Business
Twenty five per cent decline in apparel exports expected this year
by Hiran H. Senewiratne
The decline in our total apparel exports would be by 25 percent this year on account of the pandemic. This would make a considerable dent in the US $ 4 billion foreign exchange earned annually through apparel exports. But the apparel sector will be able to come out of this crisis stronger than before due to government support, Joint Apparel Association Forum (JAAF) chairman A.Sukumaran said.
Sukumaran was addressing a media round table conference on Tuesday at the Movenpick hotel in Colombo.
He said that JAAF expects further demand contractions that could result in reductions in apparel exports by an additional 30-40 percent after June, in its best-case scenario.
Sukumaran said that Covid 19 affects the apparel supply chain, the export market and due to that the industry is unable to fulfil certain obligations.
” Our industry also builds on three pillars; one is being a reliable supplier and all business practices follow high ethical standards.”
‘The apparel sector is the single largest exporter contributing seven percent to the country’s GDP. When it comes to industrial exports it contributes 59 percent. The industry’s total export earnings is 49 percent, he said.
‘Following this, the social stigma surrounding apparel workers too was expected to have an impact on the apparel sector, Brandix chairman Ashroff Omar said.
He said that his Minuwangoda factory is functioning on a small scale even after detecting the first Covid 19 patient in October. ” We are looking after all employees and police, CID, PHIs, Labour Department and other relevant parties are closely watching our operations, which follow all Health Ministry protocols, Omar said.
‘Most of the small and medium enterprises (SMEs) in the sector depend on fabrics and accessories supplied from China and the disruption of the supply chain due to the global outbreak of the virus affected exporters severely in the first half of this year, former JAAF chairman Noel Piyathilake said.
He said that there are 81 factories out of which 37 are direct exporters and 41 subcontractors, which provide 25000 employment and 15 percent export earnings. “The SME sector is also supporting the informal sector as well. If the SME sector is affected those informal sectors also suffer, Piyathilake said.
Sri Lanka last year earned US $ 5.3 billion from apparel exports, an increase of 5.1 per cent from 2018. Prior to the COVID-19 pandemic the industry originally expected a 6 percent increase in exports for 2020.
Export earnings from apparel and textiles in October declined by 18.93 percent to US $ 356.52 million and by 21 percent to US $ 3.6 billion in the first 10 months of 2020 from a year earlier.
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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