Israeli Trade delegation upbeat on investment prospects in Sri Lanka

Asian Tribune - 31/08/2013

A high end Israeli Trade delegation consisting of approx. 25 delegates from diverse sectors such as agriculture, dairy, the high tech industry, defence, insurance and water management sectors is currently visiting Sri Lanka in order to explore potential scope for collaboration between the two countries. The trade delegation which arrived on 26th August is led by Ambassador Sarath Wijesinghe, Sri Lanka’s Ambassador to Israel.

The objective of organizing the visit by the Sri Lanka Embassy in Israel with the assistance of the Export Development Board, the Chambers of Commerce and the Israel –Asia Chamber of Commerce in Israel was to highlight Sri Lanka’s comparative advantages as well as the variety of investment incentives available in the priority sectors of the Sri Lankan economy. This visit is also timely since there has been considerable growth in bilateral economic relations between Sri Lanka and Israel with trade doubling to US $ 158.35 million last year.

H.E. the Ambassador Sarath Wijesinghe addressing the distinguished gathering at the inauguration of the event at the Grand Oriental Hotel stated that Sri Lanka is a stepping stone to the sub-Continent for Israeli investors and invited the Israeli entrepreneurs to make use of the emerging status of Sri Lanka as a hub in the region. Mr. Ajith Nivard Cabraal, Governor of the Central Bank who was the Keynote Speaker at the inauguration commented on the strength of Sri Lanka’s macro fundamentals and stated that the time is right to invest in Sri Lanka. Later in the day many leading Sri Lankan businessmen availed themselves of the business networking facilities with the Israeli trade delegates which were offered to them after the inaugural event concluded.

The delegation is expected to call on Minister of Irrigation & Water Resources Management Hon. Nimal Siripala de Silva, Minister of Agriculture Hon. Mahinda Yapa Abeywardena, Minister of Economic Development Hon. Basil Rajapaksa and Mr. Gotabhaya Rajapaksa, Secretary of the Ministry of Defence & Urban Development will visit the Board of Investment and other Government Institutions later on in their visit.

Negotiations on bilateral cooperation of Belarus and Sri Lanka held at business forum

The delegation of Sri Lanka is interested in export of certain Belarusian goods such as sugar, tires and oil products. The heads of the states agreed on setting up joint ventures.
Joel Selvanayagam, the chair of the group of companies (Sri Lanka): "We have enormous potential and technologies. By uniting them we can advance our economies".

The visiting card of Sri Lanka is tea and it is going to set up logistics centers on the territory of the Customs Union. Numerous agreements were signed during the business forum including the Memorandum on cooperation between the National Center of Marketing and the Council of Export Development of Sri Lanka.

Bilateral cooperation of Belarus and Sri Lanka discussed during governmental meeting

The President of Sri Lanka Mahinda Rajapaksa and the Prime Minister of Belarus Mikhail Myasnikovich confirmed the mutual interest in such aspects as mechanical engineering, high technology, education, construction and tourism.

And right after the meeting in the Government House, the officials joined the business circles of the two countries. Multiple agreements, among which is the cooperation agreement between the National Center for Marketing and Price Conjuncture of the Ministry of Foreign Affairs of Belarus and the Export Development Board of Sri Lanka, were signed within the framework of the business forum.

Facets 2013, Sri Lanka’s Premier International Gem & Jewelry Show begins on August 29, 2013

International Gem and Jewelry News

In accordance with the popular slogan “Come September Come Facets” the 23rd version of Sri Lanka’s premier International Gem & Jewelry Show, Facets 2013, eagerly awaited by all stakeholders in the international gem and jewelry trade and industry, is due to be held from August 29th to September 1st, 2013, at the usual venue, the Sirimavo Bandaranaike Memorial Exhibition and Convention Centre, part of the complex of buildings associated with the Bandaranaike Memorial International Conference Hall (BMICH), situated along Bullers Road, Colombo. The show is organized by the Sri Lanka Gem & Jewelry Association (SLGJA) and co-sponsored by the National Gem & Jewelry Authority (NGJA) of Sri Lanka and the Sri Lanka Export Development Board (SLEDB).

The show will be held in the two large octagonal-shaped convention halls of the exhibition center, the main hall being reserved for the display of precious and semi-precious gems and the second hall allocated to jewelry, lapidary and other machinery used in the gem and jewelry industry. Around 200 exhibitors both local and foreign are due to be accomodated in both halls. The ceremonial opening of the show will be held at 9.00 a.m. on August 29, 2013 and the show will be open to visitors from 9.30 a.m. to 6.00 p.m. on August 29, and on the remaining three days August 30 to September 1, from 10.00 am to 6.00 p.m 

Facets 2013 promises to be bigger and better than ever before, with hundreds of local and foreign exhibitors getting ready to showcase their gem and jewelry products and a large number foreign trade delegations due to visit the exhibition. A strong showing by the emerging markets of China, Russia and India is expected apart from the traditional markets of the United States and Europe. Besides this, arrangements have been made for the participation of more than 50 small and medium scale enterprises (SME). According to Juzar Adamaly, Chairman Facets 2013, the SME sector plays a vital role within the entire gem and jewelry industry and is a major component of the industry that hopes to achieve the ambitious target of US$ 1 billion export revenue by the year 2016. 

Events organized in parallel to the exhibition include seminars and discussions conducted by international and local experts in the gem and jewelry industry; daily jewelry fashion shows, combining trendsetting fashion with fine jewelry, adding glamour and excitement to the show and a jewelry design competition, being organized for the third successive year, with the design theme “the story of the wind” and the overall winner being offered an all-expense paid trip to attend the 53rd Bangkok Gem & Jewelry Show in Thailand. Among the facilities that will be provided for exhibitors at the show, are shuttle services from most of the leading hotels; on-site custom formalities; gem testing facilities provided by the National Gem & Jewelry Authority; clearing and forwarding facilities for exports; travel desks for arranging tours for visitors if requested; restaurant facilities at the exhbition site and an on-site Facets Secretariat co-ordinating all activities throughout the duration of the show.

Sri Lanka's Jaffna peninsula seeks more trade and investment

Lanka Business Online - 18/08/2013
By Anushika Kamburugamuwa

Sri Lanka’s northern Jaffna peninsula, which has emerged from a 30-year civil war, has untapped potential for greater investment and trade officials said.

"We welcome all the new businesses and investments," K Pooranachandran, president of the Jaffna chamber of commerce and industry said.
"We are here to help them. The place is very conducive for businesses and new developments."

The Jaffna peninsula, which has a population of about 600,000 population, is now looking up businesses in the area linking with other areas in the island.

"Trade links have developed strongly," Pooranachandran said. "There is a very good link with Colombo and Jaffna.

"If you come to Jaffna you can buy anything you want. Anything is available in Jaffna."

He said Jaffna has seen strong economic growth helped by major infrastructure projects in the area. Tourism has also developed fast.

However officials say the war affected area can also export out of the country.

"The area remains a virtually untapped market for exports," Sujatha Weerakoon, director general of Sri Lanka's Export Development Board said.

"Jaffna is good for agro related business, so lot of value addition can be done in food processing in order to cater to the increase demand for agro goods in the island and world."

She was speaking at the launch of Jaffna international trade fair (JITF) 2014 to be held for the fifth consecutive year.

The fair is to be held at the Duraiappah Stadium in Jaffna on from January 17 to 19, next year.

The exhibition will features the construction industry, hospitality industry, food, beverages and packaging, automobiles, ICT industry, financial services, apparel, agricultural, consumer goods.

Organizers say they expect over 250 local and international businesses to participate in fair. Last year over 50,000 people had visited the fair.

There will be several business forums, an investment forum and an education exhibition. Visiting business leaders are expected to form links with local enterprises. They also expect the participation from the diaspora.

"The area has a high cash flow where at least one member of the family or relations is living in overseas," Aasim Mukthar , general manager of Lanka Exhibition and Conference Services which is running the event said.
"The mobile penetration is also high due to lack of fixed connection in the area. So Jaffna is an ideal place to explore new businesses."

FACETS expects record SMEs

FACETS 2013 to attract larger crowds this year

Over 50 Small and Medium Eenterprises (SMESs) will take part in FACETS Sri Lanka 2013, the international gem and jewelry exhibition, according to the organizing committee. Organized by the Sri Lanka Gem and Jewelery Association (SLGJA), this year’s event held for its 23rd year, will be held from August 29 to September 1 at the Sirimavo Bandaranaike Memorial Exhibition Center.

FACETS 2013 not only provides ample opportunity for local businesses to showcase their capabilities to participating delegation from around the world, but also creates strong networking, knowledge sharing and skill enhancing opportunities for the SME sector enterprises. Local manufacturers will be able to acquire knowledge on technology, process, best practices and the importance of maintaining industry quality standards right throughout the event.

Juzar Adamaly, Chairman FACETS 2013 said, “The SME sector plays a vital role within the entire gem and jewelry industry. It is also a major component to the entire industry with targets to achieve US$ one billion export revenue by 2016. The government has also introduced a loan scheme to the SME sector further understanding the importance of nurturing quality businesses and products”.

The organizers have planned to display precious and semiprecious gems as well as an exclusive hall dedicated to jewelry, lapidary and machinery items. Knowledge sharing sessions include a series of seminars conducted by international and local panelists this year. Organizers will be providing shuttle services from most of the hotels and travel desks to arrange tours for visiting delegation, customs on site, National Gem and Jewellery Authority Gem testing and assaying facilities and services like clearing and forwarding facilities for exports and individual security to booths through our official security surveillance providers Securo Dynamics.

In the 2003 Budget, the Government of Sri Lanka declared Sri Lanka Gem and Jewellery Association (SLGJA) as the Apex industry body and charged it with a leadership role to formulate industry-level strategies to increase productivity and competitiveness. Since then, the Association works closely with the government’s National Gem and Jewellery Authority and the Sri Lanka Export Development Board to advocate national policy and give input for the industry’s regulatory framework. Currently, SLGJA has over 350 members who together account for over 75 percent of the country’s gem and jewelry exports.

Fruit and vegetable exports record 21% growth

Sunday Observer - 18/08/2013
By Lalin Fernandopulle

Fresh fruit and vegetable exports recorded a 21.8% growth in the first six months of this year, said International Foodstuff Group of Companies, Chairman and a member of the Advisory Committee of the Export Development Board, Sarath de Silva.

He said that the fresh fruit and vegetable sector recorded this growth despite a slump in exports of other commodities. Export revenue has been declining since last year with a revenue drop of 6.8 percent in April this year according to the Central Bank. Export decline has been attributed to the low global demand for commodities.

De Silva said that fresh fruits and vegetables is one sector that has grown when other sectors have recorded a decline in exports. Credit should go to the Fruit and Vegetable Exporters Association which is targeting an export revenue of Rs. 4,000 million by the end of this year.

The exporter is confident that they could achieve that target.

Sri Lanka exports fresh fruits and vegetables to the Middle East, Europe and the Maldives. Export of fruits and vegetables has grown from 10-12 varieties to around 135 varieties.

More than 17 varieties of salads are exported.Sri Lanka produces more than 800,000 metric tons of fruits and vegetables annually and exports fresh and processed varieties to many countries.

Around 90 per cent of fresh products are exported to the Middle East and the Maldives and around 75 percent of the processed products to the European market.

“Sri Lanka's target should be to get into orchard cultivation of perennial crops. We should aim at cultivating mangoes, avocado, and tropical fruits such as soursop, rambuttan and mangosteen,” de Silva said.

Fruits and vegetables are primarily grown by the semi commercialised small farmers whose individual extent of land does not exceed a hectare. The government has encouraged private sector involvement in commercial cultivation.

Sri Lanka will commence seed paddy production and supply the local market as import substitution for Thai Basmathi rice by 2015. We will commence exports to India under the FTA and also to Africa.

Harvesting of big onions has commenced in Dambulla, North Western region and Matale which will help reduce imports by around 30 percent. Sri Lanka imports Rs. 750 million worth of big onions annually. The next stage is to get into cultivation of white onions. Currently field tests are being conducted, de Silva said.

He said that 1,000 commercial farmers will be recruited with the help of the University of Wayamba, Ruhuna, Uva Wellasa to help them become commercial farmers and agri-entrepreneurs.

Paddy production in Sri Lanka recorded an all time high of 4.869 million metric tons in 2012/13.

Agriculture is the most common livelihood of Sri Lankans, and about 100 varieties of fruits and vegetables are grown in Sri Lanka’s varied agro-climatic areas.

The cool and salubrious condition in the hill country are ideal for crops such as carrot, leeks, cabbage, cauliflower, salad leaves, beet, bean, bell pepper, salad cucumber while dry and wet areas of the low country are suitable for tropical fruits and vegetables ranging from green chilli, red onion, pumpkin, bitter gourd, melon, sweet and sour banana types, queen pineapple, papaya, mango, lemon and gherkin.

The increase in paddy production is attributed to the end of the battle against terrorism which helped bring vast acreages of land in the North and the East under the plough. The government's fertiliser subsidy has encouraged farmers to increase rice production. Sri Lanka is currently self-sufficent in rice and maize which will be exported next year.

Sri Lanka has been exporting rice to the Middle East and Europe where Sri Lankan and Indian expatriates consume Sri Lankan varieties of rice.

Rice is the staple food in Asia and Africa which is looking for white long grained rice similar to rice in Thailand and Malaysia. Since rice eating is a traditional habit to make people to consume a new variety is a difficult task but if we persist and promote the health benefits of Sri Lankan rice which is produced using pesticides and weedicides with minimum chemicals, the world will buy our rice.

De Silva said that this is why the government has decided to expand cultivation of better tasting, white long grained rice varieties for a vibrant export market.