Business
Sri Lanka to submit application to join RCEP trade bloc
=RCEP sets up a lot of Asian trade for final markets in Asia
=Progressively lowers tariffs across many areas
=Gives incentives for companies to build supply chains within the region
By Sanath Nanayakkare
President Ranil Wickremesinghe last week said that the government would be submitting an application this week to join the Regional Comprehensive Economic Partnership (RCEP).RCEP is a free trade agreement among the Asia-Pacific nations of Australia, Brunei, Cambodia, China, Indonesia, Japan, South Korea, Laos, Malaysia, Myanmar, New Zealand, the Philippines, Singapore, Thailand, and Vietnam.
The 15-member countries account for about 30% of the world’s population and 30% of global GDP, making it the largest trade bloc in history. Signed in November 2020, RCEP is the first free trade agreement among the largest economies in Asia, including China, Indonesia, Japan, and South Korea.
‘The government will this as it is trying to build its crisis-hit economy’, the President said.
He made this statement while addressing the AGM of Sri Lanka Institute of Directors (SLID) held at the Cinnamon Grand Hotel on 29th June.
“If we receive RCEP membership, it will put us into the whole of South East and East Asian markets. We have already spoken to India about upgrading our free trade agreement with them. We are going to talk to the EU also about how we can deepen our trade agreements with them. Such strategic partnerships and renewed trade agreements are necessary to build competitive and robust industries in Sri Lanka, and joining the RCEP would be an important entry point in this endeavour,” he said.
President Ranil Wickremesinghe expressed hope that Sri Lanka would be able to shed its bankruptcy status by September 2023 and urged everyone to work collectively to back the government’s efforts.
“Whether you are Sinhalese, Tamil, Muslim or any other nationality, no one likes to be called ‘bankrupt’. If you dislike it as an individual, why should we collectively have this label on us? We must get rid of it,” he said.
“A Climate Prosperity Plan was launched in November, for which more resources are required from the government and from other investments, including private investments. Sri Lanka needs to work in line with this plan and the reviews. If we fail, the country will lose $700 million the World Bank is set to provide the country. Therefore, Sri Lanka needs to play a more active role in the area of climate resilience programmes”, he said.
The President said that after completing domestic debt restructuring, he would ask the chambers, the professionals, the trade unions, farmers and all other stakeholders to discuss a Social Contract that addresses the concerns and aspirations of all the people. All of us must have a fair share of prosperity; not only a few rich people. That’s another discussion we are planning with the objective of creating a secure future for all the people,” he said.
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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