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Huge trade balance between Lanka, India will be reduced soon - Kingsley
T. Wickramaratne The huge trade balance between India and Sri Lanka will be reduced to a great extent within the next three years, said Minister of Internal and International Trade, Commerce and Food Kingsley T. Wickremaratne. The minister who was the chief guest at the National Chamber of Exporters (NCE) Awards Ceremony at Hilton Hotel said that Indian imports total Rs. 33 billion while exports are only 3.9 billion. The minister went on to explain that this was mainly due to the fact that Indian pharmaceuticals are imported at a hectic pace. "These imports alone total Rs. 12 billion" he said. He added that Indian pharmaceuticals are manufactured under licence from Germany and Switzerland and are very much cheaper to the Sri Lanka's. The same theory applies to Indian vehicles like Suzuki Maruti, Hero Honda, Kawasaki, Bajaj which are manufactured in India under licence from Japan. The customer finds that it is at least 90% cheaper to purchase these vehicles from India" he explained. The minister added that Sri Lanka hopes to reduce this gap by exporting more local products. "We are once again exporting tea to India", he said. "We are exporting back to Russia as well". The Trade Minister also disclosed that work would commence shortly on the proposed Institute of Technology at Malabe. "The former Trade Minister Lalith Athulathmudali had planned this project and had reserved a 25 acre block for this purpose", he said. He added that agreements have been already signed with the University of Moratuwa and Microsoft Corporation for a technical park. The minister, while congratulting the winners said that today competition is the name of the game. Speed and delivery combined with presentation should be the key to success. Patrick Amarasinghe, President, NCE said that there are many disadvantages for Sri Lankan exporters at the global market and the government must correct them. "One major problem is the spate of unproductive holidays which are the largest in the world. When we recently met the President we highlighted this issue and she agreed that it affects the productivity and competitiveness. "Our Joint Chamber of Commerce and Industries is working on canvassing all political parties to rationalizing the holidays which will finally bring greater socio-economic benefit to our workers and to our country", he said. "Although we have a high literacy rate our skilled literacy is much to be desired due to the education and training systems not meeting the demands of the private sector", he added. He said that they have launched a Junior Achievement Programme to teach young children the economy of Sri Lanka. "The Trade Minister has approved this Young Entrepreneur Sri Lanka. The Minister of Education has approved the programme which is launched this year for 1000 children in eight schools. This is a programme sponsored by the private sector. It is accessible even to the poorest of children. It is a programme which is proven over 75 countries in the world. Our exports in 8 schools has been tremendous with children in the Upper School setting up a Government of Directors, Shareholders, Selling Shares, operating Banks and marketing their products and services which will make them entrepreneurs and workforce readily", he said. He added that though there is unemployment most of the enterprises cannot find the type of trained personnel in spite of over 1000 training institutions. "There are over 1600 government training institutions in various parts of the country, while the training institutions are allowed to continue, we have either to privatise the Management. Many of them remain in kingdoms and empires of those who control them. We should in fact re-examine the thousands of Government Training Institutions and privatise them or the Management or even close some of them," he explained. The NCE which was formed in late 1986 amidst many constraints and obstructions with 30 Small and Medium Exporters to be the voice of the Exporter which has grown to represent all exporters from small to large exporters. Yoji Sugiyama, Ambassador of Japan and Dayasiri Warnakulasuriya, Chairman Awards Committee also spoke. Dankutuwa Porcelain Ltd., added yet another feather to its cap when they won the Most Outstanding Exporter Award while Bandaranayake Exports (Pvt) Ltd., was runners-up. Dankotuwa also won Sri Lanka Brand Exporter Gold Award. Orchid Agencies (Pvt) Ltd., won the Best Woman Exporter Award while Ramya Apparels (Pvt) Ltd., bagged the Silver. Though gems and jewellery is one of the top foreign exchange earners the small and medium categories had no awards. In the large category A. M. A. Careem Jewellers and Blue Diamonds Ltd., won the bronze and merit awards respectively. Following are the other award winners: Agriculture Sector Small Category: Gold - Bandaranayake Exports (Pvt) Ltd., Silver - Not Awarded, Bronze - Foreconns Canneries, Merit - Citro Essential Oils (Pvt) Ltd. Medium Category: Gold - Ma's Tropical Food Processing (Pvt) Ltd., Silver - H. V. A. Lanka Exports (Pvt) Ltd., Bronze - Tea Masters Ceylon (Pvt) Ltd., Merit - Sindbad (Pvt) Ltd., Merit - Telon (Pvt) Ltd. Large Category: Gold - Euro-Scan Exports (Pvt) Ltd., Silver - Leela Exports and Imports, Bronze - Mabroc Teas (Pvt) Ltd., Merit - Senok Tea (Pvt) Ltd. Industry Sector Small Category: Gold - Dharmasiri Trade & Industries, Silver - Toy Woods, Bronze - Jafferjee Brothers, Merit - Midaya Ceramic Company Ltd., Merit - Srinko Enterprises (Pvt) Ltd. Medium Category: Gold - Ducky's Bag Manufacturing Company Ltd., Silver - Tiny Woody, Bronze - Neil Fernando & Company, Bronze - Orchid Agencies (Pvt) Ltd., Merit - Microcells Ltd., Merit - Hans International (Pvt) Ltd. Large Category: Gold - Dankutowa Porcelain Ltd., Silver - Amico Industries (Ceylon) Ltd., Bronze - D. Samson Industries (Ceylon) Ltd., Merit - Esjay Electromag (Pvt) Ltd., Merit - Ceylon Biscuits Ltd. Services Sector Small category: Gold - Speedmark Transportation Lanka (Pvt) Limited, Silver - Superlink Travels (Pvt) Ltd., Bronze - Not Awarded. Medium Category: Gold - A. T. E. Lanka (Pvt) Ltd., Silver - Not Awarded, Bronze - Not Awarded. Large Category: Gold - Ace Cargo (Pvt) Ltd., Silver - J. F. & I Exports (Pvt) Ltd., Bronze - Expolanka Freight Limited. Promoting Lankan enterprises in the E.U. The Europartenariat has become the most important venue for Small and Medium-scale Enterprises (SMEs) since its inception in 1987. It is an international multi-sectoral corporate match-making event that has been created by the European Commission to promote European Union enterprises with those of other countries by way of co-operation in commercial, technnological and financial areas. Entrepreneurs from many countries have the opportunity to meet with potential partners within the regions hosting the event. This is the first time Sri Lankan companies will be participating in this event. To date, eighteen such events have been held with the participation of over 32,500 companies. More than 90,000 interviews have been held and numerous co-operation agreements have been signed. The European Commission has entrusted the organisation of the EUROPARTENARLAT 1998 to the regions of Valencia, Murcia and the Baleario Islands in Spain and is scheduled to be held in Valencia on the 12th and 13th November 1998. The 518 hosting companies from the three regions were selected on the basis of their co-operation proposals from around 1,000 candidates who had applied to participate. The 518 SMEs have been chosen from the following sectors of activity: * Agrofoods; * Ceramics; * Textiles and Garment Manufacture; * Leather and Footwear; * Packaging; * Chemical Industry and Plastic Industry; * Computing and Audiovisuals; * Toys and Gifts; * Wood, Furniture and Similar Products; * Building Industry; * Metallurgy and Equipment; * Health (Biomedical and Hygiene); * Services (including Transport and Logistics). It is foreseen that 3,000 enterprises from nearly 80 countries will attend the event in Valencia. In this regard the European Business Informatior. Centre in Sri Lanka (EBIC Sri Lanka) will be organising a business delegation to participate in this event, EBIC is the business promotion department of the European Chamber of Commerce of Sri Lanka (ECCSL), and has been nominated as the National Counsellor for Europartneriat '98. There is no doubt that the EUROPARTENARIAT 1998 will provide an excellent opportunity for Sri Lankan businesses to meet and co-operate with appropriate business partners. It is also an attempt to improve the eocnomic environment by facilitating access to European Enterprise know-how, technology, capital and promoting commercial exchanges and investments. A number of benefits accrue to business intending to participate in this unique event. * The event is open only to a selected number of companies that are screened in advance on the basis of a genuine need for cooperation. * All 518 Spanish host companies and each participating country will have their own booths. All visiting companies from a specific country can be met in the respective country booths. This will enable participating Sri Lankan companies to meet prospective partners and conduct one to one meetings in these booths. * In order to take full advantage of the event, the EBIC will schedule in advance appointments with European Partners indicated by Sri Lankan companies, so that the maximum number of meetings can take place under one roof, during the two days of the event. * EBIC Sri Lanka will have its own booth at this event, which participating Sri Lankan companies can use free of charge for their business meetings and to hand out information on its products and services. * EBIC Sri lanka will arrange for the use of professional translators from English to any of the European languages. Sri Lankan companies will thus have the benefit of discussing their specific and detailed requirements with any of the European Partners. This service will also be free of charge. * Profiles of all companies participating in this event will be maintained in a database that can be accessed via Internet for a period of more than five years. This means the participating Sri Lankan companies and their products, services or other requirements will receive worldwide exposure for more than five years after this event. * All transportation expenses in Spain such as airport transfers, transport to the event from the hotel, etc., will be provided free of charge by the organizers. * The only expense that participating Sri Lankan companies will have to meet relates to international travel and accommodation. As EBIC Sri Lanka plans to take a group of companies from the country, it will be able to organize group fares and arrange for hotel rates discounted up to 40 percent, thus further reducing costs.
The Central Bank's Spot Rates for transactions with Commercial Banks announced on the morning of August 19, 1998 were as follows:
The approximate middle exchange rates of following currencies calculated on the basis of cross rates quoted by Gulf International Bank, Bahrain as it appeared in Reuters Financial Information System on August 19, 1998 were as follows:
Average rates at which the following currencies were quoted by Commercial Banks in Colombo for Telegraphic Transfers at mid-day on August 19, 1998 were as follows:
Average Weighted Prime Lending
Rate (AWRP) and Lowest Prime Rate (LPR) Average Weighted Deposit Rate
of Commercial Banks (AWDR)
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