Business
‘Government going to the financial rescue of MSMEs’
By Hiran H .Senewiratne
The Cabinet took the initiative to provide financial assistance and support to micro, small and medium enterprise (MSME) industrialists who are struggling to do business due to adverse impacts of the COVID pandemic, the Minister of Industry and Commerce Wimal Weerawansa said.
“For that matter I have presented a Cabinet proposal titled ‘Difficulties Faced by Small and Medium Enterprises’. The proposal made to the Cabinet meeting held two weeks ago was approved with few amendments. We are ready to publish all the contents in another week, Weerawansa said during a webinar held last Saturday evening.
The event was organized by the Sri Lanka Chamber of Small and Medium Industries (SLCSMI) and was powered by the Institute of Money and Entrepreneurship Development (IMED). The event was titled ‘Empowering MSMEs to embrace the new normal’.
Weerawansa said this initiative will provide financial relief to SME industrialists who are faced with various difficulties amid the pandemic.
“These entrepreneurs need a little financial support to continue with their business activities that were impacted by the pandemic, he said, adding that all countries are faced with economic difficulties.
Weerawansa added: “The entire world is faced with a most unprecedented pandemic and all economies are faced with different challenges. Economic activities have been impacted severely and all industries are making every effort to stay afloat in these uncertain times.
“A special Guarantee Fund is now established under the Finance Ministry to support inventors.
“The Guarantee Fund is available for industrialists who can invent market-winning products, but do not have the capital to do so mainly because they are unable to obtain bank loans.
“The fund was established with the support of the Asian Development Bank (ADB).
“The Guarantee Fund was a 2020 budget proposal, which was implemented by Prime Minister and former Finance Minister Mahinda Rajapaksa.
“The ‘Empowering of MSMEs to embrace the new normal’ initiative by the SLCSMI which helps to build the mindset of entrepreneurs and industrialists is commendable.
“If the mindset breaks down, entrepreneurs will not be able to overcome the challenges despite their financial capabilities. That encouragement is essential at this moment – to revitalize a broken-minded entrepreneur, an industrialist, by pointing out their weaknesses and assuring them with a ‘you can’ mindset to overcome the challenges. The Chamber has stepped in to fill a key void in the industry.”
President, SLCSMI Prof Rohan De Silva said that the SME sector contributed more than 55 percent to 65 percent to the GDP. Therefore, to support this sector is the need of the hour, while the country’s economy is in a serious state.
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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