Business
United States supports Verité Research in identifying ways to improve youth entrepreneurship
The United States has supported Verité Research in producing its latest youth labor market assessment. The findings were presented to the public via a webinar titled, “Improving Youth Employment & Entrepreneurship in Sri Lanka: Insights & Strategies” on November 19. It was supported under the U.S. government’s development arm the United States Agency for International Development Agency (USAID)-funded youth skills development and entrepreneurship project, YouLead.
The assessment focused on developing innovative methods to improve employment and entrepreneurship among youth in Sri Lanka. Findings focused on overcoming challenges relating to youth unemployment and low female participation in the workforce and to promote entrepreneurship among youth.
USAID Mission Director Reed Aeschliman noted the importance of strengthening the entrepreneurial mindset that can lead to more gainful and self-employment of youth in Sri Lanka. He further emphasized the importance of increasing women’s participation in the economy and taking effective steps to create more economic opportunities for youth to foster sustainable and inclusive economic growth.
Executive Director Verité Research Dr. Nishan de Mel, who led the research team, noted that this study aimed to tap into the extensive body of research available to devise quick and practical solutions the private sector and other stakeholders can use to unlock employment and entrepreneurship opportunities for youth in Sri Lanka.
The report’s key recommendations are:
1. Moving youth to Own-Account Work (OAW) – The assessment recommends re-thinking the path to youth entrepreneurship by encouraging and supporting youth to become own-account workers before becoming fully-fledged businesses. Verité estimates that if Sri Lanka can successfully promote OAW among youth in Sri Lanka, through awareness building about OAW and supporting access to markets via the usage of digital platforms, the country may see the setup of 216,000 new micro and small businesses in the future. This can also eventually lead to the creation of almost 400,000 new jobs in the country.
2. A case for state supported maternity leave benefits – The assessment proposes Sri Lanka to shift towards a state-supported maternity leave program via tax concessions. That way it will reduce the discrimination that women aged 20-40 years face in the labor market stemming from mandatory employer-funded maternity entitlements. Verité estimates that this could cost as little as 0.25% of tax revenue (Rs 4.2 billion) annually, much less than other government welfare and employment programs. This can lead to increased economic participation by women, helping to inject more income to households, cushioning the impact of post-Covid job losses, and acting as an economic stimulus to the private sector.
3. Engaging disengaged young women: The assessment finds that disengagement from the labor market is a gender problem in Sri Lanka, with 89% of those disengaged being women. However, nearly one out of every three disengaged young women are interested in working and Verité Research proposes implementing Return-To-Work programs with flexible working options to target women who have left the workforce for family-related reasons but are now interested in returning to work. Verité Research estimates that it could lead to the addition of a potential workforce of 243,000 new workers for the Sri Lankan labor market.
Charles Conconi, Project Director YouLead, concluded the program by thanking the Verité Research team’s efforts and USAID for supporting this valuable research. He emphasized that Youlead is committed to engage in practical and evidence-based interventions to improve youth entrepreneurship and women’s employment in Sri Lanka.
The full research report can be accessed here:
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.”
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
