Business
Sri Lanka can’t afford to lose EU’s GSP+ concession at this stage: trade expert
by Sanath Nanayakkare
Dr. Dayaratna Silva, International Trade Expert and Sri Lanka’s former Ambassador and Permanent Representative to the World Trade Organisation (WTO) said recently that those who assumed that Sri Lanka could do without EU’s GSP+ concessions at this stage were mistaken.
“When it happened the last time, GDP declined by more than 1% and it had an impact on employment levels, particularly in the apparel industry,” he said.
“Studies show that developed countries taking the decision to remove trade concessions based on non-economic reasons leads to punishing the poor and creating problems in achieving the United Nations’ Sustainable Development Goals such as poverty alleviation,” he said.
Meanwhile, Suresh de Mel Chairman of Export Development Board (EDB) speaking at the same forum said that Sri Lanka must do its best to retain the existing concessions made available to Sri Lankan exporters.
Hemantha Perera, Secretary of the Sri Lanka Chamber of Garment Exporters, a constituent member of Joint Apparel Association Forum said that Sri Lanka’s apparel industry must increase the value addition to its exports to the EU from the current 52 per cent to 65 per cent quickly if the industry wants to utilize the fullest extent of the GSP+ benefits.
“Vertical integration in Sri Lanka’s apparel industry is one of the quickest ways to do that,” he said.
The three speakers made these remarks while speaking at a panel discussion, ‘GSP Plus; Past, Present and Future’, hosted by the Federation of Chambers of Commerce and Industry of Sri Lanka and the Colombo Chamber of Commerce.
Perera noted that certain fabrics used for apparel production are currently being imported from regions that disqualify the manufactured product for tariff reductions under the EU’s GSP+ concessions. He noted that this disqualification could be resolved via local production of such inputs.
Speaking further he said: “Fabric is a key raw material required for apparel production. Synthetic fabric often has to be imported to Sri Lanka, making them ineligible for GSP+ concessions to the EU,” Perera said. “However, developments such as the Eravur Fabric Processing Park can change this situation and allow the industry to make greater utilization of GSP+ to the EU, which is our second-largest market.”
“We currently lack infrastructure for functions such as dyeing and printing. These are vital in improving key indicators such as lead times and strengthening the output potential of the industry. Even at present, our competitiveness primarily depends on factors like ethical manufacturing practices, compliances and the high skill levels of our employees,” he said.
The other speakers at the event included the Ambassador of the European Union to Sri Lanka and the Maldives – Denis Chaibi, and Ambassador of Sri Lanka to the European Union – Grace Asirwatham.
The Joint Apparel Associations Forum said that it has been working with the government and companies in the industry to develop solutions to increase value addition into apparel; the setting up of the Fabric Processing Park at Eravur is the first step, achieved with consistent government support, JAAF 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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