Page 30 - Annual Report 2020.ai

Mr. Rohan Casiechetty, Assistant Secretary General, The Ceylon Chamber of Commerce
represented the Chamber Secretariat.

1. Confirmation of Minutes – 99th Annual General Meeting

The minutes of the 99h Annual General Meeting held on June 21, 2019 was confirmed as

a true record

Proposed by: Mr. Bri Ponnambalam, McLarens Lubricants (Pvt) Ltd
Seconded by : Mr. Virann De Soysa, Associated Motorways (Pvt) Ltd

2. Adoption of Annual Report & Accounts – 2019/20

The adoption of the Annual Report and Accounts of the Association for the period 01
April 2019 to 31 March 2020 was called for and subsequently approved.

Proposed by: Mr. Rajeev Aloysius, The Autodrome PLC
Seconded by : Mr. Charaka Perera, Stafford Motor Co Ltd

3. Address by Mr Sheran Fernando, Chairman

Quote

“One hundred years is a significant milestone in life. The Ceylon Motor Traders Association

(CMTA) is one of the oldest trade associations in Sri Lanka and one of the oldest
automotive associations internationally. The CMTA is affiliated to the Ceylon Chamber of

Commerce, the senior trade chamber in Sri Lanka.
The association’s vision is to ‘ensure sustainable long term growth for the industry’. The

last decade shows overall healthy growth for the industry. Measured in terms of vehicles
per 1,000 people, Sri Lanka leads the South Asian region behind only Indonesia and

Malaysia.
The growth on the industry is closely linked to the growth of the National Economy. The

years that the industry has contracted, have been years that the national economy has
been plagued with balance of payment deficits. History shows that the industry grows

when the national economy grows. The industry can record sustainable growth only if the
economy is also recording sustainable growth.

The IMF predicts the world economy to decline. Some economists quote a possible
decline of global growth to be as much as 10%. In Sri Lanka, economists are forecasting

declines in growth of around 2%. Given this scenario, the automotive industry needs to
exert patience and resilience. The industry should explore means of achieving

sustainability, and coping with the ban on import of motor vehicles.

Annual General Meeting 2020/21