Business
‘State sector red tape stifling SMEs’
(L to R) Colin Fernando, Prof. Rohan de Silva, Mohideen Cader and Chaminda Kumarasiri Pic by Kamal Bogoda
By Steve A. Morrell
The SME sector, contributing $ 48 billion to the GDP, is stifled by government red tape. SME entrepreneurs and industrialists who wish to commence ventures have to often be in waiting for years before such projects are approved by relevant government bodies.
Some give up in disgust after suffering irretrievable losses because of being shunted from one desk to the other, to have their projects approved. Additionally, rampant corruption compounds the frustration such entrepreneurs have to endure if and when their projects are approved for implementation.
The above disquieting findings were revealed recently at a press conference convened by the Sri Lanka Chamber of Small and Medium Industries.
The head table included president of the Chamber, Prof. Rohan de Silva, Immediate Past President Mohideen Cader, Management Consultant, Chaminda Kumarasiri and Senior Vice President Colin Fernando.
Prof. de Silva introducing the subject to be discussed said the Chamber was 57 years in existence, having commenced in1953. He said the SME sector contributes 60 percent to the revenue of the country. The Chamber works with any government and cooperates with the state to promote the interests of the SME sector.
De Silva said the Chamber was a non profit organization and adhered to its motto, ‘Be Sri Lankan, Buy Sri Lankan’. He expressed his thanks to Minister Wimal Weerawansa who granted the Chamber an interview within two days of assuming office to discuss matters that require the minister’s intervention.
Management Consultant Chaminda Kumarasiri said there were three serious matters that require official attention. Red tape, cash flow and collateral. Red tape was the most frustrating factor when seeking sanction for a project.
Quite often, because of these frustrations an entrepreneur would abandon a project, often ending in penury. His jeopardized cash flow also obstructed an entrepreneur’s progress. Banks were reluctant to lend, considering the interminable papers that had to be completed before such projects even got started.
Of importance was also the fact that when state personnel changed, policies also changed, resulting in lack of continuity. Such changes caused confusion to small holders who were usually of rural origin.
Vice President Colin Fernando said although the corona pandemic caused restrictions to entrepreneurs, official support was imperative if the sector was to contribute to the economy. He said China’s progress from a backward country to that of a world economic power was instructive. Chinese policies if applied in the Sri Lankan context could prove effective.
Immediate Past President Mohideen Cader confirmed government support was an immediate necessity and said the Chamber was now a fully contributory entity to the government’s export business. The Chamber was responsible for continuous progress of the SME sector and cannot be ignored.
He added that entrepreneurs of the North of the country who were saddled with serious odds also required official support.
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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