Business
Seylan Bank guides SMEs towards expanding their footprint in the export sector
As a responsible banking entity that seeks to harness the potential of individuals and businesses in Sri Lanka, Seylan Bank, the Bank with a Heart, has identified SME Exports as a sector with much potential to contribute to the national economy.
Acquiring foreign revenue is one of the critical needs at present. While worker remittances have been a key contributor to the growth of foreign reserves, the drop in worker remittances and the use of unofficial channels to remit money has affected the country’s available reserves, driving down the country’s revenue sources. Within this context, increasing exports plays a key role in strengthening the process.
According to Malik Wickramanayake, Deputy General Manager – Operations, local exporters hold the key to helping Sri Lanka emerge from the crisis. Thus, Seylan Bank has made it a goal to encourage exporters, especially within the SME sector, thereby supporting the country to navigate through the hard times.
“We have identified local SME exporters as an area of focus because there is so much potential here. In addition, despite a significant portion of SMEs entering the export sector, they sometimes lack guidance on best practices to expand their business.
Therefore, the bank has taken considerable efforts to empower SME exporters to become knowledgeable and competent trading partners for their overseas buyers,” explained Wickramanayake.
SMEs with demonstrable sophistication in dealing with foreign contacts along the export chain, will have greater success in retaining business, which makes sharing knowledge and expertise to develop these ventures a necessity. Led by Wickramanayake, the Trade Team at Seylan Bank has identified the infinite potential of exports beyond the traditional fare, and therefore have a diversified portfolio of SME exporters under their wing, ranging from cinnamon, tea, seafood and apparel.
“The department plays a mentoring role especially tailored for SMEs, since some of these entities are fairly new to the export sector. From guidance on increasing their bottom line, negotiating terms for export, and post shipment finance to assisting with imports of raw material required for exports, the bank imparts its proven expertise for the benefit of our SME clients,” he adds.
Furthermore, Seylan Bank provides comprehensive advisory services, as the bank has understood that the highly technical nature of trade can prove to be a barrier for entry for most SMEs. Exporters receive guidance on approaches and solutions to the diverse challenges they face in the trade process, from sorting out the immense amount of documentation to the practical aspects such as capturing the right export markets to get their businesses off the ground.
“It is important to fund and support local SMEs to bring foreign revenue into the country and Seylan Bank is dedicated towards facilitating this national enterprise. In addition to working closely to push our existing business partners to channel more funds through us, we are also exploring new potential groups we can establish relationships with,” concluded Wickramanayake.
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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