Trade Winds Jan 2012


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TradeWinds e-Magazine is a monthly tourism and trade magazine published by The Times of Sri Lanka in Toronto, Canada. Very popular digital magazine

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Trade Winds Jan 2012

  1. 1. PUBLISHED BY THE TIMES OF SRI LANKA IN TORONTO, CANADA VOLUME 15 – JANUARY 2012 FOREIGN DIRECT INVESTMENT (FDI) INFLOWS UP $205 MILLION IN 2011 Foreign Direct Investments (FDIs), including loans realized during the first half of 2011 had increased to US$ 413 million compared to US$ 208 million in the corresponding period of 2010. According to the report on “Recent Economic Developments” by the Central Bank of Sri Lanka, the FDI which declined during 2009 and 2010 due to the impact of the global financial crisis on foreign financial inflows, increased during the first half of 2011. The largest part of FDI inflows was attracted by the tourism sector, especially hotel and shopping complex projects. In terms of country-wise data, the highest FDI inflow amounting to US$ 135 million was from Mauritius followed by US$ 66 million and US$ 47 million from Hong Kong and India during the first half of 2011. FDI inflows, excluding loans, during the first half of 2011 also increased to US$ 378 million from US$ 178 million in the corresponding period of 2010, the report said. The value of outward FDI amounted to US$ 25 million during the first half of 2011. The value of investment commitment of the contracted projects increased in the first half of 2011 compared to the corresponding period of 2010, indicating the future prospects of the realization of new FDIs. Meanwhile, inflows to the private sector increased to US$ 71 million in the first half of 2011 from US$ 60 million in the corresponding period of 2010. The exchange control relaxation measures which enabled the private sector to borrow from foreign sources resulted in 14 private companies obtaining foreign loans amounting to US$ 197 million by mid September 2011 while the permission granted for foreign companies to open places of business resulted in 20 new foreign companies commencing business in Sri Lanka in the first nine months of 2011. SRI LANKA WILL ATTRACT ONE MILLION TOURISTS IN 2012 Sri Lanka will attract around one million tourists by the end of this year which in international terms will be very good as the percentage increase will be over 15percent said Jetwing Group of Hotels and Pacific Asia Travel Association Chairman, Hiran Cooray. He said that Sri Lanka tourism is progressing well by adding new hotels improving the existing infrastructure. "I feel we will come close to the target of 2.5 million by 2016.Sri Lanka recorded 855,975 tourist arrivals last year compared to 654,476 in 2010." Arrivals from Western Europe were 315,210 accounting for a 36.8 percent of total arrivals. Most of the European visitors were from Britain. Another 237,647 or 27.8 percent arrived from South Asia, mainly from India. Tourist arrivals hit a record high in December 2011 with 97,517, Sri Lanka Tourism Development Authority (SLTDA) data revealed. “The economic recession in the west, Passenger levy introduced in the United Kingdom, increasing fuel prices, lack of adequate human resources, natural disasters continue to impact tourism”,Cooray said.Sri Lanka needs to be marketed and promoted continuously. Many of the Travelers are not aware of the continuous improvement of the hotel product in Sri Lanka. Due to this unawareness many guests feel that we have overpriced ourselves. “PATA is working on a strategic plan, which is focusing mainly on being relevant to our members. As an Association that has membership from Government Industry and the carriers, we are doing our best to help them grow their business. It is also important for us to increase our membership base”, the Association Chief said. PATA will also be providing an opportunity to Bhutan to host its first international Adventure Mart and Eco Tourism Conference in February 2012. TradeWinds e-Magazine Advertise your products and At the stroke of midnight, the New Year dawned on a happy note with people wishing each other and celebrating as this picture taken at Blast services in TradeWinds e-Magazine to reach your target market. Thru 2012 at Hotel Ramada New Year’s Eve Dance . Pic by Mangala Weerasekera1|Page
  2. 2. Growth Rate 03 Jan, 201211:33:24 Sri Lanka economy to grow at 8-percent in 2012, new deal with IMF: CB Governor Jan 03, 2012 (LBO) - Sri Lankas economy is projected to grow at 8.0 percent in 2012 with a new deal in the offing with the International Monetary Fund, Central Bank governor Nivard Cabraal said. The island economy had grown at about 8.3 percent in 2011, he said. In 2012 Sri Lanka is targeting an inflation rate of between 5-6 percent, Cabraal said. Annual average inflation for 2011 was 6.7 percent compared with 6.2 percent the year before, according to a 12-month moving average. Cabraal said the economy had earlier been forecast to grow at nine percent in 2012. But the forecast was lowered as the global economic situation had changed with the debt crisis in Europeand recession or low growth looming in key Western markets. Sri Lanka will also negotiate a follow up or surveillance programme with IMF for 2012,Cabraal said at the launch of the central banks monetary policy road map for 2012. The International Monetary Fund has so far given Sri Lanka 1.7 billion US dollars under its stand-by arrangement programme, Cabraal said. The IMF came in with a 2.5 billion US dollar bailout after Sri Lanka ran down its foreign reserves in a period of peg defence from around September 2008 to April 2009 triggering currency and banking crisis after a period of earlier loose monetary policy. Two tranches of about 400 million dollars remain to be given under a review in September 2011 that was put off and another in March 2012, and the program will formally end in May. In 2011 Sri Lankas gross domestic product was estimated at 59 billion US dollars and per capita income at 2,830 US dollars, Cabraal said. Unemployment fell 4.3 percent in the first quarter of 2011 and labour productivity had improved, Cabraal said. Poverty is estimated to have fallen below the level of 8.9 percent in 2009. In 2011, the industry sector had grown the fastest, expanding by an estimated 10.1 percent and contributing 18 billion dollars or 30 percent of GDP. The services sector followed with 8.6 percent growth and contributing 34 billion dollars or a 58 percent share of GDP while agriculture grew two percent in 2011 and contributing seven billion dollars or 12 percent of GDP. The islands external sector was strong with imports at 51.6 percent of GDP in 2011, up from 44.4 percent in 2010. The share of exports in GDP was 17.7 percent in 2011 while the contribution of remittances to GDP rose to 8.8 percent from 8.3 percent the previous year.Interest Rates raised by CSBL Sri Lanka Central Bank raised interest rates for the first time since 2007 to curb credit growth in the nation and ensure inflation stays low. The Central Bank of Sri Lanka CBSL Thursday raised the reverse repurchase rate to 9 percent from 8.5 percent and the repurchase rate to 7.5 percent from 7 percent, The Bank said that the consequent to the increased domestic economic activity, low interestrates, as well as the unexpectedly high energy prices in the internationalmarket, the total expenditure on imports increased substantially to USdollars 18.4 billion during the first eleven month of 2011 widening the Expatriates, chief contributors to Sri Lanka GDPtrade deficit. This was in spite of earnings from exports increasing by Remittances from Sri Lankans employed overseas have emerged as the22.2 per cent to US dollars 9.6 billion during the period. Increased foremost foreign exchange earner indicating a major shift in Sri Lanka’searnings from tourism, increased workers’ remittances, and other external sector. The remittances estimated to be around 5.2 billion U.S.inflows to the services account helped cushion the impact on the current Dollars in 2011, is an increase of 27 percent from previous year. As aaccount deficit, while the Central Bank had to intervene by supplying percentage it contributed 8.8 percent to the country’s Gross Domesticforeign exchange, on a net basis, to mitigate the undue pressure on the Product (GDP). It also amounted to 18 percentdomestic foreign exchange market. of the total external receipts. The increase in remittances were mainly due to migration of"As a result, despite higher inflows of foreign direct investments and skilled labour, successful negotiations carriedinflows to the Government, gross official reserves (excluding Asian out to increase average wages and workingClearing Union balances) declined to US dollars 5.9 billion by end conditions, improved arrangements made toDecember 2011, representing the equivalent of 3.6 months of imports." channel remittances through banking sourcesthe bank said in a statement and diversification in terms of employment destinations. Meanwhile, the services sector contribution to the growth of the country had been veryMeanwhile, credit granted by commercial banks to the private sector significant last year. It has accounted for 8.7 percent of the growth for the firstincreased by 34.5 percent, year-on-year, in December 2011, three quarters of 2011, exceeding the target set for 8.6 percent. Healthysubstantially exceeding projections. Provisional estimates indicate that growth in consumer demand for services that contribute to increase the realwithin the credit extended to the private sector by commercial banks, income level in the country, wholesale and retail trade, port operations, cargotrade related credit and credit driven by import related items such as and container handling, post and telecommunication, banking, insurance andmotor vehicles and consumer durables increased significantly. Import real estate have continued to expand during the 2011. Transport andrelated credit increased by over 34 per cent during 2011, while the communication have increased its growth with gradual integration ofincrease in credit for export activity was only around 8 per cent during Northern and Eastern Provinces with the rest of the country. It is estimatedthe year. Pawning also displayed a significant increase in 2011. In that the overall contribution to the economy for 2011 by the services sectoraddition, credit granted to the Government and public corporations by will amount to 34 Billion U.S.Dollars representing 58 percent of the GDP.commercial banks increased considerably, and in particular, a higherpetroleum import bill and the inadequate adjustment to domesticpetroleum prices led to increased borrowings by the Ceylon PetroleumCorporation (CPC). SRI LANKA: January inflation down to 3.8 percent Sri Lankas inflation has declined further in January. The inflation as measured by consumer prices in Colombo in January is 3.8%. This is theCSBL Clarifies IMF interest rates lowest inflation recorded for the last two years. Data released yesterday by The clarification issued by the Central Bank of Sri the Statistics Department of the Central Bank Lanka on the Recent Media Reports on IMF-SBA showed that the inflation has declined to 3.8 Programme said that the IMF approved a Stand-By- percent in January 2012 from 4.9 percent in Arrangement facility (SBA) of SDR 1.65 billion December 2011 while the Colombo Consumer (equivalent to US dollars 2.6 billion) in 2009, which is Price Index (CCPI) marginally increased by equivalent to 400% of the country’s current quota 0.3 percent to 154.8 points in January from with the IMF. 154.4 points in the previous month. As per the statistics, the annual averageSo far, Sri Lanka has received seven tranches amounting to US dollars inflation decreased marginally to 6.5 percent1.7 billion under the SBA and this is still lower than 300% of the quota. in January from 6.7 percent recorded in the previous month. Sri LankasThe applicable interest rate for the loan is SDR rate (SDR rate is Central Bank said it would only have to pay a higher interest rate forcalculated every week and published on IMF website, which is currently International Monetary Fund loans exceeding 300 percent of the country0.1%) plus a fixed margin of 1% p.a. for disbursements up to 300% of quota, and lower balances would only attract a rate of a little over 1.0the quota. Therefore, the interest charge for the present outstanding of percent. Media reports quoted Central Bank Governor Nivard Cabraal toUS dollars 1.7 billion is 1.1% p.a. However, if the disbursements exceed have said that Sri Lanka would have to pay as much as 3.1 percent for the300% of the quota, a surcharge of 2% will be added on top of the full loan if all the money was drawn down and the island would not be takingpresent interest rate for the credit outstanding above 300%. the balance money. .2|Page
  3. 3. FOREIGN CURRENCY – EXCHANGE RATES Source: Central Bank of Sri Lanka as at January 31, 2012 BUYING RATE SELLING RATE CURRENCY BUYING SELLING 30-DAYS BACK 30-DAYS BACK Dollar - US 113.0100 114.8800 112.9300 114.8200 Dollar - Canadian 112.2900 115.8300 110.2600 113.3500 Dollar - Australian 119.8700 123.9000 114.0500 117.6100 Dollar - Singapore 89.9600 92.6800 86.6000 89.0500 Pound Sterling (UK) 177.9400 182.3000 146.7100 150.8700 Euro (EU) 147.4400 151.6800 176.2600 180.5800 Yen (Japan) 1.4735 1.5204 1.4442 1.4852 Franc (Switzerland) 122.0700 126.2000 120.1600 123.7300 Rupee (India) Indicative Rate Rs. 2.3228 Rupee (Pakistan) Indicative Rate Rs. 1.2593Central Bank of Sri Lanka unveils Robust Roadmap for 2012 and beyond! Highly confident Central Bank outlines ambitious forecasts for 2012 and beyond  2011 GDP growth at record 8.3%; 2012 outlook revised to 8% from 9% previously  Eyes over $ 25 b inflows in 2011  Low interest rates helped to reduce Govt. expenditure by Rs. 15.5 b  CB profit transfers to Government over Rs. 46 b between 2006 and 2011By Uditha Jayasinghe writing to Daily FT A highly confident Central Bank on Jan.3 unveiled a robust roadmap for Sri Lanka for this year and beyond though with a rider that realization was subject to absence of any unforeseen supply side shocks. Governor Nivard Cabraal proudly told the ceremony attended by business leaders and media that the country in 2011 is estimated to have achieved its highest GDP growth of 8.3% thereby recording the second consecutive year of over 8% growth. “2011 was a challenging year but amidst tense global developments, the Sri Lanka’s economy was able to deliver the promised results,” Cabraal said in his roadmap presentation that covered key macroeconomic developments in 2011; developments in the financial system in 2011; Macroeconomic outlook and proposed monetary policy strategy for 2012 and beyond; proposed strategies for financial system stability for 2012 and beyond andpolicies to strengthen the economy in 2012 and beyond.The 8.3% GDP growth was marginally below targeted 8.5% figure whilst among other achievements included 4.9% year on year inflation as opposed to 4to 6% target and debt to GDP ratio contained at 78% as against target of 79% and 82% in 2010. “We had controlled debt to GDP ratio at a time whenother countries couldn’t,” he added. Among things which Central Bank couldn’t control was broad money growth 19.8% as of October high in comparisonto the target of 14.5%. Whilst this was on account of sharp rise in private sector borrowing in tandem with post-war rebound and low interest rate regime,Cabraal however pointed to single digit inflation as a cushion and a key achievement. He also said Government expenditure was reduced by an estimatedRs. 15.5 billion due to the decline in interest rates.Gross Official Reserves amounted to $ 6.0 billion by end 2011 compared to $ 6.6 billion by end 2010 and a high $ 8.2 billion in August. “We built up suchhigh reserves so that they could be used when the need arose. When we entered into the International Monetary Fund (IMF) agreement the target was tohave enough reserves for 3.5 months of imports,” the Governor added. He said that engagement with international monetary institutions will continueeven though the IMF programme is due to end in the first quarter and that all key economic sectors contributed to high growth and the same resiliencewill help the country to achieve its third year of over 8% growth. However due to external shocks the 2012 forecast of 8% growth is a downward revisionfrom 9% previously projected. “We have also posted the lowest unemployment rate of 4.3% and made a significant reduction on poverty,” he added. A key highlight of his roadmap was estimating a whopping $ 25 billion in foreign inflows in 2012 inclusive of $ 12.5 billion via exports (up from $ 10.5 billion in 2011); $ 2 billion in FDI (up from $ 1 billion in 2011) and $ 6.5 billion via remittances as opposed to $ 5.2 billion last year and $ 1.2 billion from tourism up from $ 850 million in 2011. Included in the forecast was $ 500 million (Rs. 57.5 billion) net inflow to Colombo stock market notwithstanding the Rs. 19 billion outflow in 2011. With regard to the latter he said that it was offset by Rs. 25 billion increase in foreign inflows to Government securities in 2011. Cabraal also touched on success of fiscal management noting that Budget deficit in 2011 is estimated at below 7% of GDP down from 8% in 2010. Forecast for 2012 is a 6.2% fiscal deficit. According to the Governor during 2006-2011 the Central Bank was able to appropriate Rs. 64 billion to the Government from surpluses generated by the Bank mainly from its international operations. In real terms based on 2006 prices this amounted to over Rs. 46 billion. Based on success achieved in the recent past, Cabraal said “Central Bank now has greater confidence in its ability to face new challenges and adopt new frameworks of monetary policy since it uses the new strengths.” He said the Bank can with greater confident target inflation in a broader sense hence from 2012 onwards it would start doing so parallel to its existing framework. “We will also give recognition to the major structural changes that have taken place in the economy and display a policy shift,” he added. He also said Sri Lanka’s macro economicconditions and policies would be fashioned to support high growth in 2012. “We will be keen to accommodate the higher growth of economic activityalthough priority would be to check inflationary pressures in the economy,” he added.“Today, Sri Lanka is on the threshold of a new era, where its economy is undergoing fundamental structural changes that are expected to provide a newplatform that will pave the way for a robust future direction in the economy,” Cabraal said adding a cohesive and integrated monetary policy frameworkwill be fashion whilst taking into new emerging policy environment. According to the Central Bank 2012 growth will be driven by agriculture sector(expected to expand at 7.3%, compared to 2.0% in 2011); Industry sector (expected to expand at 9.0%, compared to 10.1% in 2011); and services sector(expected to expand at 7.7%, compared to 8.6% in 2011). Cabraal also assured that the Central Bank will assist the Government and the private sectorwith the interventions necessary to move towards higher growth targets. “The wide range of goals as we have set for ourselves is not easy to achieve. Andif we are to succeed, we will need total focus and diligent implementation of our policies and plans. We will also need to motivate and energize our fellowcountrymen to realize the ambitious goals that have been endorsed by our people through their mandate for the “Mahinda Chintana – Vision for theFuture,” Central Bank chief emphasized.3|Page
  4. 4. Third Sri Lanka Consulate in China The Government of the People’s Republic of China has given concurrence to Sri Lanka to set up a new Consulate General in Guangzhou, the capital of Guangdong Province of Southern China.Yu Hong, Vice Director General of the Consular Department of the Ministry of Foreign Affairs of China presented the formal agreement giving concurrence to the opening of the Consulate General on 18th January 2012 to Sri Lanka’s Ambassador to China Ranjith Uyangoda during a special meeting held in the Ministry of Foreign Affairs in Beijing. The Consulate General in Guangzhou will facilitate the expansion of bilateral relations between Sri Lanka and China in areas of economy, trade and tourism while further strengthening people to people contacts between the two countries. Sri Lanka Government has already appointed a Foreign Service Officer to the position of the Consul General in Guangzhou. This will be the third Sri Lankan Consulate Office in China, following the establishment of the Consulate General in Shanghai in 2007 and the Consulate in Chengdu in 2009. Guangzhou, popularly known as Canton, is the main manufacturing hub of the Pearl River Delta and one of China’s keycommercial and manufacturing regions. The China Import and Export Fair, also known as the ‘Canton Fair’ is held biannually in Guangzhou. Sri Lanka,with the increased number of companies, continues to participate at this trade fair.Trade Agreements: Sri Lanka concluded an agreement with the Peoples Republic of China on 11th July 1997 to facilitate the latters accession to theBangkok Agreement. Under this agreement China granted tariff concessions on several lines of products, which are of export interest to Sri Lanka. InJanuary 2000, Sri Lanka signed a bilateral agreement with China in supporting the latters accession to the WTO.4|Page
  5. 5. 110 PARLIAMENT ROAD APARTMENT COMPLEX The Investment Phase of the 110 Parliament Road ends on Jan 31st, after which the initial sales of the project will be closed. Sales will reopen at a higher price in the general phase. The lead contractor Sanken Lanka (Pvt) Ltd has mobilized on the site and is completing the ground floor base. The entire complex is expected to be ready-for- occupation by the end of 2014. 110 Parliament Road is the latest project to be underway in Rajagiriya and is expected to be the biggest landmark in the area with its new age design and sleek silhouette. Architect Narayan and Associates of India is the lead designer on the project and are working hand in hand with locally renowned Habitat Chartered Architects and Engineers of Sri Lanka. Founded in 1995 Narayan and Associates are a premier name in high rise construction in Mumbai and Dubai. They view the high rise market in Colombo as an exciting space with scope for rapid growth. Narayan and Associates design projects have included boutique hotels, luxury apartments and high rises in India. By offering their services in Sri Lanka, Narayan and Associates will be able to bring their design expertise to a commercial clientele in need of interior and architectural design. Meanwhile Habitat Chartered Architects and Engineers of Sri Lanka led by Lalit de Silva, former Board Member at the UDA are renowned for their design work for over 25 years. Both parties pride themselves in offering design solutions resulting from an intimatedialogue between the client, the design firm and the site itself. This allows for an exquisitely suitable design solution enhancing the existing attributes ofthe location while reflecting the needs and desires of the client. The project management consultants for this project is Multimedia Consultants,Ahmedabad, India, who have been responsible for some the most complex engineering and infrastructure construction projects in Indias boominginfrastructure sector. FOOTWEAR AND LEATHER FAIR TAKES PLACE AT BMICH IN FEBRUARY The Footwear and Leather Fair is scheduled to take place from February 10 to 12 at the BMICH, Colombo. During the exhibition, the Indian Footwear Component Manufacturers Association (IFCOMA) will have a special pavilion named the IFCOMA Pavilion, India. Twenty five exhibitors from IFCOMA-India will be showcasing their products including footwear components and accessories for the footwear and leather goods industry in Sri Lanka.The way forward for the Sri Lankan footwear Industry is to have more exposure with regard to technology, designs and trends in the global environment.The local market has seen a steady growth and the footwear industry could become a significant player in the export sector with right inputs. The talentsin the industry need to be showcased to attract orders and become a vibrant industry, Footwear Advisory Council Chairman Rangith Hettiarachchy toldDaily News Business. It is necessary to provide training to craftsmen to develop skills and harness potential to improve quality and quantity. The industrycould be developed with trained human capital to cater to high end of the market, he said. The industry will showcase its capabilities with the staging ofthe Footwear and Leather Goods Fair for the 4th Consecutive year from February 10 to 12. This event has already become a most looked after event inour industry calendar. This year our fair has attracted 25 exhibitors from the Indian Footwear Components Manufacturers Association. Among theseexhibitors there are some leading footwear component manufacturers in India. As Indian footwear industry has reached world standards this will be avery valuable opportunity for our industrialists to establish business relationships. As Sri Lankan government has given all the support for local footwearproducers to get them establish in the local market, an exhibition of this nature is encouraging. In return the local industrialist has reciprocated by uplifting there quality and fashion levels. With the encouragement from the Export Development Board, the Ministry Of Industries and IndustrialDevelopment Board, all footwear industrialists will explore possibility to establish Sri Lanka as a leading destination for quality shoes at present. TheFinance Ministry will provide all support to commence a degree course in footwear designing. In addition already plans are in place to set up a footweartraining centre with amalgamation of textile training Institute. With this action plan we hope as footwear industrialists this year will be a launching year toexpand our exports. Already our industrialist has saved valuable foreign exchange by catering to all segments of the footwear industry. As we have alimited market now it is time to get into exports, Hettiarachchy said.BIA NEW TERMINAL TO ACCOMMODATE 6MILLION PASSENGERSSri Lanka’s BandaranaikeInternational Airport hasembarked on a rapidexpansion plan with a viewto becoming a dominantforce in the internationalaviation market. Under thesecond phase of the BIAexpansion project, a newaerodrome which has theability to land nine airplanes is being put up. Once the second stage of the second phase of the BIA expansion plan is completed, BIA will be convertedinto a fully fledged international airport with a higher passenger handling capacity. Plans are also afoot to complete the second stage of the secondphase of the BIA expansion project by 2016. Accordingly, a new terminal which can handle six million passenger movements per annum will be build.With this, the total passenger handling capacity at BIA will be increased up to 12 million in the future. This new terminal will have the capability to providefacilities for arriving and departing passengers individually and it will also consist of 16 aerobridges with eight departure lounges and a pier. In addition,the departure lounge will consist of hotels, duty free shops, restaurants, 52 airline service counters and 24 immigration counters and the arrival loungewill consist of Custom counters, emigration counters and other amenities. To address the congestion at the airport, the main entrance and the main roadleading to the airport will be modernized. In the wake the of the tourism boom in the country; BIA saw a 20 % growth in passenger capacity in 2011. AirPort and Aviation Services (Sri Lanka) Ltd has embarked on projects to further facilitate passengers at the BIA and managed to surpass the BIA annualmaximum passenger handling capacity of six million in 2011.5|Page
  6. 6. LOTUS TOWER WILL BE SOUTH ASIA’S TALLEST AND VISIBLE TO INDIA AND BANGLADESHSri Lanka is set to build the tallest tower in the South Asian region, which will be 26-metres taller than the Eiffel Tower and 17.4 meters taller than the 332.6-metre high Tokyo Tower. The 350-metre high tower building, the promoters claim, will be visible to India and Bangladesh, said the Khaleej Times. Estimated tocost more than $104 million, the "Lotus Tower" will provide facilities for 50 television services, 50 broadcasting services and 10 telecommunication providers.In addition to its primary function, the tower podium, which is proposed to be four storey’shigh, will accommodate a telecommunications museum, food courts, offices, conference hall andexhibition spaces. Two floors of the 11-storyed multi-faceted tower is also planned to bedeveloped with luxury hotel accommodation, a revolving restaurant accommodating 600 guestson the fourth floor and a banquet hall for over a thousand guests. Planned to be built in a threehectare land in the heart of Colombo, the Lotus Tower is one of Sri Lankas many developmentprojects designed to help the countrys rapidly growing tourism industry. Since the end of itsthree-decade conflict, the country is emerging as one of the most popular tourist destinations ofthe region. The project, through its telecommunication infrastructure, also aims at eliminatinghigh-powered TV and FM antennae perched atop buildings around Colombo as part of theGovernments Colombo beautification plan. The tower mast, fixed upon the tower head, isarranged to provide a base for antennae of service providers in telecommunication, telecasting,broadcasting, and defence-related transmissions with an antenna installed 350 meters aboveground. The Director-General of the Telecommunication Regulatory Commission, AnushaPelpita said there will be a significant development in the television and telecommunicationsfields. An artists impression of Lotus TowerThe Lotus Tower will be the tallest building in South Asia and the 19th tallest building in theworld. The Tokyo Sky Tree with a height of 634 meters, presently being constructed and scheduled to be completed in February, will be the tallest tower inthe world followed by the Canton Tower of China with a height of 600 metres.The construction of the Lotus Tower is planned to be completed in 30 monthsand is funded by EXIM Bank of China.REVOLVING RESTAURANT WILL BE PART OF THE LOTUS TOWER Construction of the Lotus Tower in Colombo for multi functional purposes including telecommunication needs and entertainment will commence early third week this month. It will be the tallest tower in South Asia and will be 350 meters in height. The proposed tower with an investment of US $ 100 million will comprise an entertainment centre and will be constructed at the Beira Lake water front in Colombo. The multi functional telecommunication tower and an entertainment centre at the Lotus tower will be completed within next 30 months. The tower while facilitating telecommunication activities will house a telecom museum, a revolving restaurant and facilities for recreation activities. The tower will provide for telecommunication and leisure activities and will facilitate relaying of at least 50 separate broadcasting and telecasting services, provide facilities for over 20 service providers in telecommunication and relaying of defence signals. The tower podium will have a telecommunication museum, food courts, administrative offices, exhibition spaces and corresponding amenities. The construction of South Asia’s tallest multi-functional Tower ‘Lotus Tower’ will Artist’s impression of proposed revolving restaurant at Lotus Tower commence on January 20. The proposed tower with an entertainment centre will be constructed at the Beira Lake water front in Colombo and the total height of the tower is 350 meters, a statement issued by the Sri Lanka Telecommunications Regulatory Commission (TRCSL) said yesterday. TRCSL is planning the construction of a multi- functional telecommunication tower and an Entertainment Centre which has been approvedby the Cabinet. The proposed tower will be constructed on a plot of land of 3.06 hectares, and it will be situated between the Eastern Beira Lake and D R WijewardenaMawatha. It is destined to be a striking city symbol and an important landmark by being the tallest Tower in South Asia. It will be a free -standing tower with a four-storey highpodium; a concrete tower shaft of moderate diameter; eight storied tower head; and a steel framed antennae mast surmounted at the top.The Tower will provide for Telecommunication and Leisure activities, and will facilitate the relaying of at least 50 separate broadcasting and telecasting services; provide facilitiesfor about 20 service providers in telecommunication; and relaying of defence signals, and in addition indirectly contribute to the riddance and removal of high power TV & FMantenna innumerably located at various buildings in the Colombo City. Apart from facilities related to multi-functional telecommunication activities, the tower podium will alsoaccommodate a telecommunication museum, food courts; administrative offices; exhibition spaces and corresponding amenities. The Tower shaft will be a hollow concretecylinder accommodating high-speed lifts and stairs for vertical circulations, and ducts for various types of building services. The Tower head will comprise of eight floor levelsaccommodating an Observation Deck; Revolving Restaurant; Banquet Hall for 1,000 guests; and, two floors of super luxury hotel accommodation along with facilities for buildingservices, which will include fire detection, fire fighting, overhead storage tanks and telecommunication instruments/ equipment etc. The tower mast, surmounted on the towerhead will provide a base for antennae of service providers in telecommunication, telecasting, broadcasting, and defence related transmissions etc. The Antennae will be installedat a height of between 250 and 350 meters above ground level, and they will cater to a range of different frequencies. The TRCSL will finance and implement the project, withtechnical assistance obtained from the Faculty of Architecture, University of Moratuwa. A Team of consultants led by Emeritus Prof Nimal de Silva, Prof Samita Manawadu andProf Chitra Weddikkara of the Faculty of Architecture, University of Moratuwa have provided professional advice on design, cost planning and cost control of the project. Thecost of the Project is US$ 104.3 million.A Chinese conglomerate comprising China National Electronics Import and Export Corporation (CEIEC) and Aerospace Long-March International Trade Co. Ltd (ALIT) willcomplete the project on a Turnkey Basis, using the concept and preliminary design drawn by local architects. The Signing Ceremony of the Construction Contract betweenTRCSL and the Chinese conglomerate was held yesterday at the TRCSL premises. A party of 13 Chinese high ranking officials including GuoZhaoping (President, ALIT) Chen Xu(President, CEIEC), and Lin Changhai (Chief Designer) among others, and Lalith Weeratunga (Chairman, TRCSL and Secretary to the President) was present at the SigningCeremony.World class communications tower in Colombo to be named “Lotus Tower”Cabinet approval has been granted to construct a multifunctional TV and telecommunication tower approximately 350 meters in height which could be used by 50 telecastingservices 10 telecommunication services and 50 radio broadcasting services. It will be named the as Colombo Lotus Tower Project and it has been proposed to locate it in acentral tourist zone in Colombo. The proposal was made by President Rajapaksa. Sri Lanka has renamed and plans to relocate its proposed multifunctional communicationtower to the Center of Colombo city, from the earlier planned location of Peliyagoda. The cabinet of Ministers has given the approval to rename the tower as the “ColomboLotus Tower Project” and also have decided to shift the project to a central tourist zone in the center of Colombo. The 350 meter tall tower, once completed will have thecapacity to cater to 50 telecasting services, 10 telecommunications services and 50 radio broadcasting services. A leisure park also will come up in the land, which the proposedtower is expected to be built. The project, which comes under the Telecom Regulatory Commission is financed by China’s EXIM Bank who is providing a loan little over US$100 million. The Colombo Lotus Tower (or Lotus Tower) is a proposed 350 meters tall tower located in Colombo, Sri Lanka. It was first proposed to be built in PeliyagodaTown but later the Government of Sri Lanka decided to shift the location.[1] The lotus-shaped tower will be used for communication and observation. Construction will cost$100 million, funded by EXIM Bank of Peoples Republic of China.[2] After the completion in 2013 the tower will be the tallest building in South Asia and the 19th tallest towerin the world A 350-metre high telecommunications tower with a viewing platform, a rotating restaurant, a 24-room luxury hotel and other leisure facilities is to be built at D. R.Wijewardene Mawatha in Colombo, a top official said yesterday.Telecommunication Regulatory Commission (TRC) Director General Anusha Palpita said a seven-acre plot of land where the Transport Ministry was now located would beutilized for this showpiece project which would be taller than even the Eiffel Tower, one of the world’s wonders. The project estimated to cost US$ 104 million (Rs. 11.9 billion)would be completed in 30 months, he said. Mr. Palpita said this government-funded project was earlier planned to be built in Peliyagoda, but the location was shifted toColombo to attract more tourists. He said that at the bottom of the tower there would be a leisure park and a shopping mall among other entertainment facilities. The TRCwould charge about US$ 50 from foreigners and Rs. 1,000 from Sri Lankans for entry to the tower. Editor’s Note: Talking of “Towers” – Toronto’s CN Tower is a communications and observation tower in Downtown Toronto, Ontario, Canada. Standing 553.33 metres (1,815.4 ft) tall, it was completed in 1976, becoming the worlds tallest free-standing structure and worlds tallest tower at the time. It held both records for 34 years until the completion of Burj Khalifa and Canton Tower. It remains the tallest free-standing structure in the Western Hemisphere, a signature icon of Torontos skyline, and a symbol of Canada, attracting more than two million international visitors annually. In 1995, the CN Tower was declared one of the modern Seven Wonders of the World by the American Society of Civil Engineers. It also belongs to the World Federation of Great Towers, where it holds second-place ranking..6|Page
  7. 7. Geography has made us neighbours Ask not what your country History has made us friends can do for you – ask what Economics has made us partners, you can do for your country. and Necessity has made us allies. The immortal words of JOHN F. KENNEDY Those whom God has so joined together, let no man put asunder. Truly inspiring……. Editor, TradeWinds JOHN F. KENNEDYA quote from Albert Einstein, “”Creativity is contagious, pass it on”.TradeWinds e-Magazine is an independent digital e-publication launched in 2010, and published monthly in Toronto,Canada by “The Times of Sri Lanka” – Division of Ad-Bri Enterprises Inc. The editorial team comprise of free lancejournalists and business analysts mainly from Canada and Sri Lanka. Research, Advertising and Circulation matters arehandled by local recruits. Production of the magazine including typesetting, layout and design is credited to our creativegraphic designers at Ad-Bri Enterprises Inc. Our mission is to publish quality content that is newsworthy, informative andaccurate. We hope to capture news from Sri Lanka, Canada and the world - from a wide spectrum of topics that includetrade, tourism, investment, business, economy and industrial development. “Sharing information for success”, is ourtag line.The magazine enjoys an estimated national circulation of 7000 readers’ in Canada. It has a global circulation and mailedelectronically to our readers’ in Sri Lanka, U.S.A., U.K., Germany, Italy, The Middle East, New Zealand, Australia, withinthe European Union and a few other countries. Recent surveys conducted by us estimate over 20,000 people readTradeWinds e-Magazine round the world. Reader feedback has been generous….which is truly encouraging. Many readershave contacted us via e-mail and telephone, with their thoughts that the magazine is creative, well laid out, informativeand easy to read. Others talk about the ‘added value’ it provides to the reader. We are aware that the scope of this e-magazine is unlimited. On an ongoing basis, we value the input of many who stimulate our thoughts on what they like tosee in the magazine.Surround yourself with other creative’s, sharing ideas breeds’ new ways of thinking and presents alternate points of viewon the same subject. We know that a few marketing vehicles can match the power of a high-content, free electronicemail digital newsletter delivered monthly to our subscribers’ “inbox”. We hope to fill this void and build a reputation thatis credible. TradeWinds editorial team will faithfully work within the confines of accepted journalistic standards. Ourvision is to be a leader in digital e-publishing in Canada.We strongly believe that “Every news organization has only its credibility and reputation to rely on.” We hope to buildand maintain ours! My personal regards to all our readers’! Many peopllle,, especiiiallllly iiignorantt peopllle,, wantt tto puniiish you ffor Many peop e , espec a ly g norant peop e , want to pun s h you fo r Many peop e espec a y gnoran peop e wan o pun sh you or speakiiing tthe ttrutth,, ffor beiiing correctt, ffor beiiing you.. Never apolllogiiize n g th e tr uth , fo r be n g correct,, fo r be n g you. Never apo o g z e speak ng he ru h or be ng correc speak or be ng you Never apo og ze Upali Obeyesekere ffor beiiing correctt, or ffor beiiing years ahead off your ttiime.. Iff you’’’re riiightt fo r be n g correct,, or fo r be n g years ahead of your tim e. If you r e r g ht or be ng correc or or be ng years ahead o your me I you re r gh Editor, TradeWinds e-Magazine Publisher: The Times of Sri Lanka and you know iiit,, speak your miiind.. Speak your miiind even iiif you are a and you know tt, speak your m n d. Speak your m n d even ff you are a and you know speak your m nd Speak your m nd even you are aE-mail (Advertising) miiinoriiity off one.. The ttrutth iiis sttiillll tthe ttrutth.. MOHANDAS GANDHI m n or tty of one. The tr uth s still th e tr uth . MOHANDAS GANDHI m nor y o one The ru h s s he ru hE-mail (Personal) upaliobey@rogers.comTelephone: 416-445-5390/416-418-2207 TrradeWiinds e--Magaziine T adeW nds e Magaz ne COMMERCIIAL ADVERTIISIING RATES FOR 2012 COMMERC AL ADVERT S NG RATES FOR 2012 Publication Dates: 12 monthly Issues – end of each every month from January to December 2012 CONTRACT ADVERTISING RATES FOR 12 ISSUES Contract Advertising Rates for 06 Issues ONE INSERTION ADVERTISING RATES PER ISSUE (Packaged price 12 insertions Jan-Dec 2012) (Packaged price for 6 insertions Jan-Dec 2012) Full Page $1,000 for 12 x insertions Full Page $600 for 6 x insertions Full Page $250 per insertion Half Page $600 for 12 x insertions Half Page $300 for 6 x insertions Quarter Page $300 for 12 insertions Half Page $150 per insertion Quarter Page $150 for 6 x insertions Quarter Page $90 per insertion Business Card $160 for 12 x insertions Business Card $90 for 6 x insertions Business Card $25 per insertion In U.S Dollars In U.S. Dollars In U.S. Dollars NOTE TO ADVERTISERS: Artwork for the advertisement may be sent via electronic mail or snail mail. A ‘proof’ will be sent before publication. Payment for advertising is accepted by Cheque, Wire Transfer to “TradeWinds e-Magazine” Corporate Account held in Toronto, Canada. If advertisers wish to pay in local currency in Sri Lanka, our Local Representative will manage this transaction.7|Page
  8. 8. Were celebrating a new partnership in the skies! SriLankan Airlines and Air Canada team up to give you daily flights from 8 Canadian cities. Two world-class airlines now bring Canada and the island paradise of Sri Lanka closer together. Enjoy the convenience of 39 weekly flights from Montreal, Toronto, Ottawa, Calgary, Vancouver, Halifax, Edmonton and St. Johns via London, Paris, Frankfurt and Hong Kong into Sri Lanka Youre our world Tel: 416-227-9000 Fax: 416-227-0843 Toll Free: 1-888-431-9111 Email: Website: www.srilankanca.com8|Page
  9. 9. P.D. FERNANDO – APPOINTED DIRECTOR-GENERAL, DEPT OF COMMERCE A veteran public servant, P.D. Fernando has been appointed Director- General of Sri Lanka’s Department of Commerce. Mr. Fernando succeeds Gomi T. Senadhira, who has retired from the department after 32 years service. P D Fernando holds a Bachelors Degree in Commerce from the Sri Jayewardenapura University and a Masters in International Relations from The Centre for Study of International Relations –Brussels. He served in Sri Lanka Customs from 1976 – 1979 and joined the Department of Commerce in 1979. The new DG has over 32 years of experience in the department. His overseas postings include Sri Lankan Missions in Karachi, Japan, Germany, and Brussels as a trade commissioner, and in Dubai and Sydney as Sri Lanka Consul General.Minister Rishad Bathiudeen welcomed the new Director General of Commerce, who assumed duties on Monday, January 2.Outgoing DG, Gomi T. Senadira served the Department of Commerce steadfastly and retired in November 2011. TheDepartment of Commerce commenced its work for the year 2012 today, with all officers taking the government servants’ oath to provide an efficient andcomprehensive service to the public at all times. Addressing staff in a ceremony marking the beginning of work in the New Year, Hon. Rishad Bathiudeen,Minister of Industry and Commerce, said that the department has a major responsibility to contribute towards Sri Lanka achieving high export target andtrade development this year, and encouraged officers to do their utmost to achieve this goal. Mr. P.D. Fernando, the new Director General of Commerce,also assumed duties today, and addressed the gathering highlighting the importance of rendering a dedicated service to the public. He also led the staff inthanking Mr. G.T. Senadira, former Director General of Commerce for his service to the Department over the past 32 years, and presented him with asouvenir from the staff. The former Director General of Commerce, Mr. Senadhira also addressing the occasion, expressed his sincere thanks for thevaluable cooperation given to him by the staff.GLOBAL COMMERCE EXCELLENCE AWARD FOR CEYLON CHAMBER OF COMMERCE The Ceylon Chamber of Commerce was recently awarded a Global Commerce Excellence Award at a ceremony in recognition of its contribution and support towards global commerce in Sri Lanka during the past three decades since liberalizing the economy. The Ceylon Chamber of Commerce CEO/Secretary General Harin Malwatte said, “During its 172 year old history, the Ceylon Chamber of Commerce has been in the forefront of contributing to business and economic development of the country. Not only during the three decade long war but also prior to that in the past, during the world wars as well as during the difficult period our country went through during the unrests that adversely affected our economy and business during the 1971 insurgency and 1983 and 1989 riots, the Ceylon Chamber of Commerce remained relevant and effective.” He noted that over the years the CCC has carefully worked out the priorities to be in line with the needs of the times and doing the right thing at the right time CEO/SG Harin Malwatte with Secy. To the as required by the country. Malwatte received the award from the chief guest of the event, Secretary to the President Lalith Weeratunga and Central President Lalith Weeratunga in the presence of Central Bank of Sri Lanka Governor Ajith Nivard Cabraal. Bank Governor Nivard CabraalThe Ceylon Chamber of Commerce is the oldest and one of leading business chambers in Sri Lanka. The Ceylon Chamber of Commerce was establishedon March 25, 1839, when Sri Lanka was known as Ceylon under British rule. Rt. Hon. J A Stewart Mackenzie, then Governor of Ceylon, was instrumentalto found the Ceylon Chamber of Commerce as he was keenly interested in promoting agriculture and trade in Ceylon. A meeting was held on February 201839 by a considerable number of the mercantile community favourable to the establishment of a Chamber of Commerce in the island of Ceylon. It wasunanimously resolved as a preliminary measure that five of the gentlemen present should be requested to form a Committee for framing an estimate anddrawing up certain rules and regulations, which when submitted and approved might form the ground work of the institution. The General Meeting ofthirteen representatives of the mercantile community was held on March 25, 1839 at the Corner House of Prince Street. With the adoption of the rules andregulations of the Ceylon Chamber of Commerce, the first Chamber was established in Sri Lanka. Subsequently in 1895 the Chamber was incorporated bythe then Legislative Council under the Ceylon Chamber of Commerce Ordinance No. 10 of 1895.TOP APPAREL MANUFACTURER INVESTS US $5 MILLION IN 2 FACTORIESTimex & Fergasam expands to Mannar The first BOI apparel manufacturer to enter Mannar, Timex and Fergasam Group (T&FG), is investing US$ 5 million on two factories in the region. The foundation stone laying ceremony for T&FG’s manufacturing facilities will take place today (Jan. 07) at the Mannar Industrial Zone. "The two new garment factories, once built, will also provide employment for more than 2,000 at its full capacity," said Rishad Bathiudeen, Minister of Industry and Commerce of Sri Lanka on 03 January. "This is the first BOI apparel venture to venture into Mannar." Bathiudeen said this after he met with the top officials of Times and Fergasam Group, the US$ 60 million apparel manufacturer in Sri Lanka. According to the officials of the group, the apparel producer is within the top five apparel manufacturers in the country today. T&FG has won the 2006 NCE Export Award and the All Star Award 2007. Officials of Timex and Fergasam said that the upcoming factories will be the 17th and 18th manufacturing facilities to be set up by the apparel group. According tothem, the project will be in two phases; the first factory will provide employment for 1,200 and the second, for 800. The group currently employs more than8,000 across its 16 manufacturing facilities across the gloabe with offices in UK and Hong Kong. The Times and Fergasam officials also revealed that thefirst Mannar factory to start production will begin operations by mid-October 2012. Among the clients of Timex and Fergasam Group are top labels such asMarks & Spencer, Victoria’s Secret, House of Frazer, Diesel, H&M and SUZI Chin.AWESOME SHOPPING EXPERIENCE AT COTTON COLLECTION FLAGSHIP STORE IN COLOMBO 7 th Cotton Collection opened its new flagship store on December 12 in Colombo 7. Its brand identity promotes a culture of care-free, youthful and spirited fashion; one that infused global fashion trends with local pride. The culture created at Cotton Collection is one that strives to keep up with the momentum of current trends whilst at the same time never losing sight of why it started – to make fashion spirited. “So proud to have places like this in Cotton Collection Colombo”, RAMANI FERNANDO – RAMANI SALON 143 Dharmapala Mawatha, Colombo 79|Page
  10. 10. JANAKI KURUPPU – CHAIRMAN, SRI LANKA TEA BOARD “EXCELLENCE AWARD” TO MAHAWELI REACHBusiness leader Susantha Ratnayakesteps down to make way for JanakiKuruppu who becomes the first womanChairperson of the all important Sri LankaTea Board. The newly appointedchairperson brings with her variedbusiness and international marketingexperience in both the private and publicsectors and more recently served asAdvisor on Food Security at thePresident’s office. She also held theposition of Chairperson, Mother Sri LankaTrust. Ms. Kuruppu enjoyed adistinguished career spanning over 20-years in numerous private sectorcompanies specializing in research and consultancy, food manufacturing,retailing, banking, media and engineering and was director of CommercialBank PLC., Sathosa, Cargills Ceylon PLC., and Managing Director of TheNielsen Company. She is also a member of the global steering committee Jayanthan Panabokke, MD-Mahaweli Reach receives “Excellence” Award from Central Provinceof AgriFin which is an agriculture finance fund set up by World Bank and Governor Tikiri Kobbekaduwathe Bill & Melinda Gates Foundation to support the activities of financingfor agriculture, particularly for smallholder farmers. The Mahaweli Reach Hotel was the recipient of a premier award for large scale businesses in the services category at the recently concluded starLocated at 574 Galle Road, Colombo 3, The Sri Lanka Tea Board is the awards 2011 conducted by the Ministry of Industries of the Centralapex body for the Tea industry in positioning Ceylon tea to be the Province for businesses that "have demonstrated excellence whilst“Preferred Beverage” in the global market by the year 2015. The Sri Lanka contributing to the economic progress of the region". "This award is all theTea Board was established on the 1st January, 1976. The objectives of more significant in view of the fact that Mahaweli Reach is a indigenousthe Tea Board under this Acts are development of the tea industry in Sri brand which continuously strives for excellence in service standards andLanka and promotion of Sri Lanka Tea (Ceylon Tea) globally. It is the has always promoted the rich cultural heritage of the Central Province andauthority responsible for regulating the activities of the tea industry, viz. in particular one of its most enduring traditions - hospitality," a statementproduction, cultivating new area and replanting, rehabilitating old gardens, from the hotel company said. Tucked away in Kandy, the lush green hillthe establishment of factories and their operation. It also regulates the capital of the island, the Mahaweli Reach Hotel will captivate yourconduct of the auctions, monitors quality standards and regulates the imagination no sooner you enter its elegant setting. The smiles of oursales, export brokerage, warehousing and shipping of tea. It also regulates people will not only complement the warmth of our hotel, but will also addcontrols and directs all institutions and organizations engaged in the to the personal level of luxurious service that each and every one of ourmanagement of tea estates and in the production and marketing of Tea. guests is given. Mahaweli Reach Hotel is situated in the city of Kandy, which is located a little over two hour’s journey from Colombo. The trip will take one through some breathtaking mountain scenery. The Hotel acquires its name due to its unique location along Sri Lanka’s longestDinesh Weerakkody - Chairman, Commercial Bank river, the great Mahaweli. It is located only a few minutes away from the city of Kandy and is the perfect location as it gives access to the city. Mahaweli Reach has the honour of being the first hotel in Kandy to obtain five star rating and continues to be the benchmark for hotels in the city. PRASAD GALHENA - Chairman, National Gem & Jewellery Authority Prasad Galhena assumed duties as the Chairman of National Gem and Jewellery Authority on January 3. He holds a Bachelor of Business Administration first class honours degree from the Colombo University and MBA honours from Colombo University. He is also a fellow member of CIMA and past finalist of the Institute of Chartered Accountants Sri Lanka. He has an ambitious plan to develop the countrys gem and jewellery sector as a key export contributor to the national income. Having a proven track record of turning around several state institutions, he brings in a wealth of experience in management with the view to making a positive impact on the development of the industry, the authority said in a statement announcing the appointment. As Director Finance of government owned Associated Newspapers of Ceylon Ltd the incurring loss of Rs. 12 million per week was turned around to a profit of Rs. 8 million per week. He was later appointed the Chairman of Laksala which at From L to R: Prime Minister D.M. Jayaratne, Archbishop of Colombo, Cardinal Malcolm Ranjith, that time was on the verge of closure and it soon became a profitable Opposition Leader Ranil Wickremesinghe, Central Bank Governor Nivard Cabraal and Dinesh venture with the introduction of several new divisions and branches during Weerakkody. Photo taken at private reception held by newly appointed Chairman, Commercial his tenure. New product lines were also introduced and all outstanding Bank Dinesh Weerakkody to mark his appointment. payments to craftsman were settled. As the Chairman of the Shipping Corporation during a period of 18 monthsKumudini Kulatunga–Chairperson, Lankaputhra Bank several new divisions were added and profitable ventures wereThe Lankaputhra Development Bank will continue to play its role as a undertaken. The ferry service, feeder service for vessels for India anddevelopment bank while positioning for a Bangladesh, the freight logistics division, personal baggage handling, thedynamic return to a higher profitability in the transportation of coal for the Norochcholai power plant are among somecoming year, the newly appointed chairperson of ventures initiated by him. Among other projects initiated and in the pipelinethe bank Kumudini Kulatunga said. She said that are the acquiring of an oil tanker and three bulk cargo vessels. At the pointthe bank has made Rs 2.2 million profit in 2010 of taking over the Ceylon Shipping Corporation, the turnover which wasand expect better results in 2011 in keeping with around Rs. 120 million has now matured to a value of Rs. 7 billion. Prasadthe expectations of all stakeholders. Ms. Galhena is BBA (Hon) 1st Class and MBA (Hon) graduate from theKulatunga hoped her longstanding knowledge University of Colombo, a Fellow of the Chartered Institute of Managementand experience in the banking sector could be Accounting (CIMA - UK) and past finalist of both the Chartered Institute ofutilized to bring the bank to greater heights in the Accountants Sri Lanka and the Charted Institute of Marketing UK.coming years. She said that lending will beincreased this year as the bank caters to the OMAN AIR APPOINTS CEOdevelopment of agricultural and industrial sectors The Board of Directors of Oman Air has appointed Wayneof the rural economy. Lankaputhra Bank, Pearce as its Chief Executive Officer with effect from JanuaryGeneral Manager Lasantha Amarasekera said the bank has so far given 3, 2012. Announcing the appointment, Oman Air’s ChairmanRs 2.5 billion worth of loans to rural economy. He said that a five year Darwish Bin Ismail Bin Ali Al Bulushi said, “On behalf of thecorporate plan is in progress and with the implementation of that this year Board of Directors, I am extremely pleased to welcomeis going to be a turning point. The lending growth was slow during the last Wayne Pearce to Oman Air. We are confident that his experience andyear but it will disperse Rs 2 billion worth of loans next year, he said. The expertise will enable the airline to reach even greater heights of excellencechairperson Ms. Kulatunga counts over three decades of service with the and confirm it as one of the leading airlines and beyond.”Bank of Ceylon in many areas in the country.10 | P a g e
  11. 11. SANJIKA PERERA JOINS SERENDIB LEISURE Serendib Leisure appointed Sanjika Perera as Director, Projects and Business Development for the group’s hotels with effect from January 9. An accomplished Chartered Marketer and FCIM, Sanjika Perera brings a wealth of experience in sales and marketing expertise earned in Sri Lanka and abroad, namely the United Kingdom. As Director-Projects, he will spearhead the Serendib Leisure Groups ambitious refurbishment and expansion plans. He has a career spanning 17 years with local conglomerates such as Browns Group, Hayleys Group and joined HSBC Sri Lanka where he went on to become Head of Sales - Personal Banking. He was appointed Country Manager - Sri Lanka and the Maldives for Kodak Singapore PTE Ltd in 2005. At this point in his career, Sanjika Perera made a decisive entry into the field of hospitality in 2008 as Director - UK and Ireland for Sri Lanka Tourism. Under his dynamic leadership, Sri Lanka Tourism UK won the CIM UK Marketing Excellence Awards 2010 in the hotels/leisure/tourism sector in the UK. Further, Sri Lanka Tourism UK office was shortlisted as one of the Best Tourist Board offices in UK by the Travel & Trade Gazette (TTG magazine) for two consecutive years (2009 and 2010). Holding a Master of Business Administration (MBA) degree from The Postgraduate Institute of Management, Sri Jayewardenepura University. He also possesses a Postgraduate Professional Diploma in Marketing - CIM (UK) and an Advanced Diploma in Business Administration - ABE (UK). Central Bank Governor Ajith Nivard Cabraal unveiling the plaque at the foundation laying ceremony of the Yalpanam Dairy Limited in Kilinochchi on Wednesday. Bank of DOLPHIN HOTEL WINS THE PRESTIGIOUS ITS RED STAR Ceylon Chairman Dr. Gamini Wickramasinghe was also present. The Yalpanam Dairy INTERNATIONAL AWARD Limited is a joint venture between Bank of Ceylon and Cargills to promote milk Sri Lanka’s Club Hotel Dolphin production and living standards of milk farmers. Picture by Sumanachandra Ariyawansa has won the prestigious ITS Red Star International Award. This isOfficials of Toastmasters International visit Sri Lanka the first time that a Sri Lankan Hotel has been nominated for this prestigious Award. The ITS brand has the largest selection of hotels amongst the Tour Operators of the Travel and tourism division of REWE Group. The focus of the ITS program is on three-to-four star hotels. The ITS Red Star Award is awarded to the best and most popular 60 hotels worldwide. The selection for the award mainly focuses on three key factors - referrals from their guests, consistent high standards of service delivery, and high levels of guest satisfaction. By winning this award, Club Hotel Dolphin has been recognized as the very best in the country. This club-concept hotel is located in the seaside hamlet of Waikkal and isA top level delegation of Toastmasters International (TMI) including the just a half hour’s drive from the international airport and 90 minutes northorganizations Executive Director, Daniel Rex, Managing Director - of Colombo. This hotel has total of 150 rooms including 98 deluxe mainCommunication and Development, Sally Cohen, District Governor of rooms, and 50 individual cottages. The hotel has two pools – one of whichJapan, Bunzo Suzili, District Governor of Taiwan, Grace and DTM LGM, is the largest pool in Sri Lanka. The hotel also offers to its guests a wideJoy Tsai visited Sri Lanka recently. choice of activities such as tennis, squash, volleyball, badminton, darts,The foreign delegation and the International Director for Region 13 - South archery, croquette and mini golf. The animation team keeps guestsAsia, DTM Arunasalam Balraj were welcomed on their arrival to the island occupied with activities such as water aerobics, a club dance, bingoat the Katunayake Bandaranaike International Airport by the District nights, karaoke evenings, fire limbos and animation shows. For those whoGovernor DTM Zameen M Saleem and a team of Sri Lankan toastmasters. prefer something more tranquil, a relaxing spa treatment or a lazyDuring a brief stay in the island, Daniel Rex and Sally Cohen also afternoon by the ‘quiet pool’ is available. Guests can also take anaddressed a gathering organized by Ralph Toastmasters Club held at the interesting tour of the Negombo churches that were built during theGrand Oriental Hotel Colombo. colonial period, or opt to visit Colombo on a shopping spree. The REWEToastmasters International is the global leader in communication and Group which presents this Award is a multi-national company and aleadership development. Headquartered in Rancho Santa Margarita, diversified retail and tourism group based in Germany. Its current turnoverCalifornia, the organization has members in 116 countries with a is around 50.91 billion Euros, and it operates in 14 European countriesmembership that is currently standing at 270,000. Since 1924, and employs over 325,000 people in its trading and travel divisions.(niz)Toastmasters helped people around the globe to become confidentindividuals through its communication and leadership tracks and presentlythere are 70 Toastmasters Clubs in Sri Lanka. SUREN GOONEWARDENE APPOINTED CEO, AIRTEL Bharti Airtel, a leading global telecommunicationsHAMEEDIA LOOKS TO 2012 WITH ZEAL company with operations in 19 countries across Asia and Africa, announced the appointment of After successfully completing an event-filled 2011, Sri Suren Goonewardene as CEO of its operations in Lankas leading men’s wear specialist, Hameedia has Sri Lanka. He worked previously with Dialog embarked on a journey to further strengthen its Telekom and Lanka Bell (as Managing Director) position as The total fashion solutions provider for all and counts over 16 years work experience in Sri Lankan males and significantly expand its reach areas of finance, sales, marketing and across the country and region with an unparalleled operations. At Dialog Telekom - he managed the product offering. Fixed Telecom Services and Television portfolio, Led by the Deputy Managing Director, Hussain and successfully drove the television business to Sadique (in photo) and the top management, market leadership position with Suren as Chief Operating Officer. Hameedia staff started work for the New Year Announcing the appointment, Sanjay Kapoor, CEO - India and South Asia, following tradition with multi-religious observances at Bharti Airtel said, "Suren brings with him rich domain experience ofthe head office at Borupana, Ratmalana. telecom industry and has an exceptionally strong track record of business successes in each of his previous roles. Given Surens vast experience,Taking a bottom-up approach the management has revised the sharp focus on business goals and able leadership - we are confident thatCompanys Vision and Mission, and established its corporate values. Airtels Sri Lanka team will move from strength to strength and deliver onThese were unveiled on the first day of work. Hameedia Managing our aggressive growth plans for the country." Bharti Airtel Lanka (Pvt) LtdDirector Fouzul Hameed has been the driving force along with his brother is a subsidiary of Bharti Airtel that commenced commercial operations ofHussain Sadique in creating new fashions and making the company a services in Sri Lanka in January 2009, and grew to become the fastestcustomer focused outfit and leader in Men’s fashions in Sri Lanka. operator to reach the one million customer milestone in the country.11 | P a g e