Business
Ceylon Chamber of Commerce confident about consensus in Sri Lankan politics
Stabilising the economy
By Sanath Nanayakkare
A growth strategy is just not practical right now because Sri Lanka’s current external and domestic economic situation demands stability first, Duminda Hulangamuwa, Vice Chairman – Ceylon Chamber of Commerce and Senior Partner and Head of Tax at Ernst & Young said recently.He noted that all political parties have agreed with the Ceylon Chamber of Commerce about the need to stabilize the economy, without sabotaging it.
Hulangamuwa made these remarks during a discussion programme on Hiru TV which focused on the increase in corporate income tax rate and personal income taxes.When the argument was put forward by the panel at discussion that an environment should be created to grow businesses before raising taxes, he said,” if we try to shift to a growth path right now without stabilizing the economy, it will push us further down and not up.”
Further speaking he said:
“I think that the country should first contain its destabilizing systemic risks such as low-revenue, huge budget deficit and state-owned enterprise (SOE) reforms. At the same time, we need to target a primary budget surplus of 2.3% if we are to obtain an IMF loan. A surplus in the primary budget won’t be attainable without a new tax policy that aims at higher revenue collection. No-one likes to pay higher taxes including myself, but the reality on the ground demands that the government’s revenue base has to expand for the country to keep on providing free public education, healthcare services, defence and law enforcement services etc.”
“Firstly, we have to restructure our external debt and secondly increase our revenue to reach the desirable primary surplus target. If we do these two, the IMF will give us loans. We should keep in mind that the IMF hasn’t agreed to give us a loan yet. As we all know, our external debtors have to give assurances that they will agree to reschedule our loans. Then we have to increase our revenue. If we don’t do these two things, we will not receive IMF funds by December 2022. If we don’t get IMF funds, we can’t do any infrastructure projects or engage in any development activities to boost the economy. Such a scenario will make the situation even worse; therefore, stability has to come before growth. Increasing government revenue and taking other measures to reduce systemic risks such as SOE reforms, are akin to applying brakes to escape the abyss. We have to do these within the next two years. The country has to increase its revenue to meet its expenditure to a greater extent than now.”
“A political consensus is critical in this context. The Ceylon Chamber of Commerce discussed with all political parties in the past six months about this. During our discussions with them, they all agreed to a national programme to achieve these economic objectives without sabotaging it. Their positive reaction still remains in place and we don’t still see any opposition to it,” Hulangamuwa 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.”
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