Business
Light on Sri Lanka-Canada political landscape and business challenges
The Chamber of Young Lankan Entrepreneurs (COYLE) kicked off its series of monthly meetings for 2023 with an insightful discussion led by Eric Walsh, the High Commissioner of Canada to Sri Lanka and the Maldives.
Walsh initiated his keynote address by drawing an intriguing comparison between the political landscapes of Sri Lanka and Canada. Unlike the frequently binary and adversarial nature of politics in many countries, where politics can resemble a blood sport, Sri Lanka’s political scene is characterized by a unique fluidity. Political alliances often shift, and the middle ground is not as distinctly defined. This understanding of the political ebb and flow is crucial for any foreign entity looking to establish business ties in Sri Lanka, as it significantly impacts the economic and regulatory environment.
The High Commissioner’s speech also underscored the complexities extending from the political sphere into the business sector, particularly when forging Sri Lanka-Canada partnerships. He addressed one of the most pressing challenges – corruption and bribery. These unethical practices not only side-line policies but also pose a significant risk for Canadian companies, as under Canada’s stringent laws, companies can face prosecution on home soil for engaging in bribery overseas. This acts as a significant deterrent for Canadian businesses contemplating ventures in Sri Lanka, thereby limiting opportunities for economic collaboration.
Despite these challenges, Mr. Walsh expressed cautious optimism about Sri Lanka’s future, likening its current position to a crossroads. Drawing from his vast diplomatic experience and time spent in Sri Lanka, he emphasized that confronting corruption and driving toward a more transparent, equitable business environment could act as the catalyst for Sri Lanka’s economic renewal.
COYLE’s series of meetings are strategically designed to promote dialogue on these pressing issues. By fostering an environment conducive to entrepreneurship, COYLE aligns with economic development initiatives and the government’s efforts to stimulate growth. The objective is to pave the way for ethical, mutually beneficial business partnerships that will contribute to Sri Lanka’s international economic development.
COYLE remains steadfast in maintaining this momentum, with plans to host a variety of guest speakers from diverse backgrounds in future meetings. These discussions will continue to focus on the multi-dimensional challenges and opportunities that Sri Lankan entrepreneurs face in a global context.
As Sri Lanka navigates through its political and economic challenges, platforms like COYLE, which foster open dialogue and collaborative thinking, are crucial in shaping a more prosperous future for the nation. COYLE’s initiative in championing such discussions is a testament to its commitment to the betterment of Sri Lanka and its entrepreneurial community.
As we look towards the future, COYLE will continue to serve as a beacon of hope and a catalyst for change, advocating for ethical business practices, economic growth, and the development of a robust and dynamic entrepreneurial ecosystem in Sri Lanka.For more information, please visit www.coyle.lk or contact our media liaison at admin@coyle.lk
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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