down, it is our concern that importers and suppliers do not change their prices, which is really affecting the manufacturing sector.

Company sources added: ‘The company has several wings of operation, such as local and overseas projects, switch board assembling, telecommunication infrastructure installations, earthing, lighting and surge protection, incorporating world renowned brands.

‘Venora Lanka Power Panels is the first Sri Lankan company to receive the licence, in accordance with the UK Trade Mark Act 1994, to use the trade mark "Best Enterprise". It won a global award at the event, ‘Golden Awards for Quality and Business Prestige’, held in Geneva, Switzerland, in 2015.

‘Within a short span of time, with the perfect blend of progressive thinking and expertise, Venora Group has expanded to consist of, Venora International Projects, Venora Telecom, Venora Industrial Solutions and Venora Lanka Power Panels (BOI approved). Further, Venora has established its overseas presence through Venora Engineering Kenya and Venora Engineering Myanmar.’

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By Hiran H. Senewiratne

CSE trading got off to a positive note yesterday but during the last session of the day the momentum slowed. However, the market is now moving towards positive territory following the Central Bank announcement of a downward trend in interest rates, market analysts said.

Amid those developments the market witnesses improvements in both indices and in the turnover.

The All- Share Price Index up by 12.8 points and S and P SL 20 rose by 6.97 points. Turnover stood at Rs 710 million with one crossing. The crossing was reported in JKH which crossed 430,000 shares to the tune of Rs 60.2 million; its shares traded at Rs 140.

In the retail market top seven companies that mainly contributed to the turnover were; JKH Rs 212 million (1.5 million shares traded), Access Engineering Rs 44.7 million ( three million shares traded), Lanka IOC Rs 34.5 million (264,000 shares traded), Browns Investments Rs 28.6 million (5.3 million shares traded), LOLC Finance Rs 23.8 million (4.7 million shares traded), Capital Alliance Rs 22.9 million (615,000 shares traded) and First Capital Holdings Rs 19.2 million (574,000 shares traded). During the day the 31.4 million shares volumes changed hands in 9000 transactions.

Yesterday, the Central Bank's US dollar buying rate was Rs 285.16 and the selling rate Rs 298.85.

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Ceylinco Life has announced the appointments of Ranga Abeynayake and Samitha Hemachandra as Chief Operating Officer and Deputy Chief Operating Officer respectively, following the creation of the two positions as part of the Company's leadership pipeline for the next decade and beyond.

Abeynayake has been with Ceylinco Life for 25 years and is an Executive Director and the Company's Deputy Chief Financial Officer, while Hemachandra has been with the Company for 23 years and is the General Manager – Marketing.

"These appointments add further strength and depth to the management structure and look at our leadership requirements for the next 10 to 15 years," Ceylinco Life Chairman R. Renganathan said. "Transparent and long-term succession planning is extremely important in the financial services sector, ensuring seamless continuity and consistency for all stakeholders."

Ceylinco Life Managing Director and CEO Thushara Ranasinghe added: "Ranga Abeynayake and Samitha Hemachandra have been part of the management team that achieved market leadership for Ceylinco Life in 2004 and maintained that leadership to this date, unbroken for 19 years. They represent the core values and the vision and mission of the Company, and will be fully supported by the Board of Directors and the management team as they are groomed for key leadership positions."

A Fellow Member of the Institute of Chartered Accountants of Sri Lanka and of the Institute of Certified Management Accountants of Sri Lanka, Ranga Abeynayake counts over 25 years of experience in handling key management positions in the areas of Finance, Risk Management, Strategic Planning, Treasury Management and Project Planning. He holds a Master of Business Administration (MBA) from the Postgraduate Institute of Management (PIM) of the University of Sri Jayewardenepura. Abeynayake previously served as Chairman/Non-Executive Director of Citizens Development Business Finance PLC., and currently serves as a Non-executive Director of Ceylinco Insurance PLC and as a Director of Serene Resorts Limited.

A Fellow (FCIM) and Chartered Marketer of the Chartered Institute of Marketing (CIM) – UK, and of the Certified Management Accountants (CMA) – Australia, Mr Samitha Hemachandra counts over 20 years of work experience in Brand Management, Customer Relationship Management, Marketing Management and Strategic Planning. He has been directly involved in designing, developing and implementing many integrated marketing campaigns for Ceylinco Life. Mr Hemachandra holds a Master of Business Administration (MBA) from the University of Western Sydney – Australia. He is a past Chairman of the Marketing and Sales Forum of the Insurance Association of Sri Lanka (IASL) and has been a member of the judging panel of the SLIM Brand Excellence awards for many years.

He is currently a Director of Ceylinco Healthcare Services Ltd., and a Non-executive Director of Citizens Development Business Finance PLC (CDB), which are subsidiary and associate companies of Ceylinco Life.

Adjudged Sri Lanka's ‘Brand of the Year’ and ‘Service Brand of the Year’ by the Sri Lanka Institute of Marketing (SLIM) and ‘Best Life Insurer in Sri Lanka’ by World Finance for the ninth consecutive year in 2022, Ceylinco Life was conferred the ‘Peoples Life Insurance Service Provider of the Year’ title at 2023 SLIM Kantar Peoples Awards for the 17th consecutive year. Ceylinco Life has been the country's leading life insurer for more than half of the 35 years it has been in existence. The Company was also ranked the ‘Most Valuable Life Insurance Brand in Sri Lanka’ by Brand Finance and certified a ‘Great Workplace’ in Sri Lanka for the third consecutive year in 2022. Ceylinco Life has close to a million lives covered by active policies and provides innovative life insurance solutions which offer protection while de-risking the goals and ambitions of the Company's policyholders.

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