Business
BOI clarifies situation on FDI promotion in Sri Lanka
The Board of Investment of Sri Lanka has come forward to clarify recent remarks made by Dhananath Fernando, CEO – Advocata Institute during a program on News First (FACE THE NATION; “Economic Stability: Myth or Reality?”) on 14th February 2024.
During this program, three broad statements were made by Fernando substantiating his opinion that “there is no way we can attract investment for exports”.
The BOI would like to highlight some inaccuracies presented in order to update the public and our stakeholders as follows:
Contrary to the statement made by Fernando that the Board of Investment (BOI) has not established any new projects/zones in the last eight years, it should be noted that BOI has consistently engaged in establishing zones to support investments and economic growth. Currently 15 zones operate under the aegis of BOI with associated infrastructure ensuring smooth operation of investment projects.
Nine of the said BOI Zones are located in the Western Province hosting over 200 export-oriented enterprises – which is testament to the zones’ success and whilst the majority of these zonal lands are thus productively utilized, BOI still has capacity to cater to projects meeting the stipulated investment criteria within these zones.
The BOI wishes to further emphasize that several zones in North Western, Eastern and Southern Provinces have been established as part of an island-wide strategic initiative designed to promote investments into potential sectors and contribute to industrial development throughout the country. Additionally, a further 2,500+ acres have been identified for zone development throughout the island.
Fernando also erroneously stated during the same discussion that over 16 licenses are required for a single project to be mobilized over an alleged expedited period of two years if not, a longer time period of even 3-4 years.
Here, it is essential to understand that the number and nature of approvals required for a BOI project vary significantly based on the specific characteristics of the project. However, licenses are typically required when a project utilizes natural resources or is environmentally sensitive in nature, but in no instance has the BOI recorded a project requiring 16 licenses to be obtained prior to implementation.
Project implementation requires Line Agency approvals which are in place as checks and balances to safeguard significant elements of socio-economic and environmental interest. To help investors navigate this approval process, BOI introduced an Investor Facilitation Center (IFC) in 2022, fast-tracking projects requiring complex approvals. The success rate of IFC interventions is at 80% since inception in November 2022.
The BOI is committed to transparency and openness in all its endeavors and welcomes any queries related to our operations and developments, and remains dedicated to fostering a conducive business environment that supports both local and foreign investors.Based on the above, the BOI opines that Fernando’s statements are not only misleading, but injurious to the purpose of FDI promotion in Sri Lanka.
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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