Business
Sri Lanka could benefit from global trend towards EV use – IPS study
By Ifham Nizam
The latest publication of the Institute of Policy Studies of Sri Lanka (IPS), `Trade Wars in Electric Vehicle Supply Chains: A Win for Sri Lanka’s Graphite Industry?” indicates that Sri Lanka is poised to benefit from the global trend towards electric vehicles (EVs). Sri Lanka stands to gain by leveraging its top-quality vein graphite, crucial for EV battery manufacturing, the publication says.
Sri Lanka, renowned for its high-quality vein graphite, is poised to benefit from the increasing demand for “non-China origin” graphite, driven by the global push towards electro mobility and the US Green Industrial Policy.
The IPS publication brought out by IPS researchers, Dr Asanka Wijesinghe, Malisha Weerasinghe and Chaya Dissanayake, explores the potential for Sri Lanka to join the supply chain for Electric Vehicle (EV) battery manufacturing.
Speaking at a seminar recently at the IPS, Colombo 7, IPS Research Fellow, Dr. Asanka Wijesinghe said that Sri Lanka’s commitment to sustainability and quality standards places it strategically in the non-China graphite export market, boosted by US industrial policies favouring domestic assembly and non-China sources.
Wijesinghe said that their new study highlights Sri Lanka’s opportunity to become part of the EV battery supply chain.
The study suggests that Sri Lanka could focus on upstream activities, including exporting battery-grade graphite and anodes, and strengthen Research & Development to enhance its strategic position in the non-China graphite export sector, thus attracting investment and ensuring sustainability.
Responding to The Island Financial Review on the possibility of a Free Trade Agreement (FTA) with the US, Wijesinghe believes that a comprehensive FTA may be challenging but a limited one, in the style of the Japan-US Mineral Free Trade Agreement, will be beneficial to Sri Lanka.
“Sri Lanka will have to navigate the complex geopolitical landscape in finalizing such an agreement. On the upside, such an agreement helps value addition to Sri Lanka’s graphite within the country and via export to the US under the subsidy program proposed by the US, he added.
Dr. Wijesinghe also said that US’s strategic move to adopt a proactive green industrial policy, driven by the imperative to achieve net-zero emissions and national security concerns, presents fresh opportunities for graphite producers outside China. The recently enforced Inflation Reduction Act (IRA) plays a pivotal role in reshaping the global EV battery supply value chain by excluding China and promoting domestic assembly and manufacturing of EV components.
Key findings from the IPS study reveal that as a result of these developments, the demand for graphite, a critical component of Lithium Ion Batteries (LIBs), is set to surge. “Non-China” graphite exporters, including Madagascar, Mozambique and particularly Sri Lanka, are positioned to benefit from the re-alignment of the supply chain.
The study also focuses that the Partial Equilibrium modeling results indicate that Sri Lanka holds a strategic advantage in the emerging market. Sri Lanka’s vein graphite, known for its purity, flawless crystal structure, and strong electrical conductivity, stands out as an ideal choice for the growing global demand.
Wijesinghe also stressed that despite facing challenges in terms of cost competitiveness, Sri Lanka’s focus on sustainable practices, minimal environmental impact, and compliance with acceptable labour standards positions it as a key player in the evolving landscape of “non-China” graphite exports.
“Additionally, Sri Lanka possesses a comparative advantage in graphite production and benefits from an established mining sector with an existing consumer base. Increased demand will party help Sri Lanka by increasing the world market price of graphite in the future. However, the productivity of the mining sector needs to be increased to lower the unit cost, to benefit from the emerging global opportunities,” he added.
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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