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| Sunday, 27 January 2002 |
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Business |  |
| News Business Features Editorial
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CWE
seeks new business opportunities
The Cooperative Wholesale Establishment (CWE) will venture into new business lines such as power generation, ship handling as well as any other profitable ventures under a major restructuring programme. Minister of Commerce and Consumer Affairs Ravi Karunanayake, addressing a media conference, said that a company has already been registered as Sathosa Power Generation Ltd. with the aim of tapping the unused power generated by private companies which can be sold to the national grid. In addition the management of the CWE retail outlets will be brought under a private management as part of this restructuring programme. This will help turn the loss into a profit and ensure continuity of employment, said the Minister. This will also stop acts of theft and corruption which have continued unabated in the past, he added. However, he stressed that the CWE will not be privatised under any circumstances. It will only be a management contract for the retailing of the organisation. "At the time of taking over, the loss was massive. We want to make it profitable while providing an efficient service to the community," he added. The Minister said no appeals were made for Treasury Grants for the restructuring process. It is a self financing project. At present the groundwork is being prepared to create a CWE holding company which would include retail, wholesale distribution and a general arm. "CWE does not have any outlets in the North and East but if the people of the area are willing to operate outlets we are ready to provide them with goods," he added. Minister Karunanayake said that a seven per cent duty has been imposed on rice imports to protect the local farmer. The scarcity of rice stocks during the period October-December and the inability to place orders overnight due to tender procedures have led to high rice prices. He said that such high prices will not prevail again as CWE will ensure that adequate stocks are kept. In addition, with the harvest coming to the market, prices are expected to come down by-February. (SG) |
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