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Readers Write
Establishing a Science ParkUS based silicon valley is challenged by many cities around the globe. Bangalore the jewel in the crown of hi-tech India has shown that it is a model of innovation for the new millennium and which possesses the capacity to be a strong competitor. It has attracted 250 hi-tech global players such as Texas Instruments, Infosys, Wipro etc.
We have been talking about Science Parks since mid eightees. In fact BOI offers tremendously competitive package of incentives. Electronics and carefully chosen pioneering sectors are being treated as "Thrust Industries" which enjoy a ten year tax holiday. Though belated it is heartening to note the bold initiative taken to accept seriously the importance of science parks by the authorities and establish the first centre.
The top big names in the computer and electronics field have set up their representative offices and agencies in Colombo. All these giants are solely involved in trading. IBM, Philips, Sony, Hitachi, Samsung, Nokia, Motorola etc are being operating in this country for a while. They are quite aware of the fabulous incentives plus the literary levels in Sri Lanka. However, they are yet to set up any meaningful investments in this country.
In this context it would be a prudent exercise for the relevant state organizations to launch a serious study to examine the reasons for the passive attitude of the hi-tech companies. The foreign exchange earnings from apparelwear constitute a major proportion of export income. The production of readymade garments is a pivotal sector of the industry. Nevertheless, the future of garment industry will be pretty bleak in terms of the multifibre arrangement which is due to expire within the next few years. Asian economic crisis is already having a serious impact on the performance of apparelwear companies which are facing stiff competition. Sri Lanka’s largest buyer USA is currently doing brisk business with Mexico under ‘NAFTA’ Agreement.
Hence, it is a ‘Sine qua non’ that speedy action is directed towards diversification process in terms of industrial development. The establishment of a Science park directed towards manufacturing (not only exhibiting products etc.) in close proximity to Colombo and a university campus is a must. Apart from incentives there should be high ‘quality level’ infrastructure as well, in place, probably with building ‘shells’ to make quick and jump starts. Once the science park is set up in a professional manner only, the marketing and Investment promotion should begin. Otherwise putting the cart before the horse will be a waste of resources. One final advice to the concerned authorities. ‘Please get the right infrastructure at the right place.’ It is also crucially important to attract reputed companies to launch manufacturing operations with in the science parks.
by K. Amartya
Colombo.
"Spring Fair ‘99" Trade Fair opening ceremony was held recently at the Sri Lanka Exhibition and Convention Centre with Minister of Internal and International Commerce and Food, Kingsley T. Wickramaratne as Chief Guest. SLECC organised this exhibition.
Picture shows the Minister of Internal and International Commerce and Food, Kingsley T. Wickramaratne, opening the Trade Fair and sees the exhibition stalls, General Manager of SLECC Mr. S. Dave, Coordinator of SLECC and Mr. Hassen Al Fasy Sheriff were present. This exhibition opens daily till 17th January, 1999.
Science and Technology Minister opens new SLSI building
The Minister of Science and Technology Batty Weerakoon ceremonially opened the new SLSI building at Elvitigala Mawatha, Colombo 8 on Friday January 8, 1999 in the presence of a large gathering comprising of employees, members of the governing board and government officials.
Speaking on the occasion the Minister said that Standardization and Quality Management are two important activities necessary for the development of the country. He referred to the legislation that would be introduced soon to control laboratory testing activities and said that all laboratories should obtain certification to ensure the reliability of test reports.
The Minister was pleased that the Institution had been able to construct its own building which provides better facilities for the employees and the business community.
Stage 2 phase 1 of the building project costing nearly Rs. 40 million commenced in January 1996 and was completed on schedule to enable the head office to be shifted to the new premises. All other branches of the SLSI presently located in Colombo 4 and Colombo 7 will be shifted to the same premises in December 1999. According to a senior official of the SLSI the total cost of construction would be recovered from the savings in rents within a period of 15 years.
Hertz appoints Worldlink Air Services as G. S. A. for Sri Lanka
Hertz, the world’s leading car rental company, rings in the new year with the appointment of Worldlink Air Services as its General Sales Agent (GSA) in Sri Lanka, effective January 1, 1999.
"The appointment of Worldlink will allow us to tap the growing trend of travellers from Sri Lanka renting cars when travelling overseas whether for business or for leisure" said Ms Eleen Chua, Hertz’ Director of Marketing & Reservations for Asia. "We believe that Worldlink, with its vast experience in the travel industry coupled with a dynamic sales team, will certainly be able to promote Hertz’s services to key multi-national corporations as well as travel agents here’’ she said.
Ms Chua added that participation in February’s AMCHAM Trade Fair will give Hertz the opportunity to increase exposure in this new market.
Worldlink’s key role as a Hertz G.S.A. will be to run an efficient international reservations centre where both customers or travel agents can call to make a car rental booking overseas. Worldlink will also educate and equip travel agents with enough information to sell international car rentals to corporate as well as leisure travellers.
Said Mr. Ahintha Amerasinghe, Worldlink Chairman: "Hertz together with Worldlink will conduct various product briefings to the travel agents and airlines within the next few days."
He added that Worldlink will encourage travel agents to offer their clients a total package complete with air tickets, hotel stays as well as car rental services.
He says: "There is a great opportunity here for travel agents to earn extra commission through selling car rentals."
The Herz Sri Lanka sales office is based at the Galadari Hotel in Colombo and direct customers or travel agents can call the Hertz Hotline at 94 1 459440 for car bookings.
Hertz is the world’s largest and longest established car rental company. Found in over 5,400 locations in about 140 countries worldwide, Hertz operates a fleet of about 500,000 cars and handles approximately 25 million rentals annually.
Bank of Ceylon enters the satellite age with Ceycom
‘Ceycom Global Communication Ltd., the country’s first satellite communication operator, has added the country’s largest bank to its growing list of customers. The Bank of Ceylon has chosen Ceycom to provide it with sophisticated communication facilities based on VSAT satellite technology.
Ceycom has already installed a data communication link between Bank of Ceylon head office and Unisys, Philippines. Unisys has a 112 year history and is one of the creative and technically excellent companies in the world, that has been entrusted to develop software for Bank of Ceylon for the next millennium. This would allow the bank and developer to work together on-going software projects without each company having to send their executives back and forth. The system will also make video conferencing a possibility in the near future.
The contract was signed on the 11th of December 1998 at the Bank of Ceylon, Head Office.
+ Exchange Rates The Central Bank's Spot Rates for transactions with Commercial Banks announced on the morning of January 04th, 1999 were as follows:
Buying Selling 100 US Dollars Rs. 67.2111 Rs. 68.5689 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
Saudi Arabia Riyal Rs. 18.10 Bahrain Dinar Rs. 180.09 Kuwait Dinar Rs. 225.21 Qatar Riyal Rs. 18.66 UAE Dirham Rs. 18.49 Oman Riyal Rs. 176.35 Average rates at which the following currencies were quoted by Commercial Banks in Colombo for Telegraphic Transfers
Buying Selling US Dollars Rs. 68.2760 Rs. 68.6760 Sterling Pounds Rs. 112.3859 Rs. 113.5232 Euro Rs. 79.1577 Rs. 80.2984 Swiss Franc Rs. 49.7121 Rs. 50.6359 Japanese Yen Rs. 0.5989 Rs. 0.6089 The European Commission Locking Rates of 11 member countries that came into existence from January 1st, 1999 are as follows:
Belgium Franc 40.339900 Spanish Peseta 166.386000 Irish Punt 0.787564 Luxembourg Franc 40.339900 Austrian Schiling 13.760300 Finish Markka 5.945730 German deutsche Mark 1.95583 French Franc 6.55957 Italian Lire 1936.27000 Dutch Guilder 2.20371 Portuguese Escudo 200.4;8200 The maximum and minimum Average Weighted Prime Lending Rate (AWPLR) during the week ended January 08th, 1999 by all commercial banks were 15.1 per cent and 12.3 per cent respectively.
The Average Weighted Deposit Rate (AWDR) of Commercial Banks for the month ended December 31st, 1998 was 9.2 per cent.
* Unit Trust Prices
Comtrust Equity Fund
Manager's Selling Price Rs. 5.31 (per unit) Managers Buying Price Rs. 4.98 (per unit) National Equity Fund
Manager's Selling Price Rs. 8.06 (per unit) Managers Buying Price Rs. 7.57 (per unit) Namal Growth Fund
Manager's Selling Price Rs. 9.38 (per unit) Managers Buying Price Rs. 8.78 (per unit) Namal Income Fund
Manager's Selling Price Rs. 10.67 (per unit) Managers Buying Price Rs. 10.56* (per unit) Rs. 10.66** * After deducting exit fees
**Without deducting exit fees
Ceybank Unit Trust
Manager's Selling Price Rs. 6.02 (per unit) Managers Buying Price Rs. 5.63 (per unit)
Ceybank Century Growth Fund
Manager's Selling Price Rs. 8.49 (per unit) Managers Buying Price Rs. 8.32 (per unit)
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