Business
‘Banking sector at risk of accumulating tourism related non-performing loans’
By Hiran H.Senewiratne
The government should take immediate steps to restructure the tourism sector’s huge debt portfolio of Rs 500 billion. If not, the entire banking sector is at a risk of accumulating non- performing loans, which is detrimental to both sectors, a tourism expert and hotelier Chandana Amaradasa said.
” The government should restructure this huge Rs 500 billion debt portfolio at least towards the end of the year. Not only the tourism sector but also the banking sector will get badly hit if the government does not urgently address this issue, Amaradasa told a group of media personnel on Wednesday.
Amaradasa added: ‘The 2019 Easter attacks and the 2020 Covid 19 pandemic had adversely impacted the tourism sector, which is now going through a major crisis owing to the current foreign reserve crisis. With the ending of the civil war in Sri Lanka in 2009 the travel and tourism sector started developing at a rapid pace. Therefore, many individuals and companies heavily invested in the tourism sector.
‘As of the year 2020 February/March the total debt portfolio was Rs 300 billion and now with its interest component that amount has increased to Rs 500 billion. To arrest the situation the government should take immediate steps to restructure the loan portfolio through the Central Bank Monetary Board. Amaradasa said.
‘At present the tourism sector is in dire straits and immediately a special high-powered authority needs to be set up either under the President or the Prime Minister to address current issues encountered by the industry.
‘This sector could bring enormous amounts of foreign reserves if we manage it in a proper manner. Political stability is a prerequisite for the promotion of the sector. Therefore, at this juncture Sri Lanka Tourism should focus on the coming winter season by ensuring all essential needs of the sector, such as, uninterrupted power supply and essential food supply.’
In 2018/19 the tourism sector’s contribution to the GDP was 12.5 per cent but it has the potential to contribute 40 per cent to 45 per cent. In 2019, revenue that came from the industry was US $5bn from 3m arrivals. Tourism earnings for the full year 2021 were revised up to $ 633.8 million from an earlier $ 261.4 million.According to the Sri Lanka Tourism Development Authority (2018), there are more than 400.000 direct and indirect tourism and hospitality sector-linked employees in the country.
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
