FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com


Join the forum, it's quick and easy

FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com
FINANCIAL CHRONICLE™
Would you like to react to this message? Create an account in a few clicks or log in to continue.
FINANCIAL CHRONICLE™

Encyclopedia of Latest news, reviews, discussions and analysis of stock market and investment opportunities in Sri Lanka

LISTED COMPANIES

Submit Post
Poll

Can there be another Covid-19 wave in Sri Lanka?

 
 
 

View results

STOCK MARKET TRAINING
ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
Submit Post


CONATCT US


Send your suggestions and comments

* - required fields

Read FINANCIAL CHRONICLE™ Disclaimer


EXPERT CHRONICLE™

MARKET CHAT


CHRONICLE™ ANALYTICS


ECONOMIC CHRONICLE

GROSS DOMESTIC PRODUCT (GDP)


CHRONICLE™ YouTube


You are not connected. Please login or register

FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ »  Factories closing after GSP loss

Factories closing after GSP loss

Go down  Message [Page 1 of 1]

1 Factories closing after GSP loss Empty Factories closing after GSP loss Sun Jan 27, 2013 11:53 am

wiki


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Sri Lanka has begun to feel the effects of the loss of the GSP plus facility, after the closure of number of factories and reduction of export orders, Daily Mirror learns.

The Generalized System of Preferences (GSP+) Plus is a mechanism that gives preferential access to the markets in the European Union for exports from number of countries.

However, the European Union excluded Sri Lanka from the list of beneficiary countries on February 16, 2010 due to the non-implementations of certain good governance regulations. According to the European Union, the GSP Plus was introduced as a mechanism to encourage good governance and strengthen democracy in the world.

After three years, several factories have been closed down due to the inability to maintain their export markets in the European Union.

Organizing Secretary of Inter Company Employees Union B.I. Abdeen told Daily Mirror that 2000 jobs of direct employment had been lost due to the closure of two factories on January 2, 2013 alone.

“Crystal Sweater Lanka Pvt. Ltd is one such company that ceased its operations on January 2, after a public announcement in newspapers.
“The company has cited the inability to compete with countries such as Bangladesh that enjoy the GSP Plus benefit to access markets in Europe.
“This is a company with 1100 employees. They put up a newspaper advertisement on December 22. They cannot compete with countries such as Vietnam and Bangladesh enjoying preferential duty free access to Europe,” he said.

Besides, Firefox Private Ltd, a Chinese company, also shut down its operations in Wattala area. In total 400 persons lost employment at this firm.

The issue was raised in Parliament this week by JVP parliamentary group leader Anura Kumara Dissanayake and UNP MP Dayasiri Jayasekara.

In response to a question by MP Jayasekara, Deputy Finance Minister Sarath Amunugama said the government had given financial assistance of Rs.2000 million to revamp operations of four apparel companies. However, he said that three of these companies had ceased operation now.

Raising a supplementary question, Mr. Jayasekara said that the government did not listen to European Union to ensure good governance in the country, and it was an adamant approach.

“In a pompous approach, the government disregarded recommendations by European Union. Now, factories have been closed leaving their employees in the lurch,” he said.

He said that he was aware of a company that ended operation of its factories, resulting in the loss of 2000 employees.

Dr. Amunugama replied, “The market opportunities in the United States and European Union have shrunk today due to economic recession. Despite that, properly managed companies have succeeded. There are companies doing well,” he said.(Kelum Bandara)

http://www.dailymirror.lk/top-story/25262-factories-closing-after-gsp-loss.html

2 Factories closing after GSP loss Empty Re: Factories closing after GSP loss Sun Jan 27, 2013 5:22 pm

D.G.Dayaratne


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
After any crisis situation some individual institutions or living being may
survive It not efficiency That is the nature.

Govt role is to prevent crisis situation

GSP+ problem could have been easily managed

How Bangladesh have been able to managed it?

Why we can't?

Not only this
There may be series of problem during cumming years

That is why Ranil is trying only to keep his Leadership He know balannce will be done by so called Govt supporters

No one can play the pool with market and Economy

We have seen it at the end of 2012 with regard to stock market

"Lap Tops" will not serve any purpose if and when ECONOMIC CRISIS come

3 Factories closing after GSP loss Empty Re: Factories closing after GSP loss Sun Jan 27, 2013 6:01 pm

wiki


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@D.G.Dayaratne wrote:After any crisis situation some individual institutions or living being may
survive It not efficiency That is the nature.

Govt role is to prevent crisis situation

GSP+ problem could have been easily managed

How Bangladesh have been able to managed it?

Why we can't?

Not only this
There may be series of problem during cumming years

That is why Ranil is trying only to keep his Leadership He know balannce will be done by so called Govt supporters

No one can play the pool with market and Economy

We have seen it at the end of 2012 with regard to stock market

"Lap Tops" will not serve any purpose if and when ECONOMIC CRISIS come

Because of EGO since we defeated the LTTE we can do any thing

4 Factories closing after GSP loss Empty Re: Factories closing after GSP loss Sun Jan 27, 2013 6:08 pm

Whitebull


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
We can not expect these concessions to last for ever. On the otherhand all these concessions are tagged with some sort of strings to controll us.We should try to find new open markets.

5 Factories closing after GSP loss Empty Re: Factories closing after GSP loss Sun Jan 27, 2013 8:20 pm

bullrun

bullrun
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
We could have stopped the war and hand over north and east to Hon. Prabhakaran and secure GSP + from our uncles of Europe! In vain this Mahinda ordered to kill Prabhakaran!

Sponsored content


Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum