World's cheapest milk food prices in Sri Lanka
- Nestle M.D.

By Shirajiv Sirimane
The world's cheepest Milk Food prices are in Sri Lanka, said C. Wijetunge, Managing Director, Nestle Lanka Limited on a media visit to their factory complex in Pannala.

He said these prices are even cheeper than the Indian milk products. He attributed this to the high competition of milk foods, by various firms which import them. He added that in contrast to Sri Lanka, the Indian local dairy industry is a paying venture. ''This is because India has limited the import of milk foods and 90% of their industry is banked on their local products'' he said.

He also said that Nestle is the largest single buyer of Sri Lankan milk. ''We purchase letres of milk for our production,'' he said.

Wijetunge also went on to explain that Nestle have been maintaining a fine rapport with their employees. ''We never had any worker problems and we boast of high productivity rate'', he said.

It was disclosed that this factor was behind the success of the Parakum Factory taken over by Nestle in 1983. There had been over 400 employees and today Parakum renamed Milkmaid functions smoothly and profitably with a work force of under 100. ''This was taken over by Nestle for 50 million Swiss Francs''.

Mrs. Leela Guna-sekera, factory Production Manager Milkmaid, Polonnaruwa, said that many housewives have forgotten the value of condensed milk. ''Unlike milk powder which is processed at very high temperatures which cuts down their nutritional value condensed milk retains all the values of milk,'' she said.

The Parakum factory complex was built as a joint venture between Sri Lanka National Milk Board and New Zealand at a cost of Rs. 6.5 million. Nestle which took over the management named it Milkmaid Factory and today it is running at a profit.

The factory has introduced a series of new products like the instant three in one (coffee milk and sugar) Nescafe container sold at Rs. 215. Among the other products introduced by both factories are Nestomalt, Nespray, Milo, Infant Food, Maggi Noodles, Cubes, breakfast cerials and coconut milk powder. Nespray is claimed to be the number three milk food in Sri Lanka after Anchor and Lakspray.

Nestle invested a further Rs. 75 million to set up a RTD (Ready to Drink) plant in Polonnaruwa for their instant beverages in Tetra pack form.

Leadership for the 21st Century on Friday

Commercial and non-commercial leaders would come together for what should turn out to be an extremely interesting exchange of ideas on 16th October at 5 p.m. at the Trans Asia Hotel. The event is open to Lions from District 308 A, B and C, Leos, Rotarians, Jaycees, Roteracters and their guests.

This novel concept of bringing together leaders who would debate and discuss changing styles of leadership for the 21st century is the brain-child of Lion M. Fayaz Saleem.

Panellists include Mr. Rienzie Wijetileke, Managing Director of the Hatton National Bank, Mr. Tilak De Zoysa, Managing Director, Associated Motorways Ltd., Mr. Mahendra Amera-suriya, Chairman Com-mercial Bank, Deputy Chairman of Hayleys Limited, Mr. Gemunu Gunetileke, Senior Partner, Ernst and Young, Mr. Daya Abeywickrema, CEO of the Family Planning Association, Mr. P. Gajendran, Senior Tax Consultant and Past Rotary Governor, Mr. Daya Wickrematunga, CFO of Ceytea Ltd., and Past District Governor (Lions), and Professor Gunapala Nanayak-kara, Director General of the Post Graduate Institute of Management, Facilitators would be Mr. Upali Maha-nama, Consultant and Trainer and Lion M. Fayaz Saleem, District 306C, Consultant and Trainer, Executive Search Limited.

All the above panel members would speak for approximately five minutes each after which members of the audience would be invited to submit their ideas, to generate as such discussion, debate and interaction as possible.

''Our intention is to demonstrate to participants the difference between existing styles of leadership and discuss changes which should be anticipated for the 21st century...'' said Lion M. Fayaz Saleem.

Igatex '99 exhibition

Igatex '99 Exhibition, the first ever International Exhibition on Garment & Textille Machinery, Accessories & Fabrics, is scheduled to be held at the SLECC from 27th-29th January 1999. This event has the endorsement and support of the Federation Chambers of Commerce & Industry and will be opened by the Minister of Industrial Science & Technology on 27th January, 1999.

Igatex '99 is presented in Sri Lanka by Conference & Exhibition Management Services (Private) Limited (CEMS) of Singapore who is one of the largest Exhibition Organizers in Asia, with Intertrade as their local collaborator.

This event would certainly help boost the garment industry in our country. Apparel being the fastest growing Industry which is currently the main source of export earnings. Exhibitions of this nature distinctly contributes to the economic growth of the country and we would appreciate your presence at the press conference and any publicity you could give through your prestigious publication.

Commerce Chamber now worldwide thro' 18 Business Councils
By Shirajiv Sirimane

The Ceylon Chamber of Commerce now connects wide through 18 bilateral Business Councils which are already in operation. The Sri Lanka-Italy Business Council is the 19th Business Council formed under the aegis of the Ceylon Chamber of Commerce.

The foundation for the formation of this council was laid in 1997 on a proposal made to the Ceylon Chamber of Commerce by the Ambassador of Italy in Sri Lanka, Naurizia Teucci. It was announced that this council was formed under the patronage of Italian Minister of Trade in Rome.

Trade between Italy and Sri Lanka, during 1997 accounted for Rs. 4,372,844,414 for exports and Rs. 4,842,514,559 for imports. During 1996 it accounted for Rs. 3,213 Million for exports and Rs. 4,769.00 for imports.

The prime aim of the council is to organise promotional programmes which would be beneficial to the entrepreneurs of both countries. It will also seek means to promote trade investment, joint ventures tourism and services between the two countries.

The chamber too believes there would be considerable scope for co-operation between the two countries to improve trade.

The Central Bank's Spot Rates for transactions with Commercial Banks announced on the morning of October 14, 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 October 14, 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 October 14, 1998 were as follows:

Average Weighted Prime Lending Rate (AWRP) and Lowest Prime Rate (LPR)
The Average Weighted Prime Lending Rate (AWPR) during the week ended October 9th,1998 was 16.1 per cent for all banks. The Lowest Prime Rate among banks during this week was 11.9 per cent.

Average Weighted Deposit Rate of Commercial Banks (AWDR)
The Average Weighted Deposit Rate (AWDR) of Commercial Banks for the month ended September 30th, 1998 was 9.6 percent.