An Echelon Media Company
Tuesday May 30th, 2023

GAC Sri Lanka gets new chief, eyes outsourcing business

ECONOMYNEXT – Ravi Edirisinghe has been appointed director and chief executive in Sri Lanka of GAC Group, a global logistics provider that is eyeing opportunities in outsourcing and logistics in the island.

Edirisinghe brings to his new role 27 years of knowledge and experience in strategic planning, business development and re-engineering, supply chain management, logistics, and project management in diverse industries, a statement said.

He is responsible for the strategic growth and business direction of the group comprising GAC Shipping Ltd, GAC Marine Services Pvt Ltd and GAC Logistics Ltd. GAC operates with its partner the McLarens Group.

Edirisinghe replaces Mahesh Kurukulasuriya, who continues to be a member of the group’s board of directors.

Lars Bergström, GAC’s Group Vice President, Asia Pacific and Indian Subcontinent, said his appointment comes against the backdrop of an optimistic outlook for Sri Lanka’s maritime and logistics sectors.

“We see opportunities in the areas of outsourcing and e-commerce and are ready to tap into them with our Spectra integrated logistics facility in the Muthurajawela Industrial Zone.

“Sri Lanka’s proximity to the emerging markets in South Asia makes it an important shipping and transhipment hub for the region,” he said.

“There is potential for growth for the country’s logistics industry – it currently contributes about 3% of its gross domestic product, but that figure is expected to rise to at least 10% by 2020.
(COLOMBO, March 25, 2019-SB)
 

FILED UNDER:

Leave a Comment

Your email address will not be published. Required fields are marked *

Leave a Comment

Leave a Comment

Cancel reply

Your email address will not be published. Required fields are marked *

Sri Lanka President cleared to discuss cancelled LRT after soured Japan relations

ECONOMYNEXT – Sri Lanka’s Cabinet of Ministers approved a proposal by President Ranil Wickremesinghe discuss resuming a Japan funded. Light Rail Transit (LRT) project cabinet spokesman said, as the island nation is in the process of mending ties with Tokyo.

However, any such deals are likely to take place after the debt restructuring and Sri Lanka starts to repay its foreign loans to come out of default, analysts say.

Former President Gotabaya Rajapaksa unilaterally cancelled the 1.5 billion US dollar LRT and East Container Terminal (ECT) projects in 2021. Japan agreed to fund the LRT project while it was one of the tripartite members of the ECT project along with India and Sri Lanka.

The abrupt cancellation hit the diplomatic ties between the two countries and Sri Lankan government officials have said Japan had given the project to Sri Lanka at a very lower financing cost.

President Wickremesinghe returned from Japan late last week after having met top officials of the Japanese government including its prime minister.

“In recent history, due to the stopping of several agreements and proposals suddenly, President Wickremesinghe went to Japan after creating the background to clear some of the worries we have,” Cabinet Spokesman Bandula Gunawardena told the weekly media briefing.

“Before he went, he got the approval from the cabinet to resume the discussion on the light railway project. He got the approval from the cabinet to get parliament approval for bilateral agreements signed or any other investments project. Any change or cancellation of a project could be done only with the approval of the parliament.”

Japan has backed Sri Lanka under Wickremesinghe’s presidency after the island nation declared sovereign debt default. (Colombo/May 30/2023)

Continue Reading

Sri Lanka to tighten grip on television with broadcast law

ECONOMYNEXT – Sri Lanka has formulated a broadcast authority law to regulate electronic media which will be made public soon, Cabinet spokesman Minister Bandula Gunawardana said.

“The draft prepared by a cabinet subcommittee under Justice Minister Wijedasa Rajapaksa has discussed with various parties will be given to all media institutions and broadcast media,” Gunawardana said.

“We do not have to hide or force anyone. A legal framework that can be acceptable to all for all sectors.”

“In a week or two Minister Wijedasa will discuss with state and private stakeholders.”

At the moment Sri Lanka has issued frequencies without conforming to an “international procedures”, he said.

In Sri Lanka television frequencies are issued under a state television act.

Successive administrations in Sri Lanka has since around 1980 mis-used state television duopoly which including for conducting elections according to critics.

Private television as well a raio emerged around the 1990s and has since over shadowed state media.

There have been calls by ruling party politicians from time to time to control private media. There is now calls to control social media.

At a Committee on Public Accounts meeting of the Department of Government Information, ruling coalition legislators called for regulation of television content. (Colombo/May30/2023)

Continue Reading

Sri Lanka’s shares fall in mid day trade on need for clarity on DDO and DDR

ECONOMYNEXT – Sri Lanka’s shares fell in mid day trade on Tuesday on selling pressures and a wait and see approach on delays in confirmations of debt restructuring and debt optimization, an analyst said.

“Investors are adopting a wait and see approach on the need for more clarity on debt restructuring and debt optimization and decisions taken at the Policy Review Meeting,” an analyst said.

The main All Share Price Index was down 0.68 percent or 53.25 points to 8,516.86, while the most liquid index S&P SL20 was down 0.41 percent or 10.02 points to 2,418.90.

The market generated a turnover of 272 million rupees at 1230 hours.

The top losers were Vallibel One, Lanka IOC & Ceylon Tobacco Company. (Colombo/May30/2023)

Continue Reading