Business
Port City Colombo project to add 13.8 bln USD to Sri Lankan economy: PwC
The Port City Colombo project will add 13.8 billion U.S. dollars to the country’s economy once fully operational, says a study by PricewaterhouseCoopers (PwC).
The PwC study evaluated the impact of the Port City Colombo project on macroeconomic variables including employment, GDP, FDI, balance of payments, and government revenue, and was presented to the Colombo Port City Economic Commission on Tuesday.
The study found that the project could progressively attract additional investments up to 12.7 billion dollars over the next 20 years.
The PwC assessment evaluates the potential impact of the Port City Colombo across five key macroeconomic variables: Employment, Gross Domestic Product, Foreign Direct Investment, Balance of Payments, and Government Revenue.
Having initiated the original report in early 2020, the November 2021 update explores the effect of the Special Economic Zone status conferred by way of the Colombo Port City Economic Commission Act and the “Five Year Plot Roll-out Strategy” of CHEC Port City Colombo (Pvt) Ltd – the Project Company.
The Port City is envisaged to be focused on high-value modern services such as Information & Communication Technology, maritime services, financial services, and other professional services by leveraging Sri Lanka’s strategic location amongst a fast-growing region, skilled talent pool, low-cost environment, and the ease of doing business offered by the SEZ legislation.
As an oceanfront extension of the existing Colombo Central Business District, Port City is also expected to have a strong destination appeal for city tourism. The five land plots earmarked in the Master Plan for luxury city hotels and an integrated resort could add a room inventory of ~2,900 keys to complement MICE, yachting, medical value travel, business, and leisure travellers.
Considering the mammoth scale of this urban development project, completion is expected progressively over the next 20 years attracting as much as $12.7 bn in additional investment. Providing a globally competitive business environment will be a prerequisite in attracting FDIs which could take-off the development of the Port-City (and the country) to the expected levels.
The analysis shows that Sri Lanka benefits significantly by the Port City development project provided construction and operational stages proceed as planned.
The study said that the construction and operational phases of the project would benefit the national economy if it is properly integrated with the local economy.
The Colombo Port City was built by China Harbor Engineering Company. The project will be Sri Lanka’s first special economic zone for high-end services.
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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