Business
LC resumption process key to reopen vehicle imports from Japan: industry veteran
By Sanath Nanayakkare
Jagath Ramanayaka at Sri Lanka Automobile Exporters Association in Japan says that even if Sri Lanka lifts the ban on vehicle imports, it will take a considerable period of time for the banks in Japan to resume the acceptance of letters of credit (LCs) issued by Sri Lanka.
Speaking to Hiru TV recently Ramanayaka said,” It would be difficult to develop an economy without importing new vehicles. For example, the tourism industry needs new vehicles to transport the tourists to the destinations they want to visit safely and conveniently. There is a dynamic relationship between sustainable transportation and tourism to economic development. If something unfortunate happens as a result of the condition of a tourist vehicle, it would bring disrepute to our tourism sector and to its good image. Other countries that faced a similar situation have allowed the importation of vehicles.”
“During the pandemic period, our letters of credit which had been sent to Japan were immediately suspended by the government of Sri Lanka. Thus letters of credit coming from Sri Lanka were annulled forthwith without any proper prior notification. So even if the vehicle import ban is lifted, a lot of vehicles won’t be coming to Sri Lanka because of this notification given to the banks in Japan. It will take a long time for smooth imports to take place.”
“The import of electric vehicles can’t be done so soon. This shift has to take place on a staggered basis. If we try to do it far too soon, we will experience the same hardship that we faced when the authorities decided to impose a ban on chemical fertilizer imports and switch to organic fertilizer overnight. So, transition to electric vehicles should be done gradually within a period of 5 to 10 years.”
“I deal with 50-60 countries as an automobile dealer. They have properly laid out constant tax policies. Governments in the past suddenly announced new tax policies within 24 hours. In Japan, when the government decides to bring in new tax policies, they inform the industries and the general public well ahead of the enforcement of such policies to ensure the smooth operation of the market. Sri Lanka also has to follow such firm and robust frameworks to allow business confidence to remain in place and also some certainty in doing business in the country,” he said.
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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