Business
Sri Lanka set to come out stronger State Minister Cabraal
By Hiran H.Senewiratne
Sri Lanka will come out stronger with more resilience with an exuberant private sector that can withstand shocks, State Minister of Money and Capital Market and State Enterprise Reforms Ajith Nivard Cabraal said.
“Local investors and the business community have faith in a turnaround of the economy and in Sri Lanka’s fortunes, as the new government has already set these in motion. The government will implement in the future favourable measures and policies,” Cabraal told an investor forum titled, “Twenty 21 and Beyond”, organised by Softlogic Stockbrokers. The event was held at Movenpick Hotel on Tuesday.
Post-COVID-19, Cabraal said, exports have bounced back to near-normal, remittances were back on track and a lower oil bill was compensating for zero earnings from tourism. “I will say the external account today is not as bleak as it looked during COVID-19,” Cabraal said. “We have put and are putting in place the building blocks for high growth, despite challenges. We want the private sector to brace itself for a take-off, rather than losing hope, because there are plenty of positives of late, the state minister said.
Cabraal said the government is confident of high growth in the next five years, despite the challenges.
Cabraal said that between 2015 and 2019, the country suffered stagnant growth, rising unemployment, a dwindling rupee, low reserves with the export sector struggling and market capitalisation halving from $ 25 billion to $ 12.5 billion. “This wasn’t an aberration, but real, and everyone felt it,” he said. “These achievements are things which we couldn’t be proud of, but the resilience of the private sector, which is a hallmark, ensured Sri Lanka survived,” Cabraal said He said the previous government budget showed Rs. 2.2 trillion government revenue, but in reality the actual collection was Rs. 1.8 trillion, reflecting a Rs. 400 billion shortfall. “This was due to the downfall of the economy, and everyone felt it,” he opined.
Cabraal said that following the election of Gotabaya Rajapaksa as the President in November 2019, the new administration set its sights on key priorities, including stabilising the rupee (which fell from Rs. 131 to the dollar to Rs. 185 between 2015 and 2019), reducing interest rates and taxes etc. This was critical, though Sri Lanka and the rest of the world was impacted by the COVID-19 pandemic in early 2020. He said that post-COVID-19, the government had to take difficult steps and make a call whether to default on its sovereign debt, versus curbing forex guzzling jobs and lifestyle-impacting imports. “We opted for the latter, because we wanted to send a positive message to the rest of the world that we are a responsible government.
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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