‘Protecting local industries critical for growth’
Protecting local industries that generate employment and
value-addition is important to sustain economic growth.
The way forward for this country is to invest more on research and
development where policy directives help groom industrialists. Special
emphasis should be on those using locally-produced raw material for
manufacturing, Cosmetic Manufacturing Association of Sri Lanka, Founder
Chairman Samantha Kumarasinghe told Sunday Observer Business.“The
country’s policies should facilitate the growth of local entrepreneurs
and industrialists. No growth is possible without developing local
The indigenous companies should be allowed to grow and multinational
companies (MNCs) should not be permitted to dominate the market and
thereby eliminate local industries, he said. Sri Lanka should have both
the capacity and capability to position our country without giving into
to Western pressure.
It should have sufficient funds by developing indigenous businesses
and a collective effort and financial strength is necessary to fight
these dangerous elements.
Kumarasinghe who is also the Chairman of Nature's Beauty Creations
Ltd which markets products under the brand name Nature's Secrets said
that if an effective out-grower program is not in place, Sri Lanka will
not have sufficient ingredients to run the ayurveda treatment process in
ten years time.
The international holistic medicinal market is expected to become an
$ 5 trillion business by 2015 and Sri Lanka should focus on capturing a
portion of this lucrative avenue of income by ensuring that there is a
continuous supply of medicinal plants as raw material. “We need to have
plantations to support the ayurveda sector and it is vital to revive the
dying Hela Veda process which is unique to Sri Lanka. The therapies
under this process are fading and measures need to be taken at national
level,” he said.
“We are working towards making Nature’s Secrets, a global brand for
cosmetics. We are well established in Bangladesh since 1996 and export
our products to Germany and Switzerland at present.” “We have proved
beyond any doubt that the we are capable of producing world-class
products by entering a new industry. A large part of our expenditure is
on research and development and currently it is close to 3 percent of
our turnover,” Kumarasinghe said.
Nature’s Beauty Creations possesses two state-of-the-art
manufacturing plants and a bottle manufacturing plant in Millewa in
Horana. The tissue culture laboratory is a strength to its manufacturing
process. This company was awarded the National Green Award under the
pharmaceutical and cosmetic category for two consecutive years and is
the only company in the sector to be recognised at national level.