Business
‘SL’s minerals sector is a big one but the govt. has made it a puny one’
By Hiran H. Senewiratne
Sri Lanka’s minerals sector is a big one but the government has made it a small sector. But it has a huge potential to become one of the country’s major foreign exchange earners. Industry officials were in broad agreement on these points recently at the inauguration in Colombo of the Chamber of Mineral Exporters.
“The mineral sand export industry currently generates around US$ 65 million a year but if we really focus on this sector that amount could be increased to US $ 120 million. Lack of a mineral policy and the non-implementation of a proper survey by any authority on this sector, resulted in the country losing potential export revenue from this area, F. A Farook, Vice Chairman of the CME said.
Farook added: “The practice of giving 12-month mining permits compared to those of 10 to 15 years, as in Australia, would make investors run away. This was a regulatory hurdle that had to be rectified fast.
“Our permits are generally valid for one year. We’ve all been in this sector for the last twenty plus years, so we have some experience on how to get things done, so we will stay.
“But if you are to attract somebody else to come from outside, they will not come.”
CME chairman Amila Jayasinghe said: “As soon as they hear that the mining or environmental license lasts only one year, and that there is a requirement to renew them each year, they will run away, because that is too much of a risk for an investor.
“There should be a proper mineral sands policy and the government should take steps to develop a thrust industry and provide permits for more than one year.
“There is no country in the world with a permit of one year validity. Usually, it is valid for 10 to 15 years. That is something that has to be rectified very soon to attract foreign investments.
“The Australian High Commissioner had recently mentioned that there were companies that were willing to invest but that the investment environment here was not conducive.
“Mineral firms had to deal with a minimum of eight separate state agencies to function on a day-to-day basis. For 15 years Sri Lanka had been talking about a ‘one stop shop’ for approvals, but it has not yet happened.
“There has to be transparency and clarity in how decisions are made, since there are a large number of government agencies involved.
“There should be a level playing field for all and processes should not be made easy for one or two people.
“It was not the availability of raw materials but the accessibility of raw materials that is the key constraint.”
CME Secretary Dr. Sandun Dalpatadu said: “The industry is willing to comply with environmental regulations. Foreign buyers also require mineral extraction to be sustainable. In some cases land had to be restored to the original condition, or if areas are deforested, other areas have to be forested.
“Mining also affects communities and firms and it is a sensitive subject. There are resources in land owned by state agencies for which mineral rights have to be streamlined with a collaborative initiative to generate jobs and also increase exports.”
“In addition to issuing what was probably the shortest duration mining permit in the world, Sri Lanka was probably charging the highest royalty, which was levied as a value added tax at the point of export instead of being imposed on the pit head cost, Chamber sources said.
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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