Business and Economics
Opportunities during the next five years

The Communist Part of China (CPC) was planning the future pathway of the Peoples Republic of China (PRC) in the last few weeks during the plenary session of the CPC Central Committee proposing ambitious socioeconomic targets for their 14th Five-Year Plan (2021-2025). The PRC hopes to make new moves in economic development aiming at healthy economic development on based on increased quality and efficiency. We as a small economy should use the cascading effects of that growth for our benefit. Some of the world’s largest domestic markets are in China.

During the next five years CPC expect to make their domestic markets stronger with the planned improvements of the economic structure encouraging its innovation capacity. One of the strongest pillars of the Chinese civilization is agriculture. Being the world’s leading economy and a super power their willingness to strengthen the agricultural sector and the long term plan to reduce the gap between urban and rural sectors through such sustainable methods is good lessons for Sri Lanka who tends to forget agriculture in most of their policy documents.

ABS Courier awarded ‘3PL of the year 2020’ at Daraz Seller Summit

ABS Courier – established in 2006 as the courier wing of AB Securitas (Private) Limited – recently won the ‘Daraz 3PL of the year’ award at the Daraz Seller Summit 2020. The event, which took place at the Shangri-La Hotel on 30th September, witnessed ABS Courier being awarded the first place under Daraz’s third party logistics (3PL) partner category, in recognition of its steady and impressive performance. This was the second Seller Summit organised by Daraz and the first introduction of the ‘3PL of the Year’ award.

The Daraz Seller Summit 2020 witnessed the participation of over 300 partners and sellers. The event unveiled exciting plans for the year including a glimpse into the biggest sale of the year – the 11.11 sale. The sellers were invited to join the revolution by sharing and showcasing key success stories, which was followed by a panel discussion as well.

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Credit Card usage in Sri Lanka

The number of active credit cards in the country increased to nearly 1,884,341 in September 2020 from 1,870,827 in August 2020. This was stated in the latest report issued by the Central Bank of Sri Lanka (CBSL) on credit cards issued by Licensed Commercial Banks (LCBs).

The country had 1,829,927 active credit cards in December 2019 and this increased by 54,414 in the first nine months up to end- September 2020.

However, the total outstanding balance of all active credits cards fell by Rs.566 million in September 2020 alone to Rs.117.53 billion. The total outstanding balance of all active credit cards in December 2019 was Rs.121,48 million and this has fell by Rs. 3.95 billion in the first nine months up to end- September 2020.

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