Business
‘SL’s SME sector hit by multiple issues; businesses can no longer plan for the future’
By Hiran H.Senewiratne
The SME sector which contributed more than 80 per cent to the national economy has been affected by multiple issues, such as the power crisis, energy shortage, high inflation and many other external factors, National People’s Power MP Dr. Harini Amarasuriya said.
“In the current situation, all the business sectors, especially the SME sector, could no longer plan for the future, which is by and large a tragedy, Amarasuriya said while participating as Guest Speaker at a Rotary Club of Colombo South/Central/Wattala joint member meeting held at Galadari Hotel on Tuesday.
Amarasuriya added: “Incompetent leaders should be held responsible for the Sri Lankan economic downturn and those leaders did not take proper decisions right from the beginning. That is why we see people in queues to purchase fuel, gas and other essential items.
” When Sri Lanka graduated to middle- income country status in 2008 our donor agencies were reluctant to grant loans to our country. Therefore, we were compelled to take loans at commercial rates, bilateral agreements and through international sovereign bonds.
‘”Raising funds through International sovereign bonds is extremely risky in terms of speculation. Therefore, those instruments are unconditional in nature and sometimes may result in our incurring losses.
“The funds that they raised from international sovereign bonds, the government invested in development projects and those projects did not provide the expected return on investment due to corruption, wastage and high expenditure cost.
“Another main reason for the present crisis is that when this government came to power in 2019, they came up with a huge tax reduction, in which the government lost more than Rs 500 billion to Rs 600 billion annually.
“Further, the government also increased the tax threshold, which was the highest in the region and many taxpayers were able to evade tax payments. Due to that, indirect tax revenue incurred heavy losses.
“The loopholes in the tax system and most corrupt tax collecting entities, such as the Inland Revenue Department and the Sri Lanka Customs, have created deep trouble for the Sri Lanka economy. Those two entities need to be revived and revamped to reap real economic benefits for the country.
“The government’s decision to switch the agriculture sector to organic fertilizer from chemical fertilizer is a failure. This is normally a long process.
“Nowhere in the world do we see countries switching to 100 per cent organic fertilizer, which has to done after considering many factors.”
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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