Business in Jaffna booms

Shirajiv SIRIMANE in Jaffna

The Jaffna trade which was confined to the sale of basic needs is now moving to the up market segment with buying power of the consumer increasing.

An official of the Maruti car company said that their sales have increased and they have already sold over 40 units after opening their branch. This is around 9 units per month, he said.

The motor bike market too is making great strides with around 3o units being sold every month of different varieties. In addition the three wheel market too is growing. The second hand sales in these three segments too have increased which clearly show that the Jaffna residents are trying to move to a higher elevation in the society.

One of the other fast moving motor items are the fishing boat engines and people prefer to purchase the brand new ones.

President of the Yalpanam Chamber of Commerce K. Poornachandran said that banking sector both local and international had made rapid progress. Within a radius of half a kilo-meter there are nearly 20 bank branches and this proves business is moving in the peninsula, he said.

Indian Bank opened a branch in Jaffna last Friday with the participation of High Commissioner of India in Colombo, Ashok K. Kantha and Governor of Central Bank of Sri Lanka Ajith Nivard Cabraal.

The Chairman and Managing Director of Indian Bank T. M. Bhasin who was also present during the opening ceremony told the Sunday observer that they are opening this branch after 60 years. We see a major economic thrust in Jaffna and the Indian Bank is going to provide micro finance and rural lending in the area and they want to be a part of the development process, he said.

In addition Jaffna products too have been prospered with mobile kitchens, and canned food and cordials found in abundance. The second Jaffna International Trade fair too was opened last Friday and for the first time a Kerala Pavilion was also on display. There were over 240 stalls and the total Indian participation was 40 companies. Indonesia and several other countries too participated.