Business
Sri Lanka to build South Asia’s largest logistics complex in Port of Colombo
China Merchants Port Holdings leads consortium of investors in US$ 392 million South Asia Commercial and Logistics Hub SLPA and Access Engineering to each hold 15% equity in venture 8 storey, 5 million square foot complex with design storage capacity of 530,000 CBM to be built Sri Lanka’s aspiration to become a major logistics hub in the region took a giant leap forward today with the launch of a project to build the largest commercial and logistics complex in South Asia in the Port of Colombo with an investment of US $ 392 million.
Agreements for the construction and operation of the South Asia Commercial and Logistics Hub (SACL) as a 50-year Build-Operate-Transfer (BOT) project were formally signed in Colombo by representatives of the three investing entities, with China Merchants Port Holdings (CMPort) holding a 70% stake, and Sri Lanka Ports Authority (SLPA) and Access Engineering PLC (Access) each holding a 15% stake in the venture.
A Public Private Partnership (PPP) project, the South Asia Commercial and Logistics Hub will be built in the centre of the Port of Colombo and will have 530,000 CBM of storage capacity via an eight-floor building. The investment in the project will bring in much-needed foreign investment into Sri Lanka.Construction of the complex is expected to begin in the second half of 2023 with a target of completion by end 2025. Adjacent to
Port City and the CBD, it will be directly linked with the airport via the Port Access Elevated Highway. The five million square foot complex will offer the full gamut of logistics related facilities and services such as Less than Container Load (LCL), Multi-Country Consolidation (MCC), Container Freight Station (CFS), General warehousing and various other value-added services.
A Spokesperson for CMPort said the project will result in an infusion of US$ 126 million in addition to an upfront payment of US$ 26 million after the agreement is signed. The project is also expected to provide direct employment to a minimum of 1,800 people and create 10,500 other indirect job opportunities.
The project aligns with Sri Lanka’s national development strategy to transform the country into a major logistics centre, identified as a key sector and a driving force for economic development in the National Policy Framework (NPF) 2019. It will provide better logistics and warehousing facilities and services, enhancing the Port’s competitive advantage and consequently strengthening its Hub status. The project will also improve the operational efficiency of the Port of Colombo and introduce leading-edge technology and innovation.
An artist’s impression of the proposed South Asia Commercial & Logistics Hub
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
