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Sri Lanka’s corrugated box industry is facing difficult times. Many manufacturers are struggling to insulate themselves from rising global prices. An industry insider warned that this poses a threat of corporate failure and poses a major challenge to their financial performance.
“The biggest challenge the industry must deal with is the constantly fluctuating raw material prices. Due to the Covid-19 pandemic, there is a severe shortage of paper globally, and many manufacturers’ businesses and supply chains have been disrupted,” he warned.
He said that freight pressure has also caused paper prices to rise by more than 25%, and the upward trend is expected to continue.
The total annual production of carton in Sri Lanka is approximately 150,000 metric tons. However, he pointed out that due to recent slow or negative economic growth, there has been no significant growth in the industry.
Some local companies have expanded their production capacity by adding additional automatic box-making factories in anticipation of the country's economic growth. He pointed out that this initiative has significantly improved manufacturing capabilities and that the industry is ready for new opportunities.
However, industry officials said that many paper manufacturers' current production capacity is lower than normal production capacity, and due to low commodity consumption, the supply of waste paper has fallen sharply in the context of a 45-50% increase in world pulp prices.
The local corrugated box industry mainly caters to the B2B market. Therefore, due to the fierce competition among manufacturing companies, the profit margin of the industry is very low. They explained that, therefore, the demand for cartons is relatively low.
The history of Sri Lanka's corrugated box industry can be traced back decades. Initially, the company began to use double-sided machines to make cartons. With the expansion of other industries and markets, the corrugated paper machine has been transformed into a fully automatic production line. At present, there are more than 30 corrugated box manufacturers, of which 7 occupy more than 70% of the market share.
Packaging is an integral part of the supply chain. The corrugated packaging industry is an important part of the economy because it meets the needs of many industries such as economy, food and beverage, fast moving consumer goods (FMCG), industry, and pharmaceuticals. E-commerce is also another key trend that has a huge impact on the demand for corrugated boxes. Therefore, they emphasized that the growth of the corrugated packaging industry is not independent, but is related to the growth of other industries and GDP growth.
"The appearance, strength and short delivery time of the box are the key deliverables that customers want from the industry. The appearance and strength depend entirely on the quality of the paper used for manufacturing and the printing facilities of each manufacturer," the official outlined road.
A few decades ago, these machines were imported from Japan to Sri Lanka, and some refurbished equipment was purchased. They further stated that with the development of China's machinery manufacturing industry, their customized machine technology is embedded in robotic packaging automation, and many local companies purchase machines from China.
They added that 20 years ago, Chinese machines were considered low-quality, but today, Chinese machines are comparable to those made in Europe.
There were many small corrugated box manufacturers in the early days, many of which used double-sided corrugating machines. In these companies, two layers are produced separately, and these layers are then pasted by hand. As a result, these companies produced very few products, and the quality did not meet the expected standards, officials continued.
Therefore, the production cost and delivery time of these companies are also considered too high. As a result, many of them had to withdraw from the business, while some others acquired automatic box manufacturing plants, leading many Sri Lankan manufacturers to choose automatic plants, they pointed out.
They said that another key factor in the industry is the high quality of the cartons made in Sri Lanka, because high-quality materials come from Europe, the American subcontinent, Australia and the rest of the world.
In developed economies, when customers buy corrugated boxes, they will more or less look for the breaking strength of the box, rather than the type or weight of the paper used. Unfortunately, in Sri Lanka, most customers require weight and paper type, not carton strength. In the end, in most cases, the specifications of corrugated packaging produced in Sri Lanka are too high. Sadly, so do many multinational companies operating locally.
Industry officials say that the same company in India uses Test Liner on the outer layer, and they need Kraft Liner paper for this purpose in Sri Lanka.
The officials added that, in keeping with the government's commitment to develop local industries, there is a positive expectation that the corrugated packaging industry will be reviewed and obtain sustainable development opportunities.
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The president refused to accept the resignation of the BOI chairman and board of directors. A BOI statement stated that the president had instead stated that he wanted them to continue in office.
The Investment Committee wishes to announce that His Excellency the President has refused to accept the resignation of the Chairman of the Investment Committee and the members of the Board of Directors who resigned last week.
Presidential Secretary Dr. PB Jayasundera further stated in a separate letter to the chairman and their respective board members that you hope that they will continue to serve, because he has full confidence in them, because they have effectively promoted the promotion of foreign investment in the best interests of the country and have Contribute to the post-COVID economic transformation.
As of November 2021, BOI has signed an investment approval document worth US$2 billion. In the first half of 2021 alone, Sri Lanka has invested 760 million U.S. dollars, of which 400 million U.S. dollars is foreign direct investment. In 2019 before the pandemic, 113 new projects were approved and joined the pipeline, valued at 1.1 billion U.S. dollars. , The value of the foreign part is USD 400 million. In 2020, despite the slowdown in investment decisions due to the impact of the epidemic, 128 projects were approved with a project value of US$2.2 billion, of which US$1.6 billion was foreign investment. In 2021, there will be 117 newly approved projects with a value of 2 billion US dollars, of which foreign investment is 980 million US dollars. Through this, although the pandemic will continue into 2020 and 2021, the overall investment pipeline has exceeded the value of 2019. In addition, the year-to-date export value of BOI has also exceeded the level before the 2019 pandemic.
An earlier BOI statement stated:
The well-known members of the Board of Directors of the Investment Committee have resigned.
The sole purpose of the Chairman, Board of Directors and Director General is to support His Excellency the vision of doubling Sri Lanka’s GDP within this decade. Consistent with this, the Investment Committee has played a role in transforming the country into a preferred investment destination through the conceptualization and execution of strategic and active investment promotion, and by creating a convincing investment environment.
To achieve this strategic agenda, the cabinet and leadership team of the Investment Committee recognized that many internal transformations were needed to enable the Investment Committee to compete with more than 1,000 active international promotion agencies worldwide. They also recognize that this task cannot be accomplished in a silo, and collaboration through a public-private partnership model is essential. This includes injecting professional skills by acquiring new talents for selected positions, as well as obtaining professional professional services to attract and create new investment portfolios to stimulate the country to move towards a knowledge-driven economy.
Unfortunately, the leadership’s efforts to achieve this much-needed transformation have met with strong and sustained resistance from isolated factions inside and outside the organization, who put their own interests above the public. These factions either fail or refuse to understand the competitive reality of the international promotion landscape. Sri Lanka needs to compete more effectively to attract foreign direct investment on the scale required by the country.
Regrettably, the leadership’s progressive agenda has been questioned in public forums, which also means that events based on 2017 and 2019 (the period before the current leadership) were mismanaged. Due to this confusion, many distortions and misunderstandings of the Investment Committee have affected the international reputation of the Investment Committee and the reputation of its key personnel.
Despite these unfortunate developments, the leadership of the Investment Committee still believes that their reform plan can provide great potential to support Sri Lanka's future economic progress, if it continues to reach its peak naturally. They hope that all stakeholders can work together in a way necessary for the greater good of Sri Lanka and all its citizens.
Due to a strong recovery following bullish sentiment in the early trading, the CSE closed up yesterday. During the session, LOLC Group's counter experienced profit-taking, mainly Browns Investments, Brown and Company, LOLC Holdings and Vallibel One. However, stock market analysts said that in the second half of the day, CSE recovered slowly and ended in a positive posture.
The all-share price index closed up 53.76 points, or 0.5%, and the S&P SL20 index rose to 19.47 points. The turnover is healthy Rs. 6 billion involves 873 million shares, a single crossover. Alumex PLC reported this crossover. The company’s stock crossed 3 million shares with a total value of 48 million rupees and its shares traded at 16 rupees.
Allegedly, ASPI broke through the 11,000 mark again after three trading days of decline and returned to the positive region. The more liquid S&P SL20 index also resumed its record-setting operation, rising by more than 1%. It is helpful to a certain extent due to the price increase recorded in Expolanka.
In the retail market, the top seven companies that contribute the most to turnover are Expolanka 8.35 billion rupees (2.7 million shares transaction), Browns Investments 6.45 billion rupees (44.3 million shares transaction), and Sunshine Holdings 4.31 billion rupees (10.5 million shares transaction). , Royal Ceramic Rs 2.62 crore (trading 3.7 million shares), commercial leasing and financing Rs 26.2 crore (trading 7.8 million shares), SMB financing Rs 250 crore (trading 217 million shares) and Brown and Company Rs 214 crore (trading 68,000 shares) .
During the day, the plantation sector performed well, especially Sunshine Holdings and Watawara Plantations. Sunshine Holdings shares rose 8% or 3.30 rupees. Its stock started trading at 38 rupees and soared to 41.30 rupees at the end of the day. Watawala Plantations' share price rose 9% or 8%. Its share price soared from 109 rupees to 118 rupees. In addition, the stock prices of SMP Leasing and Finance rose by 20% or 20 cents. Its share price rose from 1 rupees to 1.20 rupees.
Expolanka, Richard Pieris and Melstacorp are the main contributors to the all-stock price index. On that day, 873 million shares were traded and 44,000 transactions were traded. Windforce Ltd. and Vallibel One announced interim dividends of 55 cents and rupee respectively. Each is 1.50 yuan per share.
It is said that the participation of high net worth and institutional investors remained sluggish that day, while Expolanka Holdings, Brown & Company and Vallibel One have different interests, while commercial leasing and finance, SMB Leasing and Browns Investments have different retail interests.
Yesterday the US dollar exchange rate was 202.94 rupees, controlled by the central bank. The shortage of foreign exchange has a negative impact on import and export business, regardless of the type of business. Market sources said that our construction and import trading operations are being disrupted, and other measures that have already been introduced have made the situation worse.
As the promotion provides cash rebates and discounts for payments made through the Q+ Payment App on the LANKAQR platform, the cumulative sales of the three leading fashion retailers in just three weekends in October and November exceeded 23 million rupees .
Ceylon Commercial Bank carried out these promotions to support the LANKAQR national promotion activities of the Central Bank of Sri Lanka (CBSL) with the theme "
රටපුරාම LANKAQR' promotes cashless digital payment and popularizes scanning and payment transactions through the LANKAQR platform. It is worth noting that the commercial bank is the only bank in the country that has organized three island-wide promotional activities of this nature within two months.
These promotions, which were launched shortly after the travel restrictions were lifted, were launched in cooperation with House of Fashions, Fashion Bug and Cool Planet stores, and retail customers were invited to scan the QR code of the merchant and enjoy a cash rebate and a 25% discount when paying. Purchase through the Q+ payment application, which is the first QR code-based payment application launched under LANKAQR. Customers can scan and pay for transactions through any LANKAQR compatible application at these merchant outlets.
In these promotions, a total of more than 3,200 "scanning" LANKAQR transactions occurred, which proves that customers and merchants have accepted the Q+ payment application and LANKAQR platform as their safe, simple and fast payment methods. Yes, the bank said.
The bank added that these promotions not only allow customers to enjoy discounts at their favorite clothing stores, but also allow them to experience the convenience and security of subscribing to the latest digital payment methods, which go beyond cashless and cardless payments. .
The Q+ payment application is now the fastest growing QR code application in the country. It has a simple self-registration process and is welcomed by customers because it provides customers with the convenience and convenience of cashless payment processing when they scan the QR code on their mobile phones or pay for purchases through the in-app bill payment tool. safety. In the Q+ Payment App, ICBC has opened an innovative payment experience called "Q+ Online Payment" for Q+ customers of the bank, enabling Q+ customers to enter their mobile phone numbers on merchant websites and applications that have "ComBank Q+" Online shopping payment is used as a payment method.
In October, the app exceeded the milestone of 100,000 registered customers, doubling its customer base in just five months.
The LANKAQR nationwide promotion campaign was recently launched, aiming to popularize LANKAQR payment as a low-cost digital payment method and a safe and convenient payment solution that can be operated by mobile devices among small and medium-sized merchants.
Sri Lanka's first 100% carbon neutral bank, the first Sri Lankan bank to enter the world's top 1000 banks, and the only Sri Lankan bank to be on the list for 11 consecutive years. The commercial bank has 268 branches and 931 banking networks. Sri Lanka's automated machines .
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