Business
SL spending $ 100 million on polythene from Dubai despite clamps on non-essential imports
Top industry specialists charge:
By Hiran H.Senewiratne
Sri Lanka has spent more than US$ 100 million from January to November 2022 to import all varieties of polythene and polythene related raw material mainly from Dubai, despite there being a restriction on non-essential imports, top industry specialists said.
“Due to this there is an oversupply of polythene in Sri Lanka which has also resulted in the complete closing down of the Sri Lankan ‘polythene recycling business’, which accounts for nearly 30 per cent of the local requirement, members of the Sri Lanka Polythene Recycling Association told ‘The Island Financial Review’ recently.
“This segment also employs around 3,000 people from around 60 companies and their livelihoods are now at stake. But at this juncture when most of the industries are facing a crisis, only polythene imports have increased dramatically in the recent past, which is like a mafia, an Association member who preferred anonymity said.
“With the import restrictions taking effect, some local companies that operate in Dubai purchase this raw material through US $ telegraphic transfers and send it to Sri Lanka and once this material reaches the port, clearing agents under- invoice and pay less taxes to government coffers, Association sources said.
These sources added: “Due to local polythene recyclers opting out of the industry a major environmental hazard is looming as disposal of used polythene has become an issue. Recyclers collect and buy used polythene from homes, factories and collectors and due to cheap imports this business will come to a stand-still.
“With no recycling happening, used polythene will pile up and soon become a major environmental issue. Neither the environmental authorities nor the Central Bank are paying attention.
“When most non-essential imports are regulated we are surprised as to why polythene imports are not regulated as there is an oversupply in the market, which drains around US$ 100 million in foreign exchange per year.
“It is also very surprising that the import duty on polythene raw material (especially virgins) is around Rs. 10 per kilogram, when for some essential food items it is over Rs. 20- 30.
“The total responsibility for this has to be taken by the Central Environmental Authority (CEA) which has turned a blind eye towards regulating the imports and thereby saving around US$ 100 million for Sri Lanka.
“The CEA, way back in 2020, was in a major hurry to ban some polythene material used for the food industry. However, it’s highly questionable as to why that enthusiasm is not being shown by the CEA towards curtailing the free flow of polythene imports.
“What the government should do is have a temporary ban on polythene imports or impose a suitable tax structure because Sri Lanka has had an adequate supply of polythene for almost one year.
“The government can also look at imposing a higher tax for polythene imports, which will reduce the supply to a great extent.”
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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