Business
SL seen as losing billions of dollars as a result of not making use of her locational advantage
By Hiran H.Senewiratne
‘Sri Lanka is located at the heart of a vital global shipping line and more than 45000 ships and an equal number of aircraft navigate this route via Sri Lanka’s Dondra head annually. However, not a single ship nor aircraft is enabled to make a stop-over at Dondra for bunkering, re-fueling and other operational services which could bring in billions of dollars for the country. Thus, we could be seen as sitting on a gold mine, former chairman, Sri Lanka Ports Authority and Ceylon Shipping Corporation Ranjith Wickramasinghe said.
Wickremasinghe made these observations at a zoom forum organized by the Institute of Certified Management Accountants of Sri Lanka (CMA) on the subject, “Solution to the Debt Crisis Using Nature”, last week.
Extracts from Wickremasinghe’s presentation: ‘Sri Lanka is now grappling with a huge debt trap running into about US $ 60 billion. Because of that the entire country is now suffering. In 2018 our national debt amounted to US $ 18 billion and now it has gone up to US $ 60 billion. But over the last decade our economy grew by 40 per cent until the debt balloon burst.
‘When we study the factual situation we find that every six minutes some ship of aircraft passes our southern region and we don’t get a single dollar, especially because ships arriving from East, South and West through the Suez canal by pass Dondra and call over at Singaporean ports.
“Sri Lanka enjoys a 200 nautical mile Exclusive Economic Zone but foreign ships merely navigate through this route without paying anything to Sri Lanka, causing severe damage to nature, which damage has not been quantified by Sri Lanka.
‘Thirty per cent of world trade takes place along this route. Sometimes huge ships that carry more than 25000 containers consisting of retail goods that go from the USA to China and vice versa traverse this route. These two countries together contribute more than 60 per cent to world trade.
‘Most of these ships coming from the Suez canal cut through Dondra and reach Singapore without going round, which reduces traveling by 400 nautical miles or by one day, saving 200 tons of fuel. Average cost of a one ton of fuel is US $ 100, which amounts to about US $ nine billion. If Sri Lanka functioned as a bunkering point/ fueling point we could earn more than US $ nine billion per year by serving 45000 plus ships. Apart from that if Sri Lanka offers other operational services to those ships, we could earn another US$ 12 billion.
‘Sri Lanka must support the United Nations, World Bank and other quarters to salvage it from the US $ 60 billion debt trap. Our debt to GDP is not sustainable. We should avail of a debt waiver for two years until our trade balance becomes stable. We should then go in for bridge financing for another two years and after five years we could become rather stable.’
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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