.

Core group to service Marks and Spencer
Tri Star to slim - will sell-off 16 factories

The troubled Tri Star Group of Companies, the country's largest garment manufacturer and exporter, has announced that it will sell 16 of its 30 factories under a restructuring program.

"We have decided to slim down by reducing the number of factories under our umbrella to manageable levels and concentrate on developing profitable non-quota markets with long standing customers like Marks and Spencer, a company spokesman said.

He said that the restructuring involves the disposal of 16 factories and 3 other properties in many parts of the country. He explained that the group was striving to make its future operations more commercially viable and also meet the challenges of the garments industry in the years ahead.

Tri Star which owned a consortium of banks a massive US $ 7 million has since reduced this debt to $ 5.5 million, company sources said. They were confident that with the restructuring that will begin with the factory sales, and the assurances of Marks and Spencer for non-quota orders for the remaining factories, the debt could be settled.

Tri Star has been under pressure from the banks to scale down its operation and settle outstanding dues. The spokesman said that they hoped to clear their debts and other liabilities and start afresh on a sound financial footing under the restructuring that has now begun.

The spokesman said that the group will retain 14 factories and concentrate mainly on orders from Marks and Spencer, the well known British retailer merchandising quality products under the St. Michael label, and other traditional customers.

Tri Star was among the pioneers in setting up garment factories in the rural areas with the group's Chairman, Desabandu Kumar Dewapura branching out into the countryside in an effort to make a dent in rural unemployment by providing factory jobs.

The group invested millions of rupees in opening these factories and training rural youth to acquire garment making skills.

The company spokesman said that they lost quotas issued to many of their factories due to non performance which he attributed to the time taken to train rural youth who had never before handled a sewing machine.

"We lost our quotas at a time when these employees had acquired the needed skills and were ready to perform at peak efficiency. We have been trying hard to get the quotas restored and get these factories working viably. Unfortunately we did not succeed'', the spokesman said.

He said that in these circumstances, the group which had made a significant contribution to the country's social and economic development, had no alternative but to downsize.

He identified the following factories offered as to prospective buyers: Nikaweratiya, Polpithigama, Yapahuwa, Galgamuwa, Kamburupitiya, Ambalantota, Bandarawela, Badulla, Buttala, Welimada, Hasalaka, Girandurukotte, Nilwella, Kekanadura, Malwatte and Mawathagama.

The spokesman said that all these factories are BOI approved and equipped with modern sophisticated machinery. They have experienced and skilled staff on role capable of meeting the quality required by reputed foreign buyers.

Arrangements have been made by the authorities to grant the quotas of these factories to the new buyers, he said.

Nine banks put up the cash
SLT gets Rs. 4.1 billion in biggest ever debt deal here

The largest ever raising of debt capital in the domestic market by a Sri Lankan corporate body, was successfully achieved recently when Sri Lanka Telecom Limited (SLT) entered into an agreement with a consortium of nine banks for a 5-year syndicated term loan facility of Rs.4.1 billion.

"The loan syndication represents the largest such investment banking deal ever concluded in Sri Lanka," a participating banker said.

The consortium was led by the Bank of Ceylon and the National Development Bank, each contributing Rs.1.0 billion. Other members were the National Savings Bank (Rs.450 million), Sampath Bank (Rs.400 million), Citibank (Rs.300 million), Commercial Bank (Rs.300 million), DFCC Bank (Rs.300 million), Seylan Bank (Rs.250 million) and People's Bank (Rs.100 million).

The facility was arranged by DFCC Bank as lead arranger and Citi National Investment Bank as co-arranger. Bank of Ceylon, as the agency bank for the facility, will administer the loan, a DFCC spokeswoman said.

"The funds provided under this facility will part finance the capital expenditure to be incurred on a fast track development and expansion programme - one of the first undertakings by the newly privatised SLT'', DFCC said. "This programme will be carried out with the objective of more than doubling the network of direct exchange lines to over 600,000 by the year 2000''.

SLT was privatised in August 1997 with the sale of a 35% equity stake and transfer of management control to Nippon Telegraph & Telephone (NTT) of Japan. SLT had about 280,000 lines in service at the time NTT took over management control. This was increased to around 460,000 lines by December 1998 which, according to lead arranger of the loan, "clearly indicated the degree of commitment to the development of the company by the new NTT management.''

In addition to internally generated cash, SLT also finances its capital expenditure from foreign supplier's credit facilities land long term concessionary loans from multilateral agencies such as the World Bank, ADB and OECF of Japan, DFCC said.

"While these will continue to be the major foreign sources of finance, the rapid pace of development and the magnitude of the capital expenditure to be incurred, has made it necessary for SLT to diversify its financing options and consider other alternatives. The syndicated rupees facility raised from the domestic market represents the successful outcome of this strategy'', the lead arranger said.

Besides sheer size, the facility is also a landmark transaction in that it is the first ever long term rupee based borrowing from the domestic capital market to be carried out by SLT, banking circles noted.

"Moreover, from the point of view of the arrangers - the Investment Banking Division of DFCC Bank and Citi National Investment Bank, the loan syndication represents the largest such investment banking deal ever concluded in Sri Lanka'', the spokeswoman said.

Indian cement giant to invest $ 50 m. at Galle

Gujarat Ambuja Cements, India's largest cement exporter that claims to be among the best cement companies in the world, is investing USD 50 million in a new cement factory in Galle for which foundation stones will be laid on February 2.

The company has set up a subsidiary, Midigama Cements, to run the operation here which will include a storage terminal and a clinker grinding mill.

Midigama CEO Ramakrishna told a Colombo news conference on Friday that the new factory will be a catalyst for developing the South and will bring in ancillary industries and infrastructure to the area.

The new factory which will have a capacity of half a million tons initially will double production to a million tons in the second stage, Ramakrishna said.

He said that this was Gujarat Ambuja's first overseas venture. They believed that the Sri Lankan economy had the potential to become one of the strongest in the region and that was why they had decided to come here to set up their first overseas factory.

He said that Midigama would offer technical services to customers that were not available from competitors. Although their price would not be cheap, it would be competitive for a high quality product.

Gujarat Ambuja executives now in Colombo said their company had an outstanding record for quality, productivity, energy conservation and preservation of the environment. It has received a national award in India for its outstanding pollution control.

J.P. Desai said that theirs was a company that produced a top quality cement and helped the small consumer to use cement in the best possible manner.

He said that as in India the company will setup an organisation to provide free guidance to all consumers, especially small users.

Gujarat Ambuja which was launched in 1986 claims to be the best cement producing company in India controlling 30% of the market in Gujarat.

Unpaid Rs. 600 million hurting tea exporters
Tea Board cracks whip on defaulting Russian importer

The Sri Lanka Tea Board last week summoned one of the biggest Russian tea importers and won an assurance that an estimated Rs. 600 million in unpaid export proceeds will be cleared within three months.

"We've taken it up with the company and they have told us that they will complete the payments within three months,"Mr. R. Maligaspe, Director General of the Tea Board confirmed.

Several Lankan exporters have been confronted with the problem of not receiving payment for shipments that had been effected when the tea trade got caught up in the backlash of the rouble crisis.

"Most of the Russian importers have paid up,"one trader said. "But there is one very big importer who has not met his commitments.''

Exporters here say that the sales proceeds of Ceylon tea shipments are being used to buy Indian tea. Maligaspe said this could well be happening as Indian tea is cheaper for the Russian buyer under a rupee-rouble agreement.

He said that except for this one company, all the other Russian importers have paid their dues. "We've told them where we stand in o uncertain terms and asked that they start paying immediately,"Maligaspe said.

Asked whether any Sri Lankan exporters risked going to the wall as a result of the non-receipt of their dues, Maligaspe said: "It hasn't come to that. But prices could go down due to the inability of some of those affected to buy at the local auctions.''

The company that has not paid its dues is the biggest buyer of Ceylon tea for the Russian market.

Tea revenue down for four months running

The decline in tea prices due to the Russian crisis has resulted in tea export revenue for November 1998 declining 6.2% year-on-year in US dollar terms, John Keells Stock Brokers said in a research report.

"This decline in (monthly) revenue is the fourth consecutive since the rouble crisis in August 1998. However, export volume for November 1998 recovered 2.4% year-on-year, after declines in August, September and October'', the report said.

The brokers expected this trend to continue into December 1998.

Cumulative export figures for the 11-month period January to November 1998 increased 2% year-on-year in volume and 11.25% in dollar revenue. This was achieved thanks to the higher net sale average price of tea in the first quarter of last year, the report said.

However, the net sale average of tea during the latter part of the year from September to December recorded year-on-year declines with an unusually large fall in December attributable to a global excess in production.

The report said that the US air strikes against Iraq and reduced purchases from Middle East due to Ramazan also contributed to the price decline

But the first three auctions of this year, with the net sale average around Rs.124 per kg, saw a price recovery when CIS and Russian participation were less aggressive with focus at the lower end of the market.

The report noted that exports to Russia and the CIS had been falling since June 1998 with the declines more pronounced since the rouble crisis in August last year.

"Given that tea would cost three times more in Russia with the fall of the rouble, we do not expect export volumes in the medium term to reach the highs of 3.8 million kg plus per month, achieved prior to this crisis'', the report said.

The production statistics up to November last year indicate a moderate 1% increase with low growns contributing substantially with a 12% increase. John Keells estimated 1998 production to hit 280 million kg, up from 277 million kg in 1997.

Indo-Sri Lanka Free Trade Agreement III

by Kanes
The large trade deficit with India has been the subject of discussion in political and business circles in Sri Lanka for several years. In 1997 for instance, Sri Lanka's exports to India, as stated earlier, amounted to Rs. 2.6 billion while its imports from India were Rs. 33.0 billion resulting in a trade deficit for Sri Lanka of Rs. 30.4 billion - the largest trade deficit with any country. Actually, it is a normal feature of multilateral trade to have trade deficits with some countries and trade surpluses with others. Thus, Sri Lanka has trade deficits, beside India, with Taiwan, Hong Kong, Japan, South Korea, Malaysia, Singapore, China, Thailand, Indonesia, Brazil, Switzerland, Scandinavia, Iran, Australia, New Zealand and South Africa while it has trade surpluses with the USA, UK, Germany, Belgium, Netherlands, France, Canada, Jordan, Libya and Russia. The trade surplus with the USA for instance was the largest- Rs. 87.3 billion in 1997. We have trade surpluses with those countries which provide the best market opportunities for our exports but lack the goods we need or are unable to offer them at competitive prices while we have trade deficits with those which have the goods we need at competitive prices but provide limited markets for our exports. Thus, the trade deficit with India, like trade deficits with Japan and so many others should be accepted as an inevitable product of multilateral trade.

The Sri Lankan authorities, however, were not reconciled to this situation and they have raised this matter at almost every official meeting of the two countries, exhorting India to purchase more from Sri Lanka to reduce the trade gap. They were not prepared to accept that India was producing almost all the goods produced by Sri Lanka and at a lower cost and therefore did not require our goods. Nor did they recognize that India having a broadly-based and diversified production structure with relatively advanced manufacturing industries, was able to supply the goods Sri Lanka needed from foodstuffs like rice, sugar, onions, potatoes, chillies, lentils, dried fish and malt extracts to manufactured goods such as transport vehicles, electrical and mechanical machinery, iron and steel, cement, medicaments, plastic products, synthetic fibre, cotton textiles, sarees, glassware and chemicals at lower prices than from USA and Europe.

Sri Lanka believed that it could export to India and reduce the trade deficit if India removed her trade barriers and gave ready access to her markets. It was argued that Sri Lanka had liberalized its trade but India had not and consequently while India exploited this situation to increase her exports rapidly, Sri Lanka had not. Further, it considered the SAPTA regional trade liberalization was too slow and a quicker way had to be found for Sri Lanka to expand its exports to India. A WIDER study group led by Dr. Lal Jayawardena in 1993 then recommended a fast tack free trade agreement to liberalize trade between the two countries as the most effective solution. The rationale of this trade agreement was set out by this study group as follows: -

"The expansion of Indo-Sri Lanka trade is constrained by significant barriers to trade. These have been falling in both countries and have been reflected so far on a large increase in exports from India to Sri Lanka but not the other way. Barriers remain high in India ,by far the largest economy in the region and the pivot around which a regional market could develop. Further, decline in barriers to imports with India on a non-discriminatory basis can be expected but will take time before they have a significant effect on exports from Sri Lanka to India. The growth of Indo-Sri Lanka trade could best be stimulated by a "fast track" dismantling of barriers to trade with each other, but not necessarily with third countries, while pursuing the process of more general liberalization of trade on a non-discriminatory basis. Making trade freer between the two countries on a preferential basis could pave the way for the rest of the countries of the region to follow in developing a regional market, and obtaining benefits in terms of trade and economic growth."

Haste to Sign the Agreement
The WIDER study team recommended a fast track trade agreement between India and Sri Lanka in 1993 when there were significant trade barriers in the Indian market. The picture, however, has changed to some extent since 1993. The trade regime in India is much more liberalized now. The weighted mean tariff on all imported products was 83 per cent in 1990 - 50 per cent on primary products and 94 per cent on manufactured products. In 1997, however, the weighted mean tariff had declined to 28 per cent 23 per cent on primary products and 30 per cent on manufactures. This was a substantial reduction. Actually, India's current import tariff is not very much higher than Sri Lanka's. In 1997 for instance, Sri Lanka's weighted mean tariff on all products imported was 20.7 per cent - 23.6 per cent on primary products and 19.8 per cent on manufactures. Actually, Sri Lanka's tariff on primary products was slightly higher than India's . Similarly, quantitative import restrictions have been relaxed in several sectors and many products have been transferred from licensing to OGL. In March 1997 for instance, 542 restricted items were liberalized; these included 380 consumer items like ice cream, chocolate, food preparations, tyres and toiletries.

Further trade liberalization was effecd for SAARC countries under SAPTA. India offered tariff concessions in the two rounds of negotiations on over 1000 items and was poised to offer more concessions in the third round. Besides, India undertook to lift import restrictions on over 2000 products of export interest to SMRC countries unilaterally at the last SMRC summit and declared its readiness to bring about regional free trade by 2001. Premier Vajpayee stated: "I propose that we begin immediate negotiations on a separate SAFTA Treaty which will spell out in detail the schedules for freeing trade, including elimination of discriminatory trade practices, lifting of non-tariff barriers and tariff reductions". This was in July 1998. Earlier, Gujral had unilaterally undertaken to remove import restrictions and reduce import duty on 70 to 80 items of export interest to Sri Lanka as a precursor to further unilateral liberalization. The Indian market thus had become more accessible. However without taking steps to negotiate the SAFTA and without exploiting the market access created by the removal of import restrictions on over 2000 items and tariff preferences under SAPTA and by Gujral, within five months after the summit, Sri Lanka and India quite unexpectedly signed the bilateral Free Trade Agreement. We fail to understand the hurry to sign this Agreement when the Indian market was becoming more accessible as a result of globalization, IMF and WTO pressure, SAPTA and unilateral liberalization for SMRC countries.

Effect on Other Export Markets
India is relatively a small export market for Sri Lanka at present, accounting for only Rs. 2.6 billion or 0.9 per cent of our total exports. There are 16 countries which provide larger export markets to Sri Lanka - USA - Rs. 98.3 billion (35.9 per cent of our total exports), UK - Rs. 31.0 billion (11.3 per cent), Japan Rs. 13.8 billion (5.0 per cent), Germany Rs. 6.0 billion (2.2 per cent), Italy Rs. 4.4 billion (1.6 per cent), Canada Rs. 3.3 billion (1.2 per cent), Australia Rs. 2.9 billion (1.1. per cent) among developed countries and Turkey Rs. 5.8 billion (2.1 per cent), UAE Rs. 5.2 billion (1.9 per cent), Singapore Rs. 3.4 billion (1.2 per cent), Hong Kong Rs. 3.2 billion (1.2 per cent), South Korea Rs. 2.6 billion (1.0 per cent) and Russia and CIS Rs. 10.1 billion (3.7 per cent) among developing and transition countries. Shouldn't we consolidate and expand these larger markets without gambling on the still unexplored Indian market?

In fact, the growth of Sri Lankan exports to some of these countries exceeded that to India. Between 1993 and 1997 Sri Lanka's exports to UK, our second largest export market, rose by 215 per cent while exports to India increased by 170 per cent. Sri Lanka's exports more than doubled in this period to USA, Australia, Italy, Hong Kong, South Korea, Turkey and Russia. If the Indian market has much export potential for Sri Lanka, so have these markets. In fact, as India will not buy garments, US and European countries will continue to be our largest markets for garments and we should do everything to preserve them. The obsession with the Indian market may make us lose our perspective and ignore the larger markets which will account for the bulk of our exports for many years to come. What we need are large and expanding markets for our exports. Whether they are in India or elsewhere does not matter, for we want expansion of exports not diversion.

Excessive attention to the Indian market has made us forget even a larger market in the region - Pakistan. While we are thinking of India as a market for virtually non-existent goods or goods to be produced in the future, Pakistan is a large market for something we already produce in large quantity - tea. Sri Lanka's exports to Pakistan exceeded those to India until 1996; therefore, it is only in the last two years that Sri Lanka's exports to India exceeded those to Pakistan, in 1997 for instance, our exports to India were Rs. 2.6 billion and to Pakistan Rs. 2.2 billion. Pakistan has declined in importance as an export market because she has reduced her purchases of Sri Lankan teas and increased her purchases from Kenya. Sri Lanka exported 19.7 million kg of tea to Pakistan in 1988 or 9.0 per cent of our tea exports but in 1997 we export only 5.2 million kg or 1.9 per cent. Thus, our tea exports in 1997 were about a quarter of our exports 10 years earlier. Pakistan, according to FAO projections, will be the largest country importer of tea in the world by 2000, importing about 204 million kg a year. If Sri Lanka recaptures this vast market - by producing the type of tea Pakistan demands at competitive prices - it will have a firm market on the doorstep and need not suffer from the vagaries in Russia or Iraq. We may well lose this valuable market now that we have changed our priorities.

The Free Trade Agreement, as stated earlier, is certain to increase our imports from India and increase our trade deficit further. As Indian goods will be cheaper, there will be a tendency to prefer them to products from the West. This will tend to divert some of our imports from other countries to India and create dissatisfaction in those with which we have large trade surpluses like the USA and European Union countries. For example, we exported Rs. 98.3 billion worth of goods to the USA but imported only Rs. 11.0 billion worth of its goods. The USA is rather sensitive about her export markets in those countries for which it provides a large market. Any reduction of our purchases from the USA as a result of diversion to cheaper Indian supplies may lead to opposition and possibly retaliatory action by the USA. By trying to develop new export markets for non-existent goods we may lose the established markets for existing goods.

Foreign Investment
The WIDER study group made it clear that the success of the free trade a fast track agreement rested on an adequate flow of foreign investment to Sri Lanka. "The success of a reciprocal preferential scheme for Sri Lanka will depend to a substantial extent on the flow of investment from India and third countries to Sri Lanka to take advantage of the market openings in India following the adoption of this scheme". The biggest foreign investors in Sri Lanka in recent years have been countries of East and South East Asia which are now in the grip of a serious economic crisis which will not enable them to invest abroad. Malaysia for instance, has already postponed all its investments in Sri Lanka. A survey of 4500 big firms by Japan's Economic Planning Agency reveals that the companies had planned to cut foreign direct investment by 57 per cent in 1998. According to estimates of J. P. Morgan, total net capital flows to emerging markets will drop from $247 billion in 1997 to $186 billion in 1998 and to $119 billion in 1999. The general outlook for foreign investment in developing countries is thus rather unfavourable.

Will India invest in new industries in Sri Lanka? India has already made direct investments of Rs. 1,387 million in about 36 ventures approved by the BOI as of mid-1998 in addition to the older and non-BOI enterprises. These are mainly for import substitution and to export to third countries. India may invest more in such enterprises but it is likely to hesitate to invest in firms or joint ventures to produce goods for the Indian market as Sri Lanka's cost of production tends to be generally higher than India's and its productivity is not high enough to offset the higher labour costs. A fast track Free Trade Agreement is unlikely to make much difference for even under Article 12 of the existing Bangkok Agreement, India can extend duty free entry to products of joint ventures in Sri Lanka. The fact that Indian businesses had not invested in joint ventures with buy-back arrangements in spite of this concession (which is now being repeated under the Free Trade Agreement) shows that it was probably deterred by higher cost of production.

Will foreign multinationals be attracted to Sri Lanka because of the Free Trade Agreement which would liberalize access for Sri Lankan exports to the Indian market? The tendency in actual practice is for foreign multinationals to invest in India rather than Sri Lanka for several reasons. The Indian domestic market is large enough to generate sufficient profits. Indian cost of production is generally lower than Sri Lanka's; they can capture the South Asian market more easily from India as four countries - Bangladesh, Bhutan, Nepal and Pakistan - are on India's land borders. Thus, Tata-Benz, Ashok-Leyland, Suzuki-Maruti, Hyundai, Toyota, Honda, Daewoo, Mitsubishi, General Motors, Union Carbide, etc., have made India the production/export base for the whole of South Asia. A substantial number of items we import are from these multinationals operating in India. There is little evidence that any multinational corporation is planning to make Sri Lanka an export base for India. The situation will not change even if there is free trade between the two countries, for the Indian market is so large that any foreign investor will find it more economic to have his base there rather than supply it from a base in Sri Lanka.

Conclusion
The Free Trade Agreement is actually not a free trade agreement as it has not removed non-tariff barriers. In its present form is unlikely, for reasons analysed, to promote Sri Lanka's exports to India but is certain to flood the Sri Lankan market with Indian goods and undermine domestic agriculture and industry. Further, it provides little hope of increase in foreign investment - Indian or non-lndian - to generate new exports for the Indian market. Instead of strengthening SMRC/SAPTA it may alienate other members to weaken the organization and slow regional trade expansion. The trade deficit with India will be even bigger. We do not have free trade agreements with the 16 countries which provide larger export markets such as USA, UK, Germany and Belgium; they have become our largest export markets because we produce what they demand. Our task is to produce what the world including India wants and it is doubtful whether we can force the pace of trade by free trade agreements without first building our export capacity and improving our competitiveness. Our national priority should be to build and expand our manufacturing base with or without foreign investment to increase and diversify our manufactures/exports as India has done. Free trade can be a one-way traffic unless we have a reasonable range and volume of goods of quality and competitive price to utilize the opportunities created by free trade. As to the existing trade deficit with India, it is not a serious matter to worry about; it is in our best interests to buy at the lowest possible price from India goods we need as it is in our best interests to sell at the best possible price to the USA and the European Union the goods they want.

S. K. Wickremesinghe - new NDB Chairman

After his retirement from that company in 1980, he continued as non Executive Chairman from 1980 to 1995 when he accepted the diplomatic assignment.

During his business career, S.K. Wickremesinghe has been Chairman of Ceylon Tobacco Company and its subsidiary, CTC Eagle Insurance Company, the Commercial Bank of Ceylon Limited, Coates Lanka, Chemanex, Hayleys Jetwing Hotels and several other companies.

He was also a director of the Singer Group before he resigned his business appointments to take up his diplomatic post in London in February 1995. His success as high commissioner in London has been widely acknowledged.

Wickremesinghe, a son of the well known Sinhala novelist Martin Wickremesinghe, has also served on the National Education Commission, on the Administrative Reform Committee as well as the Securities and Exchange Commission. His other public appointments include serving as a Governor of SLIDA and the Board of Governors of the Postgraduate Institute of Management of the Sri Jayawardenepura University. He has also been a Trustee of the Employers Federation of Ceylon.

In 1978, he chaired a committee set up by the Finance Minister Ronnie de Mel in consultation with the World Bank to eliminate bureaucratic controls affecting the private sector here. This was considered an initial step in dismantling the previous command set-up and liberalising Sri Lanka's economy.

The NDB's CEO, Mr. Ranjit Fernando, welcomed the appointment saying that the bank would benefit from Wickremesinghe's wide ranging experience in the public and private sectors.

"His stature at a national level and in the corporate world would also increase NDB's market prestige and add to the strategic vision and flair of the bank'', Fernando said.

Wickremesinghe said that he looked forward to his new role as Chairman of the NDB which is Sri Lanka's largest single source of long term finance and plays a pivotal development in the economy.

First AGM of Lankan Productivity Society

The Asian Productivity Society of Sri Lanka is to hold its first annual general meeting at 5 p.m. on February 2 at the National Institute of Business Management (NIBM) at Wijerama Mawatha, Colombo 7, the organisers said.

The society formed with the objective of promoting the concept of productivity and productivity consciousness among all sectors in private land state sectors counts among its membership professionals and executives in the field of medicine, engineering, manufacturing, agriculture, trade and rural development, a news release said.

Mr. G.E.F. Camillus Fernando, General Secretary of the Asian Productivity Society of Sri Lanka said that the society is also committed to promote and foster the advancement of members and also provide an opportunity for recipients of Asian Productivity Organisation grants and fellowships to deliberate on matters of common interest and career development. A large number of their members in varied fields of activity have undergone courses and training programmes abroad.

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