Business
‘Cosmetics industry facing numerous issues due to import ban’
‘The government due to the current forex shortage has decided to temporarily suspend the import of non-essential items to the country on August 23. In the said list of items, the government has also included cosmetic products as a temporarily restricted item. While Sri Lanka’s forex problem is well understood it is important to note that the cost of import of cosmetics as per Sri Lanka Customs information does not exceed 0.1% of the total import bill for both 2021 and 2022, a Chamber of Cosmetics Industry press release said.
The release adds: ‘However, by contrast it should be noted that Sri Lanka has in excess of 30,000 salons and 15,000 cosmetics outlets that employ over 300,000 people out of which the majority are females. Further, the local cosmetics importers also employ close to 1000 persons in their respective organizations. The above ban has threatened the employment of a high percentage of hairdressers, beauticians, salon owners, traders, trade assistants, beauty advisors, make-up artistes as well numerous other people involved in the bridal industry and the indirect beneficiaries where most of them are breadwinners of families.
‘It should be noted that other than the employment generated the said imports contribute almost 90% of the total import value in the form of govt. taxes, cess, and other statutory payments to the Treasury and also at the point of registration of goods at the NMRA.
‘Besides there are many academies in Sri Lanka that are regulated and have a large number of students intending to travel abroad for employment, using international brands of cosmetic products for their training which help the student who eventually turns out to be a beautician and then employed in countries, such as, Australia and New Zealand mainly and also in the rest of the world. Working with specific brands of products is different from one to another and hence internationally this method is highly acceptable and needed when training as a student.
‘Further, there is a percentage of foreigners and expatriate Sri Lankans who travel to Sri Lanka to have their wedding and they too prefer to use international brands of cosmetics for the said purpose. This wedding industry is a growing business and has gradually started to earn forex.
‘The International brands of cosmetics imported into Sri Lanka also help develop the local hair and beauty industry by way of latest product developments as well techniques.
‘Due to the current temporary suspension, it is also evident that a large number of individuals are hand-carrying commercial quantities of cosmetics thus depriving the country of revenue that would have been earned through the proper channel of importation. This had also caused a black market to emerge in the industry.
‘With the Christmas and New Year season being around the corner and as importers need at least 60 days to import, i.e, lead time and shipping time included, the fervent appeal of all in the industry to the authorities is to lift the temporary suspension and allow these goods to be brought in. After all, considering the very small number of $ involved it’s not bound to hurt the foreign exchange requirement.’
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.”
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
