Business
Sri Lanka’s apparel sector well-positioned to reach $8 Bn. export earnings target by 2025
Industry attempting to attract FDI to Eravur from leading players in fabric – Aroon Hirdaramani
Sri Lanka’s apparel industry expressed confidence in reaching its target of $8 billion in export earnings by 2025, by implementing the concerted initiatives put in place by the sector, in collaboration with the authorities.
These views were expressed at the ‘Sri Lanka Economic Summit 2021’, the flagship event of the Ceylon Chamber of Commerce, held this year on 6th and 7th December 2021, under the theme ‘Springboard for revival: Opportunity to reset’.
Strengthening backward vertical integration and further improving sustainability credentials are vital in achieving the sector’s vision, while enhanced access to key export markets – including within the Asian region – will provide a significant boost in realizing these aspirations, noted the industry.
“At present Sri Lanka accounts for around 1% of the global market share of apparel exports. We are confident that we can reach the industry’s target of $8 billion in export earnings by 2025, by executing the correct strategies,” Sri Lanka Apparel Exporters’ Association (SLAEA) Chairman and Hirdaramani Group Director, Aroon Hirdaramani said. He made these comments as a panellist at the ‘Resetting the Export Portfolio’ session of the summit.
Hirdaramani noted that the efforts to strengthen backward vertical integration of Sri Lanka’s apparel value chain, through initiatives such as the Eravur Fabric Processing Park are critical, particularly in the current context. This would pave the way for the industry to reduce lead times and significantly increase its domestic value addition – which currently stands at around 55%. The latter would also enable Sri Lanka to make greater use of preferential tariff concessions – such as the Generalised Scheme of Preferences (GSP) Plus tariff concessions to the European Union (EU) – a critical market for Sri Lanka in general, and apparel in specific.
“We are working very hard to attract key players in the fabric segment to invest in the new zone, as well as more broadly in fabric mills in Sri Lanka,” Hirdaramani revealed, noting that the zone is expected to be positioned strongly in terms of environmental sustainability.
However, in order to attract such Foreign Direct Investment (FDI) inflows, Sri Lanka needs to strengthen especially its fiscal position and policy, other panellists indicated. This was particularly stressed by the Director of the Growth Lab of the Harvard’s Centre for International Development, Prof Ricardo Hausmann, who made the initial presentation at the session.
“We can gain market share through trade shifts arising from the US – China fallout,” Hirdaramani said further. “The pandemic has also strongly increased the preference for near-shoring among buyers, given how COVID-19 caused vast disruptions to global supply chains. Sri Lanka can position as a hub to serve Asia, but this requires preferential and free trade agreements (FTAs) with more countries in the region.”
The need for greater trade connectivity was also noted by the other panellists. Dilmah Tea – CEO, Dilhan Fernando highlighted the need for FTAs and a more favourable impression of the country internationally, in order for Sri Lanka to expand and diversify its exports. Spa Ceylon – Co-Founder, Shalin Balasuriya too expressed the need for trade linkages, while also drawing attention to the need for trade facilitation – including reducing red-tape associated with the export process.
While securing new FTAs, the panellists – both representatives from the private sector and Sri Lanka’s foreign missions – also voiced the need to retain the existing trade concessions – particularly the GSP+ to the EU.
The panellists, particularly Export Development Board (EDB) – Chairman, Suresh De Mel also emphasised the importance of supporting SMEs in order to increase and diversify exports. In the apparel sector, under the leadership of the Joint Apparel Association Forum (JAAF), initiatives are underway to boost SMEs in the industry.
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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