By: Staff Writer

March 11, Colombo (LNW): In a ground-breaking move, ATIRE Ltd., the rapidly growing industrial solid tire company based in Sri Lanka, has redefined the standards of environmental responsibility by becoming the world’s first carbon-neutral industrial solid tire manufacturing company.

This incredible milestone, certified by the Sri Lanka Climate Fund – under the Ministry of Environment of Sri Lanka, highlights ATIRE’s commitment to pioneering sustainable industrial practices.

Established in 2019, ATIRE has rapidly become a leading manufacturer and distributor of world-class specialty solid tires, serving diverse industrial sectors across over 40 countries worldwide. Renowned for their performance and longevity, ATIRE’s products cater to various applications, including material handling, construction, agriculture, accessibility, and ports.

Founded in 2019, ATIRE is one of the fastest growing solid tire brands in the industry. Founder and Chairman, Deshamanya Anurath Abeyratne is a highly reputed Sri Lankan entrepreneur and philanthropist, who started by producing solid tires in the year 2000 for globally renowned brands such as Watts and Continental.

After producing over four million tires, in 2019 he started ATIRE, to build high-performance industrial specialty tires, whilst advancing the industry’s progress towards sustainability and serving the unmet needs of the market.

As a member of Anunine Holdings, a diversified conglomerate with a strong focus on sustainability, ATIRE is part of a broader mission to drive positive change across multiple industries.

“Looking ahead, ATIRE is committed to aggressively innovating to further improve our environmental impact, by embracing emerging technologies, and challenging the norms of our industry. 

Our goal being to ensure the advantages of these innovations extend to our customers, enabling them to minimise their footprint, and support their own journey in becoming carbon-neutral,” stated Atire CEO and Director Saveen Abeyratne.

The ceremony presenting the certificate of Carbon Neutrality for ATIRE was presented by the Secretary to the Ministry of Environment Prabath Chandrakeerthi on 19 February 2024 to ATIRE Directors Saveen Abeyratne and Sonali Abeyratne, alongside the key management personnel of Atire at the Ministry of Environment Sri Lanka, marking a significant milestone for the entire global solid tire industry.

ATIRE was certified as Carbon Neutral on 13 November 2023, for both scope 1 and 2 levels during the emissions accounting year ending 31 March 2023, in compliance with the inventory reporting certification ISO 14064-1:2018.

“We are delighted to state that ATIRE is now the world’s 1st carbon neutral solid tire company, which includes its state-of-the-art tire manufacturing facility based in Sri Lanka, which is now a net-zero emissions manufacturing plant.

ATIRE’s journey to carbon neutrality is paved with innovative sustainable practices. We have fully embraced renewable energy, with over 85% of its facility’s roof covered in solar panels.

 Advanced Nano-technologies have been utilised to reduce energy consumption significantly, particularly saving over 15% in the tire curing process, one of the most energy-intensive stages in solid tire manufacturing.” enthusiastically stated Atire’s Carbon Neutral Production Facility General Manager Ajith Dharmasiri.

By: Staff Writer

March 11, Colombo (LNW): Thailand became the second Regional Comprehensive Economic Partnership (RCEP) economy to sign a free trade agreement (FTA) with Sri Lanka, following the FTA signed earlier with Singapore.

A major goal of an FTA is to lower trade costs by reducing border tariffs and eliminating behind-the-border barriers for competitively traded products.

Salient features of the SLTFTA tariff schedules include immediate concessions for a limited number of products, a 15-year phased tariff reduction plan for most of the products, and uncommitted products which are excluded from any commitment for tariff reduction or elimination.

The Sri Lanka Export Development Board (EDB) in collaboration with the Ministry of Industries and Department of Commerce organized a seminar on “Exploring Opportunities and Implications of the Sri Lanka-Thailand Free Trade Agreement” at the Auditorium of Postgraduate Institute of Management (PIM) on 29th February, 2024 for Sri Lankan exporters.

The seminar aimed to raise awareness among the Sri Lankan business community and provide a platform for exploring new business opportunities available in the “Trade in Goods Chapter” under Sri Lanka Thailand Free Trade Agreement (SLTFTA).

Notably, the tariff liberalisation programme is not limited to custom duties, but also expands to para-tariffs.

Given that 25.6% of products are already under zero tariffs in the case of Thailand, the SLTFTA commits to reduce or eliminate tariffs on 59.4% of products for Sri Lanka.

Thailand provides immediate concessions for Sri Lanka over 2,188 products, while tariffs on 4,597 products will be subject to phased reduction within 15 years. Thailand’s uncommitted list includes 1,708 (or 15% of products).

By contrast, only 17.4% of products are under zero tariff currently in the case of Sri Lanka, implying that Sri Lanka will reduce or eliminate tariffs on 67.6% of products through the SLTFTA.

Under the agreement, Sri Lanka commits to immediate concessions for 2,722 products (or 33.4%), reducing or eliminating tariffs on 2,796 products within 15 years, and maintaining 1,224 products on the uncommitted list (15%).

By the end of the tariff phase-out, both countries will have 85% of products under zero tariffs, or tariffs liberalised under the SLTFTA.

The seminar featured eminent panel comprising Mr. K.J Weerasinghe, Chief Negotiator, Office for International Trade, Presidential Secretariat, Mr. K.A Vimalenthirajah, Director General, Department of Trade and Investment Policies, Ministry of Finance, Mr. Sanjeewa Pattiwila, Director of Commerce, Department of Commerce, who shared valuable insights on SLTFTA.

The session witnessed the participation of over 150 representatives from the exporter community, public sector and academia.

Through presentations and spirited discussions under  Q & A session, participants gained a deeper understanding of the strategic framework requirements which are shaping the bilateral trade relationship between Sri Lanka and Thailand in terms of exploration of potential, visualizing a landscape suitable with opportunities for growth, innovation, and prosperity.

Thailand became the second Regional Comprehensive Economic Partnership (RCEP) economy to sign a free trade agreement (FTA) with Sri Lanka, following the FTA signed earlier with Singapore.

A major goal of an FTA is to lower trade costs by reducing border tariffs and eliminating behind-the-border barriers for competitively traded products.

Salient features of the SLTFTA tariff schedules include immediate concessions for a limited number of products, a 15-year phased tariff reduction plan for most of the products, and uncommitted products which are excluded from any commitment for tariff reduction or elimination.

The Sri Lanka Export Development Board (EDB) in collaboration with the Ministry of Industries and Department of Commerce organized a seminar on “Exploring Opportunities and Implications of the Sri Lanka-Thailand Free Trade Agreement” at the Auditorium of Postgraduate Institute of Management (PIM) on 29th February, 2024 for Sri Lankan exporters.

The seminar aimed to raise awareness among the Sri Lankan business community and provide a platform for exploring new business opportunities available in the “Trade in Goods Chapter” under Sri Lanka Thailand Free Trade Agreement (SLTFTA).

Notably, the tariff liberalisation programme is not limited to custom duties, but also expands to para-tariffs.

Given that 25.6% of products are already under zero tariffs in the case of Thailand, the SLTFTA commits to reduce or eliminate tariffs on 59.4% of products for Sri Lanka.

Thailand provides immediate concessions for Sri Lanka over 2,188 products, while tariffs on 4,597 products will be subject to phased reduction within 15 years. Thailand’s uncommitted list includes 1,708 (or 15% of products).

By contrast, only 17.4% of products are under zero tariff currently in the case of Sri Lanka, implying that Sri Lanka will reduce or eliminate tariffs on 67.6% of products through the SLTFTA.

Under the agreement, Sri Lanka commits to immediate concessions for 2,722 products (or 33.4%), reducing or eliminating tariffs on 2,796 products within 15 years, and maintaining 1,224 products on the uncommitted list (15%).

By the end of the tariff phase-out, both countries will have 85% of products under zero tariffs, or tariffs liberalised under the SLTFTA.

The seminar featured eminent panel comprising Mr. K.J Weerasinghe, Chief Negotiator, Office for International Trade, Presidential Secretariat, Mr. K.A Vimalenthirajah, Director General, Department of Trade and Investment Policies, Ministry of Finance, Mr. Sanjeewa Pattiwila, Director of Commerce, Department of Commerce, who shared valuable insights on SLTFTA.

The session witnessed the participation of over 150 representatives from the exporter community, public sector and academia.

Through presentations and spirited discussions under  Q & A session, participants gained a deeper understanding of the strategic framework requirements which are shaping the bilateral trade relationship between Sri Lanka and Thailand in terms of exploration of potential, visualizing a landscape suitable with opportunities for growth, innovation, and prosperity.

By: Staff Writer

March 11, Colombo (LNW): International Finance Corporation (IFC) has stepped into assist Sri Lanka establish the new Secured Transactions Registry, Small and medium enterprises (SMEs) which aims to facilitate the use of moveable assets as collateral for loans while ensuring financial stability and fostering economic growth in the country.

With technical assistance from the International Finance Corporation (IFC), the new Secured Transactions Registry Act will address legal and operational challenges in the existing law.

This is a collective effort led by the Credit Information Bureau (CRIB), in collaboration with the Central Bank of Sri Lanka and the Ministry of Finance.

SMEs comprise more than 75% of enterprises while accounting for 45% of employment and 52% of the country’s GDP. Yet they cite access to finance as one of the key obstacles, hindering their growth potential.

Against this backdrop, a robust legal framework to register security interests over movables assets will help unlock the full potential of small businesses in Sri Lanka through easier access to loans.

“The enactment of the new law and consequential amendments to 7 related laws is a critical step in developing a fully-fledged secured transaction framework to mortgage moveable assets in Sri Lanka that protects the rights of all types of regulated financial institutions, encouraging them to provide financing secured by moveable collateral,” said Credit Information Bureau of Sri Lanka Director/General Manager Pushpike Jayasundera.

Globally, businesses are restricted from using movable collateral (such as machinery, inventory, accounts receivables, crops, and equipment) to obtain financing because many countries do not have functioning laws and registries to govern secured transactions. Secured transactions reform is also an avenue that can help encourage women—they are more likely to have movable assets to pledge—to start or expand a business.

“An effective credit infrastructure is key to strengthening Sri Lanka’s financial sector. IFC assisted CRIB in drafting the new law, which incorporated several rounds of consultations and expert input, thus ensuring that small businesses and entrepreneurs with few fixed assets can obtain the financing they need to thrive.

 We greatly appreciate the perseverance and commitment of all the stakeholders to see this legislation come to fruition,” said IFC Country Manager for Sri Lanka and Maldives Alejandro Alvarez de la Campa.

IFC’s efforts to improve access to finance and foster inclusion in Sri Lanka span across several initiatives. Apart from supporting secured transactions regimes, IFC helped the Central Bank of Sri Lanka launch the country’s first national financial inclusion strategy and develop a financial literacy roadmap, strengthening financial consumer protection and increasing the uptake of digital finance.

March 11, Colombo (LNW): The Sri Lankan Rupee (LKR) has further appreciated against the US Dollar today (11) in comparison to last week’s Thursday, as per leading commercial banks in the country.

At Peoples Bank, the buying price of the US Dollar has dropped to Rs. 301.60 from Rs. 302.05, and the selling price to Rs. 312.11 from Rs. 312.57.

At Commercial Bank, the buying price of the US Dollar has dropped to Rs. 301.15 from Rs. 301.89, and the selling price to Rs. 310.50 from Rs. 311.75.

At Sampath Bank, the buying price of the US Dollar has dropped to Rs. 302.50 from Rs. 303, and the selling price to Rs. 311.50 from Rs. 312.