Business
ILO to launch groundbreaking report on the Impact of Multiple Crises on Sri Lanka’s MSMEs
The International Labour Organization (ILO) has announced the launch of its flagship report, “Impact of Multiple Crises on Sri Lanka’s Micro, Small, and Medium Enterprises,” scheduled for release on the 7th of November 2023. The report is the result of extensive analysis conducted by the ILO and NielsenIQ, involving surveys of over 550 MSMEs across 10 districts and sector-based interviews with government representatives and non-government organisations.
By analysing the impact of the multiple crises on MSMEs, this comprehensive and timely groundbreaking study will serve as a crucial resource to inform labour market recovery and transformation strategies, providing insights into the policy support necessary to enhance performance and stimulate job creation within the sector.
“A substantial portion of Sri Lanka’s employment recovery and future economic growth hinges upon the performance of MSMEs . We hope these findings will help inform the process of formulating policies and strategies to support the recovery of MSMEs and their growth, with job creation at the heart of Sri Lanka’s economic recovery and regeneration,” said ILO Country Director of Sri Lanka and Maldives, Simrin Singh.
One of the main findings from the report indicates that the COVID-19 pandemic severely impacted the business operations of nearly 80 percent of surviving MSMEs, while the economic crisis of 2022 affected 89 percent of those surveyed, especially in the tourism, manufacturing, construction, transport and storage, wholesale and retail trade, and other services sectors. Furthermore, it was found that the overwhelming majority of MSMEs did not receive support from institutions dedicated to supporting MSME development and instead struggled or closed on their own.
Additionally, MSMEs that survived adopted more agile mechanisms, such as utilizing digital technologies for business operations and adjusting their operations based on the availability of labour. Furthermore, the study identified entrepreneurial orientation, technological adaptation, factor substitution, minimizing waste and searching for new markets as the primary resilience factors.
The report also provides wide-ranging recommendations for change, highlighting 12 key areas of action to facilitate MSME growth, which will have a broader impact on Sri Lanka’s job recovery and should be prioritised. This includes creating a conducive macroeconomic environment, monitoring labour market effects associated with macroeconomic policy reforms, and implementing institutional reforms to control energy and utility costs while increasing market access to local and foreign markets.
This report is an invaluable resource for policymakers, business leaders, and stakeholders concerned about the future of Sri Lanka’s MSMEs. It offers a comprehensive overview of the challenges faced by these critical businesses and provides key insights into the support mechanisms required to enhance their performance and stimulate job creation.
“The ILO is committed to supporting Sri Lanka’s path to labour market recovery and transformation, and we believe this report represents a significant step in that direction,” concluded Simrin Singh.
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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