CMA Sri Lanka UN MSME Day Development Summit 2024 On Thursday

June, 25, 2024CMA Sri Lanka UN MSME Day Development Summit 2024 on Thursday

•Theme – “MSMEs the key driving force for economic growth in Sri Lanka”

The CMA Sri Lanka SME Development Committee will be celebrating the UN MSME Day falling on 27 June by conducting the CMA Sri Lanka UN MSME Development Summit 2024 under the theme of “MSMEs the key driving force for economic growth in Sri Lanka” for the third time, at Ballroom, Hotel Galadari.

The UN Day MSME summit will be inaugurated on 27 June at 8:30 a.m. at Hotel Galadari by the Chief Guest ADB Country Director Takafumi Kadono, in the distinguished presence of representatives from UN, Secretary Ministry of Industries, Deputy General Manager Grameen Trust Bangladesh, General Managers of participating banks and finance companies, MSMEs, industry experts, professionals and committee members.

The program will have an inaugural session, two technical sessions, panel discussion and presentations from SME bank customers on business revival with the support of participating banks.

Some of the key matters applicable to the MSME sector will be highlighted at the Summit. This will include ADB support for the MSME sector, turning unemployment into entrepreneurship, business revival and the role of commercial banks, benefit of the credit guarantee institution and its role in supporting SMEs and entrepreneurship development, cash flow and liquidity management, and costing and pricing, setting up of export houses to promote exports, export financing, need for a MSME Development Act to promote and develop MSMEs.

The committee will be actively working on the implementation of (a) Setting up of Export Houses to promote exports of MSMEs (b) Definition for MSMEs (c) MSME Development Act to promote and safeguard MSMEs (c) Training in accounting, finance, costing and pricing (d) Use of technology and e-commerce.

The CMA Sri Lanka SME Development Committee comprises members from professional bodies, commercial banks and industry experts who have been meeting since April 2020 to find solutions and support the SME sector. They have organised conferences, workshops and UN MSME Day events annually since 2021. The UN General Assembly has declared 27 June Micro-, Small and Medium-sized Enterprises Day, to raise public awareness of their contribution to sustainable development and the global economy.

The MSME sector is the backbone of most economies worldwide including Sri Lanka and plays a key role in developing countries. In Sri Lanka, MSMEs comprise more than 75% of enterprises and account for 52% of GDP, 45% of employment, and a meagre 5% in exports which we have recommended be increased with the setting up of Export Houses.

The CMA Sri Lanka SME Development Committee The CMA Sri Lanka COVID-19SME Development Committee under the leadership of Prof. Lakshman R. Watawala has been active since April 2020 and a significant achievement of the committee was fulfilling the great need to support those entrepreneurs who were unable to provide collateral or security to banks by recommending to the Ministry of Industries in 2020 to submit a Cabinet Paper to reactivate the stalled SME Credit Guarantee Institution which was supported by the ADB and was pending in the approved projects list and to restart this project immediately. This was subsequently approved by the Cabinet on 27 April 2021 and responsibility given to the ERD of the Finance Ministry who has now finalised the setting up of the NCGI which will be launched shortly.

May, 10, 2024

Colonial Engineering Secures Prime Spot in Sri Lanka's Premier Business Directory for 2024/25

Colonial Engineering (Pvt) Ltd., a prominent player in the local steel & hardware industry, has solidified its position as a key advertiser in the upcoming release of Rainbow Pages, the National Business Directory 2024/25, presented by SLT-MOBITEL group. As one of the top 20 clients of the National Business Directory, Colonial Engineering has recognized the value and potential of this comprehensive marketing platform.

Scheduled for release by the end of the year, Rainbow Pages, the National Business Directory 2024/25 promises to be the most updated and extensive business directory in Sri Lanka. Under the contract, Colonial Engineering, a company established in 2005, engaged in import, supply, retail, and wholesale of Pipes, Steel, Engineering, Construction & Plumbing materials, will enjoy a range of online and offline advertising options and potential marketing solutions tailored to their needs, including digital marketing strategies, web solutions, e-commerce, shopping cart and content development services.

Managed by Sri Lanka Telecom (Services) Limited (SLT-SERVICES), a subsidiary of the SLT-MOBITEL group, Rainbow Pages, the National Business Directory caters to Micro, Small, and Medium Businesses (MSMBs), offering various advertising formats such as online, eBook, call centre and printed book options. This directory is renowned for its comprehensive coverage, featuring over 10,000 daily online searches and 6000+ business listings across diverse sectors, including government institutions and places of worship.

One of the standout features of the Rainbow Pages Directory is its provision of verified contact details, enhancing the local search experience for users. Additionally, listed businesses benefit from search engine optimization (SEO), enabling them to maximize their online visibility and reach. Furthermore, the directory provides eligibility for government tenders, opening up new opportunities for growth and development.

SLT-SERVICES, with its focus on digital marketing and web development solutions, are poised to deliver exceptional value to its clients. For more information about Rainbow Pages, the National Business Directory and its advertising options, interested parties can visit www.rainbowpages.lk or contact the hotline at 0112399399.

March, 29, 2024

Rainbow Pages Champions League: Corporate Cricket Tournament Hits a Six with 28 Leading Companies Battling for Victory

A six-a-side soft ball corporate cricket tournament was successfully held at the G H Buddhadasa Ground in Battaramulla recently with the participation of 28 teams representing leading companies in the island. The tournament was organized by the Rainbow Pages Welfare Society. Rainbow Pages is the National Business Directory in Sri Lanka managed by SLT-MOBITEL group.

The teams in the semi-finals were Winners Global, Sonasu Connect, GM Garments, and Salota International. Winners Global won the championship, while GM Garments and Salota International were both named co-runners-up in the Champions League corporate cricket tournament.

The cricket team of Winners Global (Pvt) Ltd bagged the champions trophy that accompanied by a cash prize of Rs. 200,000. The occasion of awarding the trophies to the winners was graced by Mr. Lasantha Amarasinghe MD, The Chance Sports Borella, Mr. Ananda and Mrs. Wasanthi Managing Directors of AD Sports Nugegoda, Mr. Upul Manchanayake CEO, SLT Digital Services (Pvt) Ltd, and Mr. Asela Galappatige CEO, SLT (Services) Limited.

March, 23, 2024

Microsoft a copilot to Education Ministry in integrating AI into national curriculum

The Ministry of Education (MoE) in Sri Lanka and Microsoft have signed a Memorandum of Understanding (MoU) to usher in a new era of education by enabling the integration of Artificial Intelligence (AI) and Machine Learning (ML) into Sri Lanka’s national school curriculum.

This collaborative effort aims to transform the education system in the country, with the pilot testing phase beginning from grade eight and above. The MoU signing also includes the provision of the Microsoft 365 platform which will serve as a secure communication and collaboration hub for both students and teachers.

With a goal to democratise AI access to all, a comprehensive curriculum developed by global Microsoft Education teams and the National Institute of Education (NIE) will initially be rolled out to twenty schools selected by the MOE with at least one school designated from each of the nine provinces. These schools will serve as a benchmark for scalability across the country. Through this pilot program which will follow the ‘train the trainer’ model, the initiative will empower learners and educators alike, ensuring they are well-prepared to navigate in the era of AI.

The MoU signing ceremony, which took place at the Presidential Secretariat on 19 March, was attended by distinguished representatives from the United States Embassy in Sri Lanka, Ministry of Education, Ministry of Technology, and Microsoft including United States Ambassador to Sri Lanka Julie J. Chung, Minister of Education Dr. Susil Premajayantha, State Minister of Technology Kanaka Herath, and Microsoft India and South Asia President Puneet Chandok.

Expressing the MoE’s enthusiasm for embracing future possibilities, Dr. Susil Premajayantha said, “We truly believe that the integration of AI is pivotal to elevating the quality of education and empowering our future leaders with the necessary skills to excel in an ever-changing global environment. Our collaboration with Microsoft represents a significant milestone in this endeavour as we, together, introduce a digital-first national curriculum that embraces the skills of the future, which includes AI.”

This collaboration marks a pivotal point, not only for students but also for educators, educational institutions, and Sri Lanka’s national educational landscape. “Students serve as catalysts for future transformation, and teachers are key in nurturing their progress and development as young individuals of our society,” stated Microsoft Sri Lanka and Maldives Country Manager Harsha Randeny.

“As Sri Lanka embarks on its AI journey, Microsoft is dedicated to serve as a Copilot as the nation progresses and ensures its readiness for the future. The integration of AI into the educational framework represents a proactive approach, empowering the next generation to actively contribute to the country’s AI evolution and be on par with the changing world,” he added.

March, 20, 2024

Sri Lanka SMEs enabled to mortgage movable assets with registry

ECONMYNEXT – A secured transaction registry set up with technical assistance from the International Finance Corporation, will help small and medium enterprises expand access to credit by helping them mortgage moveable assets, the Washington-based agency said.

The STR is supported by Sri Lanka’s Credit Information Bureau and the central bank, the IFC said.

“An effective credit infrastructure is key to strengthening Sri Lanka’s financial sector,” said Alejandro Alvarez de la Campa, IFC Country Manager for Sri Lanka and Maldives said in the statement. “The new law, … incorporated several rounds of consultations and expert input, thus ensuring that small businesses and entrepreneurs with few fixed assets can obtain the financing they need to thrive.”

The new law and consequential amendments to 7 related laws is a step in developing “a fully-fledged secured transaction framework to mortgage moveable assets in Sri Lanka that protects the rights of all types of regulated financial institutions, encouraging them to provide financing secured by moveable collateral,” said Pushpike Jayasundera, Director/General Manager, Credit Information Bureau of Sri Lanka (CRIB).

Globally, businesses are restricted from using movable collateral (such as machinery, inventory, accounts receivables, crops, and equipment) to obtain financing because many countries do not have functioning laws and registries to govern secured transactions. Secured transactions reform is also an avenue that can help encourage women—they are more likely to have movable assets to pledge—to start or expand a business, the statement continued.

SMEs comprise more than 75 percent of enterprises while accounting for 45 percent of employment and 52 percent of the country’s GDP. Yet they cite access to finance as one of the key obstacles, it noted. (Colombo/Mar11/2024)

March, 13, 2024

Cey-Nor Foundation Limited in Partnership with SLT Digital Services for a Dynamic New Website Launch

COLOMBO - Cey-Nor Foundation Limited, Sri Lanka's sole government entity specializing in boat and marine equipment manufacturing, proudly unveils its revamped website, signaling a strategic move towards global outreach and enhanced digital engagement. Entrusting their digital transformation to SLT DIGITAL SERVICES highlights Cey-Nor's progressive vision to adapt and thrive in today's digital age.

Dr. Dulan Hettiarachchi, the Chairman of Cey-Nor Foundation Limited, emphasized the pressing need for Sri Lanka to capitalize on the burgeoning demand for fish products in international markets, notably Europe and Japan. He stated, "For two centuries, we exported traditional products like tea and rubber. Similarly, there's untapped potential in exporting fish to these markets. Cey-Nor, with its extensive boat-building capabilities, stands poised to play a pivotal role by augmenting fiber boat production and leveraging technologies like solar power for sustainable, multi-day vessels."

Highlighting the significance of the fisheries sector, Mr. Hettiarachchi recalled the 2009 rehabilitation initiative in North & Karainagar, emphasizing Cey-Nor's potential to cater not only to the fishing industry but also to the burgeoning tourism sector, particularly in whale-watching.

The newly launched Cey-Nor website is a testament to the company's commitment to transparency, innovation, and customer-centricity. Key features include real-time updates on industry trends, product launches, and company news, ensuring stakeholders remain informed and engaged. Visitors can seamlessly navigate through Cey-Nor's diverse offerings and leverage efficient communication channels for inquiries and support.

"Collaborating with 'Cey-Nor Foundation Limited' to enhance their digital footprint is an exhilarating venture for us," said Mr. Upul Manchanayake, the Chief Executive Officer of SLT Digital Services. "We are committed to utilizing cutting-edge technologies to revolutionize business operations. I'm confident that this partnership will open doors to new international markets."

For a comprehensive view of Cey-Nor's initiatives and to explore their state-of-the-art website, please visit www.ceynor.gov.lk.

About Cey-Nor Foundation Limited:

Cey-Nor Foundation Limited stands as Sri Lanka's premier government-backed entity specializing in boat and marine equipment manufacturing, with a rich legacy spanning decades. Committed to excellence, innovation, and sustainability, Cey-Nor remains steadfast in its mission to serve diverse industries while fostering global partnerships.

About SLT Digital Services:

SLT Digital Services (Pvt) Limited (SLT-DIGITAL) is a fully owned Marketing Services and Digital Engagement Solutions subsidiary of Sri Lanka Telecom PLC (SLT-MOBITEL group). SLT Digital Services, renowned for its expertise in crafting transformative digital solutions, partners with organizations to accelerate growth, enhance customer experiences, and achieve unparalleled digital success.

March, 13, 2024

Surge Global secures multi-million dollar Govt. contract in Qatar

Surge Global, a leading design, technology, and marketing firm of Sri Lankan origin has announced its successful partnership with Gulf Business Machines (GBM) Qatar, one of Qatar’s largest technology companies.

The partnership kicked off with a successful bid in securing a multi-million dollar project for a prominent public sector entity in Qatar. The achievement marks a significant milestone for both companies and reaffirms their commitment to delivering bleeding-edge digital transformation on a national scale.

The collaborative effort between Surge Global and GBM Qatar results from their shared expertise, dedication, and compelling vision to provide best-in-class solutions to meet the evolving needs of the Qatari market. As a dynamic partnership, these organisations have demonstrated their ability to combine design excellence, advanced technology, and marketing prowess to address complex challenges effectively and efficiently.

GBM Qatar Head of Digital Solutions Manu Sivarajan said: “After an extensive evaluation process, it became evident that Surge Global was the best provider to form this partnership across Qatar and Sri Lanka. Their outstanding reputation for innovation, commitment to quality, and ability to tailor solutions to meet the unique requirements of the Qatari market set them apart as the ideal partner.”

The multi-million-dollar State contract in Qatar represents a testament to Surge Global’s and GBM Qatar’s capabilities in delivering high-impact projects that make a tangible difference. Their joint proposal stood out for its comprehensive approach, incorporating innovative design concepts, state-of-the-art technology solutions, and an effective marketing strategy to meet the specific requirements of the Qatari government.

Surge Global CEO Bhanuka Harischandra said: “Sri Lanka has an abundant and thriving technology talent ecosystem and Surge is fortunate to be in the centre of it. I believe this is the first win of many together with GBM Qatar as our partnership continues to mature. The dozens of projects we’re already working on will help contribute to local talent building a stronger and more resilient ecosystem.”

Both Surge Global and GBM Qatar are excited to embark on this transformative journey and look forward to delivering exceptional results that exceed the expectations of the Qatari government. Their commitment to excellence and dedication to innovation will undoubtedly play a pivotal role in shaping the future of technology and design in Qatar.

March, 14, 2024

Construction Expo 2024 by CIOB kicks off tomorrow

Ceylon Institute of Builders (CIOB) organised “Construction Expo 2024”,the most inclusive exhibition will be held from 15 to 17 March at the Sirimavo Bandaranaike Memorial Exhibition Centre in the BMICH.

As a proven platform for the promotion of the Construction Industry in Sri Lanka, “Construction Expo 2024 by CIOB” will showcase the latest technology and development added to the building and construction sector with renowned industry experts, stakeholders and decision makers in attendance.

This will be the ideal event to source new products, networking with new contacts and business opportunities. Trade visitors from Sri Lanka and the neighbouring countries are expected to utilise the event to exhibit their inventive products with new features and visitors will also be looking for the latest, inventive products to improve their building industry projects.

With the support already received from almost all the industry giants with sponsorships and stall bookings, CIOB is confident of holding a highly successful major industry exhibition.

CIOB said it appreciates the enormous support received from Rhino Roofing Products Ltd. and St. Anthony’s Ventures Ltd., as the main sponsor of the Construction Expo 2024.

The invaluable support extended by Tokyo Cement PLC as the Platinum sponsor of the exhibition this year is also appreciated and recorded. Alumex PLC, Confab Steel Ltd., Lexduco Ltd., Nippon Paint Lanka Ltd., and Creative Granite & Marble Ltd., are the other great enthusiasts who have joined hands with CIOB as Gold sponsors to make this event a reality.

CIOB said there has been increased interest from the construction companies to be stallholders at the “Construction Expo 2024 by CIOB” exhibition.

March, 07, 2024

Elephant House Beverages to Hit Indian Shelves Through RCPL Partnership

Reliance Consumer Products Limited (RCPL), a subsidiary of Reliance Retail Ventures Limited (RRVL), has partnered with Elephant House, a Sri Lankan beverage brand owned by Ceylon Cold Stores PLC, to introduce Elephant House beverages in India. This collaboration aims to expand RCPL’s beverage portfolio, which includes renowned brands like Campa, Sosyo, and Raskik, while offering Indian consumers new products and value propositions.

Ketan Mody, COO of RCPL, highlighted Elephant House’s strong market credibility and deep-rooted heritage, expressing excitement about adding its beloved beverages to their FMCG portfolio. The partnership aligns with Reliance’s expertise in expanding global brands in India.

John Keells Group Chairperson Krishan Balendra expressed pride in bringing the Elephant House brand to the Indian market, emphasizing their commitment to delivering high-quality beverages to new consumer segments.

RCPL aims to offer Indian consumers a diverse portfolio of globally recognised brands and products, rapidly expanding its multi-channel operations to reach diverse markets. Their FMCG portfolio also includes iconic brands like Campa and Sosyo Hajoori, a range of confectionery from Lotus Chocolates, snacks like Alan’s Bugles and Masti Oye, Sri Lanka’s leading biscuit brand Maliban, as well as home and personal care products under the Independence brand.

March, 07, 2024

Five tech trends for small businesses in 2024

In the early 2000s, accessing the internet was through a dial-up connection which could take anywhere from 30 seconds to a couple of minutes to establish a connection. In 2023, generative AI tools can generate poems, short stories and complex legal and medical documents in a matter of seconds.

The pace of technological change is accelerating and it’s reshaping just about every aspect of how we live, work, socialise and play. While Xero’s Future Focus research reveals small businesses are more optimistic, and even intrigued, about the potential of emerging technologies than doom and gloom, many wish there was more education and resources to navigate a rapidly changing world.

To help small businesses and their advisors plan ahead, I’ve looked at separating the hype from reality to uncover the top five technology trends that may impact the small business landscape in 2024.

Trend #1: The AI-augmented creativity boom

This year saw generative AI burst into the mainstream in what Axios’ Scott Rosenberg called the “most phenomenally successful act of rebranding in corporate history.” While language models are not new, the interactivity and accessibility of AI through tools like Stable Diffusion and ChatGPT signalled the biggest leap in the technology’s capabilities, helping businesses to create content easier and faster.

We’ve only scratched the surface of this technology and in 2024, while the hype might fade, more practical applications are likely to emerge relating to creative content, generative design and engineering. Currently, ChatGPT and other AI models are great at generating content from millions of examples of past works. But for creators or engineers looking for innovative solutions, you don’t want content that mimics an existing concept.

Next year we could well see a ‘creativity boom’ where AI models go beyond statistical similarity and come up with new designs or products that are far better than the ones that exist today. Continuing in its ability to augment (rather than replace) human intelligence, AI could truly become the co-pilot for creators, enabling them to set up the requirements such as manufacturing processes, loads and constraints, and then filtering a myriad of new ideas and design options.

Prompt engineering and the ability to work effectively with these AI models will continue to grow in importance and as a skill-set across all industries. The drawbacks around misinformation, copyright and bias will also need to be worked through in 2024, as the push for the commercially safe, transparent and ethical use of these AI systems comes to a head in jurisdictions around the world.

Trend #2: The rise of the augmented, conversational UI

When I first started using ChatGPT, what struck me was the change in the interaction mode. The promise of conversational user interface (UI) has been around for a while with Siri and Alexa, but it’s always been functional and instructional, never truly conversational. ChatGPT is not a better search engine — especially when it hallucinates answers — but it is becoming one of the first real, usable and intelligible chatbots.

In 2024, large language model-powered tools like ChatGPT will continue to revolutionise human-computer interaction, through the rise of API-enabled, conversational chatbots that are able to interact with customers. The ability for chatbots to have real-time conversations in any language to customers 24/7 and perform certain tasks at their request will unlock new opportunities for small businesses looking to handle customer inquiries or expand into new markets.

Google and Microsoft will continue to enhance their generative AI-powered capabilities and, if you believe the rumours, Apple could release its generative AI technology on the iPhone and iPad in late 2024. The new features could improve how Siri and the Messages app can field questions and auto-complete sentences, mirroring recent changes to the AI-enhanced overhaul of Amazon’s Alexa.

Trend #3: The metaverse finds a new source of power

The idea of living and working entirely in a virtual world as so often shown in the movies still feels fanciful, even comical. Yet advancements in 2023 in the technologies that underpin the concept of a metaverse, particularly in augmented and virtual reality, and significant investment by large technology companies — including the mixed reality ‘spatial computer’ headset by Apple — have brought some aspects of this ambitious vision closer to reality.

Will it be the breakthrough technology of 2024? It seems unlikely to reach full maturity next year. But I’m reminded of Bill Gates’ sentiments that: “We always overestimate the change that will occur in the next two years and underestimate the change that will occur in the next ten.” So, writing off the entire concept of the metaverse because of its relative immaturity when compared to the promise from science fiction might be premature.

I believe that some incarnation of the metaverse will be the next iteration of the internet, providing immersive, blended and connected experiences for everything from entertainment to education to virtual community building, and that it will introduce new concepts of ownership of digital assets. Many of these concepts will continue to evolve and emerge in 2024, with more small businesses innovating and exploring this space as some have started to do already this year.

Where once internet connectivity was once the main constraining factor for the metaverse, battery technology has quickly become a crucial component for its success, in my opinion. In 2024, we are likely to see significant development in lighter, cheaper and more efficient batteries to power the next generation of smartphones and headsets, and that will be key to also unlocking more immersive, mixed reality experiences in our everyday, on-the-go lives.

Trend #4: Carbon accounting the next frontier for compliance

We’re well into the critical decade of climate action and pressure will begin to mount on governments and industries to reduce their carbon emissions to meet the IPCC’s 2030 deadline. At the same time, the release of the sustainability standards by the International Sustainability Standards Board (ISSB) could see reporting on carbon emissions no longer be optional for businesses.

The ISSB standards could very well bring in a new era of compliance and become the basis of accounting standards in 2024. To avoid being locked out of corporate supply chains or providing inaccurate and misleading information on environmental or sustainability practices, small businesses will need to ensure they are accurately calculating and tracking their carbon emissions each year.

The integration of carbon accounting software into existing accounting platforms will see carbon accounting become an extension of financial accounting and reporting practices for small businesses. Our global partnership with Sumday is helping to democratise carbon accounting and upskill accountants and bookkeepers to provide this service. Xero small business customers can also find apps like Cogo, Ecologi and Greenly in the Xero App Store, allowing them to harness the data in their Xero ledger to measure and report their carbon emissions.

Trend #5: The rise of the super ecosystem, powered by connectivity

Connectivity between new and traditional players within the payments ecosystem is bringing in a new era of digital payment experiences for small businesses. Today, it allows the real-time validation of e-invoices against government regulations and tax requirements, to help small businesses send bills over the internet and get paid faster. It also ensures the seamless transmission of data between banks and third-party providers, to enable instant access to financial information and services.

In 2024, global platforms like Apple, Amazon, Google and Microsoft will continue to make their products work better together. Why? Because people are tired of using lots of different apps for different things. They want everything in one place, working smoothly together. Rather than the rise of the ‘super-app’, we’ll see the power of the ‘super ecosystem’ — the interconnectedness of financial services that make it easier to pay bills, transfer money and manage finances together in one spot.

Digitally distributed technology, like blockchain and web3 platforms, could be building blocks for new payment innovations when coupled with concepts like self-sovereign/decentralised identity to help people share their identity and other data more securely.

Small steps to an exciting future

While some of these tech trends might take years (or even decades) to realise the full scope of their impact on the world, the first steps into that future are being taken now. And next year, it would be a good idea for small businesses and their advisors to continue to keep an eye on developments in these five trends, as they will no doubt play a major role in shaping the future themselves.

February , 27, 2024

Rs 20 billion credit scheme for small & medium businesses

Cabinet approval has been granted for the implementation of a Rs. 20 billion credit scheme to revive the micro, small and medium enterprise sector in Sri Lanka.

According to the government, the proposed Rs 20 billion will be spent on the entire project which has two components.

Out of this, Rs. 15 billion will be used to strengthen existing and new enterprises and the remaining amount of Rs. 05 billion will be used to support enterprises under the non-performing loan category.

The government states a significant number of small and medium-scale entrepreneurs involved in manufacturing, import, export, tourism, apparel and various other commercial operations have found it very difficult to continue running their enterprises as a result of the economic downturn and the impact of external factors beyond their control.

The Asian Development Bank (ADB) has agreed to provide working capital support for the small and medium enterprise sector as a relief.

The proposed program is intended to provide credit facilities to existing micro, small and medium-scale enterprises for further expansion and recovery of their businesses through licensed commercial banks and licensed specialized banks at concessional interest rates.

Accordingly, the Cabinet has approved the proposal presented by the President in his capacity as the Minister of Finance, Economic Stabilization and National Policies to implement the said project. (NewsWire)

February , 27, 2024

MSMEs get lifeline as Cabinet approves freeze of parate action till 15 December

The struggling Micro, Small and Medium Enterprises (MSMEs) and individuals are to get a lifeline with the Cabinet of Ministers yesterday at its meeting agreeing to temporarily suspend highly contentious parate action till 15 December, 2024.

The Cabinet meeting chaired by President Ranil Wickremesinghe approved a proposal to this effect submitted by Justice Minister Dr. Wijeyadasa Rajapakshe PC along with Industries and Health Minister Dr. Ramesh Pathirana. The duo first listened to aggrieved MSMEs at an anti-parate lobby forum at the BMICH in December last year.

The Daily FT last week quoted analysts as saying that the temporary suspension will be till the end of this year. (See https://www.ft.lk/top-story/Parate-action-to-be-partially-suspended/26-758771)MSMEs for months have been agitating for proper debt relief after the Central Bank in 2023 lifted a four-year suspension of parate action due to multiple crises starting from the Easter Sunday attacks, COVID-19 followed by political and economic crisis.

At a Daily FT co-hosted webinar (https://www.ft.lk/top-story/Debate-over-parate-action-heats-up/26-758646), MSME activists demanded breathing space via immediate suspension of parate action temporarily and offer relief via debt restructuring, reduction in interest, write offs, longer repayment period.

The Cabinet decision to temporarily halt parate action also comes despite warning by the Central Bank Governor Dr. Nandalal Weerasinghe that such a move will not help MSMEs and would be at the cost of banking system stability.

However the Cabinet move follows widespread demand for urgent “breathing space” for MSMEs and several political leaders backing the same.

Daily FT learns that the Government opted for temporary relief whilst the Asian Development Bank and other multilateral donor agencies are working to establish a credit guarantee fund.

To qualify for the temporary parate suspension, the MSMEs must show a proper restructuring plan for debt and operations. Such a restructuring plan must show cash generation 20% over all expenses and debt servicing; an internal rate of return 15 to 25% and a feasibility of the restructuring plan must be documented and verified by an independent finance professional. A market study is also essential to viability.

At the FT-webinar, CBSL Governor said MSMEs had been supported extensively since 2019. He revealed that the value of loans which got relief/restructured was Rs. 5.8 trillion. He said in 2023 the number of actions were only 557 involving loans worth Rs. 38 billion which was 0.4% of total credit and 2.7% of impaired loans.

With banks asked to set up business revival units, he said over 2,500 enterprises with Rs. 85 billion in debt had been supported via this initiative.

Anti-parate activists who have now formed into a grouping called MSME Chamber of Sri Lanka claim that the number of parate actions was much higher and thousands of MSMEs have collapsed leading to job losses.

“Parate is used only as a last resort to deal with wilful defaulters and unviable borrowers. Parate is the legal means for banks to recover overdue loans and prevent mismanagement of bank financing and diversion of business funds to other purposes loan repayment,” charged Dr. Weerasinghe.

He also went to the extent that the existing old parate law must be strengthened further to reduce time to take over assets pledged and divest same or enterprises to a new owner to ensure business continuity and minimise job losses. “Borrowers can go bankrupt but not the enterprises,” the CBSL Governor opined.

February , 26, 2024

SLT-MOBITEL unveils ‘The Directory’ 2023/24 as refreshed and advanced national business directory

• Website (online)

• Interactive eBook (searchable soft copy)

• Printed Book (offline)

As a one-stop-shop for all marketing and advertising solutions for Micro, Small and Medium Businesses (MSMBs), SLT Digital Services (Pvt) Limited (SLT-DIGITAL), a fully owned subsidiary of SLT-MOBITEL, the National ICT Solutions Provider, unveiled ‘The Directory’ 2023/24 (The Rainbow Pages), the refreshed and advanced version of its national business directory.

‘The Directory’ 2023/24 is the latest version of the National Business Directory and a new tool for doing business in the country. The user-friendly guide offers enhanced features under a refreshed brand name produced with the main objective of creating additional value to existing and prospective customers, and registered vendors. In addition, ‘The Directory’ offers its business directory services through multiple mediums including as an online directory - rainbowpages.lk, a printed book, an eBook as well as a 24-hr Call Centre service (SLT 1212, Mobile 444), Call Centre.

‘The Directory’ holds the unique position of being Sri Lanka’s only National Business Directory featuring over 10,000 daily online searches, 6000+ business organizational listings, 170,000+ classified and unclassified verified listings and service categories representing all economic sectors including government institutions and places of worship.

The copy of the latest version of the National Business Directory, ‘The Directory’ 2023/24 (The Rainbow Pages) being presented to Former Group Chairman of SLT-MOBITEL, Reyaz Mihular by CEO of SLT-DIGITAL Upul Manchanayake recently with the presence of CEO-SLT, Janaka Abeysinghe and representatives of SLT-DIGITAL management team.

---

The enhanced National Business Directory 2023/24 contains verified contact details for citizens seeking a truly local search mechanism especially for industry verticals such as hardware, construction, electrical, electronics, etc. Listing in the Business Directory 2023/24 enables vendors particularly Business to Business (B2B) and MSMBs entities to have access to Search Engine Optimization (SEO). The directory has been optimised for global internet search engines to ensure featured companies appear high in Google searches. Additionally, superior listing and advertising space empower businesses to acquire more customers.

Another enriched feature for listed and registered businesses are eligibility as suppliers for Government Sector Tenders. The government treasury circular approving registered merchants has already been issued creating progressive opportunities for vendors.

Upul Manchanayake, Chief Executive Officer, SLT Digital Services (Pvt) Ltd, stated, “The last Business Directory was printed and distributed in 2022 as the company continued to move its main focus to digital and online applications. Around 80% of print advertisers continued to advertise in the latest 2023/24 “The Directory” and its online directory. Continuously creating values to our stakeholders is one of our key strategic priorities. Keeping that in mind, today we are offering a range of Digital Marketing Solutions, web solutions, content development for our valued customers to amplify their brand messages. In the near future more new products and services will be introduced including platform based solutions.”

SLT-DIGITAL specializes in Digital Marketing, Business Directory Advertising, Digital Directory Solutions, Web Development Solutions, Event Management, Activation & Branding Services and ICT & Communications solutions in order to become the most preferred ICT and Marketing solutions provider for the Micro, Small and Medium Business (MSMBs) community in the country.

For more information visit www.rainbowpages.lk, contact the Call center service via 1212 or on the hotline 0112 399 399

February , 25, 2024

New web site launched for Gangarama temple

Gangaramaya, one of the oldest and most revered Buddhist temples in Colombo, proudly announces the launch of its newly built website. The website serves as a digital platform to showcase the temple’s rich heritage, activities, and offerings, including online ticketing services for visitors.

Nestled in the heart of Colombo, Gangaramaya Temple stands as a beacon of spiritual enlightenment and cultural heritage. With the launch of its new website, the temple aims to provide a seamless and immersive online experience for devotees and visitors alike.

In addition to serving as an informational hub, the website features convenient online ticketing services, allowing visitors to book tickets for temple tours, events, and ceremonies with ease and convenience.

As the temple prepared to celebrate the 45th colorful Navam Maha Perahera, a cherished annual tradition, Gangaramaya Temple’s digital presence takes center stage.

In a testament to the temple’s forward-thinking approach, Gangaramaya has entrusted its digital presence to SLT Digital Services. This partnership underscores the temple’s commitment to embracing technology and adapting to the evolving needs of its community in today’s digital age.

February , 22, 2024

Spa Ceylon wins coveted ‘Global Best Beauty Product’ at World Spa Awards 2023

Spa Ceylon, the iconic Ayurveda Wellness brand, has won three international accolades at the World Luxury Spa Awards 2023, including the prestigious Global Award for Best Beauty Product, alongside Awards for Best Luxury Ayurveda Spa Global and Best Spa Group Global.

“These awards come at an important and exciting time for us, as we accelerate our European expansion with a heightened focus in the United Kingdom. The award for Beauty Products of the Year in particular speaks volumes for the innovation in the fusion of ages old Ayurveda wisdom and modern skin science in creating high functioning beauty products that can stand alongside the best products in the world. We believe our unique offering and would be the foundation for our global expansion,” said Co-founder/Managing Director Shiwantha Dias.

“The awards are testament to the hard work and dedication of our teams and the concept we keep innovative and focusing on customer experience. We are constantly striving to put Sri Lanka on the map in the global wellness and beauty sector, which we understand, the abundance of knowledge and resources that is native to our island through ayurveda and our culture and know that it can enhance the lives of our global consumer,” added Co-founder Shalin Balasuriya.

With the brand expanding globally and now having over 133 banded locations, the Spa Ceylon chain is now in more than 27 countries across 5 continents, and continues to grow internationally, firmly establishing itself as the world’s largest Luxury Ayurveda chain and open their milestone 150th store in 2024. New international stores are scheduled to open at Indian Ocean tourism hubs Male in Maldives and Port Louise in Mauritius. Followed by Athens, Greece and Almaty, Kazakazthan, Muscat, Oman in the Middle East and several more key locations in Sri Lanka. Their first foray into South America will also see store openings in El Salvadore this year.

Spa Ceylon is strongly positioned in today’s wellness-oriented market, to encourage international consumers to let ‘Good Living Reign’ within their lives as they live amidst an era of self-care and wellness. With their range of more than 350 tested, proven and certified natural Ayurveda formulae in Mind and Body Wellness, Skin and Hair Care, Teas and Infusions, Essential Oils and Wellness Supplements, the brand provides everything modern day consumers need to create wellness in their lives, including a wide range of Ceylon inspired perfumery, colour cosmetics, home aromas and luxurious home wares.

Spa Ceylon products are carefully formulated in keeping with Ayurveda principles, using ethically sourced authentic Ayurveda actives, and are ethically manufactured, adhering to modern demand for Clean and Green products. The products are made in Sri Lanka at the company’s own ultra-modern production facility in Panadura, adhering to EU, Japan and USA quality standards, under multiple international quality certifications including ISO 9001, ISO 22716 European Union GMP, ISO 14000, Sri Lankan Government Department of Ayurveda and Ministry of Health NMRA GMP certifications.

Spa Ceylon’s triumph at the World Luxury Spa Awards 2023, marks a pivotal moment in its global expansion as Spa Ceylon’s success is a testament to its dedication to innovation, customer experience, and the rich heritage of Sri Lanka’s Ayurveda. With a wide range of natural Ayurveda products and a commitment to ethical practices and environmental sustainability, Spa Ceylon invites the world to embrace ‘Good Living’ through the harmonious blend of Ayurveda beauty and wellness formulas.

Spa Ceylon plans to open its milestone 150th store in 2024, continuing their rapid global expansion. New international stores are scheduled to open in Indian Ocean tourism hubs Male in Maldives and Port Louise in Mauritius. Followed by Athens, Greece and Almaty, Kazakazthan, Muscat, Oman and several more key locations in Sri Lanka. Their first foray into South America will also see store opening in El Salvadore this year.

February , 16, 2024

FITIS says UPI payments in SL powerful driver for SME digital transformation

The Federation of Information Technology Industry Sri Lanka (FITIS) yesterday expressed its strong support for LankaPay’s launch of the Unified Payments Interface (UPI) acceptance in the country, an initiative taken in partnership with the National Payment Corporation of India’s international arm NIPL.

FITIS Chairman Indika De Zoysa hailed LankaPay’s integration with NIPL to enable UPI payments at LankaQR merchants as a ‘significant step forward’ in fostering the nation’s small medium and micro business sectors’ digital transformation.

“This move clearly aligns with the objectives of the DigiGo.lk initiative of FITIS, aimed at revolutionising Sri Lanka’s business landscape by equipping over one million SMEs with vital digital capabilities, tools and resources, thereby positioning them competitively in the digital era,” added De Zoysa.

The UPI, a product of India’s payment innovation, stands as a real-time payment system facilitating instant electronic fund transfers directly between bank accounts through mobile applications. Its amalgamation with LankaPay’s national payment network extends many conveniences to Indian tourists and business travellers in Sri Lanka, empowering them to conduct seamless and cost-effective transactions at nearly 400,000 LankaQR merchants nationwide, utilising their Indian bank accounts.

The convergence of UPI with LankaQR signifies the fruition of an announcement made by India’s Prime Minister Narendra Modi in October last year at the inauguration of ferry services between Nagapattinam in India and Kankesanthurai in Sri Lanka, where he emphasised, ”This will not only boost bilateral trade and tourism but also contribute to strengthening our economic ties.”

FITIS Vice President and LankaPay CEO Channa de Silva revealed that the integration with UPI is only the initial stage in enabling seamless cross-border transactions with India.

”Via this integration with UPI, we are enabling inward QR payments utilising the existing national infrastructure, allowing Indian visitors and business travellers to scan and pay at LankaQR merchants. We plan to roll out the outward QR payments with India and RuPay card acceptance within Sri Lanka in the future, further enhancing cross-border transactions,” he added.

Indian tourists represent the second largest source market for Sri Lanka, accounting for 16.5% of total arrivals in January 2024, according to the Sri Lanka Tourism Development Authority. Eliminating currency exchange hassles and offering familiar payment methods like UPI can act as a powerful incentive to attract more Indian tourists and encourage them for longer stays and higher spending. The micro and small businesses associated with the tourism industry, be it souvenir shops and restaurants or transportation services and homestays, will benefit from this integration by being able to tap into a broader customer base, boost sales, and ultimately contribute to local economic growth.

“The NIPL and LankaPay integration will greatly contribute to the growth of Sri Lanka’s digital economy and we believe it will significantly contribute towards our goal of reaching a $ 15 billion digital economy contribution by 2030,” FITIS Chief De Zoysa said.

he integration of UPI with LankaQR marks a significant step towards a more interconnected, financially inclusive and digital Sri Lanka, ready to embrace the opportunities of the global digital economy and unlock numerous benefits for both consumers and businesses. Beyond convenience and cost savings through familiar UPI-enabled apps for Indian visitors and competitive rates for merchants, the UPI integration promises broader benefits. It will likely fuel tourism and trade and strengthen economic ties between the two nations. By enabling cashless transactions, this landmark initiative provides SME and micro businesses in Sri Lanka access to a wider Indian customer base and the formal financial system, which are vital for obtaining bank loans and credit facilities.

Most importantly, by facilitating transactions through the formal banking system, this integration combats informal and illegal money exchange channels such as ‘Undial’ and ‘Hawala’ while promoting transparency and ensuring financial stability, mitigating security and regulatory concerns. It will also help to attract much anticipated foreign exchange into Sri Lanka via formal banking channels, which is a direct benefit of enabling a digital economy.

February , 21, 2024

Phoenix Industries launches new collection 2024

Phoenix Industries, a top Sri Lankan household product brand, unveiled its innovative new product line for 2024 at their Battaramulla Showroom on 1 February. The range sets a new standard in quality, style, and every day-use product design.

The Collection 2024 includes 10 meticulously crafted products across seating, storage, household and other essentials for modern living as follows. Duo Chair, experience endless personalities with a feature of one seating with interchangeable legs in wood, steel and swivel options and customisable with cushioned seats. Breeze Chair, turn on your vacation mode and relax in laidback seating. Hola Chair, modern casual seating perfect for urban souls. POP Stool, a multi-purpose indoor/outdoor stool to suit your whim. OLI Kids Chair, a vibrant kaleidoscope of colourful seating for children with a joyful spirit. WAVE Drawers, a foldable modular drawers in 3 sizes with or without wheels. New 40L and 100L Storage Boxes, a contemporary design to keep your valuable things safe in which nothing is hidden thanks to the removable trays. Button L, new laundry basket with increased capacity and airflow. COCO Basket, a cool basket for cool things. Little Monsoon, compact 5L watering can for small garden wonders.

Phoenix combines intelligent functionality and aesthetic forms for easier living. The full collection is available online and at Phoenix showrooms in Welisara, Panadura and Battaramulla. With outstanding quality and thoughtful everyday design, the new range promises to set new standards for Sri Lankan homes. Discover the collection at shop.phoenix.lk or their showrooms.

February , 20, 2024

Digital campaign to promote SL as premier wellness destination in France, Germany

Interface Tourism, a leading marketing and communications agency in the tourism has announced the launch of a ground-breaking wellness campaign to promote Sri Lanka, targeted at the French and German markets.

This initiative, commissioned by the European Union Delegation with the support of Sri Lanka Tourism Promotion Bureau, is a part of Sri Lanka’s strategic effort to position itself as a premier wellness destination in Asia.

Interface Tourism is launching a 2-month digital campaign to promote Sri Lanka as the premier wellness destination in Asia, tapping into the burgeoning global wellness tourism market. This initiative underscores Sri Lanka’s unparalleled wellness offerings, such as authentic Ayurveda, Yoga, meditation, Pancha Karma, and Hela Wedakama, against the backdrop of the country’s abundant biodiversity.

At the heart of the campaign are thirty influencers from France and Germany, embarking on journeys through Sri Lanka to share the country’s wellness experiences on their social media platforms, bringing to life the authentic and captivating aspects of their travels.

Supplementing these influencer stories is a well-crafted digital media strategy, featuring captivating video content, a lively social media footprint, and targeted display advertising. A multilingual microsite further enriches the campaign, acting as a comprehensive source of information and experiences related to Sri Lanka’s wellness offerings.

The campaign commenced on 15 February with the introduction of six Germ