Business
Colombo Port City will not be handed over to China – State Minister Cabraal
By Hiran H.Senewiratne
The government will not hand over the Colombo Port City to China through the Port City Economic Commission Bill. Once the Bill is passed the Port City would be under Sri Lankan jurisdiction, where all major decisions with regard to it will be taken by the President. The entity would not be detrimental to the territorial integrity of Sri Lanka, State Minister of Money & Capital Markets and State Enterprise Reforms Ajith Nivard Cabraal said.
” Under the Bill, a Special Economic Commission of the Port City will be set-up and the President will be empowered to appoint five to seven members to the Commission, which will take all decisions for the Port City Special Economic Zone development activities, the State Minister told the media. The press briefing was organised by the Ministry of Finance and held at the Finance Ministry auditorium yesterday.
Cabraal said that the total land mass envisaged to be under the Port City is 269 hectares and the Bill titled the ‘Colombo Port City Economic Commission Act’, provides the legal framework for setting up of the Special Economic Zone (SEZ) within the Colombo Port City and proposes the establishment of a Commission empowered to grant registrations, licenses, authorizations and other approvals to carry on businesses and other activities in the Special Economic Zone subjected to Sri Lankan jurisdiction.
Cabraal said that parliament will oversee the Port City’s activities. Financial, legal and other administrative activities will be governed and regulated by the Sri Lankan government. Financial activities will be done with concurrence of the Central Bank of Sri Lanka and the relevant law and order and jurisdiction will be subjected to local jurisdiction, he said.
Cabraal added – ‘Once the businesses are established there will be 85000 new employment opportunities and those employees will not be subjected to the Inland Revenue Law of the country. All companies have to be registered under the Commission and the Commission will impose a one percent tax on all the set up companies’ turnover. All taxes and all area related taxes will be imposed by the Commission and credited to the Consolidated Fund and in turn will go to the Inland Revenue Department.
‘Only foreign direct investors will invest in the Port City and local investors are not permitted to invest in it. The Commission will also set up a one- stop-shop, which takes all the decisions in setting up offshore banking, promoting tourism, IT and BOP companies, port and shipping companies and any other business related entities. But foreign legal and accounting firms cannot be set up.
‘All company registering, licensing, approvals and regulation of activities will be done by the Commission in consultation with the government and regulatory bodies. Further, the Administrative District Act which was passed in 2019 recognised that the Port City is a part of 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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