Business
‘SL lost US$ 15 billion in revenue from tourism and foreign remittances from 2018 to 2022’
By Hiran H.Senewiratne
Sri Lanka had lost more than US$ 15 billion in revenue from the tourism industry and foreign remittances from 2018 to 2022, Almas Holdings Group chairman Imtiaz Buhardeen said.
“The reasons for this huge revenue loss for the country were the Easter Sunday attacks, the political coup of 2018, the Covid-19 global pandemic and economic and political unrest. However, the country is now slowly but steadily limping back to normalcy and the business community is a bit happy about this progress, Buhardeen told The Island Financial Revenue.
Buhardeen added: “At this juncture Sri Lanka’s economic fundamentals are falling into place and the country is also making rapid progress by implementing the IMF reform program unlike during the previous 16 occasions. We are now very bullish on Sri Lanka’s economic future.
“With IMF support, confidence is building in the outside world for Sri Lanka. It is now noticeable that the tourism sector and foreign remittances are also slowly picking up, which is a good sign for the country’s progress.
“The government is very serious in implementing the state-owned enterprises reform program, which is a need. The IMF and other creditors are observing us more strictly than on previous occasions.
“SOEs, which are incurring heavy losses, should be listed on the CSE, because once the institutions are listed, every quarterly they have to release audited results. It is mandatory that every listed company in the CSE has to meet this requirement.
“By listing profit-making SOEs in the private sector, they could be enabled to double their current profits and manage their funds more efficiently and effectively.
“We have observed that SriLankan Airlines is now making operational profits but due to their huge loans and high interest they are not able to turn around immediately. The government cannot be giving them handouts all the time.
“Only 1 percent of the Sri Lankan population is engaged in the stock market and more education programs should be held to woo more to the stock market. As interest rates are coming down rapidly, moving and investing in the stock market will be the best option for people.
“Investing in the stock market is more accountable and transparent than investing in other sources.
“There is much talk that domestic debt restructuring will have a major negative impact on the EPF but that is totally false.”
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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