Business
Investment costs in Sri Lanka seen as having doubled over the past months
By Hiran H. Senewiratne
The current US dollar crisis and high US dollar rate discourage investing in Sri Lanka because the investment cost has doubled during the last few months, a leading end-to-end auto care specialist said.
“We were planning to invest in Sri Lanka in a big way but abandoned our plans due to the high US dollar rate and shortage of labour for the auto care industry. Skilled labour problems arose during the Covid 19 lockdown period; most of them left the country for higher salaries, Director, Auto Miraj, Ramith Sarathchandra told The Island Financial Review.
Sarathchandra said that most overseas business plans with Bangladesh and Qatar have been put on hold due to the current situation.
Auto Miraj, end-to-end auto care specialists will be investing Rs 200 million for branch expansion and opening Sri Lanka’s first-ever water steam car wash centre at the Colombo City Center, he said.
Sarathchandra added: ‘We will invest Rs. 100 million to open the first car- cleaning centre using steam wash. This new technology will minimize the use of water using less than two litres of water to wash a vehicle, minimizing the environmental impact as well.
“Initially we will have space to wash six vehicles and will expand it towards the end of 2022.
“In addition, we will be opening our next branch in Kurunegala next month and this will be followed by the opening of three other branches in Vavuniya, Badulla and Gampaha and we hope to invest around Rs, 100 million for this expansion drive.
“Finding skilled painters is a major issue as after learning the basics in Sri Lanka they migrate to the Middle East. Unfortunately, we can’t retain them since we cannot match the salaries the Gulf offers to skilled painters.
“Today Auto Miraj owns the largest automobile maintenance network in Sri Lanka and also filling stations and tyre shops and has also ventured into setting up professional automobile workshops and body shops. Auto Miraj provides genuine spare parts for all Japanese, European, Indian and other vehicles.
“Auto Miraj was also the first to introduce ‘Glass coated paint’, which not only protects the body against minor scratches but also safeguards from bird- droppings, dust and other substances.
“Auto Miraj was set up in 1994 at Ratmalana and as chairman and founder of Auto Miraj, Iroshan Sarathchandra saw a vacuum for professional auto care in Sri Lanka. He introduced many firsts, which included auto hoist clean undercarriage, turbo pressure pumps, engine spray- cleaning, customer lounge with refreshments and free Wifi, prior appointments for customers, dedicated and car cleaning chemicals and many more.
“Auto Miraj has also launched two ‘senior citizen care’ projects in London through 365 Care Homes Ltd.”
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.”
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
