The Port of Colombo has been ranked as the most efficient port in South Asia and the Indian Sub-Continent, third in the Indian Ocean rim and 22nd among 370 ports globally.

It has gained this rank in the second edition of the Global Container Port Performance Index (CPPI) 2021, ranking developed by the World Bank and S&P Global Market Intelligence and Financial Services.

The Port of Colombo recorded an all-time high throughput of 7.25 million TEUs in 2021 and continues its growth story, recording a year-on-year growth of 2% for the first five months of 2022 ending in May.

The present terminals in the Port offer almost 4,500 m of quay with depths ranging from 12-18 m, are served by 47 Ship-To-Shore Cranes and over 130Ha of yard space. The SLPA, in addition to its role as Regulator and Landlord, also holds a 15% equity stake in the two private terminals, CICT and SAGT.

The authors of the report said that “despite the centrality of the port to global value chains, one of the major challenges to stimulating improvement has been the lack of a reliable, consistent and comparable basis on which to compare operational performance across different port.

This technical report, which represents the second edition of the Container Port Performance Index (CPPI), has been produced by the Transport Global Practice of the World Bank in collaboration with the Maritime, Trade and Supply Chain division of S&P Global Market Intelligence”.

Sri Lanka Ports Authority (SLPA) Chairman Dr. Prasantha Jayamanna, “The World Bank/S&P Administrative (subjective/expert) and Statistical rankings of Colombo among the top 7% of the ports in the world and the best in South Asia, is a testament to the Port’s position as the primary transhipment hub in South Asia.”

H said “In addition to the valuable contribution made by JCT, the ranking acknowledges the significant role played by our partner terminals, Colombo International Container Terminal (CICT) and South Asia Gateway Terminals (SAGT), who together have made the port what it is today.”

Dr. Jayamanna went on to say that: “Given SLPA’s role as Regulator and Facilitator of port development of Sri Lanka, it is important to record that the Port of Colombo will continue to develop ahead of projected demand.

The , construction has already begun on two new deep water terminals, the East Container Terminal (ECT) by the SLPA and the West Container Terminal (WCT), by a consortium led by Adani Ports and including John Keells Holdings. These developments will progressively add over 7 million TEU of throughput capacity over the next 2-5 years.”

Also commenting on the CPPI ranking, CICT Chief Executive Officer Jack Huang, a member of the China Merchant Port Holdings Group, said: “As the first and currently only deep-water terminal in South Asia capable of handling the largest container ships in service, we are extremely pleased to have played a major role in achieving this ranking by the Port of Colombo.”

“Romesh David, the Chief Executive Officer of SAGT, a consortium led by John Keells Holdings and the AP Moller Maersk Group said: “SAGT has played a catalysing role in launching and contributing to maintain Colombo’s global standing as the preeminent transhipment hub in the region.”

Indian companies have bagged multiple renewable energy projects in economically battered Sri Lanka at favourable terms ignoring local developers pushing the island nation on the wall taking advantage of man made economic crisis, several energy experts claimed. . 

The government  of India has offered US$ 3.5 billion worth of credit lines to Sri Lanka to help the island country navigate through the economic peril it faces.

In the wake of the present social political and economic crisis  Indian power sector giant Adani Group is  looking to expand its  footprint in Sri Lanka, either through  Indian government intervention or direct negotiations with the Sri Lankan government,energy experts alleged.  

Adani Group, one of the largest renewable energy generators in India, recently signed a memorandum of understanding to develop 500 megawatts of renewable energy projects  in Mannar and Pooneryn provinces. The group is expected to invest $500 million to set up these projects.

There was  no official announcement or statement yet on the agreement to jointly execute renewable power projects in Mannar, on Sri Lanka’s north-western coast, and Pooneryn, located just south of Jaffna Peninsula.

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 Both projects are in the Northern Province, where New Delhi objected to a Chinese energy project last year, citing proximity to the Tamil Nadu coast.  

The agreement was inked on Friday, the same day that the National Thermal Power Corporation (NTPC) of India and the Ceylon Electricity Board (CEB) agreed to set up a 100 MW solar power project in Sampur, in the eastern Trincomalee district.

The development comes months after Adani Group chairman Gautam Adani visited Sri Lanka and held talks with President Gotabaya Rajapaksa, on possible investments in the island nation. 

Sri Lanka has a daily peak demand of over 2000 MW, and is currently experiencing a severe fuel and power shortage, resulting in right hour-long power cuts across the country that citizens’ groups have bee Kanchana Wijesekera s n protesting.

 Front line opposition politicians and energy experts accused New Delhi of resorting to “diplomatic blackmail” by tying emergency financial support extended to Colombo, to strategic projects and “several maritime security arrangements”, to counter China’s “naval expansion”.

“The Reserve Bank of India has USD 631 billion in reserves. Sri Lanka is asking for one billion. It was press-ganged to sign Sampur and other projectsThis was diplomatic blackmail. India has 74 days of oil reserves in stock, but is finding it so difficult to help a “friend and neighbour” in difficulty without making it cringe, crawl, and concede its national security interests and neutrality in the name of India’s own “strategic calculations”,they added

By Thanzyl Thajudeen

Marketing – directly or indirectly – is undoubtedly responsible for creating both favorable and unfavorable conditions we face today either at a macro or micro level, and unfortunately, it’s more towards the latter part. It has certainly aided or contributed to creating various unnecessary needs and wants, disruptive behaviors and habits, and a diminishing concern or care for self and those around including the environment. Marketers have often failed to take responsibility towards societal and humane values when developing their strategy or activity, and have simply surrendered to their own ego, pride and master. 

The ‘undoing’ of all these is yet another whole different market, under the umbrella of a new sustainable economy, and this too is done not because of the guilt feeling but rather another approach to sustain or get a piece of the pie, or feel good in fulfilling that void, or to show others that they really mean it by dressing it up with terms like sustainability, inclusivity, and value creation. This great concern in industry, societies and economies are similar to that of the climate change and its challenges we are facing. Doing less harm or mitigating them simply isn’t enough. It’s just not about sustainable business practices or minimizing the limited resources the planet holds, it’s more about unpolluting the mindsets of the people who have long been victims of irresponsible marketing tactics. 

For those narrow-minded who say that marketing cannot be blamed for, really doesn’t know the meaning of what marketing is. It’s the entire process of stakeholder value creation and undoubtedly, marketers are in a better position than any others in an organization to gauge and evaluate such, as they interact with numerous internal and external stakeholders day in and day out. 

Marketing has long been criticized for provoking and creating disruptions, delusions and deceptions just so that they could exploit and make immoral profits, and the aftermath and consequences of such is seen widespread. On the contrary however there are those brands that are more humane in nature, and their idea of making sustainable and meaningful profits whilst taking responsible marketing as a necessity have paid off with stronger and deeper relationships not just with their customers who they put at the center of everything they do, but with all stakeholders. It all begins with the conscience within the marketing mind and understanding that every plan or action will either have a positive or negative impact, of which the latter is often unseen or ignored. Marketers should adhere to responsible practices.

Responsible innovation has a great role to play in doing such too. Let’s forget about the comfort zones that many marketers are in, lost into their own paradigm and a know-it-all attitude that often suppress ideas and being aversive to change. This is not just for marketers but for all entrepreneurs as well. The world needs responsible innovation as opposed to disruptive innovation which though it has its ups, has resulted in taking away our abilities, knowledge and the very nature of our being. Don’t pursue innovations that makes humans more reliant and dependent on the technology. These are creating empty minds today, and worse it’s also altering our attitudes and behaviors of the human values we’ve been sustaining for generations.

Spending a great amount of time and effort in hearing out to your stakeholders, not just consumers, is something any marketer cannot ignore. Empathy and emotional intelligence have never been more important. They should mindfully engage in deeper conversations and establish platforms to exchange ideas, feedback and suggestions with a mindset of goodness which is well reflected in one’s character and conduct. It’s also important to surround yourself, both immediate and distance, with those who share a similar passion and belief of having a moral obligation to undo the damages caused to the mindsets and perceptions of people, whether through the products and services you offer, the media and messaging you use, and the entire business infrastructure and value chain you’ve built. Whether you’re in a B2B or B2C setting, it’s all about human-to-human communication today where technology is simply the enabler.

Stress is a major phenomenon among today’s generation, fueled by the various complex issues that are only rising further and further – and yes, marketing, media, technology and entertainment has contributed to this greatly. Numerous research has found that Generation Z has the highest stress and anxiety than any other groups, followed by Millennials and marketers need to understand what this means when it comes to their customers and employees and be able to connect the dots with their behavior and emotions. Unfortunately, this crucial aspect is often ignored or not given much attention to. 

Marketers are also often lost into the competition mindset and this type of thinking is so outdated today. This has only resulted in increased ego. It’s a shared economy everywhere, and marketers should find the ways and means in how best to share their resources and capabilities with others in their ecosystem and achieve a more sustainable value driven proposition in their pursuit to realize the results of their responsible marketing activities. 

Marketers can, or should, play a key role in undoing and restoring all that is lost or stolen from our inner-human and societal values and not turn a deaf ear to everything that’s happening today. Acquire more self-awareness on being responsible, instill such values in your mind and all those who you lead, pursue on initiatives and decisions that will only improve people’s hearts and minds, and leave behind a legacy of goodness. With many hopes, I conclude this message to all my fellow marketers and entrepreneurs. 

(By Thanzyl Thajudeen MCIM Chartered Marketer MSLIM MCPM, a professional marketing and design consultant)

Sri Lanka is in talks with the International Monetary Fund (IMF) to borrow at least $3 billion via the lender’s extended fund facility (EFF), official sources said.

 The island state’s government expects another round of technical talks with the IMF in early June and hopes to reach to a staff-level agreement as soon as the end of this month, Prime Minister Ranil Wickremasinghe opined. 

Sri Lanka has requested a rescue plan to overcome its worst economic crisis since independence in 1948. It defaulted on some overseas debt earlier this year and is struggling to pay for imports of basics such as fuel and medicine.

An EFF programme, which would be the 17th IMF plan for the nation, requires countries to make structural economic reforms “to correct deep-rooted weaknesses,” according to the IMF’s website. These programmes normally last three years with a grace period of 4-1/2 years to start paying back the loan, once the plan is approved.

A $3 billion deal would represent almost four times the country’s quota with the IMF.

The IMF said last week it was in talks with Sri Lanka for a “comprehensive” reform package, but didn’t specify what type of programme was being negotiated.

Prime Minister Ranil Wickremesinghe, who took office in May after mass protests forced the resignation of his predecessor, Mahinda Rajapaksa, plans to present an interim budget within weeks.

The government announced on Tuesday a taxation overhaul to boost revenue, hiking corporate tax and raising the value added tax (VAT) rate to 12% from 8% with immediate effect.

Sri Lanka recently appointed financial and legal advisers to kick off talks with bondholders and bilateral lenders, such as China and Japan.

The Government is targeting US $5bn this year for repayments, plus a further US $1bn to bolster the country’s reserves, Prime Minister Ranil Wickremesinghe said today.

The Prime Minister, during a meeting today with representatives from the Joint Chambers, elaborated that discussions with the IMF are proceeding and he was hopeful that negotiations would conclude by the end of the month.

The Prime Minister also explained to the representatives that debt restructuring has begun, following the appointment of financial and legal advisors.

He said that any bridging finance to help alleviate the crisis is dependant on an agreement with the IMF being reached.

Commenting further, Prime Minister Wickremesinghe stated that talks were continuing with donor nations. He added that relations with Japan had broken down, and it would take a while to repair those relations and regain their confidence.

In regards to the medicine shortage, the Prime Minister explained that former President Mohamed Nasheed was leading the international appeal for urgently needed medicine supplies.

The Government plans to convert Trincomalee Port to a mega industrial port city that will house ship repairs and shipbuilding, a petroleum refinery, fertilizer manufacturing, steel and mineral sand industries and biomass storage facilities.

Tenders will be  floated soon for this purpose while  the economically beleaguered nation will put up a couple of thousand hectares of land on lease to set up industries in a special economic zone.

It will realize the associated development of the strategically located port, stirring up geopolitical interest in that part of the Indian Ocean.

There is an extent of 2,000 acres of land available for the development of these mega industries and the government intends to make Trincomalee a hub for top-heavy industries, top official sources said. .

 “This will be a Public Private Partnership Project (PPP ) and the total investment would be around US$ 175 million.”

The Master Plan prepared by the Sri Lanka Ports Authority has focused on having maximum industries in the Trincomalee Port so that the provision of Port services could enable the port to run at a profit. 

The Trincomalee Port Development plan is prepared considering the national and international requirement as a hub port in the Bay of Bengal rim region which has a great future with the rapid expansion of economies of Bangladesh, East Coast of India, Myanmar and Sri Lanka. 

A US company has expressed interest in developing a Trincomalee Harbour site and its precincts by setting up a mega oil refinery at an investment of US$ 3 billion, an Energy Ministry’s special memorandum has revealed.

The company, whose name is not revealed in the cabinet memorandum, has submitted an unsolicited proposal to develop the site near the port along with land area, 10 times greater than the Colombo Harbour,

According to the document, the Sri Lanka Port Development Authority’s National Port Development Plan has identified Tricomalee Port as a strategic harbour to cater for bulk cargo, and port related activities including heavy industries, tourism and agriculture.

Under this plan an oil refinery project will be implemented on a long term Build, Operate and Transfer Basis (BOT).

According to the Ministry memorandum, the oil refinery and an investment promotion zone with industrial park will be established in a 33000 acre land near this port.

The next stage of development will involve a call for proposals from potential investors for the Free trade Zone Industrial Park and Tourism Zone.

Port of Trincomalee shall be developed to play a major role in this unique economic region considering its locational advantage, deep water port facilities, large hinterland for establishing industries and accompanied with quick land connection to Port of Colombo, with the expansion of expressway network.

Prasantha Jayamanna, chairman of Sri Lanka Ports Authority said The proposal to develop an industrial harbour in Trincomalee is a long-standing plan to monetise land that belongs to the Sri Lanka Port Authority, by getting foreign and local investment for a special economic zone, an industrial park, or an energy hub.

This would also entail the development of the port for non-containerised cargo traffic, such as cement, coal or other industrial raw material.

Jayamanna had made similar remarks in January this year. It is unclear when SLPA will act on its intentions. India, which has already made a substantial investment in Trincomalee, is likely to be interested in the proposal both as a commercial project and as a strategic investment, a source in Sri Lanka said.

Earlier this year, Lanka Indian Oil Company, a subsidiary of Indian Oil Company, and Ceylon Petroleum Corporation signed an agreement to develop a massive oil storage tank farm built during British rule at Trincomalee. 

The oil storage facility is located at the harbour and has its own jetty. The two entities have formed a special purpose joint venture called Trinco Petroleum Terminals Ltd for the development of 85 tanks — all in decrepit condition.