Business
Russian delegation to visit Sri Lanka to boost mutual trade, investment and tourism
By Sanath Nanayakkare
A leading Russian business mission comprising dynamic private companies in sectors such as energy and oil, nuclear power, fertilizer, pharmaceutical manufacturing, information technology, ship building and manufacturing of general products is likely to arrive in Sri Lanka in March 2023, to explore investment opportunities in Sri Lanka, and to identify and connect with Sri Lankan companies with common business interests.
This was revealed at a meeting of the Sri Lanka-Russia Business Council hosted by the Ceylon Chamber of Commerce last week.Manjula de Silva, Secretary General and CEO of the Ceylon Chamber of Commerce said that the two countries bilateral trade has currently declined to around USD 300 million despite the fact that Russia has become a very important source market for Sri Lanka Tourism.”
“In 2021, when Sri Lanka Tourism had been at a low-ebb, Sri Lanka was fortunate to have over 50,000 Russian tourist arrivals to the country. And in the first 10 months of 2022, Sri Lanka has recorded 57,000 Russian tourist arrivals accounting for 10% of total arrivals to Sri Lanka. By the end of the year, these numbers will move further up, and I believe that 2023 will be an even better year whereas Russian tourist influx is concerned.”
However, he referred to the low bilateral trade volumes and urged the business community in the audience to earnestly explore new avenues to boost trade and investments with Russia, taking advantage of the excellent bilateral relations between the two countries.
“We have tremendous potential to grow investments and trade going forward, and the Board of Investment of Sri Lanka (BOI) also will help potential Russian investors to learn everything about fast-tracking the implementation of investment projects in Sri Lanka,” he said.
Renuka Weerakone, Director General of BOI said that her institution is able to and willing to support potential Russian investors to invest in any sector of the economy as they wish.She pointed out that Sri Lanka has declared a dedicated zone of 400 acres for new pharmaceutical ventures and urged the Russian Trade Commissioner to include several Russian pharmaceutical manufacturers on the planned delegation visit to Sri Lanka so that the BOI could show them what Sri Lanka can offer in setting up their plants and how they can carry out their operations in the zone in a win-win situation.”
She explained different investment thresholds which are available to encourage investments in different sectors, the entitlement they would receive to import capital goods on a duty-free basis and about the service the BOI provides to investors by handling Customs functions online to make their life easy.
“We recently introduced a 5-year resident visa for foreign investors reducing the hassle of renewing the documents every year provided they are compliant with the conditions of the relevant agreements, therefore, I urge Russian investors to see for themselves the favorable investment climate when they visit Sri Lanka in March 2023 ” she said.
Trade Commissioner of Russia speaking at the event said that he had had several discussions with Sri Lankan authorities including the Prime Minister and the Minister of Power and energy.
“Most of the discussions centred on energy production, oil and gas and manufacturing of fertilizers. We discussed nuclear power too. These are under consideration at government level. When it comes to tourism, opportunity is open for Sri Lankan visitors to travel to exotic Russian destinations. Other areas we focused on were digitalization of public services, development of agriculture and manufacturing of fertilizers. Russia can also export several types of pharmaceuticals to Sri Lanka such as anti-cancer drugs,” he said.
The Russian Trade Commissioner said that he would send out invitations to Sri Lankan companies to take part in Russia trade shows in 2023.Russian Ambassador Levan Dzhagaryan met with Minister of Power and Energy Kanchana Wijesekera on December 15. The meeting focused on the requirements of Sri Lanka’s energy sector. Accordingly, the fuel requirements, refinery operations, challenges in coal supply and the Memorandum of Understanding (MoU) signed for nuclear energy cooperation with Rosatom – a Russian state-owned corporation specializing in nuclear energy, nuclear non-energy goods and high-tech products – were discussed.
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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