Business
Dilum vows to break free from ‘prolonged illusion’ of one-stop-shop
BOI unveils Investor Facilitation Centre
By Sanath Nanayakkare
The one-stop- shop or single window approval system for investors coming to Sri Lanka has been a pie in the sky over a long period of time and the Investor Facilitation Centre unveiled today will not be yet another one-stop shop that doesn’t serve its purpose, Dilum Amunugama, State Minister of Investment Promotions assured in Colombo last week.
“We had several rounds of discussions with the President who is also the Minister of Investment Promotions and he suggested that we name a competent official from the BOI and the President’s Secretary would appoint him/her as an official from the President’s Office so that this official will have the authority to go and discuss with any line ministry or agency and reconcile matters relating to FDI projects without creating undue delays. This is all about accelerating and streamlining the approval process. Any line agency can express their point of view in line with stipulated regulations and can say ‘yes’ or ‘no’ to a project proposal. But it has to be logical and swift. It shouldn’t take six months to respond to a proposal. And when there are issues relating to environment, land allocation, waste water management etc., let me know and then I will take it up at ministerial level and see if conflicting issues can be reconciled and give the project the green light or not. I request all officials from different departments and line agencies present here to support the BOI in accelerating the approval process and attract much needed FDI to the country. We might not be able to swiftly change the way of state correspondence, but the IFC will directly involve in taking the documents forward without letting them dust on someone’s desk,” he said.
The minister said that if currently stuck FDI proposals are given the green light, it will bring the country about USD 3 billion and that will be an amount of foreign exchange Sri Lanka can raise more than from the expected IMF loan.
BOI Chair Eng. Raja Ediruisuriya said that IFC alone wouldn’t be able to bring in foreign exchange. “The only thing IFC can do is coordinating with the relevant agencies for fast-tracked approval of BOI projects. We are competing with countries like Vietnam and Cambodia because they are also trying to attract FDIs. So we have to be very competitive in this sphere. Our goal is to increase the FDI share to GDP by 2.6% between 2022-2026. Our target is to realize FDIs till 2026 by about 3 billion USD per annum. We can’t meet this target unless investors are not encouraged to come in. BOI is not only a service-oriented organization. We have targets to achieve. I therefore appeal all line-agencies to help us achieve these targets and help boost the national economy. Minister Amunugama went through 77 projects and found that about 10 line agencies were holding up these projects for a couple of years or even more. We need to improve our communication and collaboration to fast-track these FDIs. The collaboration between the IFC and your line-agencies is critical at this hour to increase our foreign exchange reserves,” he pointed out.
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
