Business
JAAF calls on govt to set out apolitical Roadmap as a pragmatic call to action
Warns brands may move to alternate production locations Industry bracing for 20% reduction in orders, export earnings to take a hit
Amid rising apprehension of a global economic recession and resulting softening of international consumer demand, Sri Lanka’s Joint Apparel Association Forum (JAAF) reiterated its demand for systemic economic and political reforms to restore stability, and rebuild trust and confidence in the nation – locally and globally. Addressing the impact of the ongoing volatility on the sector, JAAF noted that Sri Lanka’s apparel sector had continued to display outstanding resilience by continuing to fulfil all existing orders and production schedules in the face of unprecedented adversity.However, at a time when global consumer sentiment is expected to weaken and many in the industry are bracing for a potential reduction in orders by as much as 20% in the next season’s orders (June to August), the association warned of serious negative consequences if policymakers continued to delay on the sweeping reforms needed to put Sri Lanka back on track. Accordingly, JAAF called on the government to immediately commence discussions with credible policy and industry experts towards rapid development of a practical, apolitical roadmap for Sri Lanka’s Economic Recovery.Secretary General of JAAF Yohan Lawrence stressed that the need of the hour is to ensure that Sri Lanka continues to maintain the confidence of its buyers by remaining resilient amidst the coming global economic crisis.
“For more than 30 years – including multiple global and regional economic downturns – the Sri Lankan apparel industry has built a reputation that reflects the highest levels of reliability, quality and sophisticated technical capabilities. Particularly in recent years, these efforts have been complemented with a truly visionary approach to innovation, sustainability and circularity in fashion.
“Owing to unprecedented national economic mismanagement, this sector, which has long served as a fundamental pillar to the Sri Lankan economy, is now under serious threat. Any plan for economic revival must prioritize support to apparel manufacturers large and small, and leverage this strength to help stabilize the Sri Lankan economy. We need sustainable, decisive solutions and we need them now,” Lawrence said.
Over the course of 2021, Sri Lanka’s apparel sector increased its earnings by 22.9% Year-on-Year (YoY) generating US$ 5.42 billion in export earnings, and accounting for almost half of all merchandise exports, in addition to providing gainful employment for a workforce of approximately 1 million (direct and indirect).
Moving forward, Lawrence noted that the apparel sector’s most urgent need was a stable energy supply to ensure operational continuity.
“Large Sri Lankan apparel manufacturers have been among the most effective adopters of renewable energy technology, particularly solar energy. Together with other optimizations in energy consumption, these proactive measures have mitigated some of the worst disruptions to production.
“There is also potential to build on these initiatives over the medium term. However, what can be done is limited if the government is unable to meet its obligations in terms of energy supply. Given the success of renewables, it is clear that the state-owned energy suppliers must also place re-emphasis on such sources” he noted.
In addition to economic reforms, JAAF also reiterated the demand from the Joint Chambers calling for the abolition of the 20th Amendment to the constitution as a first step to driving systemic reform of Sri Lanka’s political culture.
“All Sri Lankans, including those in positions of power today agree that the root of the nation’s economic woes are in its dysfunctional political culture. In order to achieve meaningful economic recovery, we need political leaders willing to sacrifice their own interests in order to advance those of ordinary citizens. Without this systemic change, we cannot achieve the stability necessary to navigate our way out of the current crisis,” Lawrence stated.
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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