By: Staff Writer

September 17, Colombo (LNW): Dairy Industries Ltd., a prominent player in Sri Lanka’s dairy sector, recently held a successful press conference to reaffirm its commitment to safety and environmental stewardship.

The event underscored the company’s dedication to creating a safe working environment while ensuring adherence to both local and international health, safety, and environmental standards.

As part of its safety strategy, Pelwatte Dairy has embraced ISO 45001, the global benchmark for Occupational Health and Safety (OH&S).

This certification provides a framework designed to enhance employee safety, minimize workplace risks, and improve overall working conditions.

Key goals under this standard include fostering a culture of safety through leadership and employee engagement, complying with local regulations such as the Factory Ordinance, and meeting international standards like those set by the International Labour Organisation (ILO).

 The company aims to prevent workplace injuries by conducting thorough risk assessments and striving for a zero-accident environment.

Pelwatte Dairy is also focused on enhancing its environmental performance through ISO 14001 certification.

This globally recognized standard offers a structured approach to managing and reducing environmental impact, promoting sustainability across the company’s operations.

By integrating sustainable practices, optimizing resource use, minimizing waste, and improving energy efficiency, Pelwatte Dairy aims to prevent negative environmental impacts.

The company has also adopted the Food Safety System Certification (FSSC), ensuring that its products meet rigorous global food safety standards.

Pelwatte Dairy emphasizes continuous improvement in food safety practices through regular assessments and audits, aligning its operations with international benchmarks.

Managing Director Akmal Wickramanayake highlighted the importance of leadership in setting safety standards and encouraged active employee participation in maintaining a safe workplace. “At Pelwatte, we view safety as a collective responsibility.

 By fostering leadership, encouraging employee involvement, and focusing on continuous improvement, we aim to make safety an integral part of our operations,” said Wickramanayake.

He further emphasized the company’s commitment to environmental protection as a fundamental aspect of its sustainable growth strategy.

As Pelwatte Dairy expands into international markets, maintaining high safety and environmental standards is crucial for global competitiveness and upholding its commitment to safety and environmental responsibility.

Assistant Manager – SHEQ Chaminda Lanka echoed these sentiments, stressing the importance of integrating safety practices into daily routines.

“We engage with every employee to ensure that safety practices become second nature,” he noted. Risk assessments are central to their safety strategy, enabling proactive management of occupational health and safety risks.

General Manager – Manufacturing Lasantha Silva underscored the company’s adherence to both local and international safety regulations. “

Compliance with safety standards is essential to our operations, protecting our employees and exemplifying responsible business practices in the dairy industry,” he said.

Senior QA Manager Shashikala Madakumbura highlighted the alignment of safety practices with quality management, aiming to identify and mitigate risks affecting both employee well-being and product quality.

Pelwatte Dairy remains dedicated to ongoing improvements in environmental performance, resource efficiency, and pollution reduction. Silva commented, “Continuous improvement is a core principle for us. We are constantly seeking ways to minimize our environmental impact, guided by our ISO 14001 commitment.”

Through its comprehensive safety initiatives and adherence to ISO standards, Pelwatte Dairy Industries continues to lead the dairy industry in Sri Lanka with a strong focus on safety, legal compliance, and environmental sustainability.

By: Staff Writer

September 17, Colombo (LNW): The International Monetary Fund (IMF) has acknowledged Sri Lanka’s significant strides in economic recovery but warns that the nation remains fragile and must continue to safeguard its progress. According to the President’s Media Division, the IMF stressed that while achievements have been made, the country still faces challenges.

Julie Kozack, Director of the IMF Communications Department, highlighted the importance of ongoing reforms, particularly with the presidential elections approaching.

She affirmed that the future of Sri Lanka’s political leadership is in the hands of its citizens but emphasized that meeting the objectives of the IMF’s program is crucial for the country to fully recover from its severe economic crisis. “Progress has been made, but the country is not out of the woods yet,” Kozack noted.

Kozack pointed to several key achievements under the IMF’s Extended Fund Facility (EFF) program, which included the IMF’s approval of the 2024 Article IV Consultation and the Second Review of the EFF in June, unlocking $336 million in funding for the country.

Positive trends such as economic growth recovery, subsiding inflation, increasing international reserves, and improved revenue collection were also highlighted as outcomes of the program.

However, despite these advancements, Kozack expressed concerns about Sri Lanka’s vulnerability to economic risks, underscoring the importance of maintaining reform momentum.

On the topic of debt restructuring, Kozack addressed questions regarding private creditors’ proposals. She noted that Sri Lanka had made progress by restructuring domestic debt and securing agreements with the official creditor committee and the Export-Import (EXIM) Bank of China.

However, she clarified that the IMF does not directly negotiate between Sri Lanka and its creditors but provides an overall debt sustainability assessment.

The timing of the IMF’s Third Review of Sri Lanka’s program will depend on the results of the presidential elections. Kozack confirmed that discussions with the government would resume after the elections, once a new administration is in place.

Kozack further reiterated the IMF’s support for Sri Lanka’s reforms and emphasized the need to preserve the hard-earned achievements.

The next program review is scheduled for mid-October, but any further talks will only happen once the election results are determined.

She also addressed speculation about revisiting the Debt Sustainability Assessment (DSA), confirming that these discussions will occur after the elections.

She concluded by noting that while the IMF’s role remains advisory and financial, critical milestones such as domestic debt restructuring and agreements with key creditors mark significant steps in Sri Lanka’s recovery efforts.

By: Staff Writer

September 17, Colombo (LNW): Port City Colombo is making significant strides in attracting high-value investments, particularly focusing on the South Asian, APAC, and Middle Eastern regions, with a special emphasis on Qatar, as the project intensifies its efforts to secure land development and business set-up deals before the end of 2024.

The project has already made headway, with 41 companies registered as Authorised Persons (APs) under the Colombo Port City Economic Commission. Furthermore, over half (52%) of the Marina District, which includes South Asia’s first luxury yacht marina and a five-star hotel, has secured investments.

Some of the prominent international and local companies onboard include Asiri Port City Hospital, TIQRI, CODEGEN INNOVATIONS, 99x Technology, IVIVAPTE, Echelon Trade, and Port City BPO, all designated as Businesses of Strategic Importance.

In a bid to enhance investment ties with Qatar, a high-level delegation from Port City Colombo, led by General Manager Tian Zheng and Senior Manager Asiri Peramunegegama, visited Doha from September 3 to 5, 2024.

The visit, facilitated by the Embassy of Sri Lanka in Doha and the Qatar-Sri Lanka Business Council (QSBC), aimed to promote investment opportunities within Port City Colombo, positioning it as a hub for commerce, finance, and tourism.

The delegation held key discussions with leading real estate companies in Qatar, exploring potential partnerships and investments in diverse sectors. Ambassador Mohamed Mafaz Mohideen underscored the importance of strengthening economic ties between Sri Lanka and Qatar, while QSBC President John Prasad highlighted Port City’s competitive advantages.

Prasad emphasized that Port City offers businesses direct access to European, Asian, and global markets at competitive costs. QSBC invited real estate investors to explore opportunities in developing hotels, luxury villas, residential complexes, and high-rise commercial towers within Port City.

The discussions also provided a platform to exchange insights on the investment prospects in Port City Colombo, contributing to Sri Lanka’s goal of attracting global investors and building a future-ready business ecosystem.

Currently, over 20 additional prospective investors are in the pipeline to become registered as APs, signaling growing confidence in Port City Colombo’s potential as a leading regional investment destination.

Located within the Colombo Port City Special Economic Zone, the project offers a low-risk financial environment, ensuring ease of business operations for international investors while remaining shielded from Sri Lanka’s domestic macroeconomic challenges. Port City Colombo is an FDI hotspot, offering a liveable master-planned city with a thriving commercial ecosystem.

 The project allows transactions in 16 international currencies, with no capital or exchange controls, 100% foreign ownership, and fiscal incentives extending for more than 25 years.

Investors have two primary avenues for investment: land development, which includes residential and commercial property projects, and busin

ess set-up opportunities in sectors such as IT, financial services, hospitality, logistics, and more. To operate within the Colombo Port City Special Economic Zone, businesses must qualify as Authorised Persons, recognized by the Colombo Port City Economic Commission.Port City Colombo is poised to drive Sri Lanka’s transformation into a global investment hub, modeling its development after successful international economic zones like Dubai and Singapore.

By: Staff Writer

September 17, Colombo (LNW): As Sri Lanka approaches its 2024 presidential election, scheduled in six days, the focus is on the nation’s future under the leadership of its next president. Political analysts expect significant shifts and defections among political parties ahead of the election. With just five days left before the election, a strategic five-year plan for Sri Lanka’s economic and social development has been revealed.

The plan aims to address critical national issues such as reducing the cost of living, stimulating job creation, cutting taxes, and fostering economic growth. Two key social welfare programs, Aswesuma and Urumaya, have been highlighted as integral to supporting financially vulnerable populations. The government seeks to ensure that these programs enable the country’s progress to benefit all Sri Lankans, with particular focus on the most disadvantaged groups.

Central to the plan is the goal of lowering the cost of living. This will be achieved by eliminating taxes on essential items and boosting local production to make basic goods more affordable for families. By focusing on self-reliance, the plan hopes to reduce dependence on imports, whose prices are susceptible to fluctuations in global markets. However, strategic imports will still be necessary to stabilize prices and prevent shortages.

Tax reforms form another key component of the strategy. Significant tax relief is proposed, particularly aimed at reducing indirect taxes, which often disproportionately affect ordinary citizens. This move is expected to increase disposable income and boost economic activity. A clear timeline for implementing these tax cuts has been established, with indirect tax reductions and tax-free incentives for professionals set to roll out over the next two years.

Job creation is also a major focus, with the government planning to attract new industries and businesses to Sri Lanka. Small businesses and startups, seen as key drivers of growth, will receive significant support. Skill development and training initiatives are planned to ensure that Sri Lankans are prepared for the new opportunities in the job market, enhancing their earning potential.

Alongside these economic measures, the plan emphasizes the importance of healthcare, education, and skill development. These sectors are seen as vital in creating a healthy and educated workforce, which will be crucial for the country’s long-term prosperity.

The expansion of welfare initiatives like Urumaya and Aswesuma aims to reduce poverty and inequality, contributing to a more equitable society. These programs are expected to broaden their reach, providing greater financial assistance to those most in need.

 In summary, Sri Lanka’s five-year plan lays out a vision for economic growth and social welfare, aiming to create a stable and inclusive future for the country. Through tax reforms, local production, job creation, and strategic social programs, the plan strives to uplift the nation while ensuring that progress benefits all citizens.