Wednesday Nov 20, 2024
Wednesday Nov 20, 2024
Saturday, 9 February 2013 00:00 - - {{hitsCtrl.values.hits}}
The fourth edition of the Jaffna International Trade Fair (JITF), organised by the LECS and FCCISL, successfully concluded in Jaffna’s Durayappah Stadium. JITF is a platform for all the stakeholders of ‘doing business in Jaffna’ to exhibit and sell products and services to a less exposed market, build network and new partnerships.
A business forum was organised by the Federation of Chambers of Commerce and Industry of Sri Lanka concurrent to the trade fair, to disseminate knowledge on investment opportunities and doing business in Northern region. The forum held at the Jaffna Public Library consisted of three sessions and were presented by V. Sivagnanasothy, Secretary, Ministry of Traditional Industries and Small Enterprises on the topic ‘Role of the Ministry to Protect in Traditional and Small Enterprises’, while Priyantha Gunesekara, General Manager, Ceylon Electricity Board, Northern Province spoke on ‘Enhancing the Quality of Energy Services in Northern Province’, and Tushara Jayaratne, Assistant Director, External Relations and Market Development, Securities and Exchange Commission addressed the gathering on ‘Investing in the Stock Market’.
The audience at the forum consisted of a trade delegation from Tamil Nadu, SMEs, entrepreneurs, traders, investors and visitors. The forum was an opportunity to interact with different stakeholders and receive comments from the presenters and the audience.
Speaking at the forum, Sivagnanasothy explained how the Ministry of Traditional Industries and Small Enterprises is getting involved in the Divi Neguma program and mentioned that five line ministries are doing so. They are the Ministry of Economic Development, Ministry of Traditional Industries and Small Enterprises, Ministry of Industry and Commerce, Ministry of State Resources and Enterprise Development and Ministry of Technology and Research.
The Secretary also added that the objective of the program is to develop a poverty free country by 2016 and cottage industries have been prioritised in achieving this goal. The ‘one product, one village’ concept is being practiced so that all resources and facilities are channelled into a one village. He stated that buy-back arrangements will be put in place in order to provide a full package for the beneficiaries of the program. Exhibitions and forums of this nature help assess the need of the local people, provide technical training and networking.
Gunasekara from the CEB elaborated on the peak power demand in the Northern province: Jaffna – 40.5 MW, Kilinochchi – 2.4 MW, Mullaiththivu – 2.3 MW, Vavuniya – 11.3 MW and Mannar – 5.6 MW. Grid substations in Vavuniya and Kilinochchi are available, Chunnakam is to be completed in 2013 and Mannar by 2016. He also said the entire peninsula will be connected to the national grid by the end of this year. Even though 17 MW is contributed from hydropower, CEB cannot cater to these loads. This is to be sorted out when the CEB’s 24MW project is commissioned this month. He explained that they are forced to impose interruptions on the system because of road widening work. Although the road widening work is almost over, it may take some time to sort the system out. It was observed that a severe voltage drop in Mannar occurred recently. A voltage regulator is needed near Murungan to overcome this issue. The highest number of tripping incidents is observed in Mannar but compared to the past, the incidents are declining at the moment. After commissioning the GSS for 2016, all problems are expected to be solved. Jayaratne from Securities and Exchange Commission while addressing the forum provided some of the figures indicating the status of the CSE’s operations. The numbers of listed companies in the CSE were 242 in 2010, 272 in 2011 and 287 in 2012. The domestic and foreign investment in the last three years was Rs. 464.9 billion and Rs. 105.5 billion in 2010, Rs. 486.9 billion and Rs. 59.2 billion in 2011, and Rs. 145.4 billion and Rs. 43.3 billion in 2012. Observing the index performance from 1985 to October 2012, it was noted that the ASPI gained only 1,400 points over 24 years, whereas the ASPI gained 4,250 points in the three and a half years after the war. He listed out the benefits given to the stock exchange in the Budget for 2013. They are:
A three year half tax holiday for new companies listed on the Colombo Stock Exchange before December 2013, and maintaining a minimum of 20 per cent of its shares with the public
Exempting withholding tax on interest income earned from investing in bonds and debentures listed in the Colombo Stock Exchange
The roadmap for the coming years for the CSE include expedite SEC act amendments, listing large companies, attracting new funds (foreign and local), developing infrastructure and the corporate debt market, intensifying education and awareness, developing unit trusts, strengthening risk management systems, developing new products (derivatives, ETF, commodities) and demutualising the CSE.
