Business
Government to support local automotive assembly with 30% locally made automobile components
The Sri Lanka Automotive Component Manufacturers’ Association recently announced that the Sri Lanka government is actively seeking to promote automotive assembly with locally secured components, in order to boost the industry and create better job opportunities. The assembly of 100 vehicles will create more than 250 direct jobs and 100 indirect jobs. If 1000 vehicles are assembled, an average of 2500 direct jobs and 1000 indirect jobs will be created ensuring a solid and confident business environment for the manufacturers.
With the local vehicle assembly, component manufacturers will have a strong market to sell their products as well as improve product quality. It will also safeguard the interests of local automotive component manufacturers.
Sharing his views on the progress of this decision, Dimantha Jayawardena, president of the Sri Lanka Automotive Component Manufacturers’ Association said, “Automotive components manufactured by our members are of the highest quality and conform to international standards. They are fast gaining recognition as OEM products by leading automotive manufacturers. Government has offered this industry policy as an incentive to promote the use of at least thirty-percent of the original components from Sri Lankan manufacturers. This policy is monitored by the Ministry of Industry and Supply Chain under minister Wimal Weerawansa, along with the Ministry of Finance. SLACMA is also grateful to Dilum Amunugama, MP, the State Minister of Vehicle Regulation, Passenger Transport Services, Railway Carriages and Automobile Industries for his active support in driving this policy forward.”
The Memorandum of Understanding (MoU) signed between the Sri Lanka Automotive Component Manufacturers’ Association and the Automotive Component Manufacturers’ Association of India (ACMA) back in 2017 has supported the SLACMA in various ways including the possibilities to enhance technical collaborations through joint ventures, receive support and guidance in policy matters, obtain assistance in finding OEM partners and knowledge sharing between both associations. Sri Lankan Component Manufacturing has entered the Global Supply Chain by the technical collaboration between Ideal Auto Seating and MSKH India, a joint venture of Magna Worldwide – the largest automotive component manufacturer in the world. Magna Worldwide has its presence in 28 countries with 169,000 employees and 338 manufacturing plants.
SLACMA has submitted a 10-year master-plan to the Finance Ministry as a crucial step to take the Local assembly industry and component supply to the next level, as they seek quality certification from their regional counterparts to boost growth. Currently, the Ministry of Finance and Ministry of Industry and Supply Chain is in the process of obtaining Cabinet approval for the Standard Operating Procedure for local assembly and local auto-component manufacturing.
Automotive components presently manufactured in Sri Lanka
1) Tyres
2) Batteries
3) Rubber Components including Bushes
4) Exhausts Systems
5) Seats and Seating Components
6) Radiators
7) Bumpers and Body Interior Panels
8) Center Consoles
9) Suspension Components
10) Truck Trailers
11) Clutch Systems
12) HVAC Systems
13) Complete Dashboard Systems
14) Steering Racks Including Conversion Kits
15) Cables
16) Wire Harness
17) Oil Filters
18) Air Filters
19) Head Light Manufacturers.
20) Truck Bodies / Bowser / Tractor Trailers – More 300 Manufacturers.
(SLACMA)
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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