Business
None of our 18 proposals to develop industrial sector included in budget – CNCI
By Hiran H.Senewiratne
None of its 18 proposals, focusing on developing the industrial sector, has been included in the 2024 budget, although they were presented to the authorities in the lead-up to the formal presentation of the latter budget in parliament, the Ceylon National Chamber of Industries (CNCI) said.
“But as a Chamber we are pleased with the 2024 budget, which allocated Rs 50 billion for the development of micro and small industries, because the SME sector is now going through a major crisis due to the current economic conditions, CNCI chairman Kevin Edwards said at a media conference last week, held at the CNCI head office at Galle Face Court.
“A number of SME industries were shut down or closed down owing to the C-19 pandemic and the economic crisis, which pushed them into huge debt and it is the need of the hour to take steps to assist them. Obtaining a loan from the Asian Development bank to assist the SME sector was a good move but more clarity is needed on its implementation, Edwards said.
Edwards added: “There needs to be a relook at the high electricity tariff for the industrial sector, which negatively impacts the competitiveness of local products in the export market, which is very much higher than the tariff in other countries of the region. Today a unit of electricity in Sri Lanka is around Rs. 40, while in India it is Rs. 30 and in both Vietnam and Thailand it’s around Rs. 20.
“We have requested the authorities to add more infrastructure to the Railways, enabling more goods to be transported by rail, which will be cheaper and would save fuel as well.
“We have given more emphasis to signing Free Trade Agreements with Bangladesh, Thailand, China, Singapore and many more countries to increase trade and investment for Sri Lanka as well as build on foreign reserves.
Deputy Chairman-CNCI, Pradeep Kahawalage, said that the increase of VAT from 15% to 18% will contribute towards the revenue collection in a big way.
“In addition, getting more eligible people to pay taxes by widening the tax net will also help to increase government revenue.
Kahawalage added: “New tax payers would be roped in as it will be made compulsory to have a Taxpayer Identification Number (TIN), whenever a person opens a current account at any bank; obtains approval for a building plan; registers a motor vehicle or renews licenses and registers a title to land.
“These measures will help non-taxpayers to open more tax files resulting in gaining more tax revenue. The PAYE tax too has not been reduced, which will help the government to gain more tax revenue. The government hopes to achieve revenue of around Rs. 4,127 billion and 93 percent of it would be from tax which is achievable.
“The construction industry is one of the worst affected sectors in the country but the 2024 budget has allocated Rs 55 billion to revive the sector but that amount is hardly ample because it has already lost Rs 200 billion.”
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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