Business
Presidential green light to expedite Nepal-Sri Lanka FTA
By Hiran H.Senewiratne
President Ranil Wickremesinghe has instructed the relevant local authorities to resume discussions/talks to expedite the signing of a Free Trade Agreement with Nepal, which process came to a standstill from May onwards due to Sri Lanka’s political instability, Nepalese ambassador to Sri Lanka Bashu Dev Mishra said.
“Sri Lanka and Nepal have enormous potential for trade and investment, which could be harnessed well. President Wickremesinghe’s efforts to expedite the signing process of the Free Trade Agreement will enable to develop more trade and investment opportunities for both countries, ambassador Dev Mishra told The Island Financial Review at an event to celebrate the National (Constitutional) Day of Nepal last Wednesday, held at Hotel Taj Samudra.
Ambassador Mishra added: ‘At present the total trade value of both countries is around US $ 90 million, out of which Nepal imports goods to the value of US $ 75 million from Sri Lanka, while Sri Lanka’s imports from Nepal amount to less than US $ 25 million. Therefore, the trade balance is in favour of Sri Lanka, which could be developed once the Free Trade Agreement is signed in future.
‘Once the FTA is signed air traffic will also be increased and at present five Sri Lanka airline flights arrive in Nepal per week. Further, Sri Lanka is one of the top five countries where Nepalese tourism is concerned.
‘Currently Nepal imports tea, pharmaceuticals, rubber and many more items, while Sri Lanka imports only ornaments into the country. With the signing of the FTA, Sri Lanka could invest in mineral water projects, tourism sector projects and vice versa.’
President, Sri Lanka- Nepal Business Council Jagath Savanadasa said that the Commerce Department of Sri Lanka sought information from the Council to recommend Nepal’s membership to the World Trade Organization. ‘WTO admits least developed countries into their membership, which enables such countries to obtain trade and investment benefits, he said.
‘Nepal, yet considered a least developed country, secured support from Sri Lanka to obtain WTO membership due to the longstanding relationship between both countries. Once the FTA is signed Sri Lankan investors could penetrate other countries with whom Nepal is already having FTAs, Savanadasa 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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