Business
Exporters to Germany likely to face more regulatory burdens from January 2023
By Sanath Nanayakkare
From 1st January 2023, exporters to Germany will have to comply with a new legal framework governing sustainability in supply chains. This will be the norm applicable for all countries that export their products to Germany including Sri Lankan entities that already have high standards in terms of sustainability practices in their supply chains.Reportedly this is necessitated as German importers will have to comply with pre-defined sustainability related reporting rules, which will be monitored by the Federal Office of Economic Affairs and Export Control in Germany.
This new legal framework is expected to create an enormous pressure on suppliers who export their products to Germany. High-ranking decision makers from Sri Lanka’s exporting businesses and key Sri Lankan institutions such as the Export Development Board (EDB) were concerned about these new laws to come into effect as they needed a clear picture of what actually expected of them as exporters.Further, Sri Lankan entities that export to Germany and already have high worker rights standards were concerned as this new law would also involve ‘Human Rights Due Diligence’ legislation worldwide.
In this backdrop, Markus Löning, former Commissioner of Human Rights of the German Government and Managing Director of the Berlin based think tank and consultancy Löning Responsible Business and Human Rights (Löning) and JAAR Corporate Solution organised a conference on 12th July at the Granbell-Hotel in Colombo on “Sustainable Supply Chains -Driver for Global Market Access”.The event was attended by high-ranking decision-makers from exporting businesses, associations, international organisations, and Sri Lankan institutions.
During the event, a corporation agreement was signed between Löning and JAAR Corporate Solutions to establish a management consultancy specialised on sustainability, corporate finance, business economics and regulatory services in order to help Sri Lankan exporters to Germany to adapt their internal processes to comply with sustainability norms. The objective of this initiative is to support Sri Lankan exporters with regard to corporate due diligence in human rights enabling them to comply with sustainability standards and legislation such as the German Act on Sustainable Supply Chains.
Joint Managing Director of Jaar Corporate Solutions Andreas Hergenröther stated: “During the past years, sustainability has become a key factor for market access to the EU, the US, and other like-minded countries. Legislation like the German Act on Corporate Due Diligence in Supply Chains has created an enforceable legal frame for sustainability in supply chains.”
German Ambassador Holger Seubert underlined in his welcome-remarks,” So far, the German law is the most ambitious and far-reaching Human Rights Due Diligence legislation worldwide”. The keynote speaker Markus Löning pointed out, how consumer-driven industry standards and continuous legislation in Europe and the US have forced exporters worldwide to adapt their internal processes to comply with sustainability norms.
He underlined that new German Act created for the first time a legal liability of importers in Germany: “From 1st January 2023 German importers will have to comply with pre-defined sustainability related reporting rules, which will be monitored by the Federal Office of Economic Affairs and Export Control. This will create an enormous pressure on suppliers from all over the world”.
The cooperation agreement was signed between Löning and JAAR Corporate Solutions. Löning in cooperation with JAAR Corporate Solutions – a management consultancy specialised on sustainability, corporate finance, business economics, regulatory services – will support Sri Lankan exporters with regard to corporate due diligence in human rights, enabling them to comply with sustainability standards and legislation such as the German Act on Sustainable Supply Chains.
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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