Business
JAAF welcomes PUCSL’s recent revisions to electricity tariffs
The Joint Apparel Association Forum (JAAF) welcomes the recent revisions made to electricity tariff for the July – December period by the Public Utilities Commission (PUCSL). JAAF specifically welcomes the revisions made to the off-peak industrial electricity tariffs, as tariff revisions that occurred in mid-2022 and earlier this year overlooked industry submissions and concerns, severely increasing costs of operation, risking unemployment in off-peak hours, hampering the apparel industry’s competition in the region and overall sustainability.
In 2022, the off-peak rate increased from LKR 6.58/ kWh to LKR 15/ kWh. Earlier this year, an off-peak increase of LKR 34/kWh from LKR 15 was initiated which resulted in a 400% increase in electricity tariff rates in just 12 months. As highlighted in the JAAF submissions to the PUCSL last week, Sri Lanka had one of the highest industrial tariffs in the region. This posed a significant threat to the industry’s competitiveness in the region and ability to attract investors at a time the island’s economy is in dire need of foreign exchange. Therefore, the industry commends the electricity regulators’ decision to reduce the industrial tariff including the off-peak industry electricity tariff to 29/kWh, allowing the industry to sustain off-peak operations and employment.
The new revisions have reduced overall industry electricity tariff rates by around 9%. While JAAF commends this move, the industry is hopeful that the electricity regulator would consider higher industrial electricity tariff reductions as the export performance of the apparel industry has taken a massive hit due to a sharp fall in orders given the adverse conditions of the global market. With export earnings from apparel and textile decreasing by 14.55% in May 2023, the industry can benefit from a further reduction in costs of operations with reduced industrial electricity tariff rates. This is also a key component in regaining the industry’s competitiveness in the region that took a hit amidst repeated electricity tariff hikes since last year.
Sri Lanka needs to offer its investors a competitive tariff if we are to sustain existing investments and attract new ones. As highlighted by JAAF on numerous occasions, the Ceylon Electricity Board (CEB) which is the electricity transmitter and distributor must urgently scale up the commissioning of large scale renewable energy projects, to meet the government’s objective of producing 70% of the country’s energy from renewable sources by 2030. This needs to be coupled with approval for power wheeling. The latter will be a catalyst for private sector investment in renewable energy, allowing industries to work with private power companies to secure requirements of power, independent of the CEB generation. This will then decrease the burden on CEB, enabling the SOE to lower consumer prices setting the premise to drive down high costs of generation and attract foreign investments through increased competition.
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.”
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