Business
Call for legal and market-based rationale before looking to increase FDIs
by Sanath Nanayakkare
A reliable legal framework and a market-based level playing field are of crucial importance to increase the presence of foreign investors in Sri Lanka and to encourage further foreign direct investments (FDIs) to Sri Lanka, German ambassador Holger Seubert says.
He said so specifically referring to German investors and German companies, launching the 7th edition of Top German Brands in Sri Lanka, in the presence of BOI chairman Sanjaya Mohottala, Chief Delegate of German Industry and Commerce in Sri Lanka Andreas Hergenröther and more than 100 representatives of German brands.
In the context of current restrictions slapped on imports to Sri Lanka, the ambassador emphasised the fact that bilateral trade degenerating into a one-way street was neither free nor fair.
“Sri Lankan exports to Germany were three times higher than German exports to Sri Lanka. Germany is committed to free and fair trade. In fact, German exports to Sri Lanka decreased until the end of November by 26.8%, while Sri Lankan exports to Germany decreased by 5.8%. Until the end of November German exports to Sri Lanka were about 215 million Euro in the year 2020, while Sri Lankan exports were more than three times higher reaching about 664 million Euro”, he said.
Head of Risk Management Solutions of Deutsche Bank Dhakshitha Serasundera speaking at the event said, “It has become increasingly difficult for our clients to manage their foreign exchange exposure given the unprecedented current market environment and volatility which could continue in the near term. Deutsche Bank has been operating in Sri Lanka for 40 years and has been supporting our clients to meet their daily transaction banking and foreign exchange requirements through many different economic cycles.”
AHK Chief Delegate Andreas Hergenröther said, “Despite the Covid-19 pandemic 176 German brands have joined Top German Brands 2021, which is an increase of 13% compared to last year”.
To support current and future German investments in Sri Lanka, the German – Sri Lankan Fast Track Dialogue, which was initiated in 2019 by former Minister Malik Samarawickrama, the German embassy and AHK Sri Lanka, will be continued on February 25.
Through this Dialogue, German companies expect to have the opportunity to discuss with the BOI chairman and other Sri Lankan authorities the challenges and opportunities with regard to their existing or future investments.
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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