Business
BOI approves agreements worth US$ 1.5 billion in first nine months
The Board of Investment of Sri Lanka (BOI) has geared for a tremendous FDI earning within the first nine months of 2020, a press release issued by BOI said.
BOI Director General Sanjaya Mohottala said that the BOI has approved agreements worth US$ 1 .5 billion in the first nine months of this year. This value includes new investments and expansions of the ongoing projects. According to him this number is expected to reach US$ 2 to 2.5 billion by the end of this year.
With the unprecedented crisis triggered by the coronavirus, severely dented the world economy, it’s impressive to see the local Investors expanding their ventures in Sri Lanka. While the advanced economies are shrinking their activities, local investors grabbed the opportunities arisen in the present world market. The confidence of the existing investors in expanding their projects, strengthened the rupee value of the country, Mohottala added.
According to him the foreign investments are expected to grow significantly within the next two years and the basic requirements are already being worked out. A formal mechanism is being set up to initiate new investments as well.
There are influential factors to attract FDI to any country. This includes a stable government, stable polices, a proper legal frame work, and free trade agreements. A stable and an emphatic government has already been established and other sectors need to be updated to suit the present. This will enable the expected amount of FDI to the country. Meanwhile we are exploring the extensive global trade needs and the markets available to expand our production.
We also focus on the Sri Lankan work force and the areas where projects can be implemented. The Eravur fabric park is one of our significant initiative which will bring a huge foreign exchange saving to the country. It’s expected to establish a rubber-based manufacturing zone outside Colombo and Gampaha districts. Fisheries and aquatic resources projects are too in our concern. The focus is to implement these projects are in North, East and Northwest coasts. Furthermore, we intend to establish IT parks in Colombo, Gampaha, Kandy, Hambantota, Vavuniya and Jaffna districts with in next 05 years’ time. Young professionals from these areas who are qualified in IT field will be fortunate enough to work in these ventures.
The main role of the Board of Investment is to uplift the economy of the country, while attracting foreign direct investments. In addition, the Board of Investment of Sri Lanka stands for the economic and social development of the employees who contribute immensely to the growth of the economy. Apart from these ,we will take steps to integrate the people who live in undeveloped areas in to the economy, he 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.”
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
