Business
German Ambassador hails ‘reliable partnerships’ that attract investments to Sri Lanka
Says both countries should brace for geopolitical risks in 2024
Opines restructuring external debt will be crucial for SL this year
Urges SL to fight corruption seriously and shore up investor confidence
By Sanath Nanayakkare
Reliable and trustworthy Sri Lankan businesses that share the same ethical and compliance standards with German industry leaders have the potential of attracting more German investments to Sri Lanka, Ambassador of the Federal Republic of Germany in Colombo, Dr. Felix Neumann said in Colombo recently.
“German investors are here in Sri Lanka for the long haul and have stood by Sri Lanka during good times and bad,” he noted.
“The other day, I was at the opening ceremony of the assembly plant between DIMO and Siemens. The two companies share the same ethical and compliance standards. As a result, they have built a trustworthy relationship over several decades, paving the way for an investment by Siemens in DIMO Sri Lanka,” he said elaborating on the point.
The German Ambassador made these comments during a New Year’s reception hosted by The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) at the Taj Samudra Hotel Colombo.
Addressing the industry leaders and professionals who took part in the annual AHK event, the German Ambassador said:
“I am pleased to address AHK Sri Lanka’s New Year reception 2024. This event is bringing together the community that is doing business in Sri Lanka with Germany. We must not forget that 2024 will be a challenging year too not only in Sri Lanka but also in Germany. Nevertheless, whilst geopolitical events may impact both countries and the global economy, we must remain optimistic and resilient in facing these challenges. Germany has been supportive of Sri Lanka’s economic recovery and debt restructuring efforts, however there is still more to be done.”
“Whilst good progress has been made, we are hopeful that Sri Lanka can secure the required MoUs that will provide concrete guarantees in restructuring its external debt. This will be a crucial aspect in 2024. One of the anticipated challenges may be a further decrease in global demand for consumer goods which will impact economies such as Sri Lanka.”
“Looking at the trade figures, in 2023, from January to October exports to the European Union (EU) decreased by approximately 12 % to nearly 2,3 million US$. During this period exports to Germany valued at approximately 500 million USD. A decrease of 23%. Imports from Germany had a volume of approximately 200 million USD. We realize that Sri Lanka is one of the few countries with a surplus making business with Germany. Yet, this surplus needs to be developed in 2024. And the decrease should turn into an increase.”
“Germany wishes to see a successful Sri Lanka reaching its full potential. For this, we need to have consistent policies, cut red tape, fight corruption seriously and shore up investor confidence. The expectation of a level playing field, respect for rule of law and anti-corruption measures will see more new investments coming into Sri Lanka.”
Making his concluding remarks, the Ambassador manifestly referring to the thriving partnership between Siemens and DIMO said,” These are the kind of success stories that I am hopeful of hearing more in 2024, and I would be very happy to support such success stories because a prosperous Sri Lanka is what Germany wants as much as you do.”
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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