Business
BOI reports FDI inflows of US$ 713 million in first nine months of 2022
Signs 123 agreements to the value of US$ 1.9 billion in first 11 months
The Board of Investments of Sri Lanka (BOI) has attracted foreign direct investment at record levels notwithstanding a spate of global and local volatilities with total FDI inflows amounting to US$ 713 million in the first nine months of 2022, which is 71% of the 2022 full-year target of US$ 1 bn, revealed State Minister of Investment Promotion Dilum Amunugama.
Further, as of the first eleven months, BOI has inked a total of 123 agreements to the value of US$ 1.9 billion, which consists of US$ 1.5 billion in new projects and US$ 400 million in expansions.
New projects are from countries such as India, Japan, Norway, Hong Kong, the UK, the USA, and Singapore. Out of 41 new projects, the majority are for the manufacturing sector including apparel followed by ICT, Tourism, Infrastructure, Utilities, Services, and Agriculture sectors while most of the expansions of existing projects are from the manufacturing sector including apparel followed by logistics, telecommunication, ICT and Agriculture sectors.
Meanwhile, the export revenue of BOI enterprises topped US$ 7.9 Bn for the period from January to November 26, 2022.
Taking a look at the statistics related to merchandise exports, data from BOI Research & Policy Advocacy Department highlight that all export items except food, paper, and horticultural products have shown a significant increase in the given period compared to the corresponding period in 2021.
Accordingly, wearing apparel (excluding leather gar.) exports grew 8 % to US$ 4591.86 million in 2022 compared to the US$ 4261.48 million recorded in 2021, while rubber exports grew 3 % to US$ 1,052 million.
Also, other manufactured products (N.E.S.) exports grew 112 % to US$ 477 million, while PVC products grew 20 % to US$ 100.54 million.
In addition, export earnings from Jewellery & Lapidary increased by 16 % to US$ 134.99 million in 2022 while Leather Products (Including Leather Gar.) grew 72 % to US$ 16.32 and Footwear exports grew 146% to 2.6 million.
Apparel exports show the highest earnings in 2022 while footwear exports show the highest percentage in terms of growth.
The BOI has always been the forerunner of Sri Lanka’s export industry contributing over 65% to the country’s overall export earnings and 85% to the national industrial export earnings.
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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