Business
Sri Lanka’s foremost economic challenges
By Lynn Ockersz
From a macroeconomic perspective, an accelerated economic revival post-COVID-19 through an inclusive national development strategy, debt refinancing and strengthening public finance, are among the foremost economic challenges facing Sri Lanka at present. Going forward, there will be a strong focus on agriculture in ensuring food security, along with more attention being given to local manufacturing and industries, CEO, Ceylon Chamber of Commerce Manjula de Silva said.
Answering a series of questions posed to him by ‘The Island Financial Review’ CEO Manjula de Silva said, among other things, that energizing the local SME sector was one of the CCC’s core areas of concern.
The questions and answers were as follows:
* What are the main challenges facing Sri Lanka at present?
Main challenges from a macroeconomic point of view will be accelerating economic revival post-Covid-19 through an inclusive national development strategy, debt refinancing and strengthening public finance.
There are structural reforms required to ensure growth in several key focus areas such as digitization, health, education, food security, energy sufficiency and public enterprises.
* In what principal directions do you see the local economy evolving?
There would be a greater focus on agriculture in driving food security. We will also see more attention given to local manufacturing and industries. We hope the focus would drive competitiveness in the industry so these sectors not only cater to the domestic demand but also reach foreign markets.
* How best could Sri Lanka’s export sector be revived?
The continuation of the National Export Strategy by the government is welcome as it was a joint public and private sector strategy to drive exports. It can now be enhanced to look at the Post-COVID-19 opportunities as well.
We also need to resolve some of the domestic barriers to export that limit competitiveness. Key initiatives like the establishment of a National Single Window and a new Customs Ordinance, which have both been in the pipeline should be prioritized. This will support both domestic and international trade.
* What are your proposals for energising the local SME sector in the short and medium terms?
This is a key area for the Chamber and in our Sri Lanka Economic Acceleration Framework launched last year, we had several specific proposals. Some of these proposals include streamlining the state institutions catering towards SMEs, improving access to Finance and Markets and scaling up SMEs.
The Ceylon Chamber of Commerce recently established the Centre for SMEs creating a focal point for delivery of existing services the Chamber was providing to SMEs. The Chamber will continue to assist and guide SMEs through Capacity Building Initiatives, Business Advisory services and facilitating market and business linkages. We will continue to also work to resolve existing regulatory and compliance barriers faced by SMEs in both domestic and international markets.
* Any suggestions for further developing local entrepreneurship?
The Ceylon Chamber believes that promoting local entrepreneurship is key to accelerating economic development in a sustainable and inclusive manner. Hence, the Chamber will establish a Start Up Council soon under its umbrella to encourage and foster start-ups that have potential to turn into successful business ventures that will contribute to generation of both employment opportunities and export revenue.
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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