Business
Korean companies sign MoU to construct LRT line from Negombo to Colombo
Mega mixed development project too on the cards
A Memorandum of Understanding (MoU) was signed between KCI Metro Link Korea Company Ltd. and the GBK Consortium Ltd. of the Republic of Korea to conduct a feasibility study in order to construct an LRT line from Negombo to Colombo via Bandaranaike International Airport of Colombo as well as a mixed development project.
The MoU was signed between Dr. Parimalam Rajo Isa Michael, President of KCI Metro Link Korea Company Ltd. and Dr. Byung Chun Shin, CEO of GBK Consortium Ltd. last week in the presence of the Ambassador of Sri Lanka to the Republic of Korea, Dr. A. Saj U. Mendis. In this regard, the Consortium is to utilize approximately USD 500 million concessionary loan of the Korean EXIM Bank extended to Sri Lanka and to raise well over a USD one billion from international investors and money center banks. This mega project could transform the entire sphere of connectivity in the Colombo District, thus establishing greater connectivity between and amongst cities and villages in the District. This mega development project could elevate the District of Colombo as one of the more efficient and connected districts not only in South Asia but in the entire Continent of Asia.
At the signing ceremony of aforementioned MoU, which was attended by over 15 members of the Consortium and potential investors, Ambassador Dr. Mendis addressed the gathering after the conclusion of the signing ceremony. Dr. Mendis, during his 50-minute address, stated that world over be it advanced economies or developing economies, the connectivity or highways have played a critical, decisive and seminal role in economic advancement and augmentation of the countries. In this context, Dr. Mendis delineated a number of countries, including the Republic of Korea and Malaysia, which have rapidly developed due to connectivity. Further, Dr. Mendis stated that Sri Lanka, at this juncture, is very well positioned and very well poised to receive Foreign Direct Investments (FDI) and Foreign Institutional Investments (FII) since all foreign investments are protected by the Constitution of Sri Lanka. On the same note, Dr. Mendis stated that, today, Sri Lanka is where the Republic of Korea was in late 1980s, approximately 30 years ago. He added that key and determining attributes such as political stability, rule of law, conducive investment environment, human & natural resources and potentiality, to name a few, are well pronounced and are present in Sri Lanka, thus making the country a potential Mecca for FDI and FII in the region.
Dr. Mendis also equated the current stage of the economy of the country to an equity market/stock market, which is about to rise. He stated that most equity markets begin to rise with skepticism, they rise with pessimism, they peak with optimism and they crash with euphoria. Dr. Mendis urged and entreated the potential investors to seize and capture the opportunity of the economy of Sri Lanka similar to an equity market about to rise, since the economy of Sri Lanka is at the first stage of beginning to rise.
After the address, Q&A session followed, during which, many queries and clarifications were addressed.
(Sri Lankan embassy in Korea)
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
