Archives

By Chamitha Kuruppu

The Ceylon Chamber of Commerce (CCC) yesterday emphasised that most of the business leaders have not properly understand the 'Regaining Sri Lanka' document and urged them to read it in detail and understand.

At the Annual General Meeting of the CCC at the Chamber auditorium yesterday Chairman Tilak de Zoysa strongly reiterated the chamber's appeal to the government to launch programs to build awareness of the issues and recommendations in this document and to communicate the proposed reforms and the privatisation program.

Zoysa said that the way forward spelt in the 'Regaining Sri Lanka' document has been well received by the international donor community, which was aptly demonstrated at the Tokyo donor conference.

The Chairman pointed out that several key social indicators were improved appreciably. The business morale is continuing to build with the increase in consumer confidence and a resultant turnaround of the economy. This was reflected in the upsurge in the stock market, in excess of 80% in the All Share Price Index and the GDP growth of 4% for 2002 and 5.4% for the first quarter of this year in comparison to a negative growth in 2001.

It was also highlighted that the substantial downward trend in interest rates and inflation, the stabilising exchange rate coupled with all-round better corporate results, is a further indication of the prudent economic policies pursued by the government.

We eagerly await the announcement of an acceptable compensation formula for which the government has sought time till December 31, this year, as it needs to be backed by an appropriate safety net to assist and train those adversely affected to make them re-employable, he said.

Zoysa added that existing enterprises should expand for new foreign and local investment to flow in once the entrepreneurs are certain of the compensation payable on termination of employment.

He called upon the government to take into consideration the tariff levels of competitor countries and the obstacles faced by local industrialists when considering a further reduction in the import tariffs.

The chamber reiterated its position that law and order in the country is essential not only to create macro environment conducive to economic growth but also to improve enforceability of contracts, transparency of transactions and efficiency of operations. It also commended the government for initiating new laws such as the Fiscal Management Responsibility Act and for introducing several financial sector reforms and curtailing government expenditure.

We beleive that President Chandrika Bandaranaike Kumaratunga and Premier Ranil Wickremesinghe forge a bi-partisan approach to solving the North East conflict and to usher a just and lasting peace for all now and for the future generation to come, if not history may pass judgement that we missed out on a lifetime opportunity, if we fail the consequences will be disastrous, Zoysa said.

Director General, Private Sector Operations Department of the Asian Development Bank Robert Bestani was the chief guest. A presentation was made by Bestani on 'Private sector investments and the role of the Asian Development Bank'.

Bestani said that ADB will take measures to bring more resources and expertise in order to bring development to Sri Lanka.

Peace is coming at a fantastic time, this is a really exciting time for the ADB, there is a very good demand for the work we are doing, he said.

Meanwhile, at the AGM the CCC unanimously re-elected Tilak de Zoysa as the Chairman for the year 2003/2004. Deva Rodrigo was re-elected as the Vice Chairman and Mahen Dayananda as the Deputy Chairman.

The CCC established in 1839 is an independent, non-profit and non political voluntary body. It is the focal point for business contacts locally and abroad and has specialised committees, affiliated associations and bilateral business councils.

The Chamber membership ranging from the sole proprietor to the multinational, encompasses virtually every sphere of economic activity in Sri Lanka.

It provides leadership to the private sector throughout the country through its affiliated regional chambers of commerce and industry and the enterprise information project and the business information system network.

********

Talks to increase tea exports to Russia

Discussions are under way to increase the volumes of tea exports to Russia, Director General, Private Sector Operations Department of the Asian Development Bank Robert Bestani said yesterday.

He said that the country would be able to 'double or even triple' the existing volume of tea exports to Russia if the discussions become a success. John Keels Tea and Produce Brokers in a press release said that the ADB had achieved a breakthrough in the contractual modalities on the trade with Russia. This is to facilitate the supply of teas against a Letter of Credit.

Hitherto, much of the trade was carried out on a DA and DO terms where the Sri Lankan exporters carried a huge risk. On previous occasions, when the Russian financial sector went into crisis, some of local exporters encountered huge financial losses.

Russia has been Sri Lanka's largest export market during the past few years with shipments in 2002 totalling 53.7 Mkg, which is 19% of Sri Lanka's total tea exports.

www.crescat.com

News | Business | Features | Editorial | Security
Politics | World | Letters | Sports | Obituaries

Produced by Lake House
Copyright © 2003 The Associated Newspapers of Ceylon Ltd.
Comments and suggestions to :Web Manager