CHOGM Summit 2013 commences in Sri Lanka

The inaugural session of the Commonwealth Heads of Government Meeting commenced at 10.15 a.m. at the Nelum Pokuna Mahinda Rajapaksa theatre today.Australian Prime Minister Tony Abbot along with Prince Charles, President Mahinda Rajapaksa, and Secretary General of the Commonwealth Nations Kamlesh Sharma will be speaking at the opening of the Commonwealth Leaders Summit in Colombo today.

Prime Minister Abbot as the Former Chairman of the Commonwealth will speak on the topic Commonwealth's enduring values. The Prince of Wales is expected to meet Premier Tony Abbot and other Commonwealth leaders, who have been elected since last CHOGM at a function today.

Prince Charles has kicked off the Commonwealth summit at a colourful opening ceremony in Sri Lanka, declaring his "admiration" for the way the country has rebuilt after a devastating tsunami in 2004. Reflecting on the Boxing Day disaster that killed 35,000 Sri Lankans, the Prince of Wales, who last flew to the country weeks after the tsunami struck, said: "I visited communities affected by the disaster and met many of the relief workers, who were doing so much to help rebuild broken lives and livelihoods. "I recall my admiration for the fortitude shown by them all and commend the progress that has been made since in healing those dreadful scars."

 Held at an enormous lotus-shaped theatre in Colombo, the opening ceremony involved musicians and traditional dancers and included a performance featuring a giant shell. Sri Lankan President Mahinda Rajapaksa and his wife Shiranthi welcomed officials from Commonwealth countries

The Heads of Government and their representatives posing for the Official Photograph today at The Opening Ceremony of The Commonwealth Heads of Government Meeting (CHOGM), in Nelum Pokuna, Mahinda Rajapaksa Theatre, Colombo, 

The Prince of Wales Celebrates 65th Birthday

The Britain's Prince of Wales, Duke of Cornwall Sir Charles Philip Arthur George will represent the Queen as Head of the Commonwealth in the CHOGM opening ceremony, and will host other Commonwealth events including a reception for business leaders and a dinner for Heads of Government at Nelum Pokuna (Lotus Pond)-Mahinda Rajapaksa Theatre and at BMICH in Colombo yesterday (14th November).

The 65th birthday of Prince Charles was celebrated at the President's House yesterday with the Sri Lankan President. The Prince and the Lady Camilla Parker were treated with traditional Sri Lankan sweetmeats too. First Lady, Foreign Diplomats, Ministers, Secretary Defence Mr. Gotabhaya Rajapaksa were also joined at the birthday celebrations.

The Prince of Wales and The Duchess of Cornwall in SL

His Royal Highness The Prince of Wales arrived  in Sri Lanka for the opening of CHOGM . He is joined on his three day visit by Her Royal Highness The Duchess of Cornwall. At a reception to be held to mark His Royal Highness' birthday he will meet a range of people from Sri Lankan society. The garden at Westminster House, the venue for the party, hosts a small organic market, at which The Prince and Duchess will view local produce and learn about farming in Sri Lanka.                                                   
The Prince represents The Queen as Head of the Commonwealth in the CHOGM opening ceremony, and will host other Commonwealth events including a reception for business leaders and a dinner for Heads of Government, says the British High Commission in Colombo. He will then spend Saturday in the hill country. In Kandy he will be visiting the iconic Temple of the Tooth, the British Garrison Cemetery and the historic Peredeniya Botanical Gardens. Moving on to Nuwara Eliya, he will see visit the Labookellie tea estate and see the inspiring work of a British man and his Sri Lankan wife at a school for children with disabilities.

Challenge or Opportunity for Sri Lanka

 Sri Lanka has a number of astute ideas on youth empowerment that could benefit other countries. One example is the model and structure of the Sri Lankan National Youth Parliament and the structure of the Federations of Youth Clubs. Currently, these are two of the best youth engagement, empowerment and leadership models in the world.

Sri Lanka also has the opportunity to use its role as Chair-in-Office of a body comprising 54 nations to actively charter a course of international engagement, building new friendships and alliances and reinforcing existing ones. More important, Sri Lanka can use its leadership to reach out to hostile countries and resolve concerns and misconceptions.

Closely related to this should be a strategy to project the giant strides that the country and its government have made in just four years since the conclusion of the debilitating armed struggle in 2009. The Sri Lankan government would be wise to see the projected presence of more than 3,000 journalists and media personnel not as a challenge, but rather as an opportunity to showcase the country’s strength and resilience.

CHOGM has provided an unprecedented opening for political forces within Sri Lanka to unite in the national interest: The main opposition party, the United National Party (UNP) supports the event. This agreement should be used as a platform for further constructive engagement between ideologically disparate political groups.

In four years, the government of Sri Lanka has embarked upon a massive demining and resettlement process. This was done with the support of international agencies and foreign governments. Today, the demining process is nearing completion and almost all internally displaced persons – around 300,000 people – have been resettled. Psycho-social programs have been established and vocational training centers opened in each welfare village, to fully reintegrate former combatants, among them 595 child soldiers. Loans and employments were also provided.

These efforts have paved the way for the successful holding of council elections in the Northern province for the first time since 1987. This historic political event, which took place in September 2013, saw an impressive voter turnout of 67.52 percent, rekindling hope for empowerment of the nation’s minority communities.

The economic progress and infrastructure development in the Northern part of the country – a previously barren region that was under siege by terrorist elements – has been widely hailed. Inadequate infrastructure had been a considerable bottleneck in the country’s economic progress over the past several decades, especially in the North. The recent development of infrastructure as a means to improve connectivity and reduce the disparities between the South and the North is thus praiseworthy. Since 2009, the country has seen rapid and widespread development within both rural and urban areas.

A re calibration of the power balance and relationships between the Northern and Southern regions is beginning to emerge. Perhaps the potential dividends from hosting CHOGM and its parallel forums will consolidate domestic stability for Sri Lanka once and for all, while boosting its international position.

The SL needs to seize the opportunities offered by CHOGM 2013

The Commonwealth Heads of Government Meeting (CHOGM) comes to Sri Lanka in November 2013 for the first time. The event is also historic for another reason: It is the second largest summit of world leaders to gather in Sri Lanka since the country gained independence, behind only the Non-Aligned Summit in 1976.

Yet even with preparations for this milestone underway, the challenges that Sri Lanka faces in the international arena continues. It is beyond dispute that Sri Lanka’s three-decade conflict was externalized through the combination of factors that ranged from the presence of an active diaspora, the involvement of foreign facilitators in the peace process, and the presence of foreign peacekeeping forces in 1987. By the end of the war, Sri Lanka was very much on the international radar. This international attention has spilled over into the country’s postwar phase as well, but now has taken on new meaning.

Most of the country's postwar bilateral and multilateral engagements are haunted by the specter of reconciliation and human rights concerns. Yet human rights and inter-communal harmony are not alien to Sri Lanka, the values of which are enshrined in its shared history, its cultures and its legal frameworks. But the country will need to capitalize and draw on these strengths to forge a robust system of governance that can function with independence and credibility. It must have the structures and norms in place to respond domestically to every allegation made. Acting on the outcomes of the two national processes – the Lessons Learnt and Reconciliation Commission and the National Human Rights Action Plan – would demonstrate that homegrown mechanisms can credibly provide solutions, while improving foreign relations and prospects.

It ought to be remembered that for all the flak Sri Lanka has attracted, CHOGM 2013 presents enormous opportunities, directly flowing from hosting the summit itself and deriving from the international credibility the event can restore to Sri Lanka more generally. The government must take seriously the opportunities that CHOGM brings to the country and its peoples, who have suffered brutally from the three-decade conflict that concluded in May 2009.

As is customary, Sri Lanka will take up the mantle of leadership of the Commonwealth for the two years following CHOGM 2013, until the next CHOGM in Mauritius in 2015. This opportunity, if embraced, could also reap enormous dividends for the country’s international relations and positioning.

Moreover, among the forums that will accompany CHOGM, the Commonwealth Business Forum (CBF) is a unique gathering of business leaders from developed and emerging markets that aims to promote trade and investment. CBF 2013 will focus on the theme, “Partnering for Wealth Creation and Social Development: The Commonwealth, Indian Ocean, Pacific and SAARC.” That presents a tremendous opportunity for Sri Lanka to look for new partnerships and opportunities. Typically, at every CBF the host country benefits most; for instance, $10 billion in deals were sealed for Australia at CBF 2011 in Perth. For Sri Lanka, a $2 billion opportunity is projected for CBF 2013.

The global private sector looks for certainty of policy and broad governance structures for enabling investment. Sri Lanka has demonstrated consistency in these two aspects, hence private sector investment ought to be forthcoming, notably from the country’s diaspora.

Another forum, the 9th Commonwealth Youth Forum (CYF9) will run from November 10 to 14, 2013 in Hambantota, bringing together over 200 young people from around the Commonwealth. The CYF9 forum will mark the formal beginning of the Commonwealth Youth Council as the official voice for young people in the Commonwealth and will host the first General Assembly of the Council. The forum will also be a stepping-stone for the World Conference on Youth to be held in Sri Lanka in May 2014. This is an exciting time to be a youth advocate in the Commonwealth.

Spice and herbal exports to EU increase

Sri Lanka's spice and herbal product exports have grown steadily over the years, said Head of Mission, European Union (EU), David Daly at the 10th Annual General Meeting of the Spice Council last week. He said that the EU imports around 28,500 tonnes of spices from developing countries and added that imports from Sri Lanka is on the rise.

“Sri Lanka's spices have great demand in the EU. The country should focus on exporting more valued added products to enhance export revenue. Exporting to the EU is challenging.

Exporters should focus on quality products. The food and heath standard in the region is high,” Daly said. He said that despite all these challenges it will still be rewarding if exporters adhere to trade regulations of the EU and boost export of value added products to the region.

The EU is a major market for Sri Lankan spices. Exports to the region have grown 11 percent year-on-year. Export revenue from spices to the EU was US$ 236 million last year which was a 55 percent growth compared to the previous year.Spice Council, Chairman, Sarada de Silva said that the industry is optimistic of a better fourth quarter with improved weather and global market conditions. Spice exports last year grew by a round six percent.

Export revenue slumped early this year due to adverse weather conditions. Exports of cinnamon, pepper, cloves, essential oils and other spice products did well last year. De Silva said that the percentage of value addition has increased and the country exports organic essential oils, oleo resins, flavours of most spices and herbal products.

The Council called upon the government to accede to the Madrid and Lisbon agreements which will help Sri Lankan companies in branding and registering trademarks.

Country's capital market will rise

Sri Lanka's capital market will develop in the near future as the country is now stable, while investor confidence is growing, said Bank of Ceylon (BoC), Chairman Razik Zarook at the launch of the Rs. 4 billion long-term BoC debenture issue in Colombo last week.

Responding to a query on issues in Sri Lanka's capital market, liquidity and secondary market issues of debentures, he said that there is development in the capital market and new instruments and new investors are coming in and, therefore, intervention in the market is not necessary.

The BoC debenture issue which opens tomorrow and is one of the largest debenture issues of any commercial bank in the country.Senior Deputy General Manager, International, Treasury and Investment of BoC, P.A. Lionel said that according to market investigations the debenture will be oversubscribed by 200% and the bank expects over Rs.15 billion in subscriptions mainly from local institutional investors.

“We encourage individual subscribers too to invest but the main subscribers will be the corporates with excess liquidity,” he said.He said that this debenture issue will portray BoC's strength, increase its tier-two capital and help to fulfill the long-term financial needs of the bank and invest in long-term projects such as infrastructure development of the economy. Investors know our strength and we are the number one commercial bank in the country in all criteria, we have an over one trillion asset base and our two recent bond issues were also oversubscribed by eight times and six times, he said.

This unsecured, subordinated and redeemable debentures have maturity periods ranging from 5-10 years. The debentures have been rated AA (Lanka) by Fitch Ratings (Lanka) Ltd.This issue is an opportunity for the public to invest their money at minimum risk in the present volatile market. The Rs. 4 billion issue with an option to increase it to eight billion in the event of over-subscription, consists of nine debenture types of various fixed and floating coupon rates with tenors between 5-10 years.

This is an ideal investment option for long term investors concerned over interest rates. Another advantage of investing debentures is that they are exempt from withholding and corporate taxes, Lionel said.