EMPOWERING YOUR DREAMS - The National Chamber of ...

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EMPOWERINGYOUR DREAMSFinancial Year : 1st April 2018 to 31st March 2019 Operational Year : 1st January 2019 to 31st December 2019

Annual Report 2018/19

EMPOWERING YOUR DREAMS ENTREPRENEURS CONTINUE TO BOLSTER THE LIFELINE OF OUR ECONOMY, FOSTERING

ECONOMIC INDEPENDENCE AND THE HOPE FOR A STRONGER, MORE SELF-SUFFICIENT

ECONOMY FOR OUR MOTHERLAND. AS A LEADING AUTHORITY IN UPLIFTING AND

DEVELOPING ENTREPRENEURIAL VISIONS, NCCSL CONTINUES TO EMPOWER THE DREAMS

OF OUR ENTREPRENEURS PROVIDING ESSENTIAL GUIDANCE TO SMES AND LARGE SCALE

ENTERPRISES. WHETHER THEY ASPIRE TO BREAK INTO THE LOCAL PLAYING FIELD OR TO

ENTER INTERNATIONAL MARKET-SPACES, WE SUPPORT THEM IN THEIR MOST CRUCIAL

STRATEGIC MILESTONES, PROVIDING VITAL RESOURCES; INFORMATION AND STRATEGIC

DIRECTION, HELPING THEM BREAK CHALLENGING FRONTIERS.

ACROSS THE YEARS, NCCSL HAS SUPPORTED MANY BUDDING ENTERPRISES TO BECOME

INDUSTRY LEADERS, PROVIDING ASSISTANCE IN FINANCIAL LITERACY, BUSINESS

CONSULTATION AND MARKET PLACEMENT OF PRODUCTS WHILE ASSISTING BUSINESSES

OF YOUTH AND WOMEN. WE CONTINUE TO BE A PARTNER IN THEIR GROWING VENTURES

WHILE CONTINUING TO ASSIST OUR ENTREPRENEURS TO ACHIEVE GROWTH POTENTIALS

AND BUSINESS ASPIRATIONS.

Mission

THE VISION OF THE NATIONAL CHAMBER OF COMMERCE OF SRI LANKA IS TO BE THE LEADING SOURCE OF SERVICES AND ASSISTANCE TO BUSINESSES COUNTRYWIDE FOR PROMOTION OF DOMESTIC AND FOREIGN TRADE WITH SPECIAL EMPHASIS ON THE DEVELOPMENT OF MICRO, SMALL AND MEDIUM ENTERPRISES.

• MEETING MEMBER EXPECTATIONS

• GIVING AWARENESS TO THE STAKEHOLDERS AT THE RIGHT TIME

• GIVING A HELPING HAND TO SMEs

• RESPECT THE EQUALITY

• EMPOWERING STAKEHOLDERS

• BRINGING THE INTERNATIONAL BUSINESS FLAVOUR TO LOCAL BUSINESSES

THE MISSION IS TO PROVIDE TRADE PROMOTION SERVICES AND ASSISTANCE REQUIRED BY BUSINESSES TO FUNCTION COMPETITIVELY IN DOMESTIC AND OVERSEAS MARKETS AND TO REPRESENT THEM IN MATTERS OF COMMON AND INDIVIDUAL INTEREST AT ALL FOR INCLUDING DISCUSSIONS AND DELIBERATIONS CONVENED BY THE GOVERNMENT.

THE MISSION IS TO BE ACHIEVED PRIMARILY THROUGH ENHANCING THE EFFICIENCY AND COMPETITIVENESS OF FIRMS COUNTRYWIDE AND STRENGTHENING THE DIALOGUE WITH THE GOVERNMENT TO ASSIST IN CREATING A CONDUCIVE BUSINESS ENVIRONMENT.

VisionValues

Content

2 VISION, MISSION AND VALUES4 ABOUT THE REPORT5 JOURNEY ACROSS THE YEARS

8 SPOTLIGHT ON FLAGSHIP EVENTS

10 EXTRACTS FROM THE SPEECH OF THE CHIEF GUEST12 EXTRACTS FROM THE SPEECH OF THE GUEST OF HONOUR14 EXTRACTS FROM THE SPEECH OF THE PRESIDENT 16 EXTRACTS FROM THE SPEECH OF THE OUTGOING PRESIDENT

20 PRESIDENT’S MESSAGE24 REVIEW BY THE SECRETARY GENERAL28 THE EXECUTIVE TEAM31 MEMBER AFFILIATIONS32 THE COUNCIL36 THE COUNCIL OF 201937 PAST LEADERSHIP38 THE OPERATIONAL TEAM

44 MANAGEMENT DISCUSSION

48 WHO WE ARE49 CHAMBER SERVICES50 NETWORK FOR SME DEVELOPMENT51 PAST PRESIDENTS AND SECRETARY GENERALS / CEOS52 COMMITTEE STRUCTURE53 THE GOVERNING COUNCIL AND SECRETARIAT54 TRAINING AND KNOWLEDGE SHARING56 BUSINESS DEVELOPMENT PROGRAMS - SME60 BILATERAL AND STRATEGIC INITIATIVES

66 CAPITAL REPORT69 FINANCIAL CAPITAL

71 RISK MANAGEMENT

74 FINANCIAL STATEMENTS

INNERBACKCOVER CORPORATE INFORMATION

COVER STORY

ABOUT NCCSL

SPOTLIGHT ON FLAGSHIP EVENTS

60TH AGM OF THE CHAMBER

LEADERSHIP

MANAGEMENT DISCUSSION

THE CHAMBER

CAPITAL REPORT

RISK MANAGEMENT

FINANCIAL STATEMENTS

CORPORATE INFORMATION

THE NATIONAL CHAMBER OF COMMERCE OF SRI LANKA ANNUAL REPORT 2018/19

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About the Report

Report Content and BoundaryThe ensuing content of this report is a presentation of the conduct of the Chamber during the year 2019. It provides a comprehensive insight into this year’s events, forums, meetings and strategic initiatives and provides insights into the Chamber’s strategic measures in building local businesses especially Micro, Small and Medium Enterprises (MSMEs).

It includes the programs expedited to inform, educate and train target groups within the business community, in enabling business growth and market expansion opportunities for member companies. The report provides a detailed depiction of the bilateral discussions, meetings with ambassadors and other events hosted or supported by the Chamber, with the purpose of assisting foreign organizations to seek information and opportunities pertaining to bilateral trade in the domestic market. It also provides the strategic partnerships initiated in 2019 in strengthening the services and reach of the Chamber.

Intended Audience

This report is intended for the use the members of the Chamber, professional businessmen, prospective businessmen and other stakeholders.

Declaration

The Financial Statements presented herein are audited and prepared by KPMG Chartered Accountants in compliance with the requirements of the Companies Act 2007 and certified by Mr. Gamini Wimalasuriya, Hon. Treasurer and approved by Mr. Asela de Livera - President and Mr. Nandika Buddhipala, Senior Deputy President of the National Chamber of Commerce Sri Lanka.

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EMPOWERINGYOUR DREAMSFinancial Year : 1st April 2018 to 31st March 2019 Operational Year : 1st January 2019 to 31st December 2019

Annual Report 2018/19


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Journey across the years

1948• The chamber was established

1955• The Chamber was incorporated as a legal entity

1972• Two awards for outstanding performance in an International

Trade Fair awarded by the IKOFA, Food Fair in West Germany,

making us the first Chamber to have won these prestigious

awards.

1990• Selected as one of the two Chambers to issue Entrepot

Certificate of Origin, introduced in Sri Lanka in 1990

1993• Construction of Chamber Headquarters commenced

with the laying of its foundation at 450, D.R. Wijewardene

Mawatha, Colombo 10. The same year, we reorganized the

Chamber library – both projects were completed under the

financial backing of the Policy Support Unit of the USAID.

1995 • Operations were shifted to new Headquarters on June 3rd.

The same year we signed an agreement with the Sri Lanka

China Business Cooperation Council for providing secretarial

services.

1996• The first ever INTRAD exhibition was inaugurated, held from

7-9th of July at the BMICH.

1997• The second INTRAD exhibition was inaugurated by President

H.E. Chandrika Bandaranaike Kumaratunge and conducted

successfully.

2000• The chamber conducted the 3rd INTRAD Millennium

exhibition and Investor Forum at the BMICH in May, marking

the beginning of the millennium.

2004• The first National Business Excellence Awards was held in

November, at Hotel Hilton. 29 best performing business

organizations were presented with awards.

2005 • The first female President of the Chamber was elected, as

Head of the Chamber.

• NCCSL facilitated rehabilitation of SMEs affected by the

2004 Tsunami by providing financial assistance through

donor funding.

• The first auditorium of the Chamber was completed on the

4th floor of our Headquarters, fulfilling a vital need for an in-

house accommodation for various events and programs.

• The National Business Excellence Awards was conducted

for the second year, held at Hotel Hilton. In addition, the first

ever National Healthcare Exhibition “Arogya 2005” was held

at BMICH, in partnership with the Ministry of Health.

2006• The “Arogya 2006” National Healthcare Exhibition was held

for the second successive year at BMICH.

• The SME – Businesses Promotion Fund was held, with

Financial Assistance by the Royal Netherlands Government.

• NBEA 2006 was organised for the third consecutive year at

Hotel Hilton.

2007• The very first “Ayurveda Expo” International Exhibition

and Symposium was organized in September with wide

international participation at BMICH.

• NBEA 2007 was also organized for the fourth consecutive

year at Hotel Hilton.


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2008• The “Wellassa Krushi Udawa” was held in Buttala, Moneragala –

the first such Regional Agricultural Exhibition held in Sri Lanka.

• NBEA 2008 was also organized for the fifth consecutive year

at Hotel Hilton.

2009• The Chamber received an International Award for the Best

Small Business Project at the 6th World Chamber Congress

held in Malaysia in June.

• The “Ayurveda Expo 2009” International Exhibition and

Symposium was held for the second successive year, in May

• The NBEA 2009 event was organized for the sixth

consecutive year.

2010• ‘INTRAD EXPO – 2010’ was conducted.

• The seventh consecutive NBEA 2010 was held at the Hotel

Hilton.

• Monthly Bilateral Trade Sessions were initiated with

Ambassadors and High Commissioners of Sri Lanka through

“Meet the Ambassador” Program.

2011• The ‘Ayurveda Expo – 2011’ Indigenous Healthcare Exhibition

and Symposium was held from 15th-17th July 2011, BMICH,

with President of Sri Lanka, H.E. Mahinda Rajapaksa, as the

honorary chief guest.

• ‘NBEA – 2011’ was conducted for the 8th consecutive year at

Hotel Hilton.

• The Sri Lanka – Bangladesh Business Co-operation Council

was officiated.

• National Chamber won the ‘Global Business Excellence

Award 2011’ for its outstanding contribution towards

business development.

2012• The ‘Arogya – 2012’ National Healthcare Exhibition was

organized for the 3rd consecutive time at BMICH.

• ‘NBEA – 2012’ was conducted for the 9th successive year at

Hotel Hilton.

2013• The Chamber unveiled a refurbished and fully equipped

auditorium, ceremoniously inaugurated by H.E. Mahinda

Rajapaksa, President of Sri Lanka, in January.

• ‘Ayurveda Expo – 2013’ International Indigenous Healthcare

Exhibition and Symposium was organized for the 4th time at

BMICH.

• Conducted ‘NBEA – 2013’ for the 10th consecutive year at

Hotel Hilton.

2014• The ‘National Business Excellence Summit (NBES) 2014’ was

inaugurated and held on 21st and 22nd March at BMICH.

• ‘INTRAD Expo – 2014’, the International Exhibition and Trade

Fair and the ‘Arogya – 2014’ National Healthcare Exhibition

were held together for the first time in May at the BMICH.

• Conducted ‘NBEA – 2014’ for the 11th consecutive year at

Hotel Hilton.

2015• The program “Meet the Minister” was introduced for hosting

a Minister at the Chamber on a monthly basis.

• The NBEA was conducted for the 12th consecutive year at

Hotel Hilton.

• Ayurveda Expo 2015 and Symposium was held at BMICH for

the fifth successive year with foreign participation. Around

45,000 visited the exhibition during a 3 day period.

• The NBES 2015 Competition was held for the 2nd year at

BMICH.

Journey across the years


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2016• The 57th Annual General Meeting of the Chamber was

held at the Kingsbury Hotel, Colombo; Minister Hon. Eran

Wickramaratne - Deputy Minister of Public Enterprises and

Development graced the event as Chief Guest.

• The Chamber kicked-off training programs in e-commerce

for regional female entrepreneurs, including differently-

abled persons.

• Ayurveda Expo 2016 – Indigenous Healthcare Exhibition and

Symposium was held at BMICH, with President of Sri Lanka

Hon. Maithripala Sirisena as its Chief Guest.

• Conducted NBEA 2016 for the 13th consecutive year at

Hotel Hilton.

• Conducted the first ever ‘Entrepreneur Awards 2016’ – for

SMEs in the Western Province, in association with NEDA

(National Development Authority) on an invitation by NEDA.

2017• The 58th Annual General Meeting of the Chamber was

concluded at the Kingsbury Hotel, in January, with the

presence of Hon. Faizser Mustapha, Minister of Provincial

Councils and Local Govt. as Chief Guest and Dr. Harsha de

Silva, Deputy Minister of Foreign Affairs as Guest of Honour.

• Members of the Chamber were presented with ‘National

Honours’ by the Government and felicitated by the National

Chamber at Colombo Hilton Residences, with Hon. Karu

Jayasuriya, Speaker, as Chief Guest.

• Medical Healthcare Exhibition – “Mahajana Suwadhana” was

held in partnership with the Ceylon College of Physicians and

in commemoration of their 50th anniversary. Hon. Rajitha

Senaratne, Minister of Health, Nutrition and Indigenous

Medicine was invited as Chief Guest, which was held at

BMICH from 14-16th July 2017.

• ‘Entrepreneur Awards 2017’ for SMEs in Western Province

was organized for the second consecutive year, in

association with NEDA (National Enterprise Development

Authority) on an invitation by NEDA; Chief Guest of the event

was Minister of Industry and Commerce and State Minister

of Industry and Commerce.

• NBEA 2017, was organized for the 14th consecutive year,

and was held at the Hilton Hotel in Colombo, in December,

with H.E. David McKinnon, High Commissioner of Canada as

its Chief Guest.

2018• The National Chamber of Commerce celebrates its 70th

Anniversary along with Independence.

• 59th Annual General Meeting of the Chamber was held

in January at Hotel Kingsbury, graced by the Hon. Prime

Minister Ranil Wickramasinghe as Chief Guest.

• Ayurveda Expo 2018 International Indigenous Healthcare

Exhibition and Symposium held in July at BMICH.

• Entrepreneur Awards 2018 – Western Province – conducted

for the 3rd consecutive year by the National Enterprise

Development Authority (NEDA) and the National Chamber

of Commerce of Sri Lanka and joined by World University

Service of Canada (WUSC) on 13 November 2018 at

Sri Lanka Foundation Auditorium.

• Celebrating its 15th year “National Business Excellence

Awards 2018” was held at Hotel Hilton in December, graced

by Chief Guest, Deputy Ambassador of European Union.

• Under the ‘Meet the Ambassador’ – program, ambassadors

from Oman, Bangladesh, Pakistan, Maldives, France,

Vietnam, Hungary and European Union were hosted for

bilateral trade discussions at the National Chamber.

• Chamber supported the 4th edition of INTEX South Asia

2018 (Textile and Apparel Exhibition) held in November 2018

at BMICH Colombo.

2019• The 60th Annual General Meeting of the National Chamber

of Commerce of Sri Lanka was held on Tuesday, 29 January

2019 at Hotel Kingsbury, graced by the Hon. Deshabandu

Karu Jayasuriya Speaker of the Parliament of Sri Lanka as

Chief Guest, Hon. Eran Wickremaratne, State Minister of

Finance was the Guest of Honour.

• International Healthcare Exhibition 2019 was conducted at

the BMICH. The programme was titled “Suwa Denuma” and

was held from 26 -28th July at BMICH.

• Entrepreneur Awards 2019 – Western Province was

conducted for the 4th consecutive year, by the National

Enterprise Development Authority (NEDA) and the National

Chamber of Commerce of Sri Lanka on 30th October 2019

at the Sri Lanka Foundation Auditorium.

• Celebrating its 16th year of Excellence, the “National

Business Excellence Awards 2019” was held at Hotel Hilton

on 13th December 2019. The Chief Guest was H.E. Robina

Patricia Marks, High Commissioner of South Africa.


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Spotlight on flagship events

CELEBRATING 71 YEARS OF SERVICE TO THE NATION, 2019 WAS MARKED AS A SPECIAL YEAR IN THE CALENDAR OF THE NATIONAL CHAMBER OF COMMERCE. THE HIGHLIGHTS OF THE YEAR INCLUDED OUR ANNUAL FLAGSHIP EVENTS, INCLUDING OUR 60TH ANNUAL GENERAL MEETING AND THE 16TH

NATIONAL BUSINESS EXCELLENCE AWARDS.

Entrepreneur Awards 2019

National Business Excellence Awards 2019

National Business Excellence Awards 2019Our flagship award ceremony the ‘National Business Excellence Awards’ was conducted for the 16th successive year this time. The ceremony was a glamorous event held under the camaraderie of everyone present, as they enjoyed a night filled with entertainment while celebrating the winners of the awards. Organised at Hilton Hotel Colombo on the 13th of December 2019, the Chief Guest at the event was H.E. Robina Patricia Marks, High Commissioner of South Africa.

The ceremony was hosted amidst a large group of high-ranking business leaders, top corporations, Diplomatic Missions and other distinguished guests. Overall Excellence Award winners were, Kelani Valley Plantations PLC - Gold Winner, Sri Lankan Catering Limited - Silver Award Winner, JAT Holdings (Private) Limited - Bronze Award Winner. Over 100 awards and certificates were presented to winners of various sectors.

Entrepreneur Awards 2019 – Western ProvinceThe 2019 Entrepreneur Awards – Western Province was organised for the 4th consecutive year by the National Chamber of Commerce of Sri Lanka in association with the National Enterprise Development Authority. The ceremony was held in grand scale at the Sri Lanka Foundation premises on 30th October 2019. Chairman of NEDA Dr. Siraz Meerasahib graced the event as Chief Guest as well as other dignitaries. The event was attended by a large gathering of SME and large sector Entrepreneurs together with Government officials, top corporates and representatives.

The award ceremony was focused on Micro, Small, Medium and Large sector entrepreneurs in the fields of Industry, Manufacturing Sector, Agriculture Livestock and Fisheries Sector, Hospitality and Tourism and other services Awards were presented in the areas of Best Environmental Friendly Enterprise, Best Exporter, Best Productive Enterprise, Best Innovative Enterprise, Best Value Added Enterprise, Best Energy Efficiency Enterprise, Award for the Entrepreneur - Who has Provided Most Number of Jobs for Females, Award for the Best Woman Entrepreneur and Award for the Best Entrepreneur – Differently abled, all of which were presented to the best performing companies, across eight thematic areas.

The most celebrated award, the “Best Entrepreneur of the Year 2019 – Western Province” was presented to Wijaya Products (Pvt) Ltd. recognising their outstanding performance in 2019.


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Official launch of the International Health Care Exhibition

60th Annual General MeetingThe 60th AGM of the National Chamber of Commerce of Sri Lanka was held on Tuesday, 29th January 2019 at Kingsbury Hotel. The Chief Guest at the AGM was Hon. Deshabandu Karu Jayasuriya, Speaker of the Parliament of Sri Lanka along with Hon. Minister Eran Wickeramaratne, State Minister of Finance gracing this momentous occasion as the Guest of Honour. Besides the office bearers of National Chamber, the AGM was attended by Leaders of member organisations, Diplomats, Members of the Council, Past Presidents and other esteemed personalities from the business community.

International Healthcare ExhibitionPredominantly targeting the healthcare sector, the International Healthcare Exhibition ‘Suwa Denuma’ was launched officially on the 18th of March at the Galadari Hotel and was honoured by the presence of Hon. Rajitha Senaratne, Former Minister of Health, Nutrition and Indigenous Medicine as Chief Guest.

The event took place at BMICH from the 26th to 28th of July 2019. The exhibition’s target profiles included Importers/Exporters, Manufacturers of Medicinal Products and Beauty Care products, Hospitals/Clinics/Educational Institutions, Sports and Fitness Activities, Veterinary Clinics, Essential Services related to Medicine such as Insurance, IT, Transport, Manpower, Financing and Social Services to name a few.


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EXTRACTS FROM THE SPEECH MADE BY CHIEF GUEST, HON. KARU JAYASURIYA AT THE 60TH AGM

HE EMPHASIZED THE IMPORTANCE OF THE COUNTRY’S GEOGRAPHICAL PRESENCE, ADDING THAT OUR STRATEGIC LOCATION HAS A CLEAR IMPACT ON RECEIVING OPPORTUNITIES FROM INTERNATIONAL BUSINESSES AS WELL AS FROM WORLD POWERS, AS THE COUNTRY’S PRESENCE PRESENTS MANY REASONS FOR RECEIVING SUCH GLOBAL INTEREST.

Guest speaker Hon. Karu Jayasuriya, Speaker of Parliament addressed those gathered at the 60th Annual General Meeting of the National Chamber of Commerce. He commenced his speech by relaying a note of appreciation to the founding fathers of the Chamber, the outgoing President Mr. Sujeeve Samaraweera and office bearers, as well as relaying his wishes to the incumbent President Mr. Asela de Livera. Referring to the hard work of the Chamber and its staff, Hon. Karu Jayasuriya stated that, “when you look at the Chamber Ladies and Gentlemen, you have to fulfill the aspirations of your members, which you did very well [thanks] to the leadership and the commitment by your staff.”

Hon. Karu Jayasuriya proceeded to address the recent developments of the country’s economy and his views on the necessary means for achieving progress. He also referred to the political instability experienced in 2018, and the importance of maintaining stability while working to make our economy attractive for investments and for the tourism trade. He explicitly mentioned the country’s

substantial trade deficit and the need for a timely and apt export development scheme for reversing the deficit situation.

Furthermore, he emphasized the importance of the country’s geographical presence, adding that our strategic location has a clear impact on receiving opportunities from international businesses as well as from world powers, as the country’s presence presents many reasons for receiving such global interest.

Drawing on the comparison between the per capita income of Japan and Sri Lanka at the time of independence, he pointed that the two countries had a somewhat slight variation of one dollar in this regard; whereas Japan has now progressed immensely, thus demonstrating the need for rapidly progressing with our country’s development.

Speaking to the audience on the 2018 political turmoil, he mentioned that the incidents of the previous October have set the country back in its development. He drew attention on the optimistic outlook that prevailed in 2015 when the two political parties merged even with different ideologies, as to the different models of economies and development the parties exchanged.

He then added that the country required political stability, especially when instilling investor confidence. Such stability is also crucial for the continued progress of the tourism industry. Moreover, he redirected attention to the current trade deficit the economy is facing based on our substantial spending on essential and non-essential imports and luxury imports. Reminiscing on the time of President Premadasa, he mentioned on the export development scheme introduced at that time in resolving a large trade deficit. Redirecting his speech to present times, he then mentioned his positive perception on the steps taken by the Export Development Board and the improvement in import figures as well.

Hon. Karu Jayasuriya

60th annual general meeting of the chamber


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SPEAKING FURTHER, ON THE POLITICAL INSTABILITY FACED IN OCTOBER 2018, HE ADDRESSED THE CHAMBER ON THE IMPORTANCE OF BEING INVOLVED IN MATTERS OF NATIONAL IMPORTANCE. HE EMPHASIZED THAT THE CHAMBER RESERVES THE RIGHT TO EXPRESS VIEWS SUCH AS THOSE VIEWS PURVEYED ON THE OCTOBER DEBACLE. HE ADDED THAT SUCH VIEWS ARE USEFUL IN PROVIDING STRENGTH TO THE GOVERNMENT. HIS COMMENTS IN THIS REGARD, “AS A CHAMBER, WE WILL ALSO NEED TO BE HEAVILY INVOLVED IN MATTERS OF NATIONAL IMPORTANCE.

While mentioning the need to concentrate on SMEs he expressed his hopes of encouragement for the sector through the 2019 budget. Furthermore, he touched upon the presence of non-performing Government institutions that are hindering the economy. However, as a positive inclination, he expressed his positive views on the restructuring of Sri Lankan Airlines and further expressed, that he is certain the government will consider all loss making bodies and their restructuring.

Speaking further, on the political instability faced in October 2018, he addressed the Chamber on the importance of being involved in matters of national importance. He emphasized that the Chamber reserves the right to express views such as those views purveyed on the October debacle. He added that such views are useful in providing strength to the government. His comments in this regard, “as a Chamber, we will also need to be heavily involved in matters of national importance. You have the right to express your views. I know regarding the October episode the Chamber expressed their opinion. It is useful and gives strength to us.”

Towards the latter part of his speech, Hon. Karu Jayasuriya expressed his delight on the role of the civil society during this time of upheaval and in preserving democracy. He also expressed his thoughts on the country’s judiciary system, referring to it as ‘independent and impartial’. ‘

Moreover, he mentioned that considerable strides have been made in improving the country’s human rights context with the HR Commission. He also added that the country has achieved public service independence, police service independence and an independent Bribery Commission which are performing satisfactorily.

Concluding his speech, Hon. Jayasuriya presented a case upon which the audience could reflect. He added that, “There are several cities in the world having over 21 million in their population India, China and other parts of the world. There are cities [that] are not managed by the President, not by Prime Minister and not by the Speaker. These cities are managed by Mayors, extremely professionally.”


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EXTRACTS OF THE SPEECH MADE BY GUEST OF HONOUR, MR. ERAN WICKRAMARATNE, FORMER STATE MINISTER OF FINANCE AT 60TH AGM

“…THE NATIONAL CHAMBER OF COMMERCE HAS EMERGED AS A LEADING NATIONAL TRADE AND INDUSTRIAL PROMOTIONAL BODY REPRESENTING THE ENTIRE SPECTRUM OF INDUSTRY, TRADE, COMMERCE AND SERVICES IN SRI LANKA.”

At the 60th AGM held on 29th of January, 2019, Mr. Eran Wickramaratne - Former State Minister of Finance addressed the audience as guest speaker. The following are key points and extracts from his speech.

Mr. Wickramaratne emphasized on the services of the Chamber and the government’s rapport with the Chambers and the private sector when seeking views and suggestions over several areas of importance, which impact the growth of trade and the national economy at large.

Mr. Wickramaratne gave emphasis to the National Chamber’s service in developing national enterprises, since its inception in the 1940s. He stated that, “…The National Chamber of commerce has emerged as a leading national trade and industrial promotional body representing the entire spectrum of industry, trade, commerce and services in Sri Lanka.”

He focused on the Chamber’s agenda, further stating that the Chamber’s mission involved trade promotion services in addition to delivering the right support required by business enterprises with a special focus on developing the SME sector by expanding the level of skills and knowledge by means of training programs, conducted annually across the country. He further added that the “chamber also submits budget proposals collected from their membership to the Government and acts on their behalf on their trade issues with the relevant sectors.”

Regional bilateral and multilateral trade agreements have become pathways for increasing global trade and in becoming part of the global value chain, and as stated by Mr. Wickramaratne in his speech, the government is negotiating terms on trade agreements with India and China and it is necessary to understand the reactions of the business community with regards to the agreements. He underlined

Hon. Minister Eran Wickramaratne State Minister of Finance


FURTHER STATING THAT THE CHAMBER’S MISSION INVOLVED TRADE PROMOTION SERVICES IN ADDITION TO DELIVERING THE RIGHT SUPPORT REQUIRED BY BUSINESS ENTERPRISES WITH A SPECIAL FOCUS ON DEVELOPING THE SME SECTOR BY EXPANDING THE LEVEL OF SKILLS AND KNOWLEDGE BY MEANS OF TRAINING PROGRAMS, CONDUCTED ANNUALLY ACROSS THE COUNTRY.


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that the Government needs ‘to consult the private sector when trade policy decisions are taken’, since the ‘private sector is the engine of growth of the Sri Lankan economy’.

He stressed that a collective partnership between the Government and the private sector is crucial for the economy to progress and the need to consult both the Chamber and the business community with regards to key making policy and budgetary decisions. Speaking further on the relationship between the government and the private sector businesses Mr. Wickramaratne added that the government continues to maintain open dialogue with the business community and the Chambers, for seeking ideas and views when preparing the national budget proposal. He added that most proposals submitted are included in the budget proposal, with the National Chamber being a significant contributor in this regard.

SPEAKING FURTHER ON THE RELATIONSHIP BETWEEN THE GOVERNMENT AND THE PRIVATE SECTOR BUSINESSES MR. WICKRAMARATNE ADDED THAT THE GOVERNMENT CONTINUES TO MAINTAIN OPEN DIALOGUE WITH THE BUSINESS COMMUNITY AND THE CHAMBERS, FOR SEEKING IDEAS AND VIEWS WHEN PREPARING THE NATIONAL BUDGET PROPOSAL.


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EXTRACTS OF THE SPEECH MADE BY MR. ASELA DE LIVERA, PRESIDENT OF THE NATIONAL CHAMBER AT THE 60TH AGM

IT IS A WIDELY KNOWN REALITY THAT THE SME SECTOR REMAINS THE MAIN DRIVING FORCE OF THE SRI LANKAN ECONOMY, REPRESENTING 75% OF THE COUNTRY’S ENTERPRISES AND IS THE SOURCE OF 40% OF THE COUNTRY’S EMPLOYMENT OPPORTUNITIES AND ENCOMPASSES ENTERPRISES FROM DIVERSE INDUSTRIES.

In the commencement speech made by President of NCCSL, Mr. Asela de Livera, he emphasised on the country’s need for stronger, more persistent measures in resolving its economic downfalls as well as in the importance of sound economic policies that could help stabilise economic fundamentals towards achieving progressive growth. Presenting his insights he also spoke of how our agriculture based economy needs to be revived through new agro methods, as well as by adding value to agricultural products.

The following content includes summarized excerpts and citations from his speech made at the Chamber’s 60th Annual General Meeting, held at the Kingsbury Hotel, amidst political and diplomatic dignitaries and key persons from the business community.

National Export StrategyHighlighting the Government’s efforts for an inclusive and comprehensive National Export Strategy (NES) Mr. Livera mentioned the importance of reviving the NES at regular intervals in order to facilitate timely changes. Speaking on

the NES, he mentioned that it is centred on the concept of “Sri Lanka – An Export Hub Driven by Innovation and Investment”, and its focus has been weighted on several key sectors, which include ICT, wellness and tourism, spices, boat building, processed food & beverages.

SME DevelopmentIt is a widely known reality that the SME sector remains the main driving force of the Sri Lankan economy, representing 75% of the country’s enterprises and is the source of 40% of the country’s employment opportunities and encompasses enterprises from diverse industries. Stressing on this reality, Mr. Livera also brought into light the lesser use of technology by SMEs and the sector’s limited access to funding due to lack of collaterals. He also mentioned that SMEs have a disconnection from the foreign trade market, especially export; however, several strategies are now being devised to make finances available.

Addressing on fragmentation theory he stated, “Cross border production based on fragmentation theory is becoming popular in the SME’s spectrum. Due to technological advances various stages of manufacture could take place in different countries. As a result semi-processed goods may cross national borders many a time for these transactions, it therefore is of utmost importance to have increased efficiency and to reduce cost of cross border services.”

SME Enabling Policies Policies that allow SMEs to connect with global markets should be introduced which encourage innovation, increase competitiveness, provide cheaper access to inputs, lessen red tape and reduce tariff and introduce nontariff schemes through Preferential Trade Agreements etc. Emphasizing on the need for SME-friendly policies he also added that “regional and bilateral trade agreements need to pave the way for SMEs to be meaningfully integrated with global value chains”.

President Asela de Livera



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He further added that the Chamber works closely with provincial and district chambers in creating a favorable environment for SMEs, and that effective measures such as the Western Province Entrepreneurship Awards and the Chamber’s flagship event – the National Business Excellence Awards held annually has paved the way for MSMEs to be recognized at the National level and compete with larger businesses.

A crucial factor mentioned in his speech was the shortages of skilled labour and unemployment which has become a hindrance for manufacturing and service industries in the country. Making a recommendation he added that, “It is vital for Sri Lanka to have policies to increase skilled labour availability directed towards export related industries.”

In the second half of his speech he took time to talk about the various trade portals which were created to increase cross-border efficiency.

Trade PortalsNational Single Window (NSW)

Providing key insights on the NSW he stated in his speech that the NSW was created with the use of Information Technology and Telecommunication platforms, to facilitate import, export and transit bureaucracies. The NSW provides a “single point for the submission of standardized information and documents to fulfil official demands and facilitate logistics.”

He added that the NSW provides a single point for payment, while improving “business process in government agencies and speedier turn-around for approvals and decisions”. Furthermore he stated, that it provides traders and their agents to connect with various Ministries and to electronically submit license applications and custom declarations.

Trade Information Portal (TIP)

Designed with the purpose of enabling trade and investment, the web-based portal makes available all cross-border trade regulatory information, at the push of a button.

Investment PromotionStressing on the four types of investors with differing reactions towards the investment policies and administration aspects of a country, Mr. Livera presented a few conditions which he recommends should be pursued when influencing the decision making process of FDIs: a favourable and steady exchange rate, a skilled labour force, physical infrastructure such as availability of electrical power and good logistics, strong Macroeconomic conditions and political Stability were mentioned as such recommended aspects.

He added that regional counterparts continue to offer lower taxes, tax exemptions and additional incentives for investments in preferred business sectors, which becomes a challenge in being competitive. In addition, ease of doing business has become a key aspect within the decision making criteria.

Media Responsibility in Economic DevelopmentMentioning the contribution that media can essentially play in economic development, Mr. Livera emphasized that print, digital and electronic mediums have the capacity to effectively promote the various loan schemes, technical assistance programs and trade development programs in operation which are run by the government and various establishments, paving the way for business opportunities.

He expressed the rarity in media business programs that focus on starting small businesses and on marketing products locally. Commenting on this he then made a sincere request to media personnel to look into this aspect with a positive outlook.

Future of Agriculture IndustrySpeaking on agriculture, he spoke of the vital role it plays in our agriculture based economy and the existence of irrigation systems and waterways unparalleled to other countries which testifies to our history’s resilience against adverse weather that impacts agriculture. He added that new agricultural methods should be encouraged, taking in to example Dubai, which produces crops and exports to its region despite being a desert country.

Mentioning some strategic methods he spoke of green houses and tunnel agriculture which can be adopted to “save water, and control the environment. Special lighting can be adopted even to stimulate the sun movements to help produce seeds.”

Mr. Livera added that, “Unfortunately 50 to 60 % of the production is lost due to unavailability of proper storage, cold rooms and proper transport facilities.” Adding further to this, he stated, that these benefit farmers in selling directly, bypassing middlemen.

Concluding his speech, Mr. Livera stated that the National Chamber of Commerce is considering an agricultural exhibition organized annually to promote agriculture, find domestic and foreign markets, and educate farmers on modern methods of agriculture.


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EXTRACTS OF THE SPEECH MADE BY OUTGOING PRESIDENT SUJEEVE SAMARAWEERA, OF THE NATIONAL CHAMBER AT THE 60TH AGM

THE NATIONAL CHAMBER OF COMMERCE OF SRI LANKA HAS SERVED THE BUSINESS COMMUNITY FOR THE LAST 7 DECADES. IT HAS BEEN AN HONOUR AND PRIVILEGE FOR ME TO HAVE SERVED IN THIS MOST ILLUSTRIOUS AND RECOGNIZED CHAMBER OF THE COUNTRY.

Good Evening Ladies & Gentlemen,

I welcome distinguished guests at the Head Table – Our Chief Guest, Hon. Deshabandu Karu Jayasuriya – MP, Speaker of Parliament, Guest of Honour, Hon. Eran Wickramaratne, State Minister of Finance & Mass Media, Diplomats, Senior Government Officials, Media and our own member companies for their presence at this AGM.

We have gathered today to celebrate the 60th AGM of the National Chamber of Commerce, and we warmly welcome all of you to this significant event.

The National Chamber of Commerce of Sri Lanka has served the business community for the last 7 decades. It has been an honour and privilege for me to have served in this most illustrious and recognized Chamber of the country.

At the end of my two year tenure as President of the National Chamber of Commerce, it gives me great pleasure, to highlight some of the significant activities of the Chamber, during the period.

It has been noted that owing to the credibility and recognition earned by the Chamber, each year, there has been a significant increase in the membership of the Chamber, as witnessed by the many Foreign Delegation/visitors, Diplomatic Personnel, Government Ministers and Senior Officials who have been patronizing our Chamber regularly.

The Chamber’s trail blazer program “Meet the Ambassador” Program has become one of the most iconic events of the Chamber today, and the Ambassadors and High Commissioners of France, Indonesia, Maldives, Oman, Pakistan , Bangladesh, Hungary, Vietnam and The European Union the Chamber hosted, where the diplomats moved freely with the business community, were able to have close dialogue with each other. The “Meet the Ambassador” Programme has developed Trade between many countries and many local entrepreneurs who have benefited through the understanding of business practices in exporting countries. The importance of business acquirements / understanding and promoting the country to Representatives of the Ministry of Foreign Affairs and the Ministry of Commerce between other countries, is vital.

Major Events“Ayurveda Expo 2018” in July last year, held at the BMICH, was attended by Hon. Minister of Health, Nutrition & Indigenous Medicine as Chief Guest, other Ministers, including a surprise visit by H.E. the President, Maithripala Sirisena.

Our flagship event “Business Excellence Awards 2018 “ was conducted for the 15th consecutive year at the Colombo Hilton, graced by the Deputy Ambassador of the European Union, Mr. Thorsten Bergfrede as Chief Guest and was joined by the Ambassador of France, HE. Eric Lavertu, to present the “Overall Excellence Gold Award” to the Winner.

“Entrepreneur Awards 2018”- Western Province, was conducted for the Small, Medium and Micro Entrepreneurs of the Western Province, for the third consecutive year, on an invitation extended by the National Development Authority of the Ministry of Industry & Commerce.

Outgoing President Sujeeve Samaraweera



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On my initiative, the Chamber was awarded Membership of BRICA, a powerful organization in China promoting business and investment among its 27 member countries , through its local affiliate, Hairong Investments Int’l, Pvt Ltd in Sri Lanka.

Increase in SME Activities The year under review, has recorded a significant increase in the SME activities carried out by the Chamber with many training programs conducted in the outstations, island-wide, to develop and enhance the skills and knowledge of the Small, Medium and Micro sectors on various subjects. One such program was a workshop on “Business Startup” conducted in Galle which recorded a very high participation; These programs will be continuous and conducted with the support of Regional Chambers, sponsored by State Banks and other institutions.

Close Rapport with GovernmentThe Chamber maintains close connections with Government bodies viz Sri Lanka Export Development Board, Department of Commerce, Ministry of Industry & Commerce, Ministry of Finance, Ministry of Health and other institutions and the National Chamber is often invited to participate at special meetings/forums on Policy Matters and Trade. Further, the Chamber assists the membership in taking up their business issues with the relevant Government authorities and acts on their behalf to address business issues faced by them.

NES, Single Window, national policies and inter ministerial coordinating committee to be established in order to focus on development related subjects.

Promoting an Ethical Business Environment in Sri Lanka

Three areas of ethical business in Sri Lanka;

1. Promoting innovation of new products and services

2. Youth empowerment

3. Protection of climate change

The Chamber’s view is that the business community should promote and support ethical business practices, not only on financial terms free of corruption, but by ensuring rights and protection of others while being more concerned of their social commitments and ensuring values much needed for a better society.

The Chamber’s Mandate- Creating a conducive environment to conduct business

activities.

- Challenge the Government in any area which is detrimental to the business activities and the country as a whole.

- Support the Government in timely new development initiatives taking a non-political view.

The Chamber will do everything possible to make its businesses competitive, productive and sustainable and play a key role in the development of the economy in Sri Lanka, by working with all stakeholders. However, lower growth rates of our trading partners in other major countries and unrest in the middle east, rising labour costs present to us, a challenging year ahead. The National Chamber fully endorses the Government Policies for a better future for Sri Lanka, which is the mandate of the National Chamber.

In conclusion, I thank the Government, Ministers, Ministry officials, Diplomatic Missions, private institutions and others who helped the National Chamber in numerous ways. I also thank the Council, Secretary General & Secretariat Staff and all our Member Companies for their kind support and goodwill extended to the Chamber.

I am honoured to have served as the 32nd President, in one of the most respected and highly recognized Chambers in the country and with a sense of pride, I hand over the mantle to our next President of the Chamber, Mr. Asela de Livera, a competent and highly respected business leader who will carry on the mandate of the Chamber and I offer my congratulations to him.

As I step down, I wish the National Chamber of Commerce of Sri Lanka to forge ahead from strength to strength in the years to come and attain greater heights!

I AM HONOURED TO HAVE SERVED AS THE 32ND PRESIDENT, IN ONE OF THE MOST RESPECTED AND HIGHLY RECOGNIZED CHAMBERS IN THE COUNTRY AND WITH A SENSE OF PRIDE,

LEADERSHIP


president’s Message

Asela de LiveraPresidentThe National Chamber of Commerce of Sri Lanka


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2019 was a greatly challenging year Sri Lanka as the country is still continuing to recover from the devastation caused by the bombing of 21st April 2019. As we continue to recover from the after effects of the attacks, we are reminded of the need for a unified nation, and how important it is to maintain peace and harmony among the ethnic groups across the island nation. As a result of both the political turmoil of 2018/2019 and the bombings, economic growth slowed, falling behind the projected growth and the progressive momentum seen at the beginning of 2018.

Completing the first year of my term as President, I am happy to say that the Chamber has performed well, despite challenges, working hard to expedite planned activities, organizing our capacity building programs and providing our services to the business community and SMEs across the island. In 2019, we hosted many diplomats and foreign business delegations with the hope of creating and extending bilateral cooperation between nations from the Asian and European countries.

It should be noted, that 2019 marked our 71st Anniversary, as well as the 61st Annual General Meeting. Our journey which began in 1948 continues to grow, as we train and provide support services to over 700 corporate organizations and approximately 1500 SMEs and 500 micro SMEs.

In 2019, we continued to monitor the performance indicators of economic growth throughout the year, gaging the progress of our economy while observing policy reforms, industry changes in the business environment and macro-economic indicators.

Given the noticeable drop in the GDP growth in the first half of the year, it was encouraging to see the economy beginning to progress slowly influenced by a growth in services in wholesale and retail trade as well as in industrial activities given by the Department of Census and Statistics.

The output in agriculture, forestry and fishing retraced during the year, grew slightly at 0.4%, compared to the growth experienced in 2018. Industry and Service related activities showed growth rates 3.3% and 2.8% respectively. The contribution to the GDP from the main sectors of the economy recorded as 60% from the Services, 26.8% from industrial activities, 6.9% from Agriculture and 6.2 percent from taxes less subsidies.

Subsequent to the Easter bombings, the tourism industry experienced a drastic slowdown as earnings fell significantly during the second quarter of the year owing to a drop in tourist arrivals. The Central Bank anticipates that the negative ramifications of the attacks will be short-lived and expected growth within this sector.

The tax cuts and concessions introduced recently is seen as a welcome respite. It is hoped that the reduced taxes will encourage consumption and increase disposal incomes. The reduction of the VAT rate is expected to benefit the tourism industry and related sub-sectors.

Meanwhile, the growth projection for the global economy was reduced to 3% from 3.2% envisaged by the IMF’s World Economic Outlook. Trade indecisiveness, geopolitical instability and low productivity are some of the reasons for the slowdown of the global economy.

The Chamber held its 60th Annual General Meeting on the 29th January 2019 at Kingsbury Hotel which was the main highlight to start the New Year. The gathering was addressed by Hon. Deshabandu Karu Jayasuriya – Speaker to the Parliament of Sri Lanka who graced the event as the Chief Guest. The event was also addressed by Hon. Eran Wickramaratne – State Minister of Finance who was the Guest of Honour. The AGM was attended by other distinguished guests including Heads and Officials of Diplomatic Missions, Business Leaders and Council Members.

I AM PLEASED TO PRESENT ON BEHALF OF THE COUNCIL, THE ANNUAL REPORT FOR THE YEAR 2019 TITLED,

“EMPOWERING YOUR DREAMS”. I AM HAPPY THAT THE NATIONAL CHAMBER OF COMMERCE OF SRI LANKA WAS ABLE

TO MAKE A SIGNIFICANT CONTRIBUTION TO THE ECONOMIC AND BUSINESS DEVELOPMENT OF THE COUNTRY

DURING THE YEAR 2019. THIS GAVE ME THE PRIVILEGE TO CONTINUE THE GOOD WORK MY PREDECESSORS BEGAN

AND AFFORDED ME THE OPPORTUNITY TO SERVE OUR BUSINESS COMMUNITY IN A MEANINGFUL WAY.

IT SHOULD BE NOTED, THAT 2019 MARKED OUR 71ST ANNIVERSARY, AS WELL AS THE 61ST ANNUAL GENERAL MEETING. OUR JOURNEY WHICH BEGAN IN 1948 CONTINUES TO GROW, AS WE TRAIN AND PROVIDE SUPPORT SERVICES TO OVER 700 CORPORATE ORGANIZATIONS AND APPROXIMATELY 1500 SMES AND 500 MICRO SMES.


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president’s Message

2019 marked the 16th year of our “National Business Excellence Awards”, the nation’s benchmark award ceremony designed to recognize, reward and inspire our entrepreneurs and businesses in the SME sector as well in the overall business community, helping them to reach the next phase of growth in enhancing their objectives and standards. The award ceremony was held at the Hilton Hotel on the 13th of December with H.E. Robina Patricia Marks, High Commissioner of South Africa as the Chief Guest.

Another key event held during the year was the “International Health Care Exhibition 2019” organized in collaboration with the Ministry of Health, Nutrition and Indigenous Medicine. This event was held on the 26th July 2019 at the BMICH, with the Hon. Dr. Rajitha Senarathna as Chief Guest.

The next event in our 2019 calendar was organizing the Entrepreneur Awards for the Western Province. The award ceremony was conducted for the 4th consecutive year in association with the National Enterprise Development Authority (NEDA) and was held on the 30th October 2019, at the Sri Lanka Foundation Auditorium. This event gives an emphasis to many SMEs to enhance their productivity, competitiveness and management skills.

The Chamber conducted many seminars to disseminate expert knowledge on business opportunities available, how to restructure business activities under the current world economic situation and government policy changes with regard to trade and business. We conducted many training and capacity building programs to educate employees of member organizations on export and import activities, achieving excellence in business, motivations of employees and tax matters both in Colombo and outstations. We provided the membership as well as the general business community with trade information viz-a-viz export markets and investment opportunities through information bulletins and assisted members and our staff to participate in overseas trade activities.

We believe that our next goal should be in working towards a digital revolution amongst the SME sectors to motivate them to adopt digital technology in creating business connections to pursue cross border transactions. Additionally, we need to encourage them to reap the benefits of eliminating cost and time consuming processes while using digital infrastructure to find new ways of expanding business opportunities. With this concept in mind, the Chamber embarked this year to develop a platform aimed at supplying Sri Lankan companies to promote their products and services into the Global Market.

Sri Lanka is best known currently for its tea, rubber, coconut products and apparels in the global market, while the country has many other unique products that only Sri Lanka can offer. Most of them are Eco friendly and made by small time manufacturers. Sadly, there is no viable digital platform to encourage global traders in connecting with the suppliers in Sri Lanka. This platform being developed will connect Sri Lankan suppliers and our unique products with the rest of the world. Training programs to support such export –oriented Sri Lankan companies as well as training to enhance their products, services and communication to meet export standards were initiated. This new platform will be further developed during 2020 to make a significantly positive effect in promoting foreign trade and earn valuable foreign exchange to Sri Lanka which could create a new era for Sri Lankan products in the Global Market.

During 2019 the Chamber welcomed Ambassadors/High Commissioners of Myanmar, Malaysia, Namibia, Poland, France and Australia for the purpose of strengthening bilateral relations while providing our business community an opportunity to have close dialogue with the Diplomats and Trade Officials. The Chamber also hosted a number of foreign delegations from Bangladesh, India, China, Poland, Myanmar, Australia, and France. These delegations helped promoting trade and investment while strengthening good relations between our nations in exchanging information. The Chamber sent its Secretary General for the Contract Signing Ceremony in the UAE as part of the high-level

WE BELIEVE THAT OUR NEXT GOAL SHOULD BE IN WORKING TOWARDS A DIGITAL REVOLUTION AMONGST THE SME SECTORS TO MOTIVATE THEM TO ADOPT DIGITAL TECHNOLOGY IN CREATING BUSINESS CONNECTIONS TO PURSUE CROSS BORDER TRANSACTIONS. ADDITIONALLY, WE NEED TO ENCOURAGE THEM TO REAP THE BENEFITS OF ELIMINATING COST AND TIME CONSUMING PROCESSES WHILE USING DIGITAL INFRASTRUCTURE TO FIND NEW WAYS OF EXPANDING BUSINESS OPPORTUNITIES.


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delegation which officially made Sri Lanka a participant at the “World Expo 2020 Dubai”

I must place on record, my sincere gratitude to my fellow Office Bearers, Council Members for their commitment and untiring efforts to ensure success last year. A very special word of thanks to the Secretariat headed by Secretary General, Mr. Bandula Dissanayake for his commitment and dedication and the Secretariat Staff for their untiring support given to me during the year, 2019. I also thank all those who supported the Chamber and for their continued interest in our activities, the many State Officials including Hon. Ministers, the Diplomatic Community and many other Organizations and individuals who contributed towards our success. These individuals and Organizations supported the Chamber to take great strides and achieve greater heights during 2019.

Mr. Asela de Livera

President

DURING 2019 THE CHAMBER WELCOMED AMBASSADORS/HIGH COMMISSIONERS OF MYANMAR, MALAYSIA, NAMIBIA, POLAND, FRANCE AND AUSTRALIA FOR THE PURPOSE OF STRENGTHENING BILATERAL RELATIONS WHILE PROVIDING OUR BUSINESS COMMUNITY AN OPPORTUNITY TO HAVE CLOSE DIALOGUE WITH THE DIPLOMATS AND TRADE OFFICIALS.


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review by the Secretary general

Bandula DissanayakeSecretary General / CEOThe National Chamber of Commerce of Sri Lanka


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While the Chamber’s AGM remained the most highlighted event in our calendar, we were able to successfully accomplish several key events planned for the year. The International Healthcare Exhibition, the Entrepreneur Awards-Western Province and the National Business Excellence Awards of 2019 were held with much success. As envisaged, we were able to expedite several Capacity Building events across the island, as well as conduct several workshops on many areas of business.

As per the Global Economic Prospects Report, the flagship paper of the World Bank, global growth projection was downgraded to 2.6% from the earlier forecast of 2.9%, at the beginning of 2019, as a result of weaker international trade, manufacturing and investment. Growth is expected to reach 2.8% by 2021, due to modest global recovery in financing conditions as well as Emerging Market and Developing Economies (EMDEs), which were in stressful financial situations previously. However EMDEs growth will continue to be under pressure due to subdued investments. Risks continue to remain show possibility of escalating trade tensions among major economies and potential slowdown of growth rates. Policy actions to enhance private investments, productivity, increasing access to markets and technology, boosting quality of infrastructure and governance, overall improvement of the business environment, improvement of social safety nets and active labour market policies are much needed to recover from this situation. This condition may adversely affect Low Income Countries if corrective policy measures are not taken in time.

At the beginning of 2019, the Sri Lankan economy continued to grow, yet at a moderate pace. The country was then hit by the most devastating terror attack since the war ended a decade ago. The Tourism sector was hit hard by its negative effects as tourism confidence and

sentiment dropped drastically, recording a drop in tourist arrivals followed by a drop in earnings. Food and Beverage Services, Transportation of goods, Warehousing, Wholesale and Retail Trade activities were also impacted affecting economic growth during the first half of 2019.

Despite the negative outlook, the trade deficit reduced significantly from January to October of 2019 compared to the previous time period; caused by a drop in import expenditure and a rise in earnings from exports.

It must also be noted that despite the events of 2019, the country has already begun to benefit from several national initiatives, most importantly in forming the right digital infrastructure and streamlining of processes in conducting import and export (trade) related business with ease. In this regard, the Trade Information Portal launched in 2018 provides a single point of access in obtaining regulatory and process related information, making trade regulations transparent and easily accessible.

While major industries and large organizations continue to expand, we must not stray away our focus from the SME sector. Small and Medium Enterprises make up 75 per cent of the country’s businesses and has employed 45 per cent of the national workforce. However, despite this, the sector continues to experience challenges in finding sources of finance, innovation and market expansion. While there exists a National policy framework for SME development, the Government must reinforce it taking a serious stance on providing a SME - friendly environment through the right policies that reflect the true nature of the SME sector; taking into serious account the growth of each industry as well as reaching SMEs at provincial and grass-root levels.

IT IS A PRIVILEGE TO PRESENT OUR ANNUAL REPORT FOR THE YEAR 2019, AS WE MARK 71 YEARS OF SERVICE IN THE

DEVELOPMENT OF NATIONAL ENTERPRISES. AS CEO AND SECRETARY GENERAL OF THE CHAMBER I AM PLEASED

THAT IN THE OPERATIONAL YEAR WE EXPEDITIOUSLY COMPLETED OUR PLANNED EVENTS, ASSISTING OUR MEMBERS

WITH VARIOUS SUPPORT SERVICES AND DEVELOPING THE POTENTIALS OF OUR SMES.

AT THE BEGINNING OF 2019, THE SRI LANKAN ECONOMY CONTINUED TO GROW, YET AT A MODERATE PACE. THE COUNTRY WAS THEN HIT BY THE MOST DEVASTATING TERROR ATTACK SINCE THE WAR ENDED A DECADE AGO. THE TOURISM SECTOR WAS HIT HARD BY ITS NEGATIVE EFFECTS AS TOURISM CONFIDENCE AND SENTIMENT DROPPED DRASTICALLY, RECORDING A DROP IN TOURIST ARRIVALS FOLLOWED BY A DROP IN EARNINGS.


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review by the Secretary general

Access to investment remains a major constraint for SMEs, as lack of collaterals and high interest rates have impeded funding opportunities. The Government needs to intervene in creating policies that facilitate more SME friendly Loan Schemes through private finance institutions that are realistic, in terms of a diverse annual turnover base for eligibility and flexible guarantor schemes.

Another key aspect in developing the sector is education and awareness. This is where the Chamber plays a role with tremendous responsibility. Annually, we host Regional Workshops and Programs to educate and train enterprises and owners in various aspects of business. From starting a business to understanding, production, manpower planning, managerial skills, finance, to imparting knowledge on technical skills, the Chamber creates awareness on a regional scale.

In the year under review, the Chamber organized Capacity Building Programs in multiple locations of the country, with the participation of many entrepreneurs. Regional Seminars and Workshops form a key segment of our Annual Agenda, as we invite experienced and adept speakers to educate and train Small and Medium Enterprise entrepreneurs and to familiarize them with technical aspects in business. Taking the form of one day or half day workshops these knowledge dissemination and training sessions enable MSME entrepreneurs to hone many skills in developing their businesses.

In addition, the Chamber together with NEDA hosts our annual “Entrepreneur Awards” designed for Micro, Small, Medium and Large sector entrepreneurs in the fields of Industry, Manufacturing, Agriculture Livestock and Fisheries, Hospitality and Tourism and other services. Awards were presented in the areas of Best Environmental

Friendly Enterprise, Best Exporter, Best Productive Enterprise, Best Innovative Enterprise, Best Value Added Enterprise, Best Energy Efficient Enterprise, Award for the Entrepreneur - Who has provided most number of Jobs for Females, Award for the Best Woman Entrepreneur and Award for the Best Entrepreneur – Differently abled. In 2019, the Award Ceremony was held on a grand scale and was attended by a large gathering of SME and large sector Entrepreneurs, Government officials and Top Corporate representatives.

This annual exercise builds healthy competition amongst enterprises, to be the best that they can, getting recognition, exposure as well as commendation. We believe that the Award Ceremony encourages others to develop their business processes and functional areas of business, taking into consideration the behaviour of those that succeed.

Every year, the Chamber hosts the National Business Excellence Awards, the National benchmark in rewarding the Best of the Best in our business community. This prestigious Annual Award ceremony applauds those who have directly contributed to the growth of our economy, showing great progress and resilience amidst tough challenges. Over a 100 awards were presented to winners across several categories including three exceptional companies that received Gold, Silver and Bronze awards in overall excellence, selected by a panel of Sri Lanka’s best and brightest business minds.

Not limited to educating and awareness programs, the Chamber continues to host diplomats under our signature “Meet the Ambassador Program, where the chamber hosts ambassadors and honorary consuls of various Nations and their Delegations who visit the island, for

IN THE YEAR UNDER REVIEW, THE CHAMBER ORGANIZED CAPACITY BUILDING PROGRAMS IN MULTIPLE LOCATIONS OF THE COUNTRY, WITH THE PARTICIPATION OF MANY ENTREPRENEURS. REGIONAL SEMINARS AND WORKSHOPS FORM A KEY SEGMENT OF OUR ANNUAL AGENDA, AS WE INVITE EXPERIENCED AND ADEPT SPEAKERS TO EDUCATE AND TRAIN SMALL AND MEDIUM ENTERPRISE ENTREPRENEURS AND TO FAMILIARIZE THEM WITH TECHNICAL ASPECTS IN BUSINESS.

OVER A 100 AWARDS WERE PRESENTED TO WINNERS ACROSS SEVERAL CATEGORIES INCLUDING THREE EXCEPTIONAL COMPANIES THAT RECEIVED GOLD, SILVER AND BRONZE AWARDS IN OVERALL EXCELLENCE, SELECTED BY A PANEL OF SRI LANKA’S BEST AND BRIGHTEST BUSINESS MINDS.


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the exchange of business and industrial information and for the pursuit of bilateral cooperation. In 2019, the Chamber hosted Ambassadors/ High Commissioners from Myanmar, Malaysia, Namibia and Australia. Bilateral discussions on trade and investment were discussed with high-level diplomats with the participation of Chamber representatives and members of respective delegations.

As another step in this regard, we assist business delegations, conduct meetings between the Chamber and delegation representatives, to discuss important areas of Sri Lankan business, helping them understand and gauge our commercial sectors and regulations. In the year under review, we had several foreign delegations from various parts of the world, including China, Hungary, India, Bangladesh, Iran and Malaysia. These Delegations included Governmental, Diplomatic Officials and members of various institutions. Discussions were mostly based on prospective business development initiatives and economic cooperation.

Focusing on the 2019 Annual General Meeting, the Chamber hosted its 60th AGM with Hon. Deshabandu Karu Jayasuriya, Speaker of the Parliament of Sri Lanka, with Hon. Minister Eran Wickramaratne, State Minister of Finance as Chief Guest and Guest of Honor, respectively. The event was attended by top ranking leaders of member organizations, diplomats, members of the council, past presidents and other esteemed personalities from the business community.

During the year, several Bilateral MOUs came into effect. These included an agreement between the National Chamber and Polish Chamber of Commerce, between the National Chamber and the Quanzhou Chamber of Commerce. In addition, two MOUs were signed with the National Chamber Youth Forum and Sri Lanka Chamber of Pharmaceutical Industry.

In conclusion I would like to thank the President and Office Bearers of the Chamber for their invaluable leadership and insights during 2019, the Council for their hard work, my Operations Team for their dedicated service, and to the Chamber members I extend my gratitude for your confidence in us.

The Chamber looks forward to an eventful and productive year in 2020, as we continue to serve our members and the business community with increased confidence and commitment.

Bandula Dissanayake

Secretary General / CEO

DURING THE YEAR, SEVERAL BILATERAL MOUS CAME INTO EFFECT. THESE INCLUDED AN AGREEMENT BETWEEN THE NATIONAL CHAMBER AND POLISH CHAMBER OF COMMERCE, BETWEEN THE NATIONAL CHAMBER AND THE QUANZHOU CHAMBER OF COMMERCE. IN ADDITION, TWO MOUS WERE SIGNED WITH THE NATIONAL CHAMBER YOUTH FORUM AND SRI LANKA CHAMBER OF PHARMACEUTICAL INDUSTRY.


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Mr. Asela de LiveraPresident

Heading the National Chamber of Commerce of Sri Lanka as its President, Mr. Livera is first and foremost an Engineering professional. He holds the National Diploma in Technology (Electrical Power) and Diploma in Refrigeration (South Bank University, UK). A Member of the Institute of Refrigeration (UK), he is also the Chairman/Managing Director of Koolair Group of Companies, with 35 years of experience in his area of expertise.

Mr. Nandika BuddhipalaSenior Deputy President

Mr. Nandika Buddhipala – Senior Deputy President FCA(SL), FCCA (UK), FCMA(SL), FCMA (Australia), MCIS (UK), SA Fin(Australia), IMA (USA), BSc- Bus Admin, PG Dip – Management, MBA, MA-Fin, Economics, MSc – Fin. Mathematics

Nandika Buddhipala is the Chief Financial Officer of Commercial Bank of Ceylon PLC since January 2008. He has over 25 years’ experience in Audit and Assurance, Telecommunication and Banking Industry.

Mr. Deepal NelsonDeputy President

With a history of over 30 years of business experience in the fields of manufacturing, management, administration and innovative marketing, Mr. Nelson is a respected and recognized professional within the Apparels, Cosmetics and Healthcare sectors of the country.

The executive team


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Mr. Dhammika Gamini WimalasuriyaHonorary Treasurer

A Fellow Member of the Institute of Chartered Accountants of Sri Lanka and the Institute of Certified Management Accountants of Sri Lanka, Mr. Wimalasuriya was also a Past President of the Chartered Accountants Benevolent Society. He now holds the post of Honorary Treasurer at the Chamber.

Mr. Anura WarnakulasooriyaHonorary Secretary

Mr. Warnakulasooriya has been Managing Director of Midaya since 2005 and has been instrumental in transforming the company to a business that manufactures high value, handmade niche ceramics. He is also the President of the Sri Lanka Ceramics and Glass Council and Managing Director of two other organizations.


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The executive team PROFILES

Mr. Asela de Livera

President

With a strong professional background in Engineering, Mr. Asela de Livera holds the National Diploma in Technology (Electrical Power) and Diploma in Refrigeration (South Bank University, UK). He is the Chairman/Managing Director of Koolair Group of Companies with over 35 years’ of experience in the field. In addition, he is also a Member of the Institute of Refrigeration (UK).

He is also the President of Sri Lanka Bangladesh Business Co-operation Council of the National Chamber of Commerce of Sri Lanka. Mr. Livera also represents the National Chamber at the Sri Lanka Energy Managers Association.

Mr. Nandika Buddhipala

Senior Deputy President

He is the Chairman of the Banking & Financial Services Sector Committee, Chairman of the Technical Committee of the National Business Excellence Awards and Chairman of the preparation of the National Budget Proposals of the Chamber in the recent past.

He is the Past President and current Vice Chairman of Member Network Panel of ACCA (UK) Sri Lanka branch and member of the Advisory Committee of CISI (UK) Sri Lanka branch. Nandika performs as a Specialist of the Global Education Forum of ACCA Global, member of the Board of Management of School of Accounting & Business and Financial Reporting Standards Interpretation and Implementation Committee of CA Sri Lanka. He is also an external member of Faculty of Business Studies & Finance of Wayamba University and a member of the Advisory Council of Colombo School of Business Management and also was a Director of the Sri Lanka Accounting and Auditing Standards Monitoring Board.

Mr. Deepal Nelson

Deputy President

A most recognised and revered professional within Sri Lanka’s Apparel, Cosmetics and Healthcare industries, Mr. Nelson holds immeasurable business experience gained through a career span of over 30 years. He holds business experience in the areas of manufacturing, management, administration and innovative marketing.

His professional career commenced in the Apparel Manufacturing Industry and saw him becoming the President of the prestigious Sri Lanka Chamber of Garments Exporters. At present, he is the Chairman

of Ogabo Global Parfumerie and Managing Director of Apeksha IVF and Research Center – a medical venture focusing on Women’s Health and Fertility treatment in Sri Lanka. And he is also the Chief Growth Strategist of GSH Colombo, a member of the Australian Great Southern Hotel group.

Mr. Dhammika Gamini Wimalasuriya

Honorary Treasurer

Mr Gamini Wimalasuriya is a Fellow Member of The Institute of Chartered Accountants and The Institute of Certified Management Accountants of Sri Lanka, and was a Past President of Chartered Accountants Benevolent Society. He is the Chief Financial Officer/ Director of Akbar Brothers Group of Companies and has served the company for the past 28 years. He was the first Accountant of Mahaweli Development Board. After a stint of 5 years in the Fiji Islands as an Accountant/ Tax Manager, he returned to Sri Lanka and held the positions of Financial Controller of Delmege Forsyth & Company Ltd, and The General Manager, H Don Carolis& Sons Ltd before joining The Akbar Group.

Mr Wimalasuriya is a Founder Trustee/ Treasurer of CCC Foundation Sri Lanka, a Charitable Trust which has established a 198 bed transit home for cancer patients, and the CCC Line which provides free telephone counseling service. He is the Hony Treasurer of Animal Welfare & Protection Association and is a committee member of the board of management of the Colombo YMBA.

Mr. Anura Warnakulasooriya

Honorary Secretary

A magna cum laude graduate of the University of Alabama, USA, Mr. Warnakulasooriya holds a degree in Management Information Systems and a minor in Computer Science. His career includes experience as an IT Consultant in USA. In 2005 he took over leadership responsibilities as Managing Director of Midaya Ceramic Company Pvt. Ltd. and over the last fifteen years has succeeded in transforming the business strategy at Midaya from a mass scale, medium value manufacturing business to one that caters to high value, handmade, niche ceramics. He has a strong belief that innovation and strong business partnerships based on transparency and trust are the best makings of a forward thinking private sector.

He also works as Managing Director of MYS Lanka Pvt. Ltd. and as a Director at Midaya Packaging Industries Pvt. Ltd. He is currently the President of the Sri Lanka Ceramics and Glass Council and he is also an active Rotarian.


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Member Affiliations

THE FOLLOWING MEMBERS ARE ASSOCIATED WITH VARIOUS INSTITUTIONS, COMMITTEES AND BOARDS OF VARIOUS GOVERNMENT AGENCIES, REPRESENTING THE CHAMBER UNDER VARYING

POSITIONS OF SENIORITY.

Mr. Asela de Livera – President • Council of Distinguished Advisors of Sri Lanka Energy

Managers Association (SLEMA)

• Member of the National Steering Committee 13 year of Guaranteed Education Programme at the Ministry of Education

Mr. Sujeeve Samaraweera – Immediate Past President• Member of Board of Directors of Governing Council of

the National Institute of Business Management (NIBM), Ministry of Skills Development & Vocational Training

• Chairman of Consumer Consultative Committee of the Public Utilities Commission of Sri Lanka

• Governor of Sri Lanka National Arbitration Centre Board

• Chairman of Affiliated Associations Group of Employers’ Federation of Ceylon

• Member of Sri Lanka Export Development Board Advisory, Committee on Trade Promotion & Trade information

• Member of Management Unit for Monitoring & Implementation of the National Export Strategy (NES), Ministry of Development Strategies & International Trade

• Board Member of Agriculture Sector Modernization Project of Ministry of Primary Industries

Mr. Nandika Buddhipala – Senior Deputy President• Expert Group of Development of Commerce subject,

Ministry of Education

Mr. Deepal Nelson – Deputy President• Member of Technical Committee to evaluate the

application based on the field / area of innovation to implement Innovation Accelerator Funding Mechanism for Sri Lanka under the Sri Lanka Inventors Commission

• Member of National Mirror Committee on Circulation Economics at the Sri Lanka Standard Institution

Mr. Gamini Wimalasuriya, Hony. Treasurer • Board Member of Cost and Management Accounting

Standards Board (CMASB), Institute of Certified Management Accountants of Sri Lanka

Dr A S Sabaratnam - Council Member• Member for Advisory Committee on Coir Sector at the

Ministry of Industry & Commerce

• Member of the Wages Board for the Coconut Industry at the Department of Labour

Mr. Ruwan Fernando – Council Member • Member working group, Introduction of Electronic

Government Procurement (e-GP) Into the Public Procurement System in Sri Lanka at the Ministry of Finance

Mrs. Maheshi Anandasiri• Group Manager, Human Resources - Cargills Ceylon PLC

• Wages Board for the Retail and Wholesale Trade at the Department of Labour

Mr. R C Wimalasuriya, Council Member• Member of the Wages Board for the Coconut Industry at

the Department of Labour

Mr. Samuditha Kumarasinghe, Council Member • Member of National Mirror Committee on Conformity

Assessment at the Sri Lanka Standard Institution

Mr. Bandula Dissanayake – Secretary General / CEO • Wages Board for the Retail and Wholesale Trade at the

Department of Labour

• Member of the Wages Board for the Coconut Industry at the Department of Labour

• Member Evaluation Committee of National Budget Proposals 2018, Market Access Support Programme, Sri Lanka Export Development Board

• Alternate Member of National Trade Facilitation Committee (NTFC)

• Expo Dubai 2020 Sri Lanka Steering Committee Member - through EDB Sri Lanka

Mr. Tissa Ruberu – Assistant Secretary General• Member of Advisory Committee on Quality Management

Systems (QMS) Certification Scheme by SLSI

• Council member of Sri Lanka Shippers’ Council

• Member of Industry Liaison Centre at the Open University of Sri Lanka

• National Human Resource Development Council


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The council

Seated from Left to Right

MR. NANDIKA BUDDHIPALA, MR. ASELA DE LIVERA, MR. BANDULA DISSANAYAKE

Standing from Left to Right

MR. SUJEEVE SAMARAWEERA, MR. RIZWAN NAYEEM, MR. HARIDAS FERNANDO, MR. PATRICK ALWIS, MR. SARATH W. ALAHAKOON


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Seated from Left to Right

MR. ANURA WARNAKULASOORIYA, MR. G. DEEPAL NELSON, MR. GAMINI WIMALASURIYA


MR. YAKOOTH NALEEM, MS. M.C. RENUKA JAYAMANNE, MR. SARATH C. ALGAMA, MR. TISSA RUBERU


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The Council


MR. BINESH PANANWALA, MR. ROHAN DE SILVA, MR. K.B.S. BANDARA, MR. HEMANTHA PERERA, MR. PRADEEP ULUWADUGE, MR. MOHIDEEN CADER

Council Members not in picture

DR. A.S. SABARATNAM, MR. SUJITH DE ALWIS, MR. JAYANTHA B. SAMARAKOON, MR. CHANDRANANDANA DIYUNUGE, MR. NILHAN EKANAYAKE, MR. CHRISTOPHER JOSHUA, MR. JAYANTHA P KARUNARATNE, MR. S.A. CADER, MR. PRIYANGA GUNASEKERA, MR. EASSUWAREN SUBRAMANIAM


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MR. SAMUDITHA KUMARASINGHE, MR. RUWAN FERNANDO, MR. CHAMIKA GODAMANNA, MR. DUDLEY THAMBINAYAGAM, MR. KAVINDA RAJAPAKSA, MR. RAMAL JASINGHE


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The council of 2019

Office BearersPresident Mr. Asela de LiveraSenior Deputy President Mr. Nandika BuddhipalaDeputy President Mr. Deepal NelsonHony. Secretary Mr. Anura WarnakulasooriyaHony. Treasurer Mr. Gamini Wimalasuriya Immediate past President Mr. Sujeeve Samaraweera

Chairmen of 16 Standing Committees Chairman’s Name CommitteeMr. Sarath Alahakoon Agriculture & Food Processors Committee Mr. Nandika Buddhipala Banking & Financial Services CommitteeMr. Anura Warnakulasooriya Ceramic & Glassware CommitteeMr. Yakooth Naleem Dairy & Livestock Committee Mr. Ruwan Fernando Employment, Education & Training Committee Mr. Sujith De Alwis Engineering & Construction Committee Dr. A. S. Sabaratnam Exporters Committee Mr. Dudley Thambinayagam Importers CommitteeMr. Mohideen Cader Industries Committee Mr. Patrick Alwis Insurance Committee Mr. Chamika Lakshan Godamanna Information & Communication Technology CommitteeMr. Jayantha B. Samarakoon Plantation Committee Mr. Rohan De Silva Ports, Shipping & Aviation Committee Mr. Chandranandana Diyunuge Power & Energy Committee Mr. Haridas Fernando Trading (Wholesale & Retail) Committee Mr. Sarath C. Algama Transport & Automobile Industries Committee

5 persons from retiring Council Mr. Nilhan Ekanayake Lanka Canneries Ltd.Mr. Ramal Jasinghe Fair First Insurance (Pvt) Ltd.Ms. M. C. Renuka Jayamanne Hospitality Management & Consultancy Associates Mr. Christopher Joshua Access Engineering PLCMr. Jayantha P. Karunaratne Imperial Teas (Pvt) Ltd.

10 NomineesMr. K. B. S. Bandara Bank of CeylonMr. S. A. Cader Julius & CreasyMr. D. Kavinda S. Rajapaksa Samson Rubber Industries (Pvt) Ltd.Mr. Pradeep Uluwaduge LOLC GroupMr. Eassuwaren Subramaniam Eswaran Brothers Exports (Pvt) Ltd.Mr. Rizwan Nayeem Sri Lanka Gem & Jewellery AssociationMr. Priyanga Gunasekera VS Information Systems (Pvt) Ltd.Mr. Samuditha Kumarasinghe Nature’s Beauty Creations Ltd. Mr. Hemantha Kumara Perera Isabella (Private) LimitedMr. Binesh Pannanwala Watawala Plantations PLC


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PAST leadership

Mr. Robert P. Senanayake Mr. D. L. F. Pedris

Mrs. Nirmali Samaratunga2005-2007

Mr. Sunil G. Wijesinha2013-2015

Sir Cyril de Zoysa

Mr. J. Siriwardena

Mr. Hari Selvanathan1998-2000

Mr. D. Eassuweren (Late)2007-2009

Mr. Thilak Godamanna2015-2017

Mr. Sujeeve Samaraweera2017-2019

Mr. M. Faleel A. Caffoor

Mr. R. Wanigathunga

Mr. Chandra J. Embuldeniya2000-2002

Mr. Chandra Lal de Alwis (Late) 2009-2011

Mr. T. S. Jinasena

Mr. A. C. H. de Zoysa

Mr. Asoka de Z. Gunasekera2002-2004

Mr. Asoka Hettigoda2011-2013

Past Presidents (Last Ten)

Our 21 Founder MembersMr. Robert P. SenanayakeSir Cyril de ZoysaMr. M. Faleel A. CaffoorMr. N. SellamutthuMr. W. Hendrik de SilvaMr. T. S. Jinasena

Mr. Sherman de SilvaMr. Sellamuttu SivanathanMr. Abdul Careem Abdul JabbarMr. E. A. Kareem Mr. D. L. F. Pedris Mr. J. Siriwardena

Mr. A. S. FernandoMr. A. C.H. de ZoysaMr. S. R. de SilvaMr. B. MedonzaMr. B. M. Marcelline Mr. R. Wanigatunga

Mr. H. S. A. PaternottMr. M. S. Abdul RahamanMr. D. W. Wanigasekera


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The operational Team


39


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The operational Team

SECRETARY GENERAL/CHIEF EXECUTIVE OFFICERMr. Bandula Dissanayake

ADMINISTRATION DIVISION The Division is responsible for the overall administration of the Chamber Secretariat, including monitoring of activities of other Divisions. In addition, it handles Standing Committee activities, liaison with Government organizations and member services. The Division maintains a close relationship with the Standing Committees Chairmen and arranges meetings for such Committees.

Ms. Shriani RambukwellaAssistant Secretary General

Mrs. K. T. D. L. Merly Personal Assistant to Secretary General

Mr. K. B. B. S. DarshanaWeb Master

Ms. N. Surekha Neethu SinghCoordinator cum Secretary

Ms. Nirmani FernandoProject Assistant

Mr. D. Somaratne Office Aide

Mr. Sandanam SaththiweluDriver/Office Aide

Mr. G. A. S. Pubudu KumaraDriver

Mr. S. M. M. Nazeerdeen Janitorial Assistant

Mr. K. A. Lechchamanan Janitorial Assistant

COMMERCIAL DOCUMENTATION DIVISION The Division certifies commercial documents such as certificates of origin, commercial invoices, cargo measurement certificates and other related certificates that are needed by the business community in their export and import activities.

Mr. Tissa RuberuAssistant Secretary General

Mr. Ajith SenaratneAssistant Manager

FINANCE & PERSONNEL DIVISIONThe Division prepares budgets, monthly accounts and final accounts of the Chamber. It also handles the finances of affiliated member organizations such as Business Councils, and is responsible for the human resource management activities of the Chamber Secretariat, including matters pertaining to recruitment, leave and staff welfare.

Mrs. K. T. D. Jayakamani Accountant (Head of the Accounts Unit)

Ms. A. E. S. Fernando Accounts Assistant

Ms. Nathasha Marianne JamesAccounts Assistant

INTERNATIONAL RELATIONS & TRADE INFORMATION DIVISION The Division performs research on trade information and dissemination of such information among member companies, including compilation of trade information bulletins and the Chamber Newsletter. It also organizes outward delegations from the Chamber, receives foreign delegations and arranges business meetings between visiting delegations and Chamber members.

Mrs. Thushari Manel Secretary

SME, SKILLS DEVELOPMENT & OTHER SERVICES DIVISIONThe Division undertakes SME development activities and conducts workshops and training programmes for the benefit of the member organizations. In addition, the Division provides other services such as match-making between SMEs and large corporates for marketing products and services of the SME sector.

Mrs. Nishanthi DilrukshiProjects Executive

Ms. D. A. Thanusha Dilrukshi Athukorala Project Assistant


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NATIONAL CHAMBER CONVENTIONS DIVISIONThe Division focuses on organizing international exhibitions and business benchmarking competitions in Sri Lanka and assisting foreign organizations to hold exhibitions in Sri Lanka. It also arranges buyer-seller meetings for the benefit of members.

Ms. Devi Emmanuel Manager- Events & Conventions

Ms. Hansani JayawardanaProject Assistant

Ms. Achini Cooray Management Trainee

Management discussion


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Performance and Direction of the National EconomyBased on the statistics issued by the Central Bank of Sri Lanka, the economy grew at a rate of 2.6 per cent during the first six months of 2019, as a result of the spillover effects of the 2018 political instability and from the effects of the terror attacks on April 21st. The rate of growth was subdued when compared with the corresponding period in 2018. And in 2019, the IMF revised the real GDP growth to 2.7 per cent; however, it’s projected to improve in 2020 to 3.5 per cent, whilst Inflation is also expected to remain stable at 4.5 per cent.

Annual Economic Growth

2017 2018 2019 (Estimated)

2020 (Forecasted)

2017

2018

2019

2020

- 3.4%- 3.2%- 2.6%- 3.5%

In tandem, unemployment rate too increased during the time period. The Central Bank of Sri Lanka, in their efforts to stabilize inflation at mid-single digit levels continued to work within an ‘enhanced monetary policy framework’. CBSL also continued to progress towards adopting Fully-fledged Inflation Targeting (FIT). Furthermore, the Central Bank adopted an accommodative monetary policy outlook amidst a subdued economic growth.

The trade deficit declined during the first six months of 2019 due to lower import expenditure and increased export earnings. Owing to the issuance of international sovereign bonds, the financial account experienced an improvement, while the gross official reserves increased.

Furthermore, in September 2019, the World Bank advised Sri Lanka to invest in health and education to improve the nation’s productive potentials. This recommendation was made on a new report to assist policy making, titled,

‘Sri Lanka Human Capital Development’ issued by the World Bank in September, 2019. According to the report, Sri Lanka is performing moderately well at 58%, ranking 74 out of 157 in the World Bank’s Human Capital Index (HCI), leading other South Asian countries such as India, Pakistan, Nepal, Bangladesh and Afghanistan. The World Bank recommends that sufficient investments in early childhood education will equip our children to better fare in the future and to increase their potentials for success.

Global SME Sector DevelopmentsAcross the world SMEs contribute significantly to the growth of the global economy while enabling regional development, employment opportunities, poverty reduction and inclusive economic growth. Studies conducted on the sector confirm that SMEs have tremendous potential to increase both productivity and employment at a national and global scale. In Asia, 96 percent of all businesses were from the SME sector, providing two out of three employment opportunities in the private sector; this shows the direct correlation between providing full support for SMEs and economic growth, across the region.

However, given the limited access to bank credit for SMEs, the Asian Development Bank recommends that ‘new and sustainable models’ are needed for exposing SMEs to finance. Lack of collateral amongst SME entrepreneurs and the consequential high interest rates in lending pose a major obstacle in expanding SME credit.

A 2018 study by the Asian Development Bank Institute suggests that, ‘further policy support for SME finance is needed in low-income and lower-middle-income Asian economies. In particular, it is necessary to develop a set of financial infrastructures—such as a credit risk database and a credit guarantee corporation.’ It also mentions that, ‘the establishment and development of SME specialized banks is a required policy.’

The above report also recommends Governments to develop ‘Credit Guarantee Schemes’ as a remedy to the funding of SMEs which is principally aimed at increasing the flow of funds to businesses, especially SMEs. For years, many countries have used this method, which essentially absorbs the risks involved, as the guarantor intervenes as loan collateral. In the case of borrowers defaulting, the credit guarantor (government or trade association) will cover a percentage of what is owed to the lender.

DEPICTED BELOW IS THE CHAMBER’S ANALYSIS OF ECONOMIC DEVELOPMENTS IN THE PAST YEAR, WITH A FOCUS ON THE STRATEGIC MEASURES REQUIRED FOR THE DEVELOPMENT OF

SMES, THE BUSINESS COMMUNITY AND OUR ECONOMY AT LARGE.



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Strategic Frameworks for SME DevelopmentAccording to the National Policy Framework for Small Medium Enterprise Development, the sector forms 75 percent of national enterprises providing 45 per cent employment opportunities while having a 52 percent contribution to the Gross Domestic Production.

National SME Sector

% of SMEs from Total Enterprises

Contribution to Employment

Contribution to GDP

75%

45% 52%

Given the substantial impact and contribution from SMEs to our national economy, maintaining and updating a favourable policy framework is critical for the growth of the sector. Not only does Sri Lanka possess a strong and growing base of over one million Micro, Small and Medium Enterprises (MSMEs), but we have now created a favourable environment through SME friendly policies and strategic initiatives.

Initiatives such as the National Export Strategy (2018-2022) aspire to enhance market entry capacities, integration of national SMEs into the export value chain. Further example of SME based policy framework is the Innovation and Entrepreneurship Strategy of Sri Lanka (2018-2022) which has an objective of assisting SMEs enhance export competitiveness, while promoting the growth of local start-ups.

In assimilating SMEs towards national economic growth, policy makers should provide ease access to inputs, remove bureaucratic red-tape, help increase preferential trade agreements with reduced or non-tariffs benefits etc…

Integrating SMEs in bilateral trade agreements with regional and global countries as well as mediating partnerships for SMEs with larger organizations helps develop enthusiasm and commitment from the sector. SMEs should also be encouraged to entrepreneurship in service based sectors for an overall balance of the economy’s goods and services growth.

SMEs face numerous challenges in competing with larger organizations, contacting foreign buyers and in adopting new technologies and operational methods. These limit them from diversifying and in reaching export destinations. In addition, incapacity to effectively manage operations and employees, lack of knowledge in business and export related processes and lack of support to improved productivity, challenges the growth of the sector. In terms of trade, an easy and efficient cross border transaction facilitation system would help reduce export and import costs.

Furthermore, training and development based policies are also critical for developing SMEs. As lack of funding remains a constraint to SMEs it requires policy makers to facilitate SMEs to receive investments for innovations, adopting new technologies, market expansions and achieve economies of scale.

Digital Innovations for Strategic GrowthTechnological infrastructure allows SMEs to pursue new opportunities in cross-border trade. In this regard, digitalization and automation will reduce or remove time taken for business processes, provide effective coordination between private businesses and government organizations, as well as in eliminating or reducing huge costs that come with conventional processes of conducting business and international trade.

In integrating SMEs and other businesses into the digital sphere, the NEDA-EMS commenced by the National Enterprise Development Agency (NEDA) has the objective of creating a nationwide, centralized digital databank for Sri Lankan SMEs and entrepreneurs. With such digital initiatives, local SMEs receive digital connectivity to global value chains and production networks which are necessary for their growth. Adopting such beneficial digital platforms will help in the development of a highly competitive and productive market economy, which coincides with the vision adopted by the National Digital Policy for Sri Lanka (2020-2025) by the Ministry of Digital Infrastructure and Information Technology (MDIIT).

The national digital policy framework seeks to facilitate ease of doing business for start-ups and SMEs, while improving underlying regulatory and legal processes, review and improve labour, tax, investment and trade, intellectual property (IP), consumer protection and other laws and related regulations; it also aims at attracting foreign direct investments to the country. Furthermore, Sri Lanka has now initiated two major trade portals with single point access to business and trade related information and procedures. These platforms as detailed below are crucial for cross border exchange and for increasing the ‘ease of doing business’ in Sri Lanka for SMEs and large scale enterprises


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and most importantly in attracting foreign investments to Sri Lanka.

Mechanisms for Trade FacilitationLaunched in 2018, the Sri Lanka Trade Information Portal (TIP) is an inclusive repository of information relating to trade, importing to Sri Lanka and on Exporting form Sri Lanka. Assisted by the World Bank the TIP was an objective within the WTO Trade Facilitation Agreement (FTA). A key component of the national trade policy and export promotion strategy, the trade portal was created to provide all information on cross-border transactions through a single, user-friendly platform, which makes information searches easy and swift. An initiation by the Department of Commerce, the TIP is a gateway to information for traders with access to regulatory and process related information on import, exportation and transit. The portal aligns with the requirements of the World Trade Organization and compliance to its Article 1 of the Trade Facilitation Agreement.

TIP is a portal that brings about transparency on trade laws and procedures, and an important component in enabling ease of doing business in Sri Lanka. A web-based system, the portal makes available all cross-border trade related regulatory information – including laws, technical standards, commodity classifications and tariffs, procedures for permit applications, licenses and clearance as well as restrictions, in clear and concise instructions. It’s a single-entry point for fulfilling all regulatory requirements related to trade. The portal has brought together all 43 international trade related Sri Lankan ministries and government agencies under a single platform, making it convenient for businesses to gather information on agency requirements when conducting trade related transactions and processes. These include the Department of Commerce, Customs, Department of Foreign Exchange, Department of Import and Export Control, Department of Trade and Investment policy, Board of Investment, EDB, Finance Ministry, CBSL, Sri Lanka Ports Authority (SLPA), Ministry of Agriculture and the Tea Board amongst many others.

Two key benefit through the portal, to the entire business sector including SMEs is the reduced cost and reduced time taken to pursue trade related processes. SMEs now get an important tool to expand their knowledge, know regulations and pursue trade based opportunities. It’s also a comprehensive gateway for investors to understand the Sri Lankan trade environment as well as get an understanding of how each production or service sector operates; allowing ease of doing business in Sri Lanka than previously experienced.

The portal also features - business start-up process, an economic overview, import and export guide, and information on special economic areas, trade agreements, export processing zones, cross-border trade and GSP automation and additional areas of information.

The National Single Window, is an ICT initiative to facilitate import, export and transit bureaucracies. It’s a single point for the submission of documents in order to fulfill regulatory requirements and provides easy access to all public and private administrative procedures in foreign trade. The basic principle of the NSW is to facilitate one-time submission of data which could be reused by the system in other overlapping areas. It will also provide a single point of payment, improved business processes in government institutions, and provide a shorter time in obtaining approvals. Traders and agents will receive the facility to connect with Ministries of Trade, Agriculture, Health, Food security, and finance and to electronically submit license applications and customs declarations.

Sri Lanka has become included in multiple bilateral and multilateral trade agreements which facilitate better trade and investment between partner countries under reduced or exempted trade barriers, tariffs, import quotas and export restrictions. These agreements improve trade relations between nations involved.

Formed in 2013, the Trade Facilitation Agreement (TFA) by the World Trade Organization (WTO) focuses on customs procedures through cooperation between authorities related to trade and cross border. While 163 nations have endorsed the agreement, SL too ratified it in 2016. This was followed by the government’s approval to establish Trade Facilitation Committee which is overseen by Director General of Sri Lanka Customs and co-chaired by Director General of Department of Commerce. The TFA has a well formed association between the public/government and the private sector through its well-rounded committee representation which facilitates the implementation of TFA in Sri Lanka.

TFA enables participating countries to improvise competitiveness in the global market, attract foreign direct investments by adopting preferred measures in making trade between nations easier and beneficial.

Regional, Bilateral and Multilateral Trade AgreementsThe Asia-Pacific Trade Agreement (APTA)

The oldest preferential trade agreements between Asian Pacific countries, the APTA were signed in 1975. Member countries include Sri Lanka, India, Bangladesh, China, Lao PDR and Republic of Korea.



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The Global System of Trade Preferences (GSTP)

Signed in 1989, the GSTP seeks to increase trade between developing countries under United Nations conference on trade and development.

The Indo-Sri Lanka Free Trade Agreement (ISFTA)

This agreement allows duty free concessions on a range of products traded between India and Sri Lanka. It came into effect in 2000.

Pakistan - Sri Lanka Free Trade Agreement (PSFTA)

Initiated in 2005 the agreement has made progress in trade between the nations which provides Sri Lanka with duty free market access to more than 4500 products from Pakistan.

South Asian Free Trade Agreement (SAFTA)

Focusing on increased trade and economic cooperation, the SAFTA includes Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka.

The Agreement on SAARC Preferential Trading Arrangement (SAPTA)

Encouraging increasing trade liberalization and economic co-operation among member nations the SAPTA was signed in 1993 and includes Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka as member countries

Singapore Free Trade Agreement

In effect since the 1st of May 2018, the bilateral free trade agreement is intended to enable trade and investment between the two countries under relaxed more cooperative conditions included in the agreement.

Measures Conducive for InvestmentsIn attracting foreign direct investments to any country there are key factors that determine a country’s suitability to investors. Infrastructure, political stability, policies that boost investor confidence, attractive incentives from investments, market size, stable exchange rate and policy, skilled labour force, as well as macro-economic conditions. In addition, access to regional markets through trade agreements, access to land and natural resources, a transparent governance system, corruption-free government operations and most importantly ease of doing business, all facilitate investments by providing a prospective environment.

Tax regimes play another key decisive role, and offering incentives such as reduced taxes and tax holidays are fundamentally necessary for attracting investors. It is broadly known knowledge that delays in processes and obtaining permits, currency conversion restrictions, breaches in contract by a government or expropriation of

property and assets, as well as sudden and unpredictable changes in laws and regulations retracts investment opportunities or delays its inception. In attracting investments policy makers and government ministries should focus on creating conducive policies for investments across all industries and sectors.

Sri Lanka continues to grow as more entrepreneurs enter MSME sector or promote their innovations through larger organizations. Sri Lanka is currently experiencing a digital market space where businesses offer services and products through digital/online mediums creating a boom in e-commerce. Considering new innovations, foreign market demands and investor needs, it is crucial to foster policies that look at all these angles from a fresh perspective.

Ease of doing business, easy and fast access to information, central online portals for doing business in Sri Lanka should be maintained allowing faster registration of businesses for investors, and quick coordination between government agencies in approving investment projects. As of 2019, Sri Lanka ranks at 99th place in the World Bank Index of ease of doing business; this is a significant drawback in attracting foreign investments as it directs investors to seek other countries within the region with better ranking.

The growing ease and ability to conduct businesses electronically continues to facilitate global economic expansion through a growing Global Value Chain, creating more employment opportunities for under-developed countries, increasing earning potentials for millions. With better avenues for international trade, developing nations such as Sri Lanka now has vast options for entering previously unexplored sectors of business while using fragmentation of production for the manufacture of goods. With this methodology, enterprises separate various aspects of a production process which are then fulfilled in other countries. Raw materials are produced from one country while a semi-finished product enters another for assembly as a final product. Increasing our involvement in the global value chain should be a key focus of policy making while allowing fragmentation of production to be adopted by various industries and business sectors.

The National Chamber of Commerce regularly monitors developments in the economic front, as we continue to assist businesses benefit from these developments by creating business networks and capacity building programs and by educating the business community. Our continued focus is on empowering the SME sector to help sustain an enabling environment for overall business development.


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THE ChamberNCCSL – WHO WE ARE

Establishing the Chamber was a necessity in providing a nationalistic approach to businesses while safeguarding the interests of Sri Lankan businesses. Since then, the core of our work has been in the sustainable development of SMEs with a keen focus on melding propitious international relations and bilateral cooperation. With this as its core, the Chamber formed the National Chamber Institute of International Relations and the Federation of Small and Medium Enterprises Association in 2003. The Chamber also initiated the Export cluster under the National Council for Economic Development in relation to the promotion of trade.

The Chamber is constantly observant of global business trends and the gaps in domestic industries in reaching higher standards and in reaping the benefits that global trade offers, trade exhibitions help promote local industries and innovations while exposing our businesses to international best practices.

Throughout the past 70 years the Chamber has been a pioneer in setting the tone for business and industrial standards, through multiple international exhibitions and award schemes. In 1996 we began our first international industrial trade exhibition INTRAD followed by other exhibitions in 1997, 2000, 2010 and in 2014. INTRAD provided enterprises in all sectors of trade a chance to showcase their products and services, making it an opportune event to meet buyers, investors while gaining both local and international business contacts. And in 2005, we conducted “Arogya” - the first ever National Healthcare Exhibition together with the Ministry of Health and was held in 2006, 2012 and in 2014.

Pioneering many firsts in the arena of trade fairs and exhibitions, we also initiated the first ever Ayurveda Exhibition and Symposium in 2007 in partnership with the Ministry of Indigenous Medicine and with the participation of the International Community. Focusing on the agricultural industry, in 2008, the Chamber organised “Wellassa Krushi Udawa” in Buttala, Moneragala - the first ever Regional Agricultural Exhibition.

Over the years, the Chamber has become one of the most credible and primary sources of knowledge to entrepreneurs as we continue to gather decades of research and surveys which is then passed on to our members and those seeking information. As a result, the Chamber inaugurated the first ever Certificate Course in ‘Entrepreneurship Management (CIEM)’ jointly with the University of Colombo in 2011.

The National Chamber of Commerce of Sri Lanka continues to take on the responsibility of training Small and Medium Scale Entrepreneurs, as we make them aware of regulations, business standards, limitations and ethical behaviour, continuing to provide guidance to entrepreneurs as a main driver of economic growth.

AccoladesRecognition for our work has brought to the Chamber multiple accolades, beginning with two major awards for outstanding performance at IKOFA, Food Fair in West Germany in 1972. In 2009, the Chamber received an award by the World Chamber Federation at the 6th World Chambers Congress held in Kuala Lumpur, Malaysia, in recognition of our services to the SME sector.

IN THE YEARS SINCE 1948, THE NATIONAL CHAMBER HAS WORKED DEDICATEDLY TO REACH THE LEVEL OF NATIONAL AND GLOBAL EXPOSURE WE HAVE RETAINED AT PRESENT. OUR BIGGEST

REWARD IS THE RECOGNITION WE HAVE GATHERED FOR DEVELOPING BUSINESSES TOWARDS SUCCESS AND IN CONTRIBUTING TO THE NATIONAL ECONOMY.

CHAMBER FORMED THE NATIONAL CHAMBER INSTITUTE OF INTERNATIONAL RELATIONS AND THE FEDERATION OF SMALL AND MEDIUM ENTERPRISES ASSOCIATION IN 2003. THE CHAMBER ALSO INITIATED THE EXPORT CLUSTER UNDER THE NATIONAL COUNCIL FOR ECONOMIC DEVELOPMENT IN RELATION TO THE PROMOTION OF TRADE.


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Chamber services

1. Submits the Chamber’s views in response to inquiries from the Government. Publishes reports based on compiled opinion of the members and submit them to the National Government and other relevant Government Authorities with the Chamber’s recommendations.

2. Issues Certificates of Origin for goods to be exported.

3. Register other Commercial Documents.

4. Conducts Workshops/Training Programs/Seminars and Lectures on topics related to commerce and industry.

5. Engages in activities conducive to promotion of the development and welfare of the community at large.

6. Finds markets for local organisations overseas.

7. Engages in match-making activities between SME and large corporate bodies.

8. Provides secretariat services to Associations.

9. Maintains an updated modern commercial Library with information on all types of trade, import, export, manufacture, service, joint ventures, Government policies, regulations, incentives and tariffs information.

10. Compiles Members’ Directory and trade data bases.

11. Establishes linkages and network with counterpart organisations in overseas countries.

12. Represent the Chamber at Government and non-government bodies.

13. Publication of “Voice of Business” news magazine of the Chamber activities.

14. Carry out social activities as part of its corporate social responsibility programes.

15. Issues letters of recommendation to members to get their VISA Approval.

16. Disseminating trade information such as export/import/investment opportunities through a weekly Trade Information Bulletin and special circulars to all members.

17. Represents the members at Government Forums to resolve their business related problems.

18. Advertises products and services of the members through our Monthly News Letter and the website at concessionary rates.

19. Circulating on request business information of members such as their marketable products and services among overseas parties through our information network.

20. Facilitating members to meet foreign delegations visiting the Chamber and also to join Chamber delegations visiting overseas countries.

21. Advises the Government to include private sector friendly proposals in the National Budget Proposals.

22. Providing opportunities for members to meet Sri Lankan diplomat/designates at the Chamber before their departure to take up foreign positions.

23. Organises Bilateral Trade Seminars on a monthly basis with foreign Embassies in Sri Lanka with the participation of the Ambassador/High Commissioner, which provides a forum for the members to interact directly with the officials of the relevant Embassies.

25. Conducting International Exhibitions and Trade Fairs annually, such as Ayurveda Expo Indigenous Healthcare Exhibition, AROGYA Healthcare Exhibition and INTRAD EXPO Trade Fair & Exhibition on a yearly basis.

26. Conducting the National Business Excellence Awards annually, the flagship event of the Chamber, which provides an opportunity for organisations which strive for excellence to compare their level of evolution with the national benchmark of business and management excellence.


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Our Regional Partners

ProvinceRegional/District Chambers/Associations

Sabaragamuwa • Kegalle District Chamber of Commerce, Industry & Agriculture

• Sabaragamuwa Chamber of Commerce & Industries

Southern • Hambanthota District Chamber of Commerce & Industries

• Galle District Chamber of Commerce & Industries

• Matara District Chamber of Commerce & Industry

Eastern • Trincomalee Chamber of Commerce & Industries

• Batticloa District Chamber of Commerce & Industries

• Ampara District Chamber of Commerce & Industries

Northern • Jaffna Chamber of Commerce & Industries

• Mannar Chamber of Commerce & Industries

• Chamber of Commerce and Industry of Yalpanam (Jaffna)

North Central • Anuradhapura District Chamber of Commerce, Industry & Agriculture

• Polonnaruwa District Chamber of Commerce, Industry and Agriculture

Wayamba (North Western)

• Wayamba Chamber of Commerce and Industry

• Chamber of Commerce of the Wayamba Province

• Kurunegala District Women’s Chamber of Commerce, Industry & Agribusiness

• Puttalam District Chamber of Commerce, Industry and Agribusiness

Uva • Moneragala District Chamber of Commerce & Industries

• Chamber of Commerce & Industry of Uva Province

Western • Gampaha District Chamber of Commerce

Central • Chamber of Commerce and Industry of Central Province

• Chamber of Provincial Entrepreneurs (COPE)

• Matale District Chamber of Commerce, Industry and Agriculture

• Nuwara Eliya District Chamber of Commerce, Industry and Agriculture

Network for sme development

Ampara

Batticaloa

TrincomaleeAnuradhapura

Polonnaruwa

Jaffna

Mannar

Moneragala

Sabaragamuwa

Matale

Nuwara Eliya

Hambantota

MataraGalle

Kurunegala

Gampaha

Puttalam

THE Chamber


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past presidents and Secretary Generals/CEOs

Past Presidents

Name Period

Sir Wilfred de Soysa 1951-1952

Mr. R. P. Senanayake 1952-1955

Sir Cyril de Zoysa 1955-1957

Mr. M. Falil A. Caffoor 1957-1958

Mr. J. L. M. Fernando 1958-1960

Mr. Justin Kotalawala 1960-1961

Mr. J. L. M. Fernando 1961-1966

Mr. D. L. F. Pedris 1966-1970

Mr. H. R. Fernando 1970-1971

Mr. R. Wanigatunga 1971-1972

Mr. H. R. Fernando 1972-1977

Mr. A. D. E. de S. Wijeyeratne 1977-1982

Mr. J. A. Leembruggen 1982-1983

Mr. G. S. Chatoor 1983-1985

Mr. M. Manoharan 1985-1987

Mr. H. S. de Silva 1987-1988

Name Period

Deshabandu Karu Jayasuriya 1988-1990

Mr. L. L. Samarasinghe 1990-1992

Mr. Muni Kundanmal 1992-1994

Major Douglas Wijesinha 1994-1995

Mr. Tilak de Zoysa 1995-1996

Mr. Armyne Wirasinha 1996-1998

Mr. Hari Selvanathan 1998-2000

Mr. Chandra J. Embuldeniya 2000-2002

Mr. Asoka de Z. Gunasekera 2002-2004

Mrs. Nirmali Samaratunga 2005-2007

Mr. D. Eassuweren 2007-2009

Mr. Chandra Lal de Alwis 2009-2011

Mr. Asoka Hettigoda 2011-2013

Mr. Sunil G. Wijesinha 2013-2015

Mr. Thilak Godamanna 2015-2017

Mr. Sujeeve Samaraweera 2017-2019

Secretary General/CEOs

Name Designation Period

Mr. J. E. John Rodrigo Administrative Secretary 1954-1973

Mr. T. Seneviratne Administrative Secretary 1973-1982

Mr. J. C. Savanadasa Administrative Secretary/Secretary General 1982-1996

Mr. Chandra J. Silva Secretary General 1996-1997

Mr. Neil Seneviratne Secretary General 1997-2005

Mr. E. M. Wijetilleke Secretary General/CEO 2005-2013

Mr. Bandula Dissanayake Secretary General/CEO 2014-


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committee structure

THE Chamber

The standing committees function with the intention of identifying issues faced by that particular business sector and finding solutions. It also conducts activities, training programs, awareness seminars, workshops to develop and assist the particular business sector and intervenes with the Government and relevant authorities with regard to policy related matters.

No. Committee Chairman

1 Agriculture & Food Processors Mr. Sarath Alahakoon – Jt. Managing Director – Country Style Foods (Pvt) Ltd.

2 Banking & Financial Services Mr. Nandika Buddhipala – CFO, Commercial Bank of Ceylon PLC

3 Ceramic & Glassware Mr. Anura Warnakulasooriya – Managing Director, Midaya Ceramic Co (Pvt) Ltd.

4 Dairy & Livestock Mr. Yakooth Naleem – Managing Director, Bairaha Farms PLC

5 Employment, Education & Training Mr. Ruwan Fernando – Country Managing Partner, Ernst & Young

6 Engineering & Construction Mr. Sujith De Alwis – Director / CEO, Fentons Ltd.

7 Exporters Dr A. S. Sabaratnam – Managing Director, A S Agri Exports Pvt Ltd.

8 Importers Mr. Dudley Thambinayagam – Managing Director, Jupiter Trading Co. Ltd.

9 Industries Mr. Mohideen Cader – Managing Director, Sinwa Holdings Ltd.

10 Insurance Mr. Patrick Alwis – Managing Director, Ceylinco General Insurance Ltd.

11 Information & Communication Technology Mr. Chamika Lakshan Godamanna – Managing Director, Ninehearts Imaging (Pvt) Ltd.

12 Plantation Mr. Jayantha B. Samarakoon – President, Coconut Growers Association of Sri Lanka

13 Ports, Shipping & Aviation Mr. Rohan De Silva – GM(F&SI), Colombo Dockyard PLC

14 Power & Energy Mr. Chandranandana Diyunuge – Chairman, Electro Metal Pressings (Pvt) Limited

15 Trading (Wholesale & Retail) Mr. Haridas Fernando – DGM (Agri Business) Cargills Ceylon PLC

16 Transport & Automobile Industries Mr. Sarath C. Algama – Managing Director - DIMO (Pvt) Ltd.


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the governing council & SECRETARIAT

The members of the Governing Council comprise of individuals elected by the members of The National Chamber of Commerce and nominated by other bodies.

Office Bearers 05

Chairmen of Standing Committees 16

Nominees of the Retiring Council 05

Nominees from the Floor of the House 10

The Members of the Governing Council usually consist of professionals and experts representing a variety of disciplines.

All Council members hold their positions for two years prior for making themselves available for election or nomination, enabling diversity within the Council.

RESPONSIBILITIES OF THE GOVERNING COUNCIL • To be the advisory body to the Secretariat

• Promotion of business relations within the membership

• Providing professional advice and consultancy in solving trade related disputes for the business community

• Identifying key business promotion areas for development of Trade and Industry

• Engaging activities conducive to the promotion of development and welfare of the chamber and the community at large

• Assisting the Chamber in establishing linkages and networking with counterpart organisations in overseas countries

• Representing the Chamber at Government and Non-Government bodies

• Promoting foreign trade bodies/delegations to visit the Chamber

• Representing the Chamber overseas/forums/trade fairs/events

• Services rendered on a voluntary basis for the progress and development of the Chamber

THE SECRETARIAT STRUCTURE

The Administration Division

The division is responsible for the overall administration of the Chamber Secretariat, including monitoring activities of other divisions. In addition, it handles Standing Committee activities, liaison with government organisations and member services. The division maintains a close relationship with the Standing Committee Chairmen and arranges meetings for such Committees.

The Commercial Documentation Division

The division certifies commercial documents such as Certificates of Origin, Commercial Invoices, Cargo Measurement Certificates and other related certificates that are needed by the business community in their export and import activities.

The Finance and Personnel Division

The Division prepares Budgets, Monthly Accounts and Final Accounts of the Chamber. It also handles the finances of affiliated member organisations such as Business Councils, and is responsible for the Human Resource Management activities of the Chamber Secretariat, including matters pertaining to recruitment, leave and staff welfare.

The International Relations and Trade Information Division

The division performs research on trade information and disseminating them among member companies, including compilation of trade information bulletins and the Chamber News Letter. It also organises outward delegations from the Chamber, receives foreign delegations and arranges business meetings between visiting delegations and chamber members.

SME, Skills Development and Other Projects Division

The division undertakes SME development activities and conducts workshops and training programs for the benefit of the SME member organisations. In addition, the division provides other services such as match making between SMEs and large Corporates for marketing the products and services of the SME Sector.

National Chamber Conventions Division

The division focuses on organising international exhibitions and business bench marking competitions in Sri Lanka and assisting foreign organisations to hold exhibitions in Sri Lanka. It also arranges buyer-seller meetings for the benefit of members.


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training and knowledge sharing

THE Chamber

Seminars and WorkshopsIn 2019, the National Chamber of Commerce completed seven decades of serving the business community with diversified services that helps Sri Lankan businesses become the best version they can be. For seventy one years, NCCSL has worked with the mission of providing guidance and support services to Micro, Small and Medium Enterprises and Large Organisations, promoting local and cross-border trade, taking our businesses to unmapped opportunities.

During the year under concern, the Chamber helped educate and train businesses, developing skills and knowledge, helping to build employee competencies and keeping them up-to-date on industry developments and business insights that allow businesses to reach their most optimum capacities.

In 2019, the Chamber organised workshops and seminars across a range of topics targeting SMEs and the corporate sector.

One Day Workshop on Import Procedures & Documentation

A full day Workshop was organized in order to inform and educate participants on Import Procedures. This was held on 31st January 2019 at the Chamber. The workshop provided an insightful and clear understanding of imports for new staff, while refreshing the existing knowledge of seasoned staff on latest procedures and general work related to imports. All participants were awarded a Certificate at the end of the session.

Workshop on Facilities Management

Resource person Richard Davis, CEO and Partner of Evbex Asia conducted a half day workshop on Facilities Management in February 2019. He arrived in the country on an invitation by Asia Institute of Excellence. Through the seminar, Mr. Davis emphasised on the larger scope of Professional Facilities Management which goes beyond ordinary building maintenance.

Workshop on Online Submission of Tax Returns

A workshop was organised for interested individuals on “Online submission of Tax Returns”, held in February 2019. Resource persons from the Inland Revenue Department provided specialised knowledge and understanding of filing VAT, NBT and PAYE Returns through the RAMIS System. Besides this information, participants were also educated on resolving issues when handling the RAMIS System.

Workshop on Export Procedures & Documentation

Taking into consideration the appropriate knowledge required in exporting goods from Sri Lanka, the Chamber conducted a full day workshop on Export Documentation and Procedures in March 2019. The resource person at the event was Mr. T. Raviendrarajah- Director Customs. The workshop provided an introduction to documentation procedures for those engaged in export businesses. It also provided an ideal context for our staff to improve their knowledge in this regard. Participants were presented with a Certificate of Participation at the end of the training.

Workshop on Import Procedures & Documentation

A one day workshop was conducted on Import Procedures and Documentation at the Chamber auditorium on the 1st of August, 2019. The target audience of the program was the Business Community in Colombo. The workshop was conducted by Mr. T. Raviendrarajah, Director of Customs, who holds over 36 years of experience at Sri Lanka Customs in various departments.

The workshop was designed for businesses involved in importing, buying and sourcing from overseas, in addition to sales, purchasing, production and accounts staff. It also provided a good overview necessary for senior managers who have to delegate responsibility and an overview of the principals involved in successful importing, tips on how to avoid problems and on how to ensure the smooth running of contracts, profitably.

The Contents of the program were: Introduction to Imports, Planning, Determining Imports Requirements, Introduction to International Trading, Sales Contract, Imports Restrictions, Terms of Sale, Incoterms - Purpose and Scope, Payment Terms with regard to Imports: Agreement of Payment Terms: a review of the impact of each type (including Letter of Credit and Document Collections) on import payment, Customs Imports Procedures and Documentation, Classification of Imports Documents, Clearance of Commercial Cargo through Customs - Sea Cargo and Air Cargo, Free Trade Agreements, WTO Goods Valuation Agreement, WTO Trade Facilitation Agreement (TFA), Goods Classification and Harmonised Systems.

Each participant was awarded a valuable certificate at the end of the training program.

Corporate Workshop on “VAT/SVAT & NBT”

The National Chamber of Commerce of Sri Lanka organised another workshop on ‘VAT/SVAT & NBT’ for the business community in Colombo, on the 22nd of August 2019, at the National Chamber Auditorium, in collaboration with the Inland Revenue Department Sri Lanka. The workshop


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provided participants an opportunity to obtain an in-depth knowledge with regards to VAT/SVAT & NBT. Conducted in English, the workshop focused on the Calculation Methodology and the Operational Issues of these taxes. Ms. Dushani Chandrasiri - Deputy Commissioner - Tax Policy & Legislation and Ms. Chandramali Arachchige - Assistant Commissioner - RAMIS Change Management of the Department of Inland Revenue participated as the Resource persons.

Workshop on Export Procedures and Documentation

A one day Workshop on Export Procedures and Documentation was conducted at the National Chamber Auditorium on 10th October 2019 for the Business community in Colombo. The course aimed at educating participants on the latest procedures of the exports trade in order to provide a comprehensive understanding of exports. It was an opportunity for new staff to learn the procedures of export and a learning opportunity for experienced staff in updating their knowledge. The Resource Person was Mr. T Raviendrarajah, Former Director of Customs who possesses over 36 years of experience at the Sri Lanka Customs in various departments. His presentation and content included introduction to export, export planning, introduction to international trading, source of export, determining export requirements, export restrictions, terms of sale, incoterms 2010-a review of the main ones, classification of export documents, role of freight forwarders in exports, logistics and physical distribution activities, customs export procedures, port procedures, customs - privileged facilities and special attention on WTO Trade Facilitation Agreement (TFA) - Publications and Sri Lanka Trade Information Portal (SLTIP). A valuable certificate was issued to each participant at the end of the session.

Seminar on Trade Information Portal (TIP) Sri Lanka

The National Chamber of Commerce of Sri Lanka in association with the Department of Commerce and the ITC organised a half day seminar on “Trade Information Portal (TIP) Sri Lanka”. The seminar was held on 10th of December 2019 at the Chamber Auditorium.

The first key presentation was made on Trade Information Portal (TIP) and the recent developments effected by Mr. Premathilake Jayakody, Deputy Director of the Department of Commerce, followed by the second presentation on “Step by Step Functionality on TIP System” made by Ms. Kanchanee Seneiratne and Mr. Fowzer Mohammed Fiyaz, Consultants to TIP - International Trade Center (ITC). Two experts from Geneva Ms. Birgit Viohl and Mr. Tom Butterly, ITC Experts explained the Principles of Transparency and Access to Information – global perspective. These were followed by a panel discussion headed by Dr. Dayaratne Silva, National Project Coordinator of International Trade Centre and Mr. Premathilake Jayakody, Deputy Director of the Department of Commerce, Ms. Vishani Sooriyarachchi, World Bank Consultant and Mr. Hasitha Wijesundara, Senior Advisor – GIZ – SME Development Program.

The audience at the seminar included professionals from the trading Community and those involved in Export and Import. The Department of Commerce and the participants expressed their appreciation to the National Chamber, for organising the seminar.


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BUSINESS DEVELOPMENT PROGRAMS - SME

THE Chamber

In our endeavours to promote and assist the sustainable and profitable growth of businesses, we have taken under our wing the strong responsibility of uplifting the country’s economic lifeline – Small and Medium Enterprises. In 2019, we undertook several initiatives, based on areas that are critical to the success of Sri Lanka’s hardworking small and medium enterprises and sole proprietors.

Developing Sri Lankan Enterprises, especially those at the grass-root levels and MSMEs, the National Chamber of Commerce of Sri Lanka continued its services in conducting a series of training programmes, outside of Colombo.

Entrepreneur Awards 2019 – Western ProvinceThe National Chamber of Commerce of Sri Lanka and National Enterprise Development Authority concluded the “Western Province Entrepreneurship Awards Ceremony 2019” in grand scale at the Sri Lanka Foundation premises on 30th October 2019. The Chairman of NEDA Dr. Siraz Meerasahib was Chief Guest amidst other dignitaries.

The Awards Competition was designed for Micro, Small, Medium and Large sector entrepreneurs in the fields of Industry/Manufacturing Sector, Agriculture/Livestock/Fisheries Sector and Hospitality/Tourism & other services sectors and Awards are presented for best practices, namely; Best Environmental Friendly Enterprise, Best Exporter, Best Productive Enterprise, Best Innovative Enterprise, Best Value Added Enterprise, Best Energy Efficient Enterprise, Award for the Entrepreneur Provided the Most Number of Jobs for Females, Award for the Best Woman Entrepreneur, Award for the Best Differently abled Entrepreneur, presented to the best performances in 08 thematic areas.

“The Best Entrepreneur of the Year 2019 – Western Province” is the most prestigious award of the event. It recognizes the most outstanding enterprise in the province, and in 2019 it was awarded to Wijaya Products (Pvt) Ltd.

The event was attended by a large gathering of SME and corporate sector Entrepreneurs together with Government officials, top corporates and representatives.

Regional Seminars Programme for SMEs in Anuradhapura

A full-day capacity building training program was conducted by the National Chamber of Commerce of Sri Lanka, in association with the Anuradhapura District Chamber of Commerce on “Team Building and HR Management” for Small and Medium Enterprises (SMEs) on 14th of March 2019 at the Anuradhapura Chamber Auditorium. The program received the support of Bank of Ceylon.

Contents of the programme included - Introduction to Business Management, Introduction to HR Management, Introduction to employee Motivation, Team building games, Management games, Brainstorming, Brain teasing, Group works, Energizers etc, Mr. Gayan Jayathilake, Assistant Director – Procurement, NIBM joined as the Resource Person. The program was a success and all participants were presented a Certificate by the National Chamber of Commerce of Sri Lanka.

Programme for SMEs in Polonnaruwa

A full-day capacity building training program was conducted by the National Chamber of Commerce of Sri Lanka, in association with the Polonnaruwa District Chamber of Commerce on “Team Building and HR Management” for Small and Medium Enterprises (SMEs) on 15th of March 2019 at the National Youth Council Auditorium, Polonnaruwa. The program received the support of Bank of Ceylon.


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Contents of the programme included - Introduction to Business Management, Introduction to HR Management, Introduction to employee Motivation, Team building games, Management games, Brainstorming, Brain teasing, Group works, Energizers etc and Mr. Gayan Jayathilake, Assistant Director – Procurement, NIBM joined as the Resource Person. The program was a success and all participants received a Certificate by the National Chamber of Commerce of Sri Lanka for their participation.

Programme for SMEs in Galle

The Chamber in association with the Galle District Chamber of Commerce conducted a capacity building programme on “Beauty Culture” on 26th of March 2019 at the Galle Chamber Auditorium with the support of Bank of Ceylon.

Ms. Shereen Fernando, Director of Janet Group was invited as the Trainer and she covered areas including Introduction to the Study of Skin /Maintaining the Health of the Skin & Skin care demonstration, Introduction to the artistry in make up, introduction to the study of hair and demonstration on long hair design and blow dry styling, introduction to the nail care and demonstration on nail care design. The program was a success and all participants were presented with a Certificate by the National Chamber of Commerce of Sri Lanka.

Training Program for SMEs in Gampaha

Crafted to help expand the business potentials of growers of Anthuriums and Orchids in the Gampaha district, a one day training programme was held in partnership with the Gampaha District Chamber of Commerce. The program was titled ‘How to Expand Your Business Entity to the Next Level’ and was held in June 2019. The content of the program focused on, entering the International/Global markets, on importing quality and new varieties of plants,

on identifying market trends especially for cut flowers and biological features of cut flowers, foliage, as well as post-harvest methodologies.

Training Program for MSMEs in Colombo

As part of the Chamber’s initiatives on enhancing the skills of Micro, Small and Medium Enterprises, NCCSL conducted a one day workshop titled ‘SLS, ISO, Quality Certification and Quality and Productivity of a Business Entity’, at the Chamber auditorium under the patronage of the Bank of Ceylon. Resource persons who conducted the event were Ms. Theja Senarathne – Director of Marketing and Promotion at the Sri Lanka Standards Institute (SLSI) and Assistant Director of NIBM, Mr. Gayan Jayathilake. Both shared valuable insights and expertise on planning their businesses.

Ms. Senarathne conducted training on the areas of SLSI Services; Certificates such as SLS, ISO, Vidatha, GMP, Quality certificates issued by the SLSI, Advantages of obtaining SLS standards & quality certificates; whilst the areas covered by Mr. Jayatilleke included - what is productivity & quality, how to apply productivity & the quality concept in organisations, identify productivity improvement methods, relationship between quality & productivity and team work etc. Majority of the participants were from Food, Spices, Soft Drinks & Herbal Product Manufacturing, Printing, Auto-mobile and Hospitality sectors.

Capacity Building Training Program for SMEs in Ampara

A one day regional training programme on “Basic Accounting and Records Keeping” was held on 18th of July, 2019 for Small and Medium enterprise entrepreneurs in Ampara, in association with the Ampara District Chamber of Commerce and supported by the Bank of Ceylon. It was concluded with great success.

Contents of the programme were: need for records, record keeping, stock control, basic accounting, decision making and taxation. The Resource person was Mr. Sarath Munasinghe (BSc Public Administration (Special)) who possess over 25 years of experience in the field.

The participants were from diverse business sectors such as Beauty care, Automobile, Electrical items providers, Guest Houses, Food processing, Printing etc. The training programme provided them the necessary insights in how to gain knowledge and be aware of the current management accounting and tax concepts.

In addition, a senior officer from the Bank of Ceylon Head Office made a special presentation on Enterprise Sri Lanka Loan Scheme for SMEs. The event ended successfully with


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THE Chamber

satisfactory feedback from participants. At the end of the program, all participants were awarded a certificate by the Chamber.

Program on “Business Startups” in Kurunegala

The National Chamber of Commerce of Sri Lanka in association with Sampath Bank PLC organised a one day workshop titled “Business Start ups” in Kurunegala, to familiarise youngsters on business entrepreneurship and help self-start businesses. The programme was held for the second time which followed the first program held in Galle, in August 2018. The objective of this workshop was to educate prospective entrepreneurs on how to make the correct decisions when starting a business, to gain profitability and get good returns, increase quality and productivity, access the appropriate technology, and how to market a product well. The program was also an initiative to help increase employment opportunities for youth and women in the region.

A further attraction in this workshop was a Career Guidance session, where the participants were educated as to how they should correctly choose their future career, in line with their knowledge, capacity and future ambitions.

Programme for SMEs in Badulla

The Chamber hosted yet another capacity building program on “Taxation”, on 17th of August 2019. This was held in association with the Uva Chamber of Commerce, under the patronage of the Bank of Ceylon. The event was concluded successfully.

The participants of the program consisted of Steel item Manufacturers, Automobile Industry, Security service providers, Advertising companies etc. The gathering was addressed by Mr. Kelum Wijeratne, Deputy Commissioner

of the Inland Revenue Department, who was the Resource Person at the event. The program contents included the following - Brief introduction about the Inland Revenue Department of Sri Lanka, Taxes such as Value Added Tax (VAT), Simplified Value Added Tax (SVAT), Nation Building Tax (NBT), With Holding Tax, PAYE, Income Tax, RAMIS System and other taxes.

The program was curated to provide participants the opportunity to gain knowledge, and awareness of all taxes and the RAMIS System. In addition to the above, a senior officer from the Bank of Ceylon Head Office made a special presentation on the Enterprise Sri Lanka Loan Scheme for SMEs. The event ended successfully with satisfactory feedback from participants. At the end of the program, all participants were awarded a certificate by the National Chamber of Commerce of Sri Lanka.

Programme for SMEs in Kurunegala

Conducted for the third successive year, a workshop was organised for Small and Medium Enterprises in the North Western Province, on the 12th of September 2019 at the Bright Bravo Hotel in Kurunegala. The program titled ‘Entrepreneurship & Business Planning’ was organised by the National Chamber of Commerce of Sri Lanka with the assistance of Pan Asia Bank.

Resource person, Mr. Gayan Jayathilake - Assistant Director of NIBM conducted the program, sharing valuable insights on the planning of a business, providing training to the attendees. All participants were awarded a certificate by the National Chamber.

Training Program for SMEs in Kegalle

A full-day capacity training program was conducted by the National Chamber of Commerce of Sri Lanka, in association with the Kegalle District Chamber of Commerce on “Legal Environment of the Business” for Small and Medium Enterprises (SMEs) on 26th of October 2019 at Ambasewana Hotel, Kegalle. The program received the support of Bank of Ceylon.

Contents of the programme included - Legal environment in Sri Lanka for business and industries, EPF and ETF, Labour relations, current changes of Business Law and other related topics. Mr. Ananda Sahabandu was invited as the resource person; he is a retired Labour Commissioner and an Attorney-at-Law. The program was a success and was applauded by most participants who also conveyed their appreciation for the training program.

BUSINESS DEVELOPMENT PROGRAMS - SME


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Attendees were from diverse business sectors such as food item manufacturers, light engineering, hoteliers, apparel manufacturers, cement producers etc. At the end of the program, all participants were presented a Certificate by the National Chamber of Commerce of Sri Lanka.

Entrepreneurship Development Program for SMEs in Kandy

The Chamber organised a SME capacity building training programme on “Entrepreneurship” for Small and Medium Enterprise Entrepreneurs in Kandy with the support of Bank of Ceylon on 08th December 2019 at the Sampath Hall in Kandy. Attendees from various sectors were present at the program including entrepreneurs from food processing industry, spices, catering, printing and IT related companies, grinding mill owners, vegetable wholesale entrepreneurs and from other sectors. The programme ended on a positive note, as many participants expressed their appreciation to the National Chamber, for providing them with the opportunity.

The program was conducted by resource personnel – Mr. P. B. Tennakoon, an Engineer and a Trainer/Consultant in professions with 30 years of experience in the areas of training on enterprise development, industrial engineering, project management, entrepreneurship, and productivity and quality etc. The contents of the programme were, what is entrepreneurship?, leadership qualities of an entrepreneur, teamwork in HRM, communication in a business organisation, innovations, risk management in business, marketing management, profit maximisation through managing costs and sales, setting goals and formulating strategies etc. A valuable certificate was issued to each participant at the end of the session.

Entrepreneurship Development Program for SMEs in Kurunegala

A capacity building training program on “Entrepreneurship” for the Small and Medium enterprises in Kurunegala was conducted in association with Bank of Ceylon. The program was held on the 18th of December 2019 at Hotel Blue Sky. Participants from various industries attended the program, such as agriculture, coir products, book shops, dairy farming, plastic manufacturers, potable water bottling, hardware, gift items, construction, timber/furniture, guest houses, coconut products, grinding mills/ rice mills, software development companies and others.

NIBM Assistant Director Mr. Gayan Jayathilake (Professional Trainer and Consultant) conducted the training, through a structured program that included the topics pertaining to Entrepreneurship, Leadership qualities of an entrepreneur, Teamwork in HRM, Communication in a business organisation, Business innovations, Risk management in business, Marketing management, Profit maximisation through managing costs and sales, Setting goals and Formulating strategies. A certificate of completion was issued to each participant.

CSR ProjectWorkshop on Women’s Health and International Women’s Day Celebrations

During the year under review, the Chamber celebrated International Women’s Day by treating our employees to a session on Women’s Skin Care and Re-Productivity system. The Resource persons were Dr. D. Ariyawansa, Consultant Dermatologist, Sri Jayewardenepura Hospital and Dr. C Nelson of Apeksha Women’s Health Foundation. The Chief Guest of the event Mayor of Colombo City, Her Worship Rosy Senanayake, graced the event.


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bilateral and strategic initiatives

THE Chamber

BILATERAL RELATIONS “MEET THE AMBASSADOR PROGRAM”

THE CHAMBER’S MEET THE AMBASSADOR PROGRAM WAS CURATED TO HOST AMBASSADORS AND HIGH COMMISSIONERS FROM FOREIGN MISSIONS. THIS IS A KEY STRATEGIC INITIATIVE THAT HELPS FOSTER AND ENHANCE BILATERAL RELATIONS AND TRADE AGREEMENTS BETWEEN OTHER COUNTRIES. IT EXPOSES THE CHAMBER AND THE COUNTRY TO PREVIOUSLY UNEXPLORED AREAS OF BILATERAL COOPERATION, ALLOWS US TO DISCUSS POSSIBLE PROJECTS WHILE FORMING NEW COLLABORATIVE NETWORKS WITH THE INTERNATIONAL DIPLOMATIC, GOVERNMENTAL AND BUSINESS COMMUNITIES.

• Chamber Hosts Ambassador of Myanmar

Hosting the Ambassador of Myanmar, the National Chamber concluded yet another meeting, under the banner, “Meet the Ambassador”, which was held on 10th April 2019. H.E. Han Thu, Ambassador of Myanmar attended the event, together with Mrs. Chaw Su Mya, Counsellor. Second Secretary from the Embassy of Myanmar, Mrs. Hsu Ma Ma Hein was also present at the event. Also present at the program was Chamber representatives Mr. Asela de Livera, President, Mr. Deepal Nelson, Deputy President and Mr. Bandula Dissanayake, CEO/Secretary General. Import, Export opportunities and investment promotions were discussed at this event.

• Bilateral Discussion with High Commissioner of Malaysia

A bilateral discussion was held between Sri Lanka and Malaysia in September 2019. H.E. Tan Yang Thai, High Commissioner of Malaysia, Mr. Ismail M Bkri, Minister Counsellor, Mr. Roswaidin Mohd Zain, Malaysia Investment Development Authority (MIDA) and Mr. Muzzafar Shah Hanafi, Malaysia External Trade Development Corporation (MATRADE) attended the discussion and meeting.

• Hosted High Commissioner of Republic of Namibia

A Meeting with H.E. Gabriel Sinimbo, High Commissioner of Republic of Namibia in New Delhi, was held on the 1st of October 2019, at the National Chamber Boardroom.

• Bilateral Discussion with High Commissioner of Australia

A session was conducted on “Bilateral Trade between Sri Lanka and Australia” with the participation of the High Commissioner of Australia, H.E. David Holly, on the 5th of November 2019, at the Chamber auditorium.


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DISCUSSIONS WITH FOREIGN DELEGATIONS

• Meeting with the Department of Commerce, Jiangsu Province, China

In April 2019, a meeting was conducted between representatives of the Department of Commerce, Jiangsu Province, China, at the Boardroom of the National Chamber of Commerce. The Chinese delegation was led by Mr. Zhang Daozhon - Deputy Counsel, Department of Commerce, Jiangsu Province; while Mr. Lu Ting and Ms. Yu Lu from the Department of Commerce, Jiangsu Province and Mr. Xia Qi from the International Business Department China National Chemical Engineering also participated in this delegation

Mr. Lucien Pereira represented the China Business Corporation Council while the Chamber was represented by Mr. Asela de Livera, President, Mr. Deepal Nelson, Deputy President and Mr. Bandula Dissanayake, CEO/Secretary General, National Chamber.

• Meeting with Delegation from Quanzhon Chamber of Commerce

A delegation from the Quanzhon Chamber of Commerce visited the Chamber on 01st March 2019. The discussion was held between the Quanzhon Chamber of Commerce and the National Chamber of Commerce of Sri Lanka to sign a MOU in the future.

Mr. Li Yiping - the Deputy Chairman of CPPCC Quanzhou, Mr. Huang Yanping - the President of CCPIT Quanzhon, Ms. Ni Jingyun - Deputy Director of Government Office Quanzhon, Mr. Zhan Qinghai - the General Manager of Quanzhon Culture and Tourism Development Group Company and Mr. Chen Wanlon - Interpreter of Quanzhon City Government Office participated at this discussion and the Chamber was

represented by Mr. Asela De Livera, President , Mr. Bandula Dissanayake, CEO/Secretary General and Mr. Tissa Ruberu, Assistant Secretary General.

• Meeting with Iranian Delegation

An Iranian delegation from the Islamic Consultative Assembly (Parliament) visited the National Chamber on 1st April, 2019. The Iranian delegation was led by Hon. Hamidreza Fouladgar - Member of the Islamic Consultative Assembly, while Hon. Hojat Najafzadeh, Hon Hossein Amirikhamkani Hon. Mehrdad Baoujlahoti and Hon. Mohammad Feizizengir were part of the delegation.

The Chamber was represented by Mr. Asela de Livera - President, Mr. Deepal Nelson - Deputy President and Mr. Bandula Dissanayake - CEO/Secretary General. The discussion focused on the possible business development activities between Iran and Sri Lanka, Investment Promotion and Trade Development activities were also taken under discussion.


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THE Chamber

• Meeting with Bangladesh Delegation

A delegation comprising of senior officials from the Government of Bangladesh was hosted by the Chamber. The purpose for their visit was to conduct a study tour on REX system in connection with the GSP+ facility for EU.

• Meeting with ADB Mission

A meeting was organised with the ADB Mission on SRI Cluster Development and Small and Medium Enterprise Finance Innovation – Gender Gap Assessment. Mr. Takuya Hoshino, Financial Sector Specialist, Ms. Uresha Walpitagama, Project Manager (Consultant), Ms. Savindi Jayakody, Associate Economic Officer, Mr. Sudarshana Anojan, Social Development and Gender Specialist.

• Meeting with Hon. Consul for Hungary

A meeting was held on the 13th of February with the Hon. Consul for Hungary, H.E. Rohan Nanayakkara on the session of the joint commission on economic cooperation which was also held on 23rd – 24th April 2019 at Budapest, Hungary.

• Meeting with Malaysian Delegation

A meeting was conducted with the objective of assessing prospective opportunities for obtaining the assistance of the Chamber for promoting business in Sri Lanka. The discussion was conducted with the participation of Vice Chancellor, Prof. Dr. Mokhtar Abdullah and Ms. Zaliha binti Idris, International Relations Coordinator of the University of Malaysia Computer Science and Engineering. The meeting was held on 26th March 2019 at the Chamber premises. Mr. Bandula Dissanayake - CEO/Secretary General and Mr. Tissa Ruberu - Assistant Secretary General of the Chamber attended the meeting.

• Hosted Delegation from Southern Gujarat

A team of personnel from the Southern Gujarat Chamber of Commerce and Industry SGCCI visited the National Chamber of Commerce on the 17th of September 2019. The delegation included - Mr. Ketan Paragji Desai - President, Mr. Dinesh Kumar Navadiya - Vice President, Mr. Hetal Rumendra Mehta - Imm. Past President, Mr. Shailesh Dhirubhai Desai - Hon. Treasurer, Mr. Rohitkumar Shashikant Mehta - Past President, Mr. Atul Chandravadan Pathak, Head - Administration Cell and Mr. Mitishkumar Sanmukhlal Modi, Convener - Representation Cell.

STRATEGIC INITIATIVES MEMORANDUMS OF UNDERSTANDING

• MOU between NCCSL and SLCPI

A Memorandum of Understanding was signed between the National Chamber of Commerce of Sri Lanka and the Sri Lanka Chamber of Pharmaceutical Industry, in order to improve the member activities of both organisations. Mr. Asela de Livera, President of the National Chamber and Dr. Lohitha Samarawickrema, President of the Chamber of Pharmaceutical Industry signed the MOU on 18th of April 2019.

• MOU between NCCSL and National Chamber Youth Forum

A Memorandum of Understanding was signed between the National Chamber of Commerce of Sri Lanka and the National Chamber Youth Forum on 1st April 2019. Mr. Deepal Nelson - Deputy President, signed on behalf of the National Chamber and Ms. Rochelle Tissera signed on behalf of National Chamber Youth Forum. The Youth Forum plans on conducting multiple programmes on“Entrepreneurship Development and SME Development”.


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• MOU between the National Chamber and Polish Chamber of Commerce

A memorandum of understanding was signed between the two chambers on the 5th of November, 2019. Representing the National Chamber was President - Mr. Asela de Livera, and Mr. Jerzy Drozdz, Ambassador, Member of the Board, Polish Chamber of Commerce. The signing was held at the Export Development Board.

• MOU between NCCSL and China Chamber of International Commerce (CCOIC)

A MOU was signed between the Chamber and the Quanzhou Chamber of Commerce on the 1st of April 2019.

• MOU signed with the Sri Lanka Chamber of Medical Industry

A MOU was signed between NCCSL and the Medical Industry Chamber on the 4th of April 2019.

• Signing of MOUs with Regional Chambers

The National Chamber of Commerce of Sri Lanka signed MOU with the Puttalam District Chamber of Commerce, Industry and Agri businesses, Wayamba Chamber of Commerce, Galle Chamber of Commerce, Uva Chamber of Commerce and Anuradhapura Chamber of Commerce ensuring Business Development in the region.

DIPLOMATIC DISCUSSIONS• Hosting Sri Lankan Ambassador to Kuwait

A meeting was conducted with Mr. Mohammed Jauhar, Ambassador Designated to the State of Kuwait – 2nd of September 2019.

• Networking Session with the Minister Counsellors of Sri Lankan Missions

A meeting aimed at creating a context for networking was organised with the newly designated Commercial representatives of Sri Lankan Missions in Mumbai, South Africa, Saudi Arabia and Vietnam. Present at the meeting was, Mr. Sanjeewa Pattiwila, Minister Counselor (Commercial) -Riyadh, Saudi Arabia, Mr. Sandun Sameera, Counselor (Commercial)-Mumbai, India, Mr. Sanjeewa Bandara, 3rd Secretary (Commercial) Pretoria South Africa and Mrs. Prasadi Boomawalage, 3rd Secretary (Commercial) Hanoi Vietnam. Chamber representation was formed by Deputy President, Mr. Deepal Nelson, CEO/ Secretary General, Mr. Bandula Dissanayake and member companies. The meeting was held at the Chamber Boardroom.

• Discussion with Ambassador to Oman

Discussing trade and investment development activities in detail, a meeting was held between the newly designated Ambassador to Oman, Mr. Ameer Ajwad on the 14th of June at the Chamber Boardroom. The Chamber was represented by President Mr. Asela de Livera, Mr. Bandula Dissanayake, CEO/Secretary General and Assistant Secretary General, Ms. Shriani Rambukwella.

• Meeting with Ambassador Designate to Vietnam

A meeting was held with Mr. W. G. S. Prasanna, Sri Lankan Ambassador designate to the Socialist Republic of Vietnam on the 24th September 2019.

HOSTED EVENTS• Get-together of the Sri Lanka Bangladesh Business

Corporation Council

The function was organised by the National Chamber and Synex International (Pvt) Ltd, a Sri Lankan Investor in Bangladesh, conducted at the Sinhalese Sports Club on the 09th of January 2019. The Special Guest Speaker of the event was H.E. Riaz Hamidullah, the High Commissioner of Bangladesh in Sri Lanka who was accompanied by the Commercial Counsellor.

The keynote of H.E. Riaz Hamidullah comprised of key insights crucial for investing in Bangladesh; he directed the audience to prospective investment opportunities and related incentives offered when investing in Bangladesh. He also carried out one-to-one discussions with the audience, exchanging trade related information. The audience was formed by future and present members of the SL-Bangladesh Business Cooperation Council. The evening was concluded by a fellowship dinner.


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THE Chamber

• AGM of Sri Lanka Bangladesh Business Corporation Council

The Council’s Annual General Meeting was held on 26th January2019, conducted at the Board room of the National Chamber of Commerce. At the meeting, Ms. Renuka Jayamanne was appointed as the President of the Council. Thanking the gathering on her new appointment, Ms. Jayamanne then stressed on the 45 year Diplomatic relations the two countries share, which provides the context for solidifying economic cooperation between the two nations.

• Post Budget Press Conference

In March, the Chamber held its Post Budget Press Conference, chaired by Mr. Nandika Buddhipala, Senior Deputy President of the National Chamber alongside the Chamber President, Deputy President and Secretary General/CEO, and Mr. Gajendran from Gajma, who attended the event as a special invitee.

• Chamber Representation in PUSL Public Consultation

Mr. Bandula Dissanayake, Secretary General/CEO of the National Chamber of Commerce was invited to speak at the Public Utilities Commission of Sri Lanka (PUCSL), Public Consultation on Natural Gas policy which was held on 28th March 2019 at BMICH. At this occasion, the Chamber highlighted the fact that the Sri Lankan businesses should be prepared in meeting new challenges in up stream, mid stream and down stream aspects.

• NBEA Announcement Event

At the event, the NBEA trophy was unveiled by Mr. Asela de Livera - President of the Chamber, alongside other Office Bearers, amidst a large gathering of leading business organisations, guests and invitees, especially with the participation of potential applicant organisations interested in competing for the NBEA 2019 Awards.

MEETINGS WITH MINISTERIAL AND ORGANISATIONAL AUTHORITIES• Meeting with Hon. Eran Wickramaratne

During a meeting held with Hon. Eran Wickramaratne, State Minister of Finance on the 22nd of May 2019, the congregation addressed issues faced by the Business Community due to the prevailing concerns on national security. The Chamber was represented by President Mr. Asela de Livera, Mr. Deepal Nelson, Deputy President and many member companies.

• Meeting with Department of Agriculture

A meeting with Dr. W.H.W. Weerakoon - Director General of Agriculture, Department of Agriculture, Peradeniya was held on 09th May 2019, at the Boardroom of the National Chamber. The Chamber was represented by President Mr. Asela de Livera, Mr Deepal Nelson, Deputy President and Mr. Bandula Dissanayake, CEO/Secretary General.

• Meeting with Asian Development Bank

Local Consultants, Mr. Udaya Wewelwala and Ms. Prema Gamage discussed the work flow of the Gender Gap Assessments; this was held on the 9th of August 2019.

• Meeting with Asian Development Bank Gender Gap Assessment Team

A meeting was held on the 2nd of September 2019, with members of the delegation - Ms. Soma Dutta, International Gender Specialist, Ms. Prema Gamage, National Gender Specialist, Mr. Udaya Wewalwala, National Team Leader and Ms. Uresha, ADB Representative.

• Meeting with Mr. Jerzy Drozdz, Ambassador

Member of the Board, Director, and Foreign Relations Department of Polish Chamber of Commerce had a meeting with Mr. Asela de Livera President, on 6th November 2019.

• Meeting with Humedica International

Co Founder of the Humedica International, Germany Mr. Wolfgang Gross and Dr. Prithiviraj, CEO, Humedica International Lanka met with Chamber Officals to discus collaborative SME development activities.


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CHAMBER SUPPORTED EVENTS• Expo Dubai - 2020

A high-level delegation visited the UAE for the signing of the contract for participating in EXPO DUBAI – 2020. The delegation was headed by Deputy Minister of Development Strategies and International Trade Nalin Bandara. The highly awaited exposition welcomes over 190 participating nations with over 25 million internationals visitors. This year’s theme is set to be, ‘Connecting minds, Creating the future’ and is expected to last 173 days. CEO of the National Chamber of Commerce Mr. Bandula Dissanayake was also part of the Sri Lankan delegation.

• Job and Career Fairs

Chamber supported a Job/ Career Fair (Motivation Programme) for school leavers and job seekers in collaboration with the relevant stakeholders. These were conducted on four separate days at four separate locations and included Eastern University of Sri Lanka – Batticaloa, at District Secretariat Kalutara, at Ruhuna University –Matara and at the Sabaragamuwa University.

• Entrepreneurship 360

The first initiative of its nature, the ‘Entrepreneurship 360’ forum was launched by the NCCYF headed by renowned corporate leaders and ideologists. The forum participants were mainly young entrepreneurs, startups and future entrepreneurs as well as to-be start-ups, SME owners and recent graduates. The main topic of discussion was on how entrepreneurs and startups navigate through the tough challenges and after - effects of the Easter attacks. Challenges addressed were economic instability, social differences and lack of governmental support.

The National Chamber of Commerce – Youth Forum (NCCYF) was established in January of 2019 with the objective of addressing and representing the requirements and issues faced by young entrepreneurs and start-ups in Sri Lanka.


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Capital Report

The intellectual capital we possess enables us to develop entrepreneurs, enterprises and employees, especially within the SME sector, educating, training and preparing them to work in an efficient manner. Our intellectual propensities and resources have allowed us to appreciate and recognise entrepreneurs for their achievements while encouraging them to achieve success. Benchmarked as industry standards, the Chamber has successfully established various programs and reward platforms that have now become key annual events, making them part of our intellectual capital.

Flagship Business AwardsThe Chamber hosts two annual award ceremonies which have become national benchmarks in recognizing best performing enterprises and business leaders.

The National Business Excellence Awards designed to recognize and reward Sri Lankan businesses with commendable achievements, was held for the 16th consecutive year in 2019. Awards were presented to enterprises that have achieved business excellence in the areas of leadership, corporate governance, capacity building, performance management, global and local market research, CSR, environmental sustainability and financial results. Gathering acceptance as a national benchmark for awards in business excellence, NBEA has become a platform for many enterprises to achieve their objectives with commitment and hard work. The 2019 awards ceremony was held on the 13th of December, at the Hilton Hotel amidst the participation of the business fraternity, political and diplomatic guests. More than a hundred awards were presented to winners, across the categories - extra-large, large, medium, small and micro enterprises.

Our second flagship award ceremony is the ‘Entrepreneur Awards 2019 – Western Province’, which is a joint award ceremony and organized in partnership with the National Enterprise Development Authority (NEDA) and the Ministry of Industry and Commerce. This year’s award ceremony was hosted with the participation of senior officials of the Ministry, representatives from NEDA and a large gathering of entrepreneurs from the Western Province. The ceremony was held for the fourth consecutive time, on the 30th of October, at the Sri Lanka Foundation Institute. Winners were selected from the categories of Micro, Small,

Medium and Large Enterprises, representing the industries of Manufacturing, Agriculture, Livestock, Fisheries and Services.

National Chamber Youth ForumIn 2018, the Chamber introduced the Chamber Youth Forum, as a way to recognize the need to groom the next generation of business leaders, in preparing for the growth and sustainability of the national chapter. The youth forum has been formed by a capable team of young entrepreneurs and young professionals from diverse sectors.

The main objective of the forum is to represent independent views and opinions of the new generation of young leaders and give them an opportunity, to share and develop their knowledge base and skills, create and expand business networks. It is the belief of these individuals that through a united network they will be able to contribute to the progress of our economy, and provide exemplary achievements to the world.

The forum is expected to achieve the following

• Drive financial sustainability in the start-up and micro enterprise sector.

• Provide professional development by organizing international meetings, youth forums and joint projects.

• Create a platform for interaction between young leaders, experts, representatives of business and government, facilitating swift cooperation over a wide range of issues.

Print Communiqué – ‘Voice of Business’ MagazineIssued quarterly, the Voice of Business magazine provides stakeholders information on Chamber programs, workshops and meetings conducted within each three month period. The magazines provide a detailed view of workshops conducted for the business community including regional training programs conducted for MSMEs, business delegations who visit the Chamber, discussion with foreign delegations, meetings and discussions with various sections of the business fraternity, special occasions, events supported by the Chamber, exhibitions, and our award ceremonies.

THE NATIONAL CHAMBER OF COMMERCE HAS AMASSED A VAST NETWORK OF RESOURCES AND EXPERTISE OVER THE YEARS. AND TOGETHER WITH OUR MEMBER ORGANIZATIONS WE TAKE STRATEGIC MEASURES TO DISTRIBUTE INDUSTRY SPECIFIC EXPERTISE, TRAIN BUSINESSES IN

CRUCIAL AREAS OF OPERATIONS, WHILE BUILDING NEW NETWORKS OF BUSINESS CONNECTIONS IN THE LOCAL AND GLOBAL MARKETS.


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It’s developed as part of the Chamber’s responsibility towards stakeholders in communicating its quarterly progress, as well as for the use of the business community including organizations, entrepreneurs and those seeking information on the National Chamber of Commerce of Sri Lanka.

Chamber Initiatives – SME DevelopmentDuring the year under concern, the Chamber executed a range of planned initiatives, aimed at providing assistance to SMEs from Colombo and across all provinces of the island. Both internal and external factors that affect SME businesses were considered and addressed through these events.

The Chamber’s capacity building initiatives are carried out every year. These are organized at a regional level, covering various districts and cities outside of Colombo. In addition, to these we also conduct workshops created around various subjects that are of importance to business operations and trade related activities. For a full account of this year’s programs and events please refer the section – Business Development Program - SME.

Management and Human Capital DevelopmentDue to the limited managerial skills and the semi-skilled nature of their human capital, SMEs face operational challenges when compared with much larger enterprises. These root causes can lead to a low level of productivity, wasteful use of raw materials and labour inefficiencies as well as wastage of tools and other resources. Meanwhile ineffective processes can be costly and wasteful, resulting in longer lead times or turnaround times in service, having a ripple effect on overall business performance. The Chamber takes into account these gaps and target SMEs through relevant training sessions, leadership programs and by making available services such as research and administrative services, which will enable them with overall productivity.

Promoting Technology amongst SMEsInnovation comes in various forms, whether it is an innovative idea for a new product or service, a new technology in production, or innovative methods of conducting operational processes, or a novel way of branding and marketing products and services, innovation happens at every point. It’s a crucial fact in deciding the level of success a business is likely to achieve and should be fostered by all businesses at some point of the business.

Innovation, especially in production based businesses has become critical. Innovative production methods are adopted by larger organizations to achieve economies of scale, while being competitive in lead times and the quality

of products and services. While MSMEs might not always have the financial capacity to innovate, intellectual property will provide the base for innovation to begin. Encouraging new ideas, fresh thinking and knowledge in innovative processes and production methods is crucial for Micro, Small and Medium Enterprises.

The Chamber provides a valuable service in guiding and educating the business community, from MSMEs to larger organizations in adopting new innovations and in creating innovative methods that makes businesses grow competitively.

Innovation allows access to wider markets, especially for SMEs to modernize and innovate in our competitive business world. Through innovation, SMEs can pursue increased productivity and reduced operational costs making them fare better within adverse macro and micro economic conditions, while being competitive. It allows any business to brand and market products/services with competitive selling points at competitive prices while entering a larger market share while gaining access to the global markets.

Determinants of SME GrowthFinance and Related Services

Access to Finance is an absolute necessity for any commercial entity to thrive. It’s the fundamental premise that allows an organization to acquire necessary resources, use new technologies, hire the right people and maintain stability and growth by investing in the right assets and resources, at the right time. A lack of funding can lead to disruptions in business, causing disrupted processes, dissatisfied employees, dwindling profits and ultimately dissatisfied customers.

While organizations with bigger financial capacities might not always face these risks more harshly, SMEs have reluctance to expand due to lack of funding caused by a further dislike to borrow loans under hire interest rates or enter into compromising investment agreements. This renders them uncompetitive in the long run, with less value and incapacity to innovate and grow. Further, trade financing instruments such as factoring, letter of credit, guarantees, export and credit insurance have become increasingly important to reducing the risk of cross border transaction of SMEs.

It is in these aspects that the Chamber provides SMEs the chance to receive training and insights, while guiding businesses on to the right track that leads to being profitable and competitive. We aim to lessen the difficulties caused by lack of knowledge in financial instruments and lack of access to funding sources by mediating or helping MSMEs connect with the right network of support.


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Capital Report

Information and InfrastructureEntering global markets, SMEs face tremendous challenges owing to limitations in information and infrastructure. For easing their concerns and challenges in entering global markets, business/industrial information and the right infrastructure (physical and technological) is essential. Understanding of global market trends and other information pertaining to buyers is vital; furthermore, knowing regulatory requirements and standards also require extensive learning and a keen understanding.

Another crucial aspect is having the right contacts in international markets. A lack of established business contacts can present tremendous challenges to SMEs. And added to these concerns is the distance of SME to the trading partner where measures need to be taken to ensure proper transportation and delivery of goods, in a timely manner. It becomes imperative to have access to facilities for cross border transactions namely single window operations, and in this regard trade portals can reduce the time taken for importing and exporting and make processes more effective. Availability of Information technology and telecommunication based infrastructure for trading activities will increase the market access of SMEs to a great extent.

Intellectual Property Rights The innovative products, ideas and services of SMEs should be protected under Intellectual Property Rights. This avoids competitors from easily copying or simulating similar products and innovations which may threaten the survival of Small businesses. However, legal overheads, multiple fillings, technical and regulatory differences across different countries make it unviable for SMEs to seek property rights.

However, on the positive side, if our SMEs can be supported in gaining legal rights over their intellectual property, then their potentials will expand, giving them the capability to reach external financing sources, to acquire expert knowledge in enhancing their intellectual specialties while entering business partnerships that have joint benefits as well as the ability to grow their businesses both locally and internationally.

Adopting Digital TechnologiesEmbracing digital transformation has become a crucial determinant of success as business presence on digital mediums can now provide access to wider and previously untapped markets. It has become a measure of gauging the propensity of a business to innovate and grow, while making it the preferred method of obtaining services by customers out there.

Furthermore, the financial constraints and obstacles of internationalization are greatly reduced, enabling SMEs to find markets, get connected with international production networks and make online payments. Based on developments, information technology facilities could be adopted not only for business connectivity but also in cross border trading activities that reduce cost and time.

The Chamber sees that it is crucial for government as well as private organizations to empower SMEs with the resources for digital communication and in streamlining operational processes to digital platforms, which will enable them to expand their businesses to meet the market needs in Sri Lanka as well as in global markets. As globalization continues to connect developing countries with developed nations, the potentials for growth and earning a wider income are limitless. While the policy framework has already been designed, it is mandatory for it to be expedited strongly, starting with educating entrepreneurs in rural, urban and semi-urban areas as well as providing them with the right financing in acquiring digital infrastructure- enhancing their intellectual capacities.

A Digital Platform for Sri Lankan Products to reach International MarketThere is absolute necessity for MSMEs in Sri Lanka to access their Customers overseas through a credible authentic web platform. A solution similar to Alibaba in China, IndiaMART in India could be taken as good examples. By creating such platforms for Sri Lanka, the National Chamber believes that potential Sri Lankan products will reach their market destinations. To meet this requirement the National Chamber has embarked on a nationally important mission to develop and professionally manage a web based platform called “Fromsrilanka”.


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OVERALL PERFORMANCEDuring the year under review, the Chamber has accumulated a revenue surplus of LKR 12,473,571 after deducting tax expenses for the time period. Although this is a clear reduction compared to the corresponding period, the reduction has resulted from an increase in tax expenses during the period under concern. A tax rate of 14% has now been applied to the taxable income, which came into effect on the 1st of April, 2018, in accordance with Inland Revenue Act No. 2017.

Revenue for the period had increased comparatively due to an increase in Certificate of Origin and from an increase in Members’ Subscriptions. Other operating income has experienced an overall decline compared to the previous financial year.

Equity Total Equity of the Chamber stood at LKR 131 million as at 21st March 2019 presenting an increase of over LKR 12 million.

MEMBERSHIP GROWTHThe Chamber proudly serves A membership base of 713 which includes corporates and our SME members. During the year under review, there was an increase in memberships, adding to the growing number of enterprises that has placed their confidence in the Chamber for developing their business aspirations.

FINANCIAL CAPITAL

THE CHAMBER PROUDLY SERVES A MEMBERSHIP BASE OF 713 WHICH INCLUDES CORPORATES AND OUR SME MEMBERS.

0

100

200

300

400

500

600

700

800

Number of Members

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

- 534- 580- 608- 633- 646- 659- 672- 685- 698- 713


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Capital Report

“voice of business” news magazine of The National Chamber

1st Quarter

3rd Quarter

2nd Quarter

4th Quarter


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Risk Management

Understanding the notion, that in business risk is inevitable and at times necessary for envisioning strategic measures during challenging times, the Chamber seeks to protect our member organizations, employees and other stakeholders. Our risk management process is developed to sustain the value we deliver to our stakeholders by ensuring that we effectively identify and mitigate the range of structural, operational, financial and strategic risks that may prevent the Chamber from meeting its objectives.

The National Chamber carries out risk management on a continued basis, so as to reduce the exposure to risk and improve returns to stakeholders. All risks that may affect the Chamber either externally or internally is embedded in the entire risk management process of National Chamber. The assessment of such risks, their impacts and related responses are set out below.

Internal RisksOperational Risk

Our Concern

Operational risks involve the effectiveness and efficiencies of human resources, integrity of the internal control systems and processes, and external factors that affect day to day operations. It also includes execution risks, unfavorable regulation changes, decency on member institutions’ safety and health, fire and environmental risks inherent with business activities of the National Chamber.

Impact

Risks associated with these areas of concern has the propensity to directly impact the ongoing concerns of our operations, and negatively impact the efficiency and effectiveness of our services to member organizations and stakeholders.

Our Responses

The operations of the organizations are covered through internally driven risk measures. Further, accounting controls are done in a more efficient and transparent manner.

The composition of the council is a significant fact in respect of the operational risks. The council comprises of seven intellectual experts in the business field who are necessary for the operations of the National Chamber. Thus, the council members are well composed to help the Chamber operate with minimum risk exposures.

Recruitment to the Chamber is carried out in a more efficient manner selecting the right candidates with right qualifications and skills without any prejudice. Hence, the organization is benefited with a stable, competent workforce. Training and development, recognition and performance based rewards system has been identified as important tools, enhancing the effectiveness and efficiency of human resources.

Technological Risk

Our Concern

The risks and possible disruption to daily activities associated with moving to a technology based platform, but most importantly the risks involved in malfunctions in the infrastructure. Lack of knowledge in adopting new technological measures which are vital for operations is also seen as an area of challenge and risk.

Impact

Any disruption or failures to systems, infrastructure and applications may have negative impact on the operations of the National Chamber, stalling opportunities and leading to further financial losses.

Our Responses

Robust IT and security systems and comprehensive IT systems are currently being acquired, which will enable the Association to project and measure resource requirements effectively. Employees and Resource persons with the experience and expertise to provide timely and effective solutions to technological issues is also sought, while training is provided to employees who are not proficient in IT related aspects and on the efficient and proper methods of usage of systems for daily operations.

RISKS ARE INHERENT IN ANY CATEGORY OF BUSINESS. AND NON-PROFIT BUSINESSES ARE NO EXCEPTION, WHETHER THE RISK EXPOSURES ARE EXTERNAL OR INTERNAL. AS A NON-PROFIT

BUSINESS WE HAVE CREATED A FRAMEWORK FOR MITIGATING AND HANDLING RISK, TAKING BOTH PROACTIVE AND REACTIVE MEASURES INTO CONSIDERATION. THEREFORE, RISK MANAGEMENT

REMAINS A CENTRAL PART OF THE CHAMBER’S OPERATIONS AND A KEY ASPECT THAT ENSURES THE SUSTAINABLE PROGRESS OF OUR ORGANIZATION.


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Risk Management

External RisksFinancial Risk Management

Our Concern

The Chamber’s activities are exposed to a variety of financial risks such as Interest Rate Risk and Liquidity Risk, and the Chamber’s overall risk management program focuses to minimize potential adverse effects on financial performance.

Interest rate RiskOur Concern

Interest rate risk is the adverse and unanticipated movements in future interest rate which arises from business activities such as short term and long term investments which are earned finance income.

Impact

It may create negative impact to the surplus of the statement of the comprehensive income.

Our Responses

Implement internal policy for short term and long term investments and divert more funds to short term investments due to current interest rate trends.

Liquidity RiskOur Concern

The risk is based on the possibility of the Chamber not having sufficient cash to meet its obligations on time.

Impact

It will directly impact the credit worthiness of the institution as well as the image of the National Chamber of Commerce of Sri Lanka.

Our Responses

To meet the creditors’ demands, National Chamber maintains the liquidity level at an optimum and we ensure that the Chamber meets the demand of the creditors on time.

Financial Statements


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Independent auditors’ report

INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF THE NATIONAL CHAMBER OF COMMERCE OF SRI LANKA

Report on the Audit of the Financial Statements

OpinionWe have audited the financial statements of The National Chamber of Commerce of Sri Lanka (“the Chamber”), which comprise the statement of financial position as at 31 March 2019, and the statement of income and expenditure, statement of changes in funds and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Chamber as at 31 March 2019, and of its financial performance and its cash flows for the year then ended in accordance with Sri Lanka Accounting Standard for Small and Medium-Sized Entities (SLFRS for SME).

Basis for OpinionWe conducted our audit in accordance with Sri Lanka Auditing Standards (SLAuSs). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Chamber in accordance with the Code of Ethics issued by CA Sri Lanka (Code of Ethics) and we have fulfilled our other ethical responsibilities in accordance with the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other Information The Council is responsible for the other information. The other information comprises the information included in the annual report, but does not include the financial statements and our auditor’s report thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

Responsibilities of Council and Those Charged with Governance for the Financial StatementsThe Council is responsible for the preparation of financial statements that give a true and fair view in accordance with SLFRS for SME, and for such internal control as council determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, council is responsible for assessing the Chamber’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless council either intends to liquidate the Chamber or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Chamber’s financial reporting process.


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Auditor’s Responsibilities for the Audit of the Financial StatementsOur objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SLAuSs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of the auditor’s responsibilities for the audit of the financial statements is located at Sri Lanka Accounting and Auditing Standards website at: http://slaasc.com/auditing/auditorsresponsibility.php. This description forms part of our auditor’s report.

Report on Other Legal and Regulatory Requirements

As required by section 163 (2) of the Companies Act No. 07 of 2007, we have obtained all the information and explanations that were required for the audit and, as far as appears from our examination, proper accounting records have been kept by the Chamber.

CHARTERED ACCOUNTANTS

Colombo, Sri Lanka

16 October 2019


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Statement of financial position

As at 31st March, 2019 2018

Note Rs. Rs.

AssetsNon current assetsProperty, plant and equipment 2 22,535,814 26,406,511 Intangible assets 3 250,177 275,085 Deferred tax assets - 494,796 Total non current assets 22,785,991 27,176,392

Current assetsTrade debtors 4 446,321 1,557,248 Other receivables 5 4,529,601 4,463,485 Income tax recoverable - 433,362 Short term investments 6 109,597,843 92,263,817 Cash and cash equivalents 7 8,598,154 7,837,250 Total current assets 123,171,919 106,555,162 Total assets 145,957,910 133,731,554

FundsAccumulated fund 130,601,102 118,127,531 Building donation fund 126,224 152,816 Other funds 8 122,841 122,841 Total funds 130,850,167 118,403,188

Non current liabilitiesRent received in advance 9 2,250,470 2,793,050 Retirement benefit obligation 10 4,293,564 5,211,874 Deferred tax liabilities 11 242,065 - Total non current liabilities 6,786,099 8,004,924

Current liabilitiesTrade and other payables 12 5,254,850 6,641,542 Rent received in advance 9 612,240 681,900 Income tax payable 2,454,554 - Total current liabilities 8,321,644 7,323,442 Total liabilities 15,107,743 15,328,366 Total funds and liabilities 145,957,910 133,731,554

The financial statements are to be read in conjunction with the related notes, which form an integral part of these financial statements of the Chamber.

I certify that these financial statements are prepared in compliance with the requirements of the Companies Act No. 07 of 2007

Gamini WimalasuriyaHony. Treasurer

The Council is responsible for the preparation and presentation of these financial statements in accordance with SLFRS for SMEs.Signed and approved for and on behalf of the Council:

Asela De Livera Nandika BuddhipalaPresident Deputy President

16 October 2019Colombo


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Statement of income and expenditure

For the year ended 31st March, 2019 2018

Note Rs. Rs.

Revenue 13 22,821,549 21,555,320

Other operating income 14 34,961,854 41,654,362

Administrative expenses (32,183,436) (35,428,013)

Other operating expenses (20,192,294) (21,334,403)

Net finance income 15 10,691,457 8,313,929

Transferred from funds 26,592 26,592

Surplus before tax expense 16 16,125,722 14,787,787

Income tax expense 17 (3,652,151) 595,523

Surplus after tax expense 12,473,571 15,383,310



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Statement of changes in funds

For the year ended 31st March, Accumulated

fund Building

donation fund Other funds Total

Rs. Rs. Rs. Rs.

Balance as at 01st April 2017 102,744,221 179,408 122,841 103,046,470

Surplus for the year 15,383,310 - - 15,383,310

Transferred to income statement - (26,592) - (26,592)

Balance as at 31st March 2018 118,127,531 152,816 122,841 118,403,188

Surplus for the year 12,473,571 - - 12,473,571

Transferred to income statement - (26,592) - (26,592)

Balance as at 31st March 2019 130,601,102 126,224 122,841 130,850,167



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Statement of cash flows

For the year ended 31st March, 2019 2018

Rs. Rs.

Cash flows from operating activitiesSurplus before tax expense 16,125,722 14,787,787

Adjustments for;Depreciation 5,135,689 5,431,330

Interest income (10,730,701) (6,604,984)

Interest expenses payments 39,244 28,130

Amortization 28,646 33,658

Provision for retirement benefit obligation (659,594) 1,624,053

Rent received in advance (612,240) (681,900)

Provision for bad debts 440,175 950,102

Building donation fund and deferred income written back (26,592) (26,592)

Operating surplus before working capital changes 9,740,349 15,541,585

Changes in;Trade and other receivables 988,793 263,679

Trade and other payables (1,386,692) (372,636)

Cash generated from operating activities 9,342,450 15,432,628

Gratuity paid (258,716) (1,255,804)

Income tax paid - (203,418)

Net cash generated from operating activities 9,083,734 13,973,406

Cash flows from investing activitiesAcquisition of property, plant and equipment (1,264,992) (603,915)

Net investments in short term deposits (17,334,026) (22,648,168)

Interest received 10,315,432 6,604,984

Net cash used in investing activities (8,283,586) (16,647,100)

Cash flows from financing activitiesInterest expenses payments (39,244) (28,130)

Net cash used in financing activities (39,244) (28,130)

Net increase in cash and cash equivalents 760,904 (2,701,824)

Cash and cash equivalents at the beginning of the year 7,837,250 10,539,074

Cash and cash equivalents at the end of the year (Note 07) 8,598,154 7,837,250



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Notes to the financial statements

1. Accounting policies1.1 Reporting entity

The National Chamber of Commerce of Sri Lanka (“the Chamber”) is a Guarantee Limited Company incorporated under the Companies Ordinance No. 52 of 1938 as ‘Ceylon National Chamber of Commerce’ on 3rd November 1955, amended by Act No. 15 of 1964 as The National Chamber of Commerce of Sri Lanka on 5th June 1974 and re-registered under the New Companies Act No. 07 of 2007 and domiciled in Sri Lanka. The registered office of the Chamber is located at No. 450, DR Wijewardena Mawatha, Colombo 10.

The members of the Chamber have guaranteed that, in the event of the Chamber been wound up, they will be contributing to the assets of the Chamber, an amount not exceeding Rs.100/-.

Principal activities

The principal activity of the Chamber is to promote and protect the trade, commerce, industries, agriculture, manufactures, transport, financing, banking, insurance and shipping in which Sri Lanka nationals are engaged or interested, and to represent and express on these questions the opinion of those interested.

1.2 Basis of preparation

(a) Statement of compliance

The financial statements have been prepared in accordance with Sri Lanka Accounting Standard for Small and Medium Sized Entities (SLFRS for SMEs) issued by Institute of Chartered Accountants of Sri Lanka.

(b) Basis of measurement

The financial statements have been prepared on the historical cost basis.

(c) Functional and presentation currency

These financial statements are presented in Sri Lankan Rupees, which is the Chamber’s functional currency.

(d) Use of estimates and judgments

The preparation of financial statements in conformity with Sri Lanka Accounting Standard for Small and Medium-sized Entities (SLFRS for SMEs) requires management to make judgment, estimates and

assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the result of which form the basis of making the judgment about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised if the revision affects only the financial year or in the period of the revision and future periods if the revision affects both current and future financial years.

1.3 Significant accounting policies

The accounting policies set out below have been applied consistently to all periods presented in these financial statements.

(a) Property, plant and equipment

(i) Recognition and measurement

Items of property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses.

Cost includes expenditure that is directly attributable to the acquisition of the asset and bringing the assets to their working condition.

Expenditure incurred to replace a component of an item of property, plant and equipment that is accounted for separately, is capitalised with the carrying amount of the component being written off. Other subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the item of property, plant and equipment. All other expenditure is recognised in the income statement as an expense as incurred.

Expenditure incurred for the purpose of acquiring, extending or improving assets of a permanent nature by means of which to carry on the business or to increase the earning capacity of the business has been treated as capital expenditure.


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Gains/losses on disposal of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment and are recognised net within “other operating income” in the statement of income and expenditure.

(ii) Subsequent cost

The cost of replacing a part of an item of property, plant and equipment is recognized in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Chamber and its cost can be measured reliably. The carrying amount of the replaced part is derecognized. The cost of the day-to-day servicing of property, plant and equipment are recognized in statement of income and expenditure and statement of changes in funds as incurred.

(iii) Depreciation

Depreciation is recognised in the statement of income and expenditure on a straight-line basis over the estimated useful lives of the asset.

The estimated useful lives are as follows:

Year

Building 04

Computers and printers 04

Furniture and fittings 10

Office equipment 10

Library equipment 10

Neon name board 05

Motor vehicles 04

Depreciation of an asset begins when it is available for use and ceases at the date that the assets is derecognized.

(b) Trade and other receivables

At the end of each reporting period, the carrying amounts of trade and other receivables are reviewed to determine whether there is any objective evidence that the amounts are not recoverable. If so, an impairment loss is recognized immediately in profit or loss.

(c) Short term investments

Investments in fixed deposits are measured at amortized cost using the effective interest rate method.

(d) Cash and cash equivalents

Cash and cash equivalents comprise of cash in hand, deposits held at call with the bank and investments in money market instruments with a maturity period less than 3 months.

For the purpose of the statement of cash flow, cash and cash equivalents comprise cash in hand, deposits held at call with bank, and investments in money market instruments, net of bank overdrafts. In the statement of financial position, bank overdrafts are included in current liabilities.

Cash flow statement

Statement of cash flows has been prepared using the indirect method.

(e) Employee benefits

(i) Defined Contribution Plans

Obligations to defined contribution plans are recognized as an expense in the income statement as incurred. The Chamber contributes 12% and 3% of gross emoluments of employees as Provident Fund and Trust Fund contribution respectively.

(ii) Defined benefit plan

Gratuity is a defined benefit plan. The Chamber is liable to pay gratuity in terms of the relevant statute. In order to meet this liability, a provision is carried forward in the statement of financial position, equivalent to an amount calculated based on a half month’s salary of the last month of the financial year of all employees for each completed year of service, commencing from the first date of service.

Provision has been made for retirement gratuity from the first year of service of all employees in conformity with SLFRS for SMEs - Employee Benefits. However according to the Payment of Gratuity Act No.12 of 1983, the liability arises only on completion of five years of continued service. The liability is not externally funded nor is it actuarially valued.


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(f ) Revenue recognition

Subscription from members are recognised as revenue within the financial year of receipts. Fees on seminars and other events are recognised as revenue on completion of such activity. Other income is recognised on accrual basis. Revenue from rendering services is measured at the fair value of the consideration received and to the extent that it is probable that the economic benefits will flow to the Chamber and the revenue can be measured reliably.

Interest income is recognized as interest accrues, taking into account the effective interest rate (EIR) of the investments.

(g) Expenditure

Expenses are recognised in the statement of income and expenditure on the basis of a direct association between the cost incurred and the earning of specific items of income. All expenditure incurred in the running of the business and in maintaining the property, plant and equipment in a state of efficiency has been charged to income statement.

For the purpose of presentation of the statement of income and expenditure the “function of expenses” method has been adopted on the basis that it represents fairly the elements of Chamber’s performance.

(h) Taxation

(i) Income taxation

The provision for current taxation has been computed in accordance with the Inland Revenue Act No. 24 of 2017 and its amendments thereto.

Taxation for the current and previous periods to the extent unpaid is recognized as a liability in the financial statements. When the amount of taxation already paid in respect of current and prior periods exceed the amount due for those periods the excess is recognized as an asset in the financial statements.

(ii) Deferred taxation

Deferred tax is recognized using the balance sheet method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and amounts used for taxation purposes.

Deferred tax is measured at the tax rates that are expected to apply to the temporary differences when they reverse, based on the laws that have been enacted or substantially enacted at the year-end date.

A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilized. Deferred tax assets are reviewed at each year end date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.

(i) Events occurring after the reporting date

There were no material events that occurred after the reporting date which require adjustments to or disclosures in the financial statements.

( j) Commitments and contingencies

Contingencies are possible assets or obligations that arise from a past event and would be confirmed only on the occurrence or non-occurrence of uncertain future events, which are beyond the Chamber’s control.


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2. PROPERTY, PLANT AND EQUIPMENT

As at 31st March,

Cost Balance as at

31.03.2018

Additions during

the year

Disposals during

the year Balance as at

31.03.2019

Rs. Rs. Rs. Rs.

Building 68,483,198 422,403 - 68,905,601

Computers and printers 2,840,593 90,000 - 2,930,593

Furniture and fittings 2,065,387 - - 2,065,387

Office equipment 2,542,368 302,639 - 2,845,007

Library equipment 11,050 - - 11,050

Neon name board 103,300 - - 103,300

Motor vehicle 7,674,819 449,950 - 8,124,769

83,720,715 1,264,992 - 84,985,707

Accumulated depreciation Balance as at

31.03.2018 Charge for

the year

Disposals during

the year Balance as at

31.03.2019

Rs. Rs. Rs. Rs.

Building 43,449,732 4,675,668 - 48,125,400

Computers and printers 2,661,182 112,188 - 2,773,370

Furniture and fittings 1,657,363 103,944 - 1,761,307

Office equipment 1,756,759 131,400 - 1,888,159

Library equipment 11,050 - - 11,050

Neon name board 103,300 - - 103,300

Motor vehicle 7,674,818 112,489 - 7,787,307

57,314,204 5,135,689 - 62,449,893

Carrying amount 26,406,511 22,535,814

The building has been constructed on land at No. 450, D R Wijewardena Mawatha, Colombo 10 which was obtained on a 30 year lease ending in 2023. A characteristic of land is that it normally has an indefinite economic life and the title of the land is not expected to pass to the Chamber at the end of the lease term. Therefore, the Chamber does not receive substantially all of the risks and rewards incidental to ownership. Hence, the lease of the said land is recognized as an operating lease in the books of account of the Chamber.


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3. INTANGIBLE ASSETS

As at 31st March,Computer

softwareTotal 2019

Total 2018

Rs. Rs. Rs.

CostOpening balance as at 01st April 337,500 337,500 337,500

Addition during the year 270,963 270,963 -

Disposal during the year (337,500) (337,500) -

Closing balance as at 31st March 270,963 270,963 337,500

Accumulated depreciationOpening balance as at 01st April 62,415 62,415 28,757

Charge for the year 28,646 28,646 33,658

Depreciation on disposal (70,275) (70,275) -

Closing balance as at 31st March 20,786 20,786 62,415

Carrying valueBalance as at 31st March 2019 250,177 250,177

Balance as at 31st March 2018 275,085 275,085

4. TRADE DEBTORS


Note Rs. Rs.

Trade debtors 1,964,838 4,308,692

Provision for doubtful debts 4.1 (1,518,517) (2,751,444)

446,321 1,557,248

4.1 PROVISION FOR DOUBTFUL DEBTS


Rs. Rs.

Balance as at the beginning 2,751,444 1,801,342

Provision for the year 440,175 2,604,316

Written off during the year (1,673,102) (1,654,214)

Balance as at the end 1,518,517 2,751,444



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5. OTHER RECEIVABLES


Rs. Rs.

Advances and deposits 991,411 790,228

Prepayments 248,548 381,780

Staff loan receivable 8,510 161,910

WHT receivable 332,876 209,438

Other receivables 2,258,350 2,191,879

Ceylon Shipping Lines 689,906 728,250

4,529,601 4,463,485

6. SHORT TERM INVESTMENTS


Rs. Rs.

Fixed deposits 109,597,843 92,263,817

109,597,843 92,263,817

7. CASH AND CASH EQUIVALENTS


Rs. Rs.

Cash in hand 40,000 40,000

Cash at bank 8,558,154 7,797,250

8,598,154 7,837,250

8. OTHER FUNDS


Rs. Rs.

CSR project 122,841 122,841

122,841 122,841

9. RENT RECEIVED IN ADVANCE


Rs. Rs.


Transfer to statement of income and expenditure (612,240) (681,900)


Amount payable within one year 612,240 681,900

Amount payable after one year 2,250,470 2,793,050

2,862,710 3,474,950


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10. RETIREMENT BENEFIT OBLIGATION


Rs. Rs.


Provision made during the year (659,594) 1,624,053

Payments made during the year (258,716) (1,255,804)


11. DEFERRED TAX LIABILITIES/(ASSETS)


Rs. Rs.

Balance as at the beginning (494,796) 304,145

Deferred tax originating/(reversal) during the year 736,861 (798,941)

Balance as at the end 242,065 (494,796)

11.1 COMPOSITION OF TEMPORARY DIFFERENCES


Rs. Rs.

Property, plant and equipment 7,541,121 4,429,063

Defined benefit obligation (4,293,564) (5,211,874)

Trade debtor (1,518,517) (2,751,444)

Total taxable temporary difference 1,729,040 (3,534,255)

Tax rate 14% 14%

Deferred tax liability 242,065 (494,796)

12. TRADE AND OTHER PAYABLES


Rs. Rs.

Advances 3,212,342 3,792,281

Accrued expenses 179,832 179,832

Retention payable 1,704,894 2,150,144

Other payables 157,782 281,475

VAT payable - 237,810

Subscription received in advance 5,254,850 6,641,542



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13. REVENUE


Rs. Rs.

Members' subscription 8,787,061 8,134,147

Certificate of origin 12,662,290 11,985,377

Admission fees 274,508 392,420

Miscellaneous documents 1,097,690 1,043,376

22,821,549 21,555,320

14. OTHER OPERATING INCOME


Rs. Rs.

Income from National Business Excellence Award programme 12,261,346 17,813,514

Rent income 2,066,004 2,650,439

BLT - Meetings 161,978 275,750

Secretarial service 2,312,804 2,370,663

Regional seminars - BOC 1,045,397 517,501

Ayurveda exhibition 8,963,920 11,542,444

China product show - 210,485

Seminar income 3,742,103 3,604,447

NCCSL - news letter 366,581 315,000

AGM Sponsorship fees & Banners 538,000 440,324

Hire of auditorium 913,123 938,214

NEDA Entrepreneur Awards-2016 - 912,750

Sale of M/Directory 5,963 7,246

SME - M/subscription 33,185 27,233

SME Income 1,023 3,068

Library Income - 190

AGM Dinner fees 18,000 25,064

NEDA Awards 1,172,208 -

Photocopy Income 324 -

Regional seminar - PABC 323,529 -

Regional Seminar - Sampath Bank 833,333 -

Profit - Intex South Asia exhibit 85,252 -

Intangible Assets Disposal Gain 117,781

34,961,854 41,654,362


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15. NET FINANCE INCOME


Rs. Rs.

Finance incomeInterest on fixed deposits 10,730,701 8,342,059

Total finance income 10,730,701 8,342,059

Finance costBank charges 39,244 28,130

Total finance cost 39,244 28,130

Net finance income 10,691,457 8,313,929

16. SURPLUS BEFORE TAX EXPENSE

Surplus from operations is stated after charging all expenses including the following:


Rs. Rs.

Auditors' remuneration 300,000 237,160

Depreciation on property, plant and equipment 5,135,689 5,431,330

Provision for bad and doubtful debts and bad debts written off 1,518,517 2,751,444

Staff cost 16,707,859 16,710,253

17. INCOME TAX EXPENSE

The Chamber is liable for income tax on its taxable income at the rate of 14% in accordance with the provision of the Inland Revenue Act No.24 of 2017 which was effective from 01st April 2018.


Rs. Rs.

Tax on profit for the year (Note 17.1) 2,915,290 203,418

2,915,290 203,418

Deferred tax originating / (reversal) during the year (Note 11) 736,861 (798,941)

3,652,151 (595,523)



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17.1 TAX RECONCILIATION


Rs. Rs.

Business income 16,007,868 -

Investment income 10,730,701 2,034,180

Assessable income 26,738,569 2,034,180

Less: Qualifying paymentsTaxable Income 26,738,569 2,034,180

Tax @ 14% 3,743,400 203,418

Less: Tax CreditsWHT Credits (433,479) -

Refunds (394,631) -

Current tax expense 2,915,290 203,418

18. RELATED PARTY TRANSACTIONS

18.1 TRANSACTIONS WITH KEY MANAGEMENT PERSONNEL

The Chamber considers its Board of Directors as the key management personnel of the Chamber. Compensation paid to key management personnel of the Chamber is as follows.


Rs. Rs.

Short term employee benefits Nil Nil

18.2 TRANSACTIONS WITH RELATED PARTIES

There were no related party transactions during the year.


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19. COMMITMENTS

OPERATING LEASES

The Chamber has leased the land situated at No. 450, D R Wijewardena Mawatha, Colombo 10 from the Urban Development Authority for a period of 30 years from 1993 for an annual lease payment of Rs. 275,000/-.

The lease commitments on the above lease are disclosure below:


Rs. Rs.

Payable within one year 275,000 275,000

Payable later than 1 year and not later than 5 years 550,000 825,000

825,000 1,100,000

20. CONTINGENT LIABILITIES

There is no contingent liabilities as at the reporting date.

21. EVENT OCCURRING AFTER THE REPORTING DATE

There were no material events after the reporting date which require adjustments or disclosures in the financial statements.

22. APPROVAL OF FINANCIAL STATEMENTS

These financial statements were approved by the Council and authorized for issue on 16th October 2019.



91

Our members

AA. Baur & Co. (Pvt) Ltd.A S Agri Exports (Pvt) Ltd.A T Cooray (Pvt) Ltd.A.F. Jones Exporters Ceylon (Private) LimitedA.P.S. Knitters (Pvt) Ltd.AB Securitas (Private) LimitedABC Freight Services (Pvt) Ltd.ABC Shipping (Private) Limited.ABC Trade and Investments (Pvt) Ltd.Abdul Jabbar & SonsAbidally Sons (Pvt) Ltd.Access Engineering PLCAccess International (Pvt) Ltd.Access Natural Water (Pvt) Ltd.Adamjee Lukmanjee & Sons (Pvt) Ltd.Agalawatte Plantations PLCAgribusiness CentreAgro Consolidated (Pvt) Ltd.Agro Soil (Pvt) Ltd.Aitken Spence Shipping LimitedAitken Spence Travels (Pvt) Ltd.Akbar Brothers (Pvt) Ltd.Aklan International (Pvt) Ltd.Al Ruby Travels Trading and Marketing (Pvt) Ltd.Al-Aman World Capital Centre LimitedAlbert Edirisinghe Opticians Ltd.Alcobronz (Pvt) Ltd.Alcobronz Engineering (Pvt) Ltd.Ali Brothers (Private) Ltd.Ally Weerasinghe (Pvt) Ltd.American Education Centre Ltd.AMI Hardware (Pvt) Ltd.Aminra Collections (Pvt) Ltd.Ananda Constructions (Pvt) Ltd.Anbu Brothers (Pvt) Ltd.Andaradeniya Estate (Pvt) LtdAndry Aluminium Industry (Pvt) Ltd.Ansell Textiles Lanka (Pvt) Ltd.Anura Trading HouseAnverally & Sons (Pvt) LimitedAP Lanka (Pvt) Ltd.Apeiron Lanka (Pvt) Ltd.Apeksha IVF & Research Center (Pvt) Ltd.Arab Lanka International (Pvt) Ltd.Arab Travels and ToursArch-Triad Consultants (Pvt) Ltd.ARMZ Exports & ImportsAroma Natural Rubber (Pvt) Ltd.Aroma Rubber ManufacturesAsha Agencies Limited

Asia Asset Finance PLCAsia Capital PLC Asia Teas (Pvt) Ltd.Asia Tyre Importers AssociationAsian Finance LimitedAsiri Hospital Holdings PLCAsiri Surgical Hospitals PLCAssociated Motorways (Private) LimitedAtlas Logistics Lanka (Pvt) Ltd.Authorised Money Changers Association of Sri LankaAvant Premiere (Pvt) Ltd.Aysha Hospitals (Private) Limited - New Delmon Hospital

BB C C Lanka LimitedB. P. Morawaka & Sons (Pvt) Ltd.B.Darsin De Silva & Sons (Pvt) Ltd.Bairaha Farms PLCBaltic Testing Lanka (Pvt) LtdBank of CeylonBarik Enterprises (Pvt) Ltd.Bartleet & Company (Private) Ltd.Batticaloa Chamber of Commerce & IndustryBatticaloa District Chamber of Commerce, Industry and AgricultureBeam Hela Osu Lanka (Pvt) Ltd.Beauty GemsBeauty Products Lanka (Pvt) Ltd.BELA International (Private) LimitedBelcon Ark LimitedBenham International (Pvt) Ltd.Best Food Marketing (Pvt) Ltd.Bing Bing International Trading (Pvt) Ltd.BioNutri International (Pvt) LimitedBlack Tea Exports (Pvt) Ltd.Blue Chip SL Pvt Ltd.Blue Chip Technical Services (Pvt) Ltd.Blue Diamonds Jewellery Worldwide PLCBlue Ocean Residencies (Pvt) Ltd.Borneo General Trading (Pvt) Ltd.Brandix Apparel Soluttions LimitedBristol Lanka Technologies (Pvt) Ltd.Brown and Company PLCBTL Lanka (Pvt) Ltd.Buddhi Industries (Pvt) Ltd.Built-Mech Services (Pvt) Ltd.Bureau Veritas Consumer Products Services Lanka (Pvt) Ltd.Bureau Veritas Lanka (Pvt) LimitedBusiness Development Cooperative Society


92

CC.W. Mackie PLCCalico (Pvt) Ltd.Candy Garments Ltd.Canro ExportersCapital TRUST Holdings LimitedCargills (Ceylon) PLCCargoserv Shipping Ltd.Carnival World Ko Lanka (Pvt) Ltd.Carson Cumberbatch PLCCeat Kelani International Tyres (Pvt) Ltd.Ceilan Coir Products Export (Private) LimitedCellcity Lanka (Pvt) Ltd.Central Hospital LimitedCeramica Bathrooms (Pvt) Ltd.Ceyem Commodities (Pvt) Ltd.Ceyko Projects (Pvt) Ltd.Ceylinco Insurance PLCCeylon Agro Industries LimitedCeylon Association of Shipping Agents (CASA)Ceylon Biscuits LimitedCeylon Carriers (Pvt) Ltd.Ceylon Chain Manufacturing (Pvt) Ltd.Ceylon Essence and Beverage Company (Pvt) Ltd.Ceylon Fertilizer Company LimitedCeylon Fishing Industries LimitedCeylon Grain Elevators PLCCeylon Leather Products PLCCeylon Machine Twisted Fibre Industries Ceylon Rubber Industries Ltd.Ceylon Shipping Corporation Ltd.Ceylon Shipping Lines Ltd.Ceylon Steel Corporation LimitedCF Lanka Microfinance CompanyChamber of Commerce of KinniyaChampion Thread Manufacturing CompanyChatham House (Pvt) Ltd.Chemanex PLCCIC Feeds (Pvt) Ltd.CIC Holdings PLCCitizens Development Business Finance PLCCity Housing and Real Estate Company PLCClassic Teas (Pvt) Ltd.Claudia International Lanka (Pvt) Ltd.Clutch Automation Private LimitedCMC Engineering Export GmbHCoba Peat Lanka (Pvt) Ltd.Coconut Growers Association of Sri LankaCoir De Lanka Exports (Pvt)Ltd.Colombo Dockyard PLC (PQ 50)Colombo Engineering Enterprises

Colonial Motors (Ceylon) Limited.Commercial Bank of Ceylon PLCConsulting Engineers & Contractors (Pvt) Ltd.Cot Lanka Agro (Pvt) Ltd.Cotecna Lanka (Private) Limited.Cotton Club (Pvt) Ltd.Country Style Foods (Pvt) LimitedCreative Technology Solutions (Pvt) Ltd.Crescent International (Pvt) Ltd.CT Holdings PLC

DD Peiris & Co. (Pvt) Ltd.Dag Groupage Services Pvt Ltd.Damam K International (Private) LimitedDankotuwa Porcelain PLCDarley Butler & Co. Ltd.Daya Group (Pvt) Ltd.DeensonsDellogistics (Pvt) Ltd.Delmege Forsyth & Co. Ltd.Delmege Insurance Brokers (Pvt) Ltd.Delmo Chicken & Agro (Pvt) Ltd.Delshan Enterprise Lanka (Pvt) Ltd.Devi Trading CompanyDexter International DFCC Bank PLCDhanusha Marine Lanka Exports (Pvt) Ltd.Dharmasiri Tyre House (Pvt) Ltd. M/sDicanda (Pvt) Ltd.DIENGEDiesel & Motor Engineering PLCDikkande Plantations (Pvt) Ltd.Dilarshad EnterpriseDip Products Katuwawala (Pvt) Ltd.Double N. N. F (Pvt) Ltd.Douglas & Sons (Pvt) Ltd.Dowell International (Pvt) Ltd.DPJ Holdings Dreamron Lanka (Pvt) LimitedDurtek Lanka (Pvt) Ltd.Dynamic Technologies (Pvt) Ltd.

EE.G. Adamaly & Co. Ltd.Eamel Exports Ltd.East Lanka Engineering (Pvt) Ltd.Eastern & Allied Agencies Ltd.Eastern Merchants PLCEastern Produce Exports

Our members


93

Edna Chocolates Ceylon (Private) LimitedEdwin’s Studio & Colour Laboratories (Pvt) Ltd.Electro Metal Pressings (Pvt) LimitedElegance Plastic & Engineering Services (Pvt) Ltd.Emerald International (Pvt) Ltd.EML Consultants (Pvt) LimitedEmpire Teas (Pvt) Ltd.Ernst & YoungESNA Allied Enterprises (Pvt) Ltd.Essajee Carimjee Insurance Brokers (Pvt) LtdEstilo Apparel (Pvt) Ltd.Eswaran Brothers (Ceylon) Ltd.Eswaran Brothers Exports (Pvt) Ltd.ETAL Group Pvt Ltd.ETI Finance LimitedEuro - Scan Exports (Pvt) Ltd.Ever Bright Holdings (Pvt) Ltd.

FFA Fashion (Pvt) Ltd.Fairfirst Insurance LimitedFalcon Trading (Pvt) Ltd.Farmchemie (Private) LimitedFarmers (Pvt) Ltd.Farm’s Pride (Pvt) Ltd.Fentons LimitedFine Line SuppliersFive Star Poultry Processors (Pvt) Ltd.Flexiprint (Pvt) Ltd.FLIPIT Media (Pvt) Ltd.FMJ Plastics (Pvt) Ltd.Fonterra Brands Lanka (Pvt) Ltd.Forbes & Walker Tea Brokers (Pvt) Ltd.Fo-Rest (Private) LimitedForeway Logistics (Pvt) Ltd.Free Lanka Granite (Pvt) Ltd.Fresh Tea Exports (Pvt) Ltd.Freudenberg & Company (Ceylon) Ltd.

GG E Impex Lanka (Pvt) Ltd.G. C. Roche & Co. (Pvt) Ltd.Galle District Chamber of Commerce & IndustriesGalle Motors (Pvt) Ltd.Geekay (Pvt) Ltd.Geocyc (Pvt) Ltd.George Steuart Teas Private LimitedGihan AssociatesGlobal Baggage (Pvt) Ltd.Global Insurance Brokers and Services (Pvt) Ltd.

Global Leasing LtdGlobalax (Pte) Ltd.Gnanam Imports (Pvt) Ltd.Godrej Household Products Lanka (Pvt) Ltd.Gold Coin Feedmills (Lanka) Ltd.GP Enterprises (Pvt) Ltd.Graphic Systems (Pvt) Ltd.Green Agro Lanka (Pvt) Ltd.Green Soils (Pvt) Ltd.Green View International (Pvt) Ltd.GSMB Technical Services (Pvt) Ltd.

HH Don Carolis & Sons (Pvt) Ltd.H&M Western (Pvt) Ltd.H.D.De Silva & Sons (Pvt) Ltd.H.P.A. EnterprisesH.R. Fernando & Co. Ltd.Hambantota District Chamber of CommerceHameed Brothers Colombo (Pvt) Ltd.Hamilton HouseHarris Ceylon (Pvt) Ltd.Hatton National Bank PLCHayleys PLCHDDES Extracts (Pvt) Ltd.HDFC Bank of Sri LankaHEINEKEN Lanka LimitedHelix Engineering (Pvt) Ltd.Hesun (Pvt) Ltd.Hettigoda Industries (Pvt) Ltd.Highchem R Ceylon Company (Private) LimitedHill House (Pvt) Ltd.Hilton Textiles (Pvt) Ltd.HIMACO (Pvt) Ltd.HJS Condiments Limited Horseman International Colombo (Pvt) Ltd.Hospitality Management & Consultancy AssociatesHouse of Design (Pvt) Ltd.Hovael Holdings Private LimitedHubert N. Anthony & Sons (Pvt) Ltd.Hyson Teas (Pvt) Ltd.

II M L (Pvt) Ltd.IBMC Lanka (Pvt) Ltd.Imperial Teas (Pvt) Ltd.Impex Corporation (Pte) Ltd.Impressions Labels Lanka (Pvt) Ltd.Independent Television Network LimitedIndra Traders (Pvt) Ltd.


94

Informatics (Private) LimitedInter Tea (Private) Ltd.International Book HouseInternational College of Business & Technology Ltd.International Construction Consortium (Pvt) Ltd.International Foodstuff Company (Pvt) Ltd.Intertek Lanka (Pvt) Ltd.Intervest Engineering & Construction (Private) LimitedIsabella (Private) LimitedIsland Products (Pvt) Ltd.Islandwide Marketing Services (Pvt) Ltd.Itech Tours & Travels (Pvt) Ltd.IWS Holdings (Pvt) Limited

JJ B Enterprises (Pvt) Ltd.J R EnterprisesJ S Enterprises Lanka (Pvt) Ltd.J S W Apparels (Pvt) Ltd.J.B.Fishing Industries (Pvt) Ltd.Jafferjee BrothersJanashakthi Insurance PLCJanatha SteelsJanRich Foods LimitedJAS Active Wear (Pvt) Ltd.Jay Jay Mills Lanka (Pvt) Ltd.Jayes Trading CompanyJCJ Lanka Import & Export (Pvt) Ltd.Jetmo Steel Rolling Private LimitedJetwing Travels (Private) LimitedJK Import and Export Co. (Pvt) Ltd.John Keells PLCJR International (Pvt) Ltd.Juelstox International (Pvt) Co. Ltd.Julius and CreasyJupiter GroupJust In Time Holdings (Pvt) Ltd.

KKannan & Co.Karuna SteelKash Garments (Pvt) Ltd.Keangnam Enterprises Ltd.Kelsey Developments PLCKent Holdings (Pvt) Ltd.Koolair (Pvt) LimitedKoshiba Credit (Pvt) Ltd.Kotmale Holdings PLCKundanmals LimitedKusumsiri Motor Traders

LL. B. Spices Trading (Pvt) Ltd.Lak Arcade (Pvt) Ltd.Laksiri International Freight Forwarders (Pvt) Ltd.Lallans Sports Goods Manufacturers (Pvt) Ltd. Lan Management Development Services (Pvt) Ltd.Lanka Agro Processing (Pvt) Ltd.Lanka Ashok Leyland PLCLanka Canneries (Pvt) Ltd.Lanka Ceramic PLCLanka Coconut AssociatesLanka Harness Co. (Pvt) Ltd.Lanka Industrial Estates Ltd. (LINDEL)Lanka IOC PLCLanka Motor Spare Parts Dealers AssociationLanka Polymers (Pvt) Ltd.Lanka Salt Ltd.Lanka Serenities (Pvt) Ltd.Lanka Special Steels LimitedLanka Tiles PLCLanka Trust Investments Ltd.Lanka Walltiles PLCLanka World Link Chem (Pvt) Ltd.LAUGFS Holdings Ltd.Laxapana Batteries PLCLeader Travels & Tours (Pvt) Ltd.Leaf d (Private) LimitedLeela Exports & ImportsLeema Creations Private LimitedLe-Ferne Laboratories (Pvt) Ltd.Liberty Cinemas Ltd.Liberty Plaza Management Corporation CondominiumLightning Protection Systems Lanka (Pvt) Ltd.Logiexpo International LOLC Holdings PLCLotus Lanka Private LimitedLumbini Aquaria Wayamba LimitedLumbini Tea Factory (Pvt) Ltd.Luxe Asia (Pvt) Ltd.Luxhmi Impex

MM D Gunasena & Company (Printers) LimitedM F Safeway Impex (Pvt) Ltd.M I P Fernando & Co. Ltd.M I T Property Trading (Private) Ltd.M M Organisation (Pvt) Ltd.M M Salgado & Sons Ltd.M N Sugathadasa & Co.M S Samsudeen Lebbe

Our members


95

M. C. Abdul Rahim & Bros (Pvt) Ltd.M. Samson Silva & Co. (Private) LimitedMAC Holdings (Pvt) Ltd.Macksons Paint Industries (Pvt) Ltd.Mackwoods GroupMadampe Mills (Pvt) Ltd.Maga Engineering Private LimitedMalba Ropes (Pte) Ltd.Malco Engineering (Pvt) Ltd.Maliban Biscuit Manufactories (Pvt) Ltd.Malship (Ceylon) LimitedMaltras International (Pvt) Ltd.Manisha (Pvt) Ltd.Mansel (Ceylon) (Private) Ltd.Marine Transport Services (Pvt) Ltd.Markss HLC (Pvt) Ltd.Marlbo Trading CompanyMAS Innovation (Pvt) Ltd.Mascons (Pvt) LimitedMaxies & Company (Pvt) Ltd.McLarens Logistics Ltd.Meezan & Company (Pvt) Ltd.Mega Products LimitedMehaa International (Pvt) LimitedMelwire Rolling (Pvt) Ltd.Merbok MDF Lanka (Pvt) Ltd.Mercantile Merchant Bank LimitedMerchant Bank of Sri Lanka PLCMercury Print (Pvt) Ltd.Metropolitan Group of CompaniesMiami Clothing (Pvt) Ltd.Michael White & Co. (Pvt) Ltd.Micro Cars LimitedMicrotech Networks (Pvt) Ltd.Midaya Ceramic Co Private LimitedMidaya Packaging Industries (Pvt) Ltd.Mike Flora (Private) Ltd.Milco (Private) Ltd.Millennium Concrete Technologies (Pvt) Ltd.Millennium Teas (Pvt) Ltd.Minra Holdings (Pvt) Ltd.Multi MerchantsMystika Import & Export

NN & N Agents and Secretaries (Pvt) Ltd.N.Vaitilingam & Co. (Pvt) Ltd.Nation Lanka Finance PLCNational Savings BankNature Ceylon Trading (Pvt) Ltd.Nature Fresh Products (Pvt) Ltd.

Nature’s Agro Products Lanka CompanyNature’s Beauty Creations Ltd.Naturub Exports International (Pvt) Ltd.Navara Capital Partners LimitedNawaloka Construction Company (Pvt) Ltd.Nawaloka Hospitals PLCNawaloka Polysacks (Pvt) Ltd. Nelna Farm (Pvt) Ltd.Nestle Lanka PLCNew Anthoney’s Farms (Pvt) Ltd.New Kuvenitex (Pvt) LimitedNew Lanka CaterersNew Ranjith IndustriesNew Universe Group of CompaniesNicklaashan EnterprisesNihal Apparels (Pvt) Ltd.Nilkamal Eswaran Plastics (Pvt) Ltd.Nine Capital (Pvt) Ltd.Ninehearts (Pte) Ltd.Ninehearts Imaging (Pvt) Ltd.Ninewells Care Mother & Baby Hospital (Pvt) Ltd.Nippon Maruchi Lanka Electronics (Pvt) Ltd.Nippon Paint Lanka (Pvt) LimitedNL AssociateNOLIMITNoorani Estates (Pvt) Ltd.Noritake Lanka Porcelain (Pvt) Ltd.

OOasis Hospital (Pvt) Ltd.Ocean Blue Services (Pvt) Ltd.Oceanway (Pvt) Ltd., Travels & ToursODEL PLCOlive Stone (Pvt) Ltd.Omega TradersOnesh Agri (Pvt) Ltd.Onesh Trading (Pvt) Ltd.Orchid Lanka Enterprises (Pvt) Ltd.OREL Corporation (Private) LimitedOriental Ocean Express (Pvt) Ltd.OVIKLO International (Pvt) Ltd.

PP.D.Romanis & SonsPan Asia Banking Corporation PLCPan Asia LimitedPan Global Shipping (Private) LimitedPara Xpo Products (Pvt) Ltd.Paramount Print Pack (Pvt) Ltd.PC House (Pvt) Ltd.


96

Pee Bee Management Services (Pvt) Ltd.Pelemix Lanka (Pvt) Ltd.Pelwatte Sugar Industries PLCPenguin Industries (Pvt) Ltd.People’s BankPeople’s Merchant Finance PLCPet Form (Pvt) Limited.Pet Packaging (Pvt) Ltd.Pettah Pharmacy (Private) Limited. Phoenix Industries Ltd.Pioneer Tea Exports (Pvt) Ltd.Piramal Glass Ceylon PLCPNVX Cargo Inspection Service (Pvt) Ltd.Polek Trade CenterPolypackaging Industries (Pvt) Ltd.Pon Pure Chemical Lanka (Pvt) Ltd.Power Engineering Services Private LimitedPremawardane ExportPristine Kokos (Pvt) Ltd.Pronto Lanka (Private) LimitedProtected Agriculture Entrepreneurs AssociationProvidence Business Services (Pvt) Ltd.Pulses Splitting & Processing Industry (Pvt) Ltd.Pussalla Meat Producers (Pvt) Ltd.Puwakaramba Agencies (Pvt) Ltd.

RR D P Fancy MahalRabeena Food (Pvt) Ltd.Raigam Marketing Services (Pvt) Ltd.Raja Jewellers (Pvt) Ltd.Randeniya International (Pvt) Ltd.Randhi International (Pvt) Ltd.Ranjitha Pulses Splitting & Processing IndustryRasawimana Holdings (Pvt) Ltd.Rashmi Lanka (Pvt) Ltd.Rathna Producers Cinnamon Exports (Pvt) Ltd.Red Heart Apparels (Pvt) Ltd.Reed Lanka (Pvt) Ltd.Relaxs SteelRenuka Holdings PLCRex Industries (Pvt) Ltd.Rich World InternationalRichard Pieris Exports PLCRoshni Trade International (P) Ltd.Royal Ceramics Lanka PLCRoyal ConstructorsRussel’s (Pvt) Ltd.Ryder Holdings (Pvt) Ltd.

SS & D AssociatesS & D Chemicals (Private) LimitedS A Silva & Sons Lanka (Pvt) Ltd.S M A Azeez Brothers (Pvt) Ltd.S.N.T. Productions (Pvt) Ltd.S.S.T. Group (Pvt) Ltd.Saboor Chatoor (Pvt) Ltd.Sadaharitha Plantations LimitedSafco InternationalSaham Travels & Tours (Pvt) Ltd.Salota International Pvt. Ltd.Samanala ExportSamarasinghe Windscreen House (Pvt) Ltd.Samayawardhana Printers (Pvt) Ltd.Sampath Bank PLCSamson Rubber Industries (Pvt) Ltd.Samson Rubber Products (Pvt) Ltd.Sanjeewaka Ayurvedic Products (Pvt) Ltd.Sapco Holdings (Pvt) Ltd.Saram Auto IndustriesSarma & CompanySatellite Lanka (Private) LimitedSavik Company (Pvt) Ltd.SAW Engineering (Pvt) Ltd.Schokman & SamerawickremeSea Consortium Lanka (Pvt) Ltd.Sea Trade Services (Pvt) Ltd.Seatrans International (Pvt) LimitedSelco Continental (Pvt) Ltd.Sena Mills Refineries (Pvt) Ltd.Senok Tea Ceylon (Pvt) Ltd.Senvec Lanka (Pte) LimitedSerendib Engineering Group PLCSerendib Trade Logistics Services (Pvt) Ltd.Sethsuwa Ayurveda Hospital (Pvt) Ltd.Sewalanka Community Financial Services Ltd. (SEWA FINANCE)Seylan Bank PLCSeylan SuppliersSGS Lanka (Pvt) Ltd.Shanbe Jeans Corporation (Pvt) Ltd.Shara Property Development Construction (Pvt) Ltd.Sherry Bakery Equipment Suppliers (Pvt) Ltd.Shin Kwang Lanka (Pvt) Ltd.Ship Air Logistics (Pvt) Ltd.Shums & Company (Pvt) LimitedSiam City Cement (Lanka) Ltd.Siba Healthcare (Pvt) Ltd.Silkot Traders (Pvt) Ltd.Sinamta Exporters (Pvt) Ltd.

Our members


97

Sindbad (Private) Ltd.Singer Finance (Lanka) PLCSingha Holdings (Pvt) Ltd.Sinwa Holdings LimitedSiri Wimal Produce Exporters Sisara Group of Companies (Pte) Ltd.Sisili Projects Consortium (Pvt) Ltd. Siyapatha Finance PLCSiyol International Private LimitedSkills International (Pvt) Ltd.Skyline Accessories (Pvt) Ltd.SLT Publications (Pvt) Ltd.Softlogic Life Insurance PLCSolex Engineering (Pvt) LimitedSolusys Consulting (Pvt) Ltd.Spear International (Pvt) LimitedSpectra Industries Lanka (Pvt) Ltd.Sri Bio Agri Products (Pvt) Ltd.Sri Lanka Association of PrintersSri Lanka China Business Cooperation CouncilSri Lanka Computer Vendors’ AssociationSri Lanka Export Credit Insurance CorporationSri Lanka Gem & Jewellery AssociationSri Lanka Institute of MarketingSri Lanka Institute of PackagingSri Lanka Insurance Corporation Ltd.Sri Lanka Logistics Providers AssociationSri Lanka Shipping Company Ltd.St. Anthony’s Consolidated Ltd.Standard Chartered BankStar IndustriesStargems International (Pvt) Ltd.Stassen Exports (Pvt) Ltd.Stassen International Ltd.State Mortgage and Investment BankState Timber CorporationStenco International TradingStraight-Line International (Pvt) Ltd.Streamline International (Pte) Ltd.Sunbee Readymix (Pvt) Ltd.SunflowerSunnyville Impex (Private) Limited.Sunshine Holdings PLCSunshine Tea (Pvt) Ltd.Suntea (Pvt) Ltd. Supply Room (Pvt) Ltd.Surveying Testing Bureau (Pvt) Ltd. Sutton Springs Water (Pvt) Ltd.Swedish Trading Co. (Pvt) Ltd.Swiss Lloyd Ltd.Switz Lanka (Pvt) Ltd.Synergy Management Consultants (Pvt) Ltd.Synex International (Pvt) Ltd.

TT B S International (Pvt) LtdT. Suby (Pvt) LimitedTantri Trailers (Pvt) Ltd.Tea House (Pvt) Ltd.Tea Palace (Pvt) Ltd.Tea Trends Exports (Pvt) Ltd.Teamex Ltd.Tech Waters (Pvt) Ltd.Termss Global (Pvt) Ltd.Textware (Pvt) LtdTFL Lanka (Pvt) Ltd.The Association of Container Deport Operators (ACDO)The Automobile Association of CeylonThe Bobbin (Pvt) Ltd.The Colombo Picture Palace (Pvt) Ltd.The Exterminators (Pvt) Ltd.The Finance Company PLCThe Swadeshi Industrial Works PLCThe Tea Survey & Analysis Co. (Pvt) Ltd.Thirani Peiris International Academy of Beauty (Pvt) Ltd.Three Sinha Industries (Pvt) Ltd.Thunder & Neon (Pvt) Ltd.Titus Stores (Pvt) Ltd.TKT AssociatesTokyo Cement Company (Lanka) PLCTorento Engineering (Pvt) Ltd.Tradeone Globe (Private) LimitedTradesmann SL (Pvt) Ltd.Transgrow (Pvt) Ltd.Transocean TradersTri Star Apparel Exports (Pvt) Ltd.Trico Logistics Ltd.Tritech Engineers (Pvt) Ltd.Tropical Island Commodities (Pvt) Ltd.Tropicoir Lanka (Pvt) Ltd.TVS Lanka (Pvt) Ltd.

UU.S. Motor Spare Parts CompanyUCL Logistics (Pvt) Ltd.Udaya IndustriesUHE Exports (Pvt) Ltd.UltraTech Cement Lanka (Pvt) Ltd.Unicel (Pvt) Ltd.Union Apparels (Pvt) Ltd.Union Assurance PLCUnion Bank of Colombo PLCUnion Chemicals Lanka PLC


98

Union Colombo Industrial Washing (Pvt) Ltd.Union Commodities (Pvt) Ltd.Unipower (Pvt) Ltd.United Electricals Engineering (Pvt) Ltd.United Logistics Colombo (Pvt) Ltd.United Mercury Group Lanka (Pvt) Ltd.United Motors Lanka PLCUnited StoresUniversal Export SuppliersUniversal Labels (Pvt) LimitedUniWorld Teas (Pvt) Ltd.Upali Perera and Company

VV R Vadivetkarasan EnterprisesV S Information Systems (Pvt) Ltd.V V Karunaratne and CompanyV. K. Enterprises (Pvt) Ltd.V. Manickam and BrothersVcom International (Pvt) Ltd.Vehicle Importers Association of LankaVenora International Projects (Pvt) Ltd.Venture Tea (Pvt) Ltd.Vidullanka PLCVogue Jewellers (Pvt) Ltd.VORTEX International (Pvt) Ltd.VSR Consultants (Pvt) Ltd.

WW K K Engineering Co. (Pvt) Ltd.W.M. Mendis & Co. Ltd.Watawala Plantations PLCWellawatta Nithyakalyani JewelleryWestern Agribusiness (Pvt) LimitedWijaya Group of Companies (PLC)Wilfred & Co. Ltd.Wonderlight Consumer Products Co (Pvt) Ltd.WTL Automobiles (Pvt) Ltd.

YYuming International (Pvt) Ltd.Yusen Logistics & Kusuhara Lanka (Pvt) Ltd.

ZZaaras Holdings (Pvt) Ltd.Zam Gems (Pvt) Ltd.Zodiac Medicals (Private) Limited

Our members

CORPORATE INFORMATION

Registered Name

The National Chamber of Commerce of Sri Lanka.

Legal Form

Incorporated in Ceylon in 1955 as a limited liability company under companies Ordinance No. 51 of 1938 founded in 1948 Registered under the Company’s Act No. 07 of 2007 pursuant to Section 485 (6) (G) as a Guarantee Limited on 28 July 2008.

Company Registered Number

GA 79 (formerly A 12)

Registered Office

The National Chamber Building450, D R Wijewardena Mawatha,Colombo 10, Sri Lanka.

International Country Code 0094Telephone : +94 11 474 1788, +94 11 474 1984, +94 11 268 9600Fax : +94 11 268 9596, +94 11 268 9603Email : [email protected] : www.nationalchamber.lk

Secretary General/CEO

Mr. Bandula Dissanayake

Office Bearers

Mr. Asela de Livera - President Mr. Nandika Buddhipala - Senior Deputy PresidentMr. G. Deepal Nelson - Deputy PresidentMr. Anura Warnakulasooriya - Honorary SecretaryMr. Gamini Wimalasuriya - Honorary Treasurer

Accounting Year End

31st March

Annual Report Year End

31st December following Accounting Year End

Auditors

KPMG Chartered Accountants

Designed & produced by

Photography by CS Studio

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