Unilever Sri Lanka took home the category award for Best Performance in fostering Employee Relations at the recent Best Corporate Citizen Sustainability Awards 2022. The award was conferred on Unilever by the Ceylon Chamber of Commerce in recognition of the company’s best-in-class Employee Agenda and People Practices in employee engagement, training & career development, wellbeing, youth empowerment and diversity & inclusion, which in turn has created a corporate culture of resilient and productive employees across the company.

The Best Corporate Citizen Sustainability Awards are widely considered Sri Lanka’s highest corporate honour, recognizing the best contributors to the local economy, community, and the environment.   

Ananya Sabharwal, HR Director – Unilever Sri Lanka said, “We are humbled to receive this recognition which testifies our efforts to foster a workplace that truly makes a difference in the lives of our people through timely and progressive policies. Unilever was a source of strength to our vast eco-system of employees, work force and business partners throughout the economic crisis. Some of our notable people interventions include robust financial support schemes and non-monetary support schemes such as the facilitation of discounted product offers and training 100% of our factory workforce and 90% of our office employees as Mental Health Champions to support our people and their families during this difficult period for everyone.”

Ananya further added, “The humanitarian approach taken by Unilever when it was most needed for our people and probably most difficult for corporates, helped build a stronger sense of purpose within our people which in turn helped the company and the country in this hour of need. I strongly believe that the role of Human Resources is to create an enabling environment to unleash the true potential, innate resilience, and purpose of our people.”

Said Hajar Alafifi, Chairperson and Managing Director - Unilever Sri Lanka, “We are honoured to be recognised once again as a good corporate citizen and thank the Ceylon Chamber of Commerce for providing a platform to showcase our efforts in business sustainability. Driven by our purpose of making sustainable living commonplace, we owe all our efforts and achievements to our greatest asset - Our people. In line with our commitment to contribute to a fairer and more socially inclusive world, we will continue to focus on building the tools and resources to meet the real needs of our people to better enable and empower our Unilever family to thrive at what they do.”

Over the past 2 years, the company has introduced three industry first policies in Sri Lanka including its Fertility Support Policy, Domestic Violence Support Policy and Menstrual Leave Policy. Unilever also offers extended Maternity and Paternity Leave, as well as Career Breaks which enables its people to pursue their personal goals while in employment.

Unilever also leads in women representation. With a high percentage of females employed throughout the company – 55% in the Management Committee, 35% overall and 50% among interns and contractual employees, the company encourages greater participation of females across the board. Recently, it crossed the 40% mark in gender balance for the first time among its management employees and is in pursuit of reaching 50-50 gender balance by 2025.

In 2022, Unilever was recognised as 'One of Asia's Top 50 Employer Brands’ by the World HRD Congress, ‘The Organisation with the Highest Youth Contribution’ by Women in Management and the National Youth Services Council as well as ‘The Organisation with the Most Women-Friendly Company Policies in Sri Lanka’ by SATYN Magazine and CIMA.

Ananya Sabharwal, Unilever HR Director and Nayani Peiris, Unilever Head of Employee Relations & Senior HR Business Partner – Supply Chain, receiving the Best Corporate Citizen Sustainability Award for Employee Relations from Manjula de Silva, Secretary General and CEO - Ceylon Chamber of Commerce; and Dr. Ananda Mallawatantri, Sri Lanka Country Representative of the International Union for the Conservation of Nature and Natural Resources (IUCN).

Photo caption : From left to right - Aruna Uthpala, Unilever Factory Manager – Horana; Nayani Peiris, Unilever Head of Employee Relations & Senior HR Business Partner – Supply Chain; Ananya Sabharwal, Unilever HR Director; Rumal Fernando, Unilever Head of Customer Service and Logistics; Neluka Wikramanayake, Unilever Corporate Communications Manager; Bathiya Dayaratne, Unilever Customer Development Director; Anusha Kotalawala, Unilever Factory Manager – Agarapathana; and Ridma Pathirana, Unilever Senior Corporate Communications Executive.

The Ceylon Chamber of Commerce is firmly of the view that institutions like the Central Bank of Sri Lanka should be allowed to function independently in performing its mandate as in most other countries, particularly at this stage when the country is grappling with a major economic crisis. We emphasize the need to reintroduce the Central Bank Act which was proposed in 2018 when the current President was Prime Minister to enable an independent Central Bank, prioritize price stability and limit the monetization of the fiscal deficit.

The Ceylon Chamber reiterates the need for a strong and independent Central Bank which is paramount in driving Sri Lanka’s economic revival. Over the decades, Sri Lanka has been hampered by weak institutions and poor governance that has deteriorated the efficiency of the public sector and led to sub-optimal policymaking on the economic front. The present plight of the country has been attributed by many experts to weak institutions that have not been able to perform their role in line with expectations due to excessive political interference. The success of the journey taken on by the Government to move out of the current debacle with the support of development partners and the international community will undoubtedly rest on the commitment it demonstrates towards better governance and adoption of best practice.

The Chamber recently published a set of proposals to ensure an independent, productive and efficient public service. These proposals are aimed to ensure formal checks and balances within the public sector, and improve efficiency in order to transform the public sector into a people centric arm of the state. It is vital that proposals such as these are implemented so that national development can be accelerated through efficient and independent service delivery by the Government.

As Global Entrepreneurship Week 2022 shines the spotlight on the importance of entrepreneurship to economic growth, the International Labour Organization in collaboration with the Ceylon Chamber of Commerce is implementing a series of initiatives to facilitate a change in the entrepreneurial ecosystem and bolster young people’s transition into the entrepreneurial world.

Conducted under the aegis of ILO’s South Asia Leadership in Entrepreneurship (SALE) program, these strategic interventions  focus on creating a more enabling environment for aspiring, emerging, and existing young entrepreneurs encouraging empowerment, and addressing systemic barriers to youth entrepreneurship.  A combination of advocacy and awareness raising efforts, training, mentorship, ecosystem adaptations, and engagement with policymakers are being implemented towards achieving this.

One of the main initiatives under the programme is the delivery of ILO’s Know About Business (KAB) training modules. The Ceylon Chamber, as the principal implementing partner of SALE, conducted a Youth Perception Survey and consulted various stakeholders in order to tailor the KAB training to address youth aspirations. A panel of qualified and experienced trainers were recruited and trained to effectively deliver this customised training, while phase 1 will see this rolled out for 1,000 students in the Galle and Gampaha districts, these efforts will be replicated in several districts next year. .These entrepreneurship training programme are intended to inculcate and encourage entrepreneurism among students at schools, vocational training institutes and universities.

The establishment of School Entrepreneurship Clubs (E-Clubs) is another initiative under SALE to foster an entrepreneurial mindset among school children, and 10 schools in the Galle and Gampaha districts have thus far established E-Clubs.

Two policy dialogues on the themes of ‘Innovative Approaches to Reach Youth Entrepreneurship Excellence’ and ‘Technoprenuership: The Digital Path to Business Resilience’, were organized in collaboration the Central Bank of Sri Lanka. The aim of these dialogues is to engage policy makers, ecosystem players, academia, and other key players is to identify vital issues and recommend best practices to the Government of Sri Lanka and other stakeholders, to assist in policy development and initiatives relating to the entrepreneurship environment.

With advocacy to encourage academic institutions to introduce entrepreneurship education into school curricula being a key intervention of SALE, technical assistance is being provided to the Ministry of Education and the National Institute of Education (NIE), for the incorporation of digital training tools into entrepreneurship curricula being prepared by NIE under the ongoing education reforms.

Through strategic interventions such as these, ILO’s SALE programme, funded by the U.S Department of State is endeavouring to create a shift in the entrepreneurial ecosystem, and enhance capacity among the youth to enable them to launch and grow their own business ventures.

The Sri Lanka Economic Summit 2022 organised by the Ceylon Chamber of Commerce will explore several areas of economic reform as Sri Lanka seeks to embark on a path of economic revival, with Session 2 of the Summit dedicated to ‘Implementing the Roadmap to SOE Reform – Opportunities for the Private Sector’, on December 6^th.

The session will focus on the ideal overall framework for SOE reform, which models can be explored for deregulation and divestment and the reform outlook for key State institutions, as well as addressing the pertinent questions of how to better communicate the urgent need for reforms in order to ensure public, trade union and other stakeholder buy-in.

The plenary will include a presentation by Mr. Suresh Shah – Chairman of the SOE Restructuring Agency, who will be joined by an eminent international speaker, who will speak about the landscape, opportunities and way forward for SOE reforms. Session panellists will include Mr. Dumith Fernando – Chairman, Asia Securities, Mr. Murtaza Jafferjee – CEO, JB Securities Ltd., Dr. Malathy Knight – Research Associate, Verité Research (Pvt) ltd., and will be moderated by Professor Rohan Samarajiva – Chairperson LIRNEasia.

The Sri Lanka Economic Summit 2022 (SLES 2022) is scheduled to be held on 5^th and 6^th December as a hybrid summit, at the Shangri-La Hotel. The theme for the 22nd Sri Lanka Economic Summit is based on the theme of Resetting from Turmoil to Opportunity.  

The Chamber looks forward to delivering an insightful and valuable experience to all participants. Participants have the opportunity to register online from https://www.chamber.lk/index.php/sles-2022 for the entire two- day summit or choose the sessions they wish to attend.  Registrations for the event are now open. For further information, please contact Niroshini on niroshini@chamber.lk or 0115588852; or Alikie on alikie@chamber.lk or 0115588805. 

The Ceylon Chamber of Commerce acknowledges the rationale for the recently proposed tax changes and calls on the Government to show greater restraint, accountability and transparency on government spending. While the tax hike will invariably impact businesses and private sector employees adversely in the current context of high inflation and negative economic growth, it is the widely held perception of the tax revenue not being fully utilized for the benefit of the people, that is likely to drive public opinion on this matter. Hence, it is imperative that the Government effectively communicates the actions it is taking to reduce government expenditure and prioritize spending on areas that are critical to the public.

 As a part of the fiscal reform agenda, the focus should be in terms of rationalizing and curbing government expenditure wherever possible. In 2021, 31% of the recurrent expenditure was on public sector salaries of which 30% was spent on Provincial councils while 34% was absorbed by defense, policy and public security. These must be relooked at in terms of the current priorities of stimulating growth and the need to reallocate expenditure towards spending on more critical areas like public education, health and research and development. In addition, greater accountability, transparency and governance of existing government expenditure along with visible steps to curb corruption are also essential requirements to motivate tax payers in knowing that their contribution is being well spent.

To drive higher tax collection, the existing tax payer base will need to be widened further so that the burden does not fall on the current base consisting of a small number of corporates and the salaried workforce to a large extent. This will require significant reform in tax administration and improving the capacity of key revenue collecting agencies to reduce the leakages and ensure greater compliance. Policymakers should make better use of digital solutions to link existing Government agencies and efforts like the introduction of a Digital ID should be prioritized in this regard.

The fiscal reform agenda will need to be complimented with genuine efforts to unlock growth and investment opportunities through State-Owned Enterprise (SOE) reform, improvement in the ease of doing business and investment climate and providing a more conducive trade policy environment for exports to flourish. This will ensure that growth does not stagnate in the next few years and there will be opportunity for the private sector to reinvest and create more economic activity that will stimulate tax collection.

As the premier body representing the private sector, the Ceylon Chamber of Commerce stands ready to assist the government in driving a progressive reform agenda. We hope that the improvements made to the fiscal framework will steer forward the discussions with the IMF and help mobilize financing to address the current shortfalls in external cash flow.

As Sri Lanka begins the monumental task of laying the groundwork for economic revival, the Sri Lanka Economic Summit (SLES) 2022 organised by the Ceylon Chamber of Commerce, will kick-start the conversation on the work that lies ahead, under the theme ‘Resetting from Turmoil to Opportunity’, on December 5^th and 6^th at the Shangri-La, Colombo.

The SLES 2022 will focus on key levers that will lead to macroeconomic stability as well as ensure private sector-led growth, enabling the country to swiftly embark on a growth trajectory and implement short and medium-term reforms. These levers will play a vital role in the formulation of an economic recovery plan, as Sri Lanka pursues an IMF programme to stabilize the macroeconomy, and seeks to restructure external debt.

The two-day hybrid event will bring together some of the keenest minds in the arenas of monetary and fiscal policy, economic reforms, technology, investment, and private sector-led growth, focusing on key macroeconomic issues and viable solutions, ranging from the difficult to the inspirational, as the country seeks to reset from turmoil and identify emerging opportunities.

Day one will feature the inauguration of the Summit followed by a networking reception, and will be attended by the Chief Guest and a Keynote Speaker, while day two will comprise a full-day forum with sessions focusing on the economic outlook, and the factors that an economic reset will entail.

The sessions will center around key themes such as ‘Economic Reforms and Implications’, ‘Implementing the Roadmap to SOE Reforms – Opportunities for the Private Sector’, ‘Resetting to Facilitate Growth’, and ‘Opportunities for Sustainable Finance in the Economic Reset’. The themes will focus on domestic policies and the reform outlook for key State institutions, facilitating private sector-led growth and investment and meeting Sri Lanka’s Sustainable Development Goals (SDG) targets. In addition, the implication of an IMF programme and unfolding global dynamics on Sri Lanka’s journey to economic revival will also be explored in depth.

The Summit will close with a NextGen CEO Forum which will explore the role leadership will play in a reset of Sri Lanka.

Registrations for SLES 2022 are now open. For further information, please contact Niroshini on niroshini@chamber.lk or 0115588852; or Alikie on alikie@chamber.lk or 0115588805. 

The Council for Startup (CFS) under the Ceylon Chamber of Commerce (CCC) has created a catalyst in Sri Lanka's startup ecosystem, by addressing strategic issues of national significance. The organisations did so by building meaningful synergies between industry and government over the last year.

The CFS was brought together to be Sri Lanka's one-stop shop for entrepreneurs, based on the belief that entrepreneurship is critical to stimulate long-term economic growth and national prosperity. As such, this council of experts leverages its collective pool of resources and networks to assist any local startup until exit or maturity. CFS also supports local startups through funding, mentoring, regional go-to markets, acceleration, finance and legal/policy advice and more.

The council's membership includes some of Sri Lanka's most up-and-coming, locally grown startups, ranging from sectors such as EduTech, AgriTech, Tourism, AI, Web3/NFT to name a few. This membership also consists of mentors, venture capitalists, corporate partners, startup programs and a global network.

CFS has benefited startups via its ability to anticipate and respond to evolving challenges, while also preparing startups and giving them an opportunity to grow through these changes.

The First Annual General Meeting (AGM) of the CFS was held on 30 August and reappointed Prajeeth Balasubramaniam as Chairperson of the CFS. In his address to the gathering, Prajeeth Balasubramaniam emphasized the importance, reputation, and credibility that members have gained from being a part of this CCC initiative, seen when entering markets such as Singapore.

“The Council was formed with the primary goal of assisting startups in going-to-market with over 75 countries and industries by leveraging the Chamber's various councils and to request any ecosystem policy pain points via the Chamber, which is the country's largest private sector body, which can make the ecosystem more conducive going forward” said Prajeeth Balasubramaniam.

During the past year, CFS conducted several events, activities and knowledge-sharing sessions for the benefit of its members and the wider startup ecosystem. Below are some of the highlights:

CFS partnered with Think Solutions LLP to deliver an Entrepreneur Development Programme with a key focus on “Go to Market”. This 4-week virtual programme brought insights fueled by 10 years of experience from Singapore-based startup incubators to assist 40 Sri Lankan entrepreneurs to navigate a turbulent economy.

Together with the EU-Sri Lanka Innovation Partnership (EU-SLIP), CFS also launched an Agritech thematic challenge to help European and local Agritech startups deploy disruptive solutions to the agricultural industry. These disruptions were expected to improve crop yields, market linkages and supply chains to promote food security and a resilient agricultural sector.

11 incubator and 5 startups participated in this challenge supporting the startups to co-create complementary innovative AgriTech solutions and potentially introduce them to the Sri Lankan and European markets.

Moreover, CFS teamed up with Lion Ventures, Hatch and Arteculate to host a group of powerful players, each with their own, impressive investment history. The event showcased some of the biggest entrepreneurial minds in Sri Lanka, alongside Dr. Cornelius ‘Conny’ Boersch, one of Europe's biggest Super Angels.

The council has also partnered with Hatch Works to grow its mentor pool and to conduct several one-on-one mentoring sessions with the CFS board members. These mentoring sessions supported over 30 startups by providing them opportunities to demonstrate their ideas, acquire knowledge from successful companies, and share valuable lessons that helped in developing their potential.

‘Pathway into South East Asia’ was organized by PriceWaterCoopers (PwC) with the aim of giving its participants an overview of the growth drivers in the South East Asia region. The presentations covered the common challenges faced by companies seeking to enter the South East Asian region and identified potential solutions for mitigation.

An exhibition was organized to support Sri Lankan startups in showcasing their products and services to international investors in order to secure investments.

B2B Meetings & Startup Exhibitions here held at the Sri Lanka Investment Forum. 18 startups representing diverse sectors including Agriculture, Education, Financial Services, Food & Beverage, Healthcare, Logistics, Marketing & Advertising and Retail were selected, on the merit of their offerings which address the current global issues and demonstrate high growth potential.

In the coming months, CFS is excited to drive digital adoption among Sri Lankan Micro, Small and Medium Enterprises (MSMS). To achieve this, CFS has partnered with Sri Lanka Signature Business Council and Dialog Axiata PLC, through Diriya.lk.

The Executive Committee of the CFS comprises of Mr. Prajeeth Balasubramaniam, Chairperson; Dr. Selvanathan Anojan, Secretary; Mr. Chandula Abeywickrema, Treasurer; Mrs. Brindha Selvadurai-Gnanam, Mrs. Dawn Austin, Mr. Eric Dathika Wickramanayake, Mr. Imal Kalutotage, and Mr. Shalin Balasuriya as the Executive Committee members for the year 2022/2023.

Visit the CFS website at www.councilforstartups.lk for more details and engage your business with CFS to reap the benefits offered to startups.

Emphasising the need to create a more business-friendly environment for foreign investors seeking investment opportunities in Sri Lanka, Ambassador of the United States to Sri Lanka Her Excellency Julie Chung hailed the Sri Lanka USA Business Council (SLUSABC) of the Ceylon Chamber of Commerce as a critical voice in advising the Government on how to reform the business environment.

Speaking at the 06^th Annual General Meeting of the SLUSABC, Ambassador Chung said that with US foreign direct investment in Sri Lanka ‘stagnant at about $ 13-17 million per year since 2015’, the SLUSABC is a primary engine for growing trade and investment in terms of expanding the economic partnership between the two countries.

President of the SLUSABC, Sanji De Silva, CEO - Bileeta (Pvt) Ltd. who was re-elected for the year 2022/23 said the Council will continue to focus on facilitating trade between Sri Lanka and the USA, with a focus on ICT and agri-exports, as well as engaging with USAID-initiated projects to assist the Small and Medium Enterprise sectors in Sri Lanka.

The Council’s Executive Committee for 2022/23 comprises Vice Presidents - Charithra Hettiarachchi, CEO, HVA Foods PLC and Randeewa Malalasooriya, CEO, CBL Natural Foods (Pvt) Ltd., Treasurer - Tilak Gunawardana, CFO, MAC Holdings (Pvt) Ltd. and Immediate Past President Asanka Ratnayake, Group Director, Hayleys Advantis Ltd. Newly appointed committee members include Sashan Wirasinghe, Aitken Spence Travels (Pvt) Limited; Channa Gunawardena, Expelogix (Pvt) Ltd; Farhath Amith, Fanam International (Pvt) Ltd; Asitha Karunaratne, Haycarb PLC and Revanke de Silva, Heritage Teas (Pvt) Ltd.

Further details regarding membership of the Council could be obtained from the Secretariat of the Sri Lanka – USA Business Council of the Ceylon Chamber of Commerce, No. 50, Navam Mawatha, Colombo 2. E-mail: dinithi@chamber.lk or Tel.: 011-5588861, 5588800.

The Ceylon Chamber of Commerce congratulates the Government led by the President, the Governor of the Central Bank of Sri Lanka, Secretary to the Treasury and other key officials on reaching a staff-level agreement with the IMF for a 4-year Extended-Fund Facility program (EFF). We hope that the next steps in gaining IMF board approval for the EFF program and disbursement of financing will be done in a timely manner.

We are confident that such steps along with the debt restructuring process with both bilateral and commercial creditors moving forward in parallel will guide the economy back to a sustainable growth path, strengthen dollar reserves and reduce shortages in the economy. Towards this, the Ceylon Chamber of Commerce as the premier Chamber will continue to support the policymakers in implementing progressive reforms as announced in the recent Interim Budget such as those related to State-Owned Enterprises, Trade and Financial sector which are vital for a sustainable economic recovery.

The Ceylon Chamber of Commerce views the interim budget for 2022 delivered by President Ranil Wickremesinghe in his capacity as Minister of Finance, as a positive step towards rebuilding the macroeconomic framework of the country. The Budget provides an estimate of the expected revenue and expenditure of the Government for 2022 within an environment of high inflation and can be built upon towards meeting the aspired targets in the medium-term fiscal consolidation program.

The Chamber notes that several proposals it has submitted in the past relating to State-Owned Enterprise (SOE) reforms, trade reforms and strengthening of the financial sector have been prioritized in the budget speech. We underscore the need for meaningful SOE reform to be driven through the proposed SOE Restructuring Unit while also reestablishing the National Agency for Public Private Partnership, which could be a catalyst to attract FDI. The setting up of an independent National Debt Management Agency as announced, will also be vital in the management of public debt with greater transparency and governance. We also recognize that certain new areas of legislation will be looked at such as on bankruptcy while existing legislation like the Termination of Employment of Workmen Act will be reviewed. We look forward to play a meaningful role in these discussions towards such legislative reforms.

We recognize the priority given to exports and trade by revitalizing the National Export Strategy, implementation of a Trade Adjustment Programme to facilitate the phasing out of para tariffs as well as broadening of existing trade agreements. The Proposal related to the optimal use of railways for the transfer of agricultural products is also welcome and has been a key ask from the private sector for numerous years. The focus on providing more independence to the Central Bank through a new Act is also welcome. The proposal to facilitate the establishment of branch campuses of foreign universities through the BOI is seen as a step that can create more opportunities for local students while generating foreign exchange earnings by attracting foreign students.

We seek further clarity on the implementation of the revenue proposals which were announced in May 2022 as these need to be legislated soon if they are to become effective from the 1^st of October as outlined in the interim budget.

While acknowledging the progressive proposals outlined in the budget speech, the key will be in terms of implementation which successive Governments have failed to carry out thereby reducing the credibility of the fiscal framework and the effectiveness of budget proposals. We request that there be greater accountability and transparency in the process of implementation and we look forward to supporting the policymakers where possible to streamline the implementation process in line with best practice. We also request Government to look at ways to reduce unjustifiable expenditure as much as possible and direct it towards meaningful social protection programs or assist in meeting fiscal and primary deficit targets.

We hope that with the interim budget in place and implementation of the proposals outlined, it would be a catalyst towards reviving growth and eventually putting the country on an accelerated growth path. This is vital for the country to emerge from this crisis. The Ceylon Chamber as the premier Chamber and voice of the private sector will continue to support the policymakers in implementing progressive reforms. We hope with a sound fiscal framework in place it will pave the way to an eventual IMF program that would help stabilize the economy and mobilize financing to address the current shortfalls in external cashflow.