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First of its kind virtual expo in the country

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The Plastics and Rubber Institute of Sri Lanka (PRISL) together with Smart Expos & Fairs (India) Pvt Ltd (SMART Expos) in collaboration with Export Development Board (EDB) launched the first-of-its kind virtual expo of plastics and rubber industry recently.

The exhibition was inaugurated by Suresh De Mel, chairman, EDB via an online platform. With more than 100 exhibitors from Sri Lanka, India, China and Taiwan, the virtual expo can be accessed via the following link https://srilanka.smartvirtualexpos.com.

The rubber products industry is the 4th largest export earning industry in Sri Lanka accounting for 7.9 % (US$ 786) of the total merchandise exports in 2020 and has established a reputation for its quality and reliability internationally.

“Sri Lanka produces a wide variety of value added rubber products from both latex and dry rubber such as tyres, gloves, industrial components, mats, miscellaneous sports goods, etc. Our main export destinations are USA, Italy, Germany, Belgium, UK, France and Canada,” de Mel said during the online launch.

PRISL in collaboration with SMART Expos, have been organizing  the Complast & Rubexpo successfully  in Sri Lanka  for the past 8 years, which has exposed the Sri Lankan plastics & rubber industries to emerging technology as well as new markets in Sri Lanka as well as internationally.

Considering the opportunities available for Sri Lankan rubber and plastic exporters, the EDB has joined hands with the PRISL to continue the Complast and Rubexpo via a virtual platform considering the present health and safety restrictions. The virtual exhibition of iComplast & iRubexpo which was launched on January 25 will remain live online till February 26, 2021.

iComplast & iRubexpo is an ideal platform for local organizations to promote and showcase their products to overseas visitors looking to source rubber and plastic products manufactured in Sri Lanka. Further these two exhibitions will keep the Sri Lankan rubber and plastic industry connected with international markets and technology developments around the globe especially during the present new normal conditions.

De Mel said the rubber product sector should make use of these opportunities for the development of the sector as well as aim to contribute towards the country’s export earnings by US$ 2 billion by 2025. He thanked the PRISL, for its collaboration and hoped that exhibitors would benefit immensely from this virtual exhibition.

Kaushal Rajapakse, president, PRISL while addressing the online attendees said the institute having served the nation for more than six decades is still a strong catalyst for the development and growth of the polymer industry in Sri Lanka. The two decades following the new millennium also witnessed the strengthening of collaborative relationships between the PRISL and governmental institutions such as the EDB, Ministry of Industries, CEA and the IDB.

The PRISL also made headway in promoting partnerships with overseas organizations and foreign universities for training, workshops and exhibitions. The establishment of the Finite Element Analysis and Simulation Centre (FEASC), as a Public / Private Partnership in 2018, is another strategic milestone in the history of PRISL.

B Swaminathan, CEO of Smart Expos and Fairs India Pvt Ltd, the overseas partner of PRISL, shared that the virtual platform was not merely an alternate during the current COVID period but a sustainable channel for promotion in the coming years.

For further details contact Chaminda Perera +947776129468.

 

 

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Unlimited music streaming platform in Sri Lanka

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SLT-Mobitel, the nation’s ICT and Telecommunications Service Provider recently partnered with Spotify, to mark their launch in Sri Lanka. Spotify is a paid premium music streaming app which allows subscribers to listen to music to their hearts content. Both, SLT-Mobitel Post-Paid and Pre-Paid customers will now be able to enjoy Spotify by activating a monthly recurring subscription or one-time subscription plan and access unlimited music streaming and downloading facilities.

The subscription charges will get added to the user’s customary billing, where payment will be deducted in real time. Starting from the payment date, the user will be able to access Spotify and download their favourite songs, for the next 30 days. Users who sign up for their first monthly subscription will receive an additional one month, courtesy of Spotify. The one-month subscription plan is not applicable with one-time subscription plans. SLT-Mobitel data rates, depending on the user’s respective broadband charges, will apply.

Spotify also has some exciting features that will provide SLT-Mobitel customers with the opportunity to listen to ad-free music, access millions of uninterrupted music under one platform, play any song they like, anywhere they go, and also be able to enjoy their music offline.

SLT-Mobitel customers can select their preferred premium package under four categories; Individual, Duo, Family, Student. Each category has recurring and non-recurring plans. After one month of free streaming, the package will activate once the offer period terminates. While both, the Individual and Student premiums are limited to one account user, the Duo package offers two accounts and the Family premium is accessible through six accounts. To view Spotify plans, users can log on to https://spoti.fi/3aLWvce

 

 

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Sri Lanka using ‘sovereign power’ over economy: CB Governor

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by Sanath Nanayakkare

Anyone conversant with the elements of a political economy would know that Sri Lanka is using its ‘sovereign power’ to manage the different dynamics of the economy in a sustainable manner, Professor W. D Lakshman Governor of the Central Bank said on Wednesday.

“Some critics are saying that we adopt a so-called modern monetary theory. That’s not the case. In fact, Sri Lanka is using its sovereign power in a number of economic aspects to honour its external debt repayment commitments as well as to reduce its debt burden in the medium term as well as achieve resilient growth in the medium to long term, he said.

“We make policy decisions to boost our gross foreign reserves, meet our external debt servicing, to facilitate monetary expansion, to boost our GDP growth, to strengthen our current account balance and manage our domestic and external economic variables in a sustainable manner. This is not a modern monetary theory. This is an age-old tool used by central banks around the world when the circumstances demand it, he said.

“Certain trade-offs will be necessary when dealing with an economy which has a big fiscal gap to bridge. There are efforts to push Sri Lanka towards the IMF again which would in turn have influence on our policymaking. We have taken policy measures to stabilize the economy and we have adequate reserve levels to meet our debt repayments. Meanwhile, we are in negotiations with overseas central banks and multilateral agencies to further boost our reserve level and it would materialise within a matter of weeks,” he noted.

“One of the tools the Central Bank has introduced is in respect of repatriation of export proceeds into Sri Lanka and conversion of such proceeds into Sri Lankan rupees in order to strengthen the foreign exchange situation of the country,” he said.

The Governor made these remarks while delivering the keynote speech at a webinar organised by the Veemansa Initiative led by its Managing Director Luxman Siriwardene – the former Executive Director of Pathfinder Foundation.

The webinar revolved round the topic ‘External debt situation in Sri Lanka: Are we heading for a resolution or crisis?’

Professor Sirimal Abeyratne, Prof. Sumanasiri Liyanage, Dr. Nishan de Mel and Dr. Ravi Liyanage were the other speakers on the panel.

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CSE on the rebound; indices close positive

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By Hiran H.Senewiratne 

CSE produced signs of a rebound yesterday with both indices closing positive, though turnover remained low. Central Bank Governor W.D Lakshman’s recent statement on managing foreign reserves gave some boost to the market yesterday, stock market analysts said.

 The index experienced a zigzag movement within the early hours of trading; thereafter, it recorded a slight up-trend as it reached its intraday high of 7,439. Later, the market witnessed a down-trend at mid-day, followed by a sideways movement and closed at 7,372, gaining 43 points during the month of February, market sources said. 

It is said the banking sector dominated turnover with a contribution of considerable  parcel trades in Sampath Bank, Commercial Bank  and HNB.

Further, the Commercial Bank’s impressive quarterly results during the recent turbulent period also built investor  confidence. Commercial Bank was able to register a18 percent net interest income when other banks were reporting a decline. Its share price increased by Rs. 3 or 3.5 percent. On the previous day, its shares started trading at Rs. 85 and at the end of the day they moved up to Rs. 88. Due to the positive growth results, the bank announced a Rs. 4.40 dividend per share, plus a Rs. 2 script divergent for every share.

Further,  Sampath Bank shares also appreciated in both crossing and retail. In crossings its shares appreciated by Rs. 1.At the end of the day they moved up to Rs. 154.50. In the retail market, its shares moved up by Rs. 2 or 1.3 percent. Previously, its shares fetched Rs. 154 and at the end of yesterday they moved up to Rs. 156.  

Amid those developments, both indices moved upwards. The All Share Price Index went up by 104.48 points and S and P SL20 rose by 67.78 points. Turnover stood at Rs. 3 billion with four crossings. Those crossings were reported in Sampath Bank, where 3.9 million shares crossed for Rs. 602.2 million, its share price being Rs. 154.50, HNB 375,000 shares crossed for Rs. 39.4 million, its shares traded at Rs. 105, Pan Asia Power 9.5 million shares crossed for Rs. 33.2 million, its shares traded at Rs. 3.50 and Access Engineering 1.2 million shares crossed for Rs. 28.2 million; its shares traded at Rs. 24.

In the retail market top five companies that mainly contributed to the turnover were, Expolanka Rs. 450 million (10 million shares traded), JKH Rs. 205 million (1.3 million shares traded), Browns Investments Rs. 199 million (34.9 million shares traded), Sampath Bank Rs. 191 million (1.2 million shares traded) and Dipped Products Rs. 137.7 million (2.8 million shares traded). During the day 101 million share volumes changed hands in 18046 transactions. 

During the day, Expolanka, the biggest contributor to the turnover, saw its share price appreciating by Rs. 6.20 or 15 percent. Its share price quoted on the previous day was Rs. 41 and at the end of trading yesterday it moved up to Rs. 47.

Sri Lanka’s rupee quoted wider at 193.50/195.50 levels to the US dollar in the spot next market on Thursday while bond yields remained unchanged, dealers said. The rupee last closed in the spot market at 194.50/195.00 to the dollar on Wednesday.

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