Business
Good Governance seen as central to Sri Lanka’s recovery
By Lynn Ockersz
It would be in Sri Lanka’s best interests if 7 principles of Good Governance are followed by it in these times of economic recovery. They are: participation, vision, equity, transparency, accountability, predictability and productivity, chairman, Gamani Corea Foundation, Dr. Lloyd Fernando said.
These principles were highlighted by Dr. Fernando in the course of presenting an issues paper on Good Governance at the 4th discussion of the Sri Lanka Innovators’ Forum, which functions under the Gamani Corea Foundation. The event was held on July 7 at the BMICH, Colombo.
The comprehensive, well thought out and lucidly written paper went on to point out, among several other things, that 9 conditions need to be fulfilled for successfully planning the country’s onward development journey. These 9Cs are: conceptualization, cohesion, consultation, coordination, collaboration, commitment, capacity, correction and continuation.
The following are some select extracts from the issues paper:
‘Sri Lanka needs a long term development plan and a sustained effort to implement it since most of the country’s problems emanate from structural problems which need time to resolve. The external debt problem, for instance, could be traced to such weaknesses. We keep on borrowing because we do not produce enough. Production, however, has to be for a market – domestic or foreign. Since the domestic market is small, both in terms of population size and purchasing power, we have to also produce for export. However, Sri Lanka’s export incomes as a percentage of GDP have been declining. From 30 percent of GDP in the year 2000, it has dropped to 13 percent in 2020. Meanwhile, import expenditure has been steadily increasing.’
‘Thus, Sri Lanka’s structure of production must change in line with expanding domestic and foreign demand. This needs new technology, new skills and additional capital which can be fulfilled only through a long term economic strategy, planning and effective implementation.’
‘Sri Lanka’s diplomatic missions abroad could be helpful by reinforcing the outcome of research conducted systematically by our institutes dealing with foreign policy, as well as by building their capacity to communicate to the rest of the world the opportunities Sri Lanka is capable of producing.’
A lively and wide-ranging Q&E session followed the presentation of the paper. These discussions focused, among other things, on the need for careful planning and implementation of projects in the local public service, which Dr. Fernando described as being ‘in a shambles’. Quite a few members in the audience were appreciative of Singapore’s development experience. Singapore was notable for the emphasis it placed on the Rule of Law and public discipline and it was believed that Sri Lanka needs to take a leaf from Singapore.
Other issues in Sri Lanka’s public sector which sections of the audience felt needed urgent attention and rectification were: political interference, conflict of interest, corruption and an almost total absence of expert planning.
This journalist said at the forum that while equity as a principle of Good Governance was perfectly in order, development thinking needed to go beyond equity to the principle of equality of condition among the people. Redistributive justice is a means to equality of condition. Besides, the country is badly in need of ethical governance and corruption-free rule. Likewise, Sri Lanka needs to see an end to ethnic and religious chauvinism in the public sphere.
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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