Business
‘SL could expect steady inflow of forex once debt restructuring is done’
By Ifham Nizam
Once Sri Lanka’s debt is restructured a lot of forex would be coming into the country. Sri Lanka’s economy is doing well compared to last year and although prices are high, the situation is stabilizing, Minister/Deputy Head of Mission, embassy of Japan in Sri Lanka, Katsuki Kotaro said.
Kotaro was speaking in the capacity of Chief Guest at the 41st Sri Lanka Apparel Exporters’ Association AGM held at the Cinnamon Grand recently. He added that while the crisis is drying out, getting foreign exchange is absolutely crucial for Sri Lanka. ‘We have been observing local policy formulation over the past two years and believe that implementation of policy is proving very challenging, he observed.
SLAEA chairman re-elected, Indika Liyanahewage stressed that at present, Sri Lanka’s apparel sector is going through a hard time. ‘At present 40% of garments are exported to the US market, while 30% is exported to Europe and those markets have slowed down. Therefore, there is a need to expand the apparel market to other parts of the world, mainly to Japan, East Asia, and India, he said.
Liyanahewage added: ‘Last year was very challenging due to a slowing down of the markets. Japan annually imports 26 billion dollars’ worth of apparel but only 35 million dollars is imported from Sri Lanka and there is an opportunity to expand the Sri Lankan market to Japan.
‘In this endeavor, we are seeking the support of Mr. Katsuki Kotaro, to a get free trade agreement going with Japan.
‘Least Developed Countries benefit from tax schemes, but Sri Lanka does not qualify for this and we are seeking the support of friendly nations to cooperate on implementing Free Trade Agreements with us. The Sri Lankan apparel industry is very compliant and abides by rules and regulations.
‘The Sri Lankan apparel industry is known as ‘garments without guilt’ and we are extending credit to members of the local garment industry.
‘Inspection bodies could visit any factory at any time as the Sri Lankan garment sector is fully compliant with international standards and we request the media to share this information with the international media and as the chairman of SLAEA, I could vouch for the truthfulness of this statement.
‘I extend my gratitude to India for supporting Sri Lanka, especially its garment sector, during the period of crisis in 2022. The export quota to India from Sri Lanka is set at 8 million pieces of garments per year.
‘We request for support from India to get Free Trade Agreements going as the Indian market is very vast and Sri Lankan designs and innovations have attracted Indian customers. This AGM serves as an opportune moment to explore potential partnerships with both India and Japan.
‘We also request for support from Sri Lankan government officials to expedite business processes required by the local apparel sector. In terms of electricity, the cost in Sri Lanka is very high compared to competing nations and tariff duties play a significant role in the exporting of garments. However, we thank the CEB for allowing a one-time roof top solar agreement change.
‘The proposed abolition of SVAT poses a significant challenge and we request the government to introduce an appropriate cash-less scheme as a substitute for SVAT, for which purpose the garment industry will collaborate with the government.
‘It is of note that a cash-based system will lead to corruption and malpractices.
‘The garment industry faces uncertainties in the ensuing year, but Sri Lankans have the ability to work in uncertain times and are determined to ensure a recovery.
‘About 7% of local GDP is attributable to the garment industry and the local apparel industry should be assisted in all forms by government officials, while the exploring of new markets, research, innovation, and development should be taken care of by members of the Sri Lanka Apparel Exporters’ Association.’
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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