Hemas to invest LKR 2.9 billion in a pharmaceutical manufacturing plant

 

Morison Plc, a subsidiary of Hemas Holdings Plc, based in Colombo, has opened an $18.5 million pharmaceutical plant that can manufacture 5 billion pills a year. The company estimates can supply 20 percent of the country's consumption, officials said. Morison Plc, which was acquired by Hemas Holdings of Sri Lanka in 2013, claims to be Sri Lanka's largest producer of solid oral pharmaceuticals.

In cooperation with the Sri Lanka Institute of Nano Technology, a science park run as a public-private partnership, the 18.5 million dollar plant building. The plant locates within the Sri Lankan Nano Technology Park in Pitipana, Homagama, on a five-acre plot. It can produce 5 billion pills, 240 million capsules, and 10 million bottles per year out of 100 milliliters.  

He said they are now developing and gaining international accreditation and approval for EU and GMP compliant manufacturing and certification that will be complete at the beginning of next year. We will also look at signing up to export drugs to India and the region with Indian companies from Parma. Diabetic and cardiovascular drugs are the major export sectors in India. We will also look at exports to the EU from Parma from 2021 onwards.

"We are sure that the ROI would be about six years for this project." The new plant will generate around 5 billion tablets per year for both local and international consumption. Asked if they were going to venture into the manufacturing of medical equipment, he replied in the negative. We have held the position of the leading pharmaceutical importer and distributor in Sri Lanka for over six decades.

Currently, We save 22% of the market share, and our annual turnover has exceeded Rs. 11 billion. We have been a Parma exporter since 2021 and have taken valuable foreign exchange to Sri Lanka. Hemas Holdings Plc has acquired a 71.5 percent voting stake in J. PLC from L. Morison Son & Jones (Ceylon).

OSL Take: Sri Lanka's health sector is engaged in constant upgrading, and the Sri Lankan government is also engaged in introducing new technologies in par with the latest international trends in the country. Therefore, there are ongoing business/investment opportunities in Sri Lanka's health sector. Foreign health companies could explore options for business in Sri Lanka.

Given the many projects that range from the construction of the state hospital network to the manufacture of pharmaceuticals and medical supplies, Sri Lanka's health sector is a hotbed for investment. Interested foreign investors could explore investment opportunities in Sri Lanka's health sector. In the South Asian zone, Sri Lanka enjoys active trade and bilateral relations with countries.

Sri Lanka also enjoys free trade accords with India and Pakistan, while other South Asian countries enjoy preferential treatment. The geographical location of Sri Lanka in the Indian Ocean, the country's ease of doing business, and the many trade accords and trade compromises enjoyed by the state have made it an attractive business destination in the region of South Asia. To engage with other South Asian countries, foreign companies/investors looking at doing business in the South Asian area might consider setting up a base in Sri Lanka.

VBS/AT/0511/2020/Z_TB3

 

Sri Lanka on the path to finalizing a 9mn passenger airport terminal in 2023

 

Sri Lanka is on the road to finishing a new passenger terminal that will expand capacity at the 2023 main international airport and have a President's office with usual operations dampened by Coronavirus high-tech 'smart terminal' facilities. "President Rajapaksa ordered the authorities to complete the airport's construction work as early as possible by taking advantage of the occasion provided by the interruption of airport operations by working day and night," his office said.

Japan, along with Japan Airport Consultants Inc. (JAC) and Nippon Koei Co., is the main contractor for the project. Ltd. (NK) as advisors. The government will construct a new multi-level terminal building, two new piers, and a connexion path.

Arrivals and departures are divided vertically in the multi-level terminal building (Terminal 2) with a floor area of 180,000 m2. The project also involves modern parking apron taxiways, elevated access roads, multi-story parking facilities, and public utilities. The airport will consist of a new multi-level terminal structure, two new piers, and a connecting course will construct under the scheme.

The unique tier consists of making a new multi-level terminal building (Terminal 2) with an estimated floor area of 180,000 m2. Hence vertically separating arrivals and departures, Pier 2 and Pier 3 with a connecting concourse, new parking aprons and taxiways, elevated access roads, multi-story parking, and public services. Once finalized, the new terminal will be able to handle a further 9 million passengers per year and will allow BIA to manage an aggregate of 15 million passengers per year.

Speaking at the meeting, the Secretary of the Ministry of Tourism and Aviation, S Hettiarachchi, stressed the importance of completing this project in 3 years to grow the aviation industry in Sri Lanka. Besides, he described the main aspects of the building project and the government's strategy.

Sri Lanka's airport and aviation industry are currently undergoing a facelift with the government of Sri Lanka, giving prominence to the development and upliftment of the country's airports, including the main international airport in the island. Sri Lanka's national carrier is also undergoing a restructuring program. The airline is also on the lookout for a foreign investor to form a joint venture operation. Sri Lanka's ecological positioning in the Indian Ocean region, the ease of doing business environment, and the strong trade ties with foreign nations have made Sri Lanka the ideal business destination in the South Asian region. All this indicates the growing business/investment potential in Sri Lanka's airport and aviation industry.

OSL Take: The government of Sri Lanka focused on making the country a maritime hub in the Indian Ocean region. The latest accomplishments of the Colombo and Hambantota Ports indicates that the government is closing in on achieving the target. The port already has an industrial zone on the premises, which provides an ideal business space for companies engaged in exports and logistics.

All these advancements would help Sri Lanka engage in trade activities with other countries. On the other hand, Sri Lanka could entice more cruise liners to the state by developing other harbors worldwide and developing the required infrastructure facilities. Foreign businesses/investors should explore the increasing investment opportunities in Sri Lanka's ports and shipping sector.

VBS/AT/0511/2020/Z_TB2

 

 

Consulate in Egypt promotes Sri Lankan shipping opportunities to Suez Canal Authority

On 23 September, on the initiative of the Ambassador of Sri Lanka to Egypt, Damayanthie Rajapakse, First Administrator (Industrial) Shiwanthi Abeyrathne and Trade Associate of the Embassy, Ahmed Selim, visited the Suez Canal Authority in Ismailia, Egypt.

This trip held to address the technical capabilities of Sri Lanka in the field of shipbuilding and shipbuilding and dry-dock facilities, its potential for nautical tourism, and the exploration of avenue tourism. Embassy officials met with the Suez Canal Authority team led by Salah Eldin Gouda Abomosallam, the Director of the Procurement Department. Shiwanthi Abeyrathne highlighted the rapidly increasing technological advances made by Sri Lanka in this sector during the discussions. He also stressed on its strategic location, highly trained workforce, low labor costs, and the handiness of one of the finest natural ports in the Asian area paved the way for the success achieved by Sri Lanka in the boat and shipbuilding sector.

To demonstrate the shipbuilding excellence achieved by Sri Lanka, the KDDI Cable Laying Vessel designed by Colombo Dockyard PLC emphasized. Following the presentation made by the Mission officials, the Suez Canal Authority team expressed their keen interest in the purchase from Sri Lanka of tugboats, pilot boats, and dredgers.

Accordingly, the Mission officials agreed to pursue the matter with the Sri Lankan stakeholders, exploring all possible avenues for establishing relations between the Suez Canal Authority and the Sri Lankan counterparts for the supply of the vessels manufactured in Sri Lanka needed.

The ancient backdrop of Sri Lanka supporting Egypt and the Suez crisis at the UN General Assembly in 1956. Subsequently, the election of Sri Lanka as a member of the Suez Advisory Board was discussed during the deliberations, bringing to light the critical milestones in history that have improved diplomatic ties between Sri Lanka and Egypt.

OSL Take: The government of Sri Lanka focused on making the country a maritime hub in the Indian Ocean region. Colombo and Hambantota Ports has seen progress indicating that the government's objectives may by fulfilled soon. The port already has an industrial zone on the premises, which provides an ideal business space for companies engaged in exports and logistics.

All these developments would help Sri Lanka engage in trade activities with other countries. On the other hand, Sri Lanka could attract more cruise liners to the state by developing other harbors worldwide and developing the required infrastructure facilities. Foreign businesses/investors should explore the increasing investment opportunities in Sri Lanka's ports and shipping sector.

 VBS/AT/0511/2020/Z_TB1

Sri Lanka's UTECH Technologies explores overseas markets with the all-new 'UTECH BLACKBOX.'

 

UTECH Technologies Ltd., the leading provider of Industrial IoT (Internet of Things) and Industrial Automation Solutions in Sri Lanka, has entered overseas markets with its flagship 'UTECH BLACKBOX' telematic product. The UTECH BLACKBOX is a universal telematics portal used in a wide variety of industrial installations, such as manufacturing equipment, power generators, building equipment, air compressors, UPS systems, chillers.

The UTECH BLACKBOX's unique feature is that it can fit seamlessly into machinery through a wide variety of link protocols. Computer monitoring and control is possible from anywhere in the world via the UTECH Remote Web Portal. Real-time dashboards, data logging and graphing, routine service scheduling, GPS, geofencing, and SMS / email alerts are allowed by the web portal.

UTECH Managing Director Riyad Ismail commented, "After comprehensive field trials in harsh environments in those countries, we are proud to obtain export orders to India and the Americas." We see this as the beginning of the involvement of Sri Lanka in the global marketplace for an end-to-end solution for IIoT (Industrial IoT). Hence we aim to grow into other international markets while retaining our core values of continuous innovation, cutting-edge technology, and superior customer service.

An international award at the NBQSA honors that year awarded to UTECH BLACKBOX in 2019. UTECH also has a strategic partnership with the domestic mobile service provider of Sri Lanka, Mobitel, to deploy UTECH solutions across the vast corporate customer base of Mobitel. Besides, the product range of UTECH includes cold-chain monitoring systems, smart agriculture, tracking of vehicles, access control systems, and other tailored solutions for factory automation.

OSL Take: In some key areas, Sri Lanka is emerging as a destination of choice as a regional IT Business Process Outsourcing (BPO). AT Kearney ranked Sri Lanka eleventh among the top 50 outsourcing destinations in the world in 2017, moving up three slots from 2016. Sri Lanka's computer industry manufactures world-class goods and has dramatically expanded over the past decade. In the information services industry, telecommunications, banking, finance, and insurance (BFSI) and software testing included.

The ICT and digital infrastructure sectors of Sri Lanka are on a growth path, generating many opportunities for business/investment in the two industries. The government of Sri Lanka has also prioritized the growth of digital infrastructure and the expansion of the ICT education sector, providing various incentives to increase connectivity while removing intrusion and improving data services for both business and consumer users. Such technologies can help maximize business performance, which is an attractive asset for investors in infrastructure. OSL also sees investors leasing spectrum capital for the further growth of the telco sector as an opportunity.

VBS/AT/23102020/Z_TB6

Sri Lanka Tourism partners with Australia for a 5-year roadmap

 

Yesterday, the Sri Lanka Tourism Development Authority (SLTDA) announced its collaboration with the Australian Market Development Facility (MDF) to develop a research roadmap that would pave the way for the positioning of Sri Lanka as the leading tourism destination in Asia. Since the industry needs accurate knowledge to make evidence-based decisions, the roadmap will allow for a clearer understanding of tourism behavior, which will, in turn, help the public and private sectors prepare strategically.

This strategy is the first time a systematic review has conduct to assess the efficacy and use of the SLTDA's data collection efforts. In position with the ambitions set out in the Sri Lanka Tourism Strategic Plan, the SLTDA established the need for better quality data and research to enhance the strategic direction of Sri Lanka's tourism sector, said Kimarli Fernando, Chairman of Sri Lanka Tourism. He spoke of the SLTDA's objective of finding a diverse range of visitors, tourism facilities, and services to make Sri Lanka a top global tourism destination.

Mrs. Fernando also said the roadmap would help improve the research capabilities and practices of the SLTDA to identify opportunities for new investments, promotions, and policies. To analyze the existing research systems and procedures, the SLTDA and MDF will work closely. The alliance will also carry out a different review.

"Based on this, a five-year roadmap will create, focusing on improving the collection, analysis, and use of tourism data," Fernando said. She added that a series of measures to take over the next five years are listed in the roadmap, putting Sri Lanka Tourism's potential to the levels adopted globally by leading tourism destinations. 

The initiative expects to support the national tourism organization (NTO) and industry stakeholders effectively respond to the current global travel and tourism industry standard.

The involvement of Australia in this study is part of its broader support for the Sri Lankan tourism industry through the MDF, supported by the Government of Australia and implemented by Palladium, in collaboration with Swiss Touch. Australia has offered support to the SLTDA in the past to improve its research potential by facilitating a study tour with Tourism Research Australia (TRA) for the SLTDA staff.

OSL Take: Sri Lanka's tourism trade is on an uninterrupted growth path and is one of the fast-growing economic sectors in the country. Traveler entrances to the country are on a constant growth path as well, which in turn has resulted in the development of business/investment opportunities in Sri Lanka's tourism industry. Sri Lanka continues to make it to the top as a must-visit destination in lists of travel destinations compiled by renowned travel publications. Foreign businesses/investors could, therefore, explore business opportunities in Sri Lanka's tourism industry.

VBS/AT/23102020/Z_TB5

Sri Lanka Tourism Board to develop a 5-year strategic plan to transform tourism research

 

Sri Lanka Tourist Development Authority (SLTDA) and the Market Development Facility of Australia (MDF) have joined forces to establish a research roadmap to encourage the role of Sri Lanka as the leading tourism destination in Asia. The strategic plan will surface the way for a deeper understanding of Sri Lankan visitors and help the public sectors make evidence-based tourism decisions and investments.

This initiative is the earliest time that Sri Lanka has conducted a systematic review to assess the efficacy and use of SLTDA's data collection efforts. In position with the goals set out in Sri Lanka's Tourism Strategic Plan, SLTDA established the need for better value data and research to enhance the strategic direction of Sri Lanka's tourism sector.

"The objective of SLTDA is to recognize a diverse range of visitors, tourism services, and products that would make Sri Lanka a top global tourism destination," said Kimarli Fernando, Chairman of Sri Lanka Tourism. "As the primary agency for gathering, analyzing, and publishing tourism-related data, we plan to use this roadmap to update SLTDA's research capabilities and practices to identify new investment, promotion, and policy opportunities," she added.

A global consultancy will work closely with SLTDA to review existing research processes and practices and perform a gap analysis through funding given by MDF, the flagship private sector development program for the Australian Government. They have decided on a five-year plan focusing on enhancing the collection, research, and use of tourism data will establish.

The roadmap outlines a series of steps to be taken over the next five years to put Sri Lanka Tourism's potential to the levels followed globally by leading tourism destinations. Australia's participation in this study is part of its more comprehensive support to the Sri Lankan tourism industry through MDF, which, in collaboration with Swisscontact, is supported by the Australian Government and implemented by Palladium.

Australia has extended support to SLTDA in the past to expand its research potential by facilitating a study tour with Tourism Research Australia (TRA) for SLTDA employees. Implementing the five-year research roadmap will strategically support Sri Lanka Tourism and the brotherhood of the tourism industry with data-driven, informed decision-making that will help them with target marketing while allowing higher ROI for resources and investments. It also expects that the initiative will enable the National Tourism Organization (NTO) and industry stakeholders to respond effectively to the current global travel and tourism industry standards.

OSL Take: Sri Lanka's tourism industry is on a continuous growth path with tourist arrivals to the country also on the increase. Sri Lanka continues to list as a must-visit destination by globally renowned travel publications. All this has stemmed from a rise in foreign investments in the country's tourism industry. The continuous growth in Sri Lanka's tourism industry has further expanded the business potential in the country's leisure and hospitality sectors.

Once the plan is in place, the corporate/investment opportunities in Sri Lanka's tourism industry would further expand. Therefore Sri Lanka's tourism industry would become a hotspot for business opportunities. Sri Lanka continues to list as a must-visit destination by globally renowned travel publications.

VBS/AT/23102020/Z_TB5

Sri Lanka explores investment opportunities with EIB on green projects

 

The possibilities for collaboration in green projects were discussed by Sri Lanka and the European Investment Bank (EIB) when an envoy from Sri Lanka to the European Union recently met with top EIB officials in Brussels. As a follow-up to the conference between the Foreign Ministers of Sri Lanka and Luxembourg held in Colombo on 31 January 2020, Ambassador Grace Asirwatham of Sri Lanka to Belgium, the European Union, and Luxembourg met Dr. Werner Hoyer, President of the European Investment Bank (EIB), on 24 September 2020.

The conference also joined by a team of senior EIB officials consisting of Vice President Christian Kettel Thomsen, Director General / Deputy Head of Operations Luca Lazzaroli, Head of the Asia & Pacific Division, Public Sector Operations, Edvardas Bumsteinas Global Partners Group, and Donal Cannon, Head of the EIB Regional Representation for South Asia based in New Delhi.

The discussion focused on the ongoing activities of the EIB in Sri Lanka and the possibilities for Sri Lanka and the EIB to establish cooperation in the field of Green Projects and impressed by the emphasis on promoting green projects in Sri Lanka under the National Policy System 'Views of prosperity and splendor' with medium to long-term objectives, in particular green public transport, the establishment of eco-industrial zones for the recycling of industrial waste, the construction of green buildings under the green and smart cities, etc.

Concerning the proposals for the growth of the renewable energy sector, particularly for wind and solar energy projects, the President of the EIB confirmed that the areas proposed for financial cooperation are well within reach of the EIB and agreed to assist Sri Lanka in achieving the proposed renewable energy targets.

The President of the EIB welcomed Sri Lanka's contribution to environmental conservation, climate change mitigation, and cooperation with the UNFCC, including exchanging information on nationally defined goals, GHG emission reduction goals by 2030, and progress towards achieving SDGs. Dr. Hoyer advised Sri Lanka to continue the technical discussion with the EIB Vice-President and Senior Officials on the necessary project proposals to develop the financial cooperation envisaged for investments in green projects.

OSL Take: The government of Sri Lanka's focus is on making the country a maritime hub in the Indian Ocean region. The port already has an industrial zone on the premises, which provides an ideal business space for companies engaged in exports and logistics. The recent achievements of the ports of Colombo and Hambantota suggest that the country is moving closer to achieving this goal. All these innovations will help Sri Lanka engage with other countries in trade activities. On the other hand, by developing other harbors around the nation and developing the necessary infrastructure facilities, Sri Lanka could attract more cruise liners to the state. Foreign businesses/investors should explore the increasing investment opportunities in Sri Lanka's ports and shipping sector.

 VBS/AT/23102020/Z_TB3