Business
Sri Lanka worst affected by geopolitical fragmentations: CBSL Governor
By Sanath Nanayakkare
Sri Lanka’s has been worst affected by ongoing geopolitical fragmentations, Dr. Nandalal Weerasinghe, the Governor of the Central Bank of Sri Lanka said recently. He said so addressing the ‘South Asia’s Path to Resilient Growth’ conference on January 6, in New Delhi.
The conference hosted by the IMF provided an opportunity to discuss how South Asia can build on its development success in the aftermath of the COVID-19 pandemic and geopolitical tensions to achieve its potential. The conference focused on areas that were viewed as key to sustaining high-quality growth over the medium term. It included a discussion on ways to accelerate the income convergence process in the region, leveraging on the still large potential demographic dividend in most countries, reform priorities, including climate-friendly policies for sustainable growth, and ways to cope with heightened vulnerabilities through macro-financial management. The conference brought together high-level participants from the South Asia region.
Governor Nandalal Weerasinghe said,” In my view, Sri Lanka has been worst affected by global fragmentations in addition to its internal policies. Look at Russia-Ukraine war. We know that India, China and many European countries import oil from Russia. But we can’t do that. As a consequence, we have to pay a lot more money for oil imports. Unlike the advanced economies, we are severely affected by this fragmentation. The consequences of such situations, affect countries like Sri Lanka in an unprecedented way. Similarly, the internal policies also have affected the country equally. Sri Lanka was the first country in the region to open its economy in 1977 where we were able to capture trade internationally and regionally. But policies based on nationalism took us from a small open economy to a highly protective closed economy where our trade implications were reversed. It turned out to be a major factor for our current crisis. Unsuitable internal policies pushed us backward. That mismatch was also a reason for the current issues. Although we can’t control external headwinds, we could have controlled our internal policies. All such factors have pushed us backward by a number of decades. Another main reason for this was the lack of strong, independent institutions in Sri Lanka,” he said.
-A transcript of an electronic media report
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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