Business
NCE warns of ‘increasing chaos and mass protests’
‘A lethal combination of divisive politics, disastrous economic policies and persecution of minorities has destroyed the country’s image as a South Asian success story. In this context, the country cannot simply afford yet another cataclysm. Whilst the political instability, inflation, fuel prices and shortage of food supplies continue to drastically affect average citizens, a more likely scenario is increasing chaos and mass protests by the general public, the National Chamber of Exporters of Sri Lanka says in a press release.
Extracts of the release: ‘Already the negative image created though all social media platforms has a negative effect on Sri Lanka which in turn affects all international relationships. It is reported that many international buyers have moved to other suppliers in the region due to loss of confidence. This will have detrimental effects on Sri Lanka’s export industry if corrective action is not taken faster to restore country’s political and economic stability. Moreover, it is now also a daunting task to obtain bank facilities, further disturbing country’s trading activities.
‘In this context, the National Chamber of Exporters of Sri Lanka (NCE) makes a special appeal to the government to take prompt action in reconciling all affected areas of the country. The IMF has detailed measures to help Sri Lanka restore macroeconomic stability and debt sustainability whilst safeguarding financial stability. In this context, eradicating corruption by political, state and other parties are also mandatory to unlock Sri Lanka’s growth potential. Also, establishing stronger and strategic relationships with fellow countries will definitely support Sri Lanka in its path to recovery.
‘The multibillion dollar loans may have stabilized the nation from the depths of its crisis, yet a lack of reforms and further economic hardships could send protesters back to the streets. Hence, the Chamber insists government to take a serious look at the soaring Cost of Living. According to UNICEF, Sri Lanka has the highest acute malnutrition, where almost 17% of under 05 years are suffering from deceases that carries the highest risk of death. This has taken Sri Lanka to the top 10 countries of malnourished children, which is a grave concern.
‘Sri Lankan consumers are sinking with over 50% of the households cannot afford to purchase essential food items. The quality of life of an average Sri Lankan is fast declining. According to a latest report released by the University of Peradeniya, a 42% Sri Lankan households are in poverty, to be specific 9.6 million of our people. To make things worse, tax payers will be further subjected to a 36% of taxation from November onwards as announced by the Department of Inland Revenue. The effects will definitely be catastrophic.
‘Considering the fact that any government to be given a considerable period of time to bring back a fraught economy to normalcy, while ruling parties must work out immediate solutions to address the most perilous issues at hand.
‘The time is right to implement robust economic drives, including implement mass agriculture to ensure food safety, control corruption, establish political stability and importantly to sign up Free Trade Agreements with countries like Singapore, Malaysia and China and penetrate on the existing FTAs with India and Pakistan for improved bi-lateral relationships and harness support from neighboring countries. As IMF has very clearly pointed out, we have to focus on stringent implementation of clear policies and work tirelessly with one vision to bring Sri Lanka back to its glory.
‘Exports are vital, as it is the only sector currently bringing the much needed foreign currency to the country, without which the country will further plummet economically. Hence supporting to run and sustain exports is mandatory. Export Value Chain has to be continued, supporting all stakeholder organizations to provide an uninterrupted service to exporters, continued riots will disrupt these services, paralyzing exports which will have mortal circumstances.
‘The NCE, urges the president and the cabinet to bring solutions immediately which is the need of the hour, regardless who remain in power.’
‘The NCE is committed to support the authorities to engender change in rebuilding our economy through exports.’
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
