Business
High powered Japanese business team visits Hambantota Port
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The Hambantota International Port (HIP) supported a joint initiative by the Japan External Trade Organization (JETRO) and the Hambantota Chamber of Commerce, which are on an initiative to attract investments into the southern hinterland of Sri Lanka. In line with JETRO’s business engagement in India, the delegation of investors consisted mainly of Japan-based business organizations with branch offices in India and some in Sri Lanka, an HIP news release said.
“HIP is keen to support investment events of this nature as they open up opportunities for investors to do business on a regional level from the south of the island. The opportunity for Japanese companies operating in India and Sri Lanka to look at the deep south to build industry is timely at this particular juncture of Sri Lankan history. The rapid development process taking place at our port and the establishment of the last pillar of HIP’s master plan, which is container operations, will vastly support the development of industries in the southern hinterland,” says Wilson Qu, CEO of Hambantota International Port Group (HIPG)
During their visit, the delegates participated in a short familiarization tour of HIP, where they observed the port’s facilities and engaged with its officials. The visit reflected HIP’s commitment to fostering international business relationships, with the port team delivering a detailed presentation showcasing the port’s facilities and potential.
The Hambantota International Port Group (HIPG), which is behind the port’s rapid expansion in the last few years, was recognized as a top FDI contributor at the BOI’s 45th Anniversary Awards, with an investment of $1.4 billion between 2017-2022.
The delegation included representatives from JETRO offices in both India and Sri Lanka, including Kaoru Shiraishi, Director General of JETRO India, along with Junki Yamashita, Senior Director of JETRO Chennai, and Toyokazu Nagamune, Senior Director of JETRO New Delhi. Representing JETRO Sri Lanka were Hiroki Oi, Lakna Ayeshmanthi, Yuno Fukatsu, and Shigeki Nogami.
The visit to HIP marks Japan’s growing interest in Sri Lanka’s strategic trade and logistics potential, with the port serving as a vital hub for global commerce. By engaging with global stakeholders, HIP reinforces its position as a gateway for international trade and investment, paving the way for collaborations that promise mutual growth and development, the release concluded.
Business
Government ready to provide necessary support to protect and develop businesses – Prime Minister
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Prime Minister Dr. Harini Amarasuriya stated that the government is committed to safeguarding businesses and providing the necessary support for their development.
She made these remarks while addressing the “National Industrial Excellence Awards 2024,” organized by the Industrial Development Board, held on February 21 at the Eagle Lakeside Hotel, Colombo.
During the ceremony, Prime Minister Dr. Harini Amarasuriya presented awards to the three best national industry brands of 2024:
• JBRICKS PVT LTD – Small-scale category
• SINGHE Furniture Manufacturer PVT LTD – Medium-scale category
• EARTHFOAM PVT LTD – Large-scale category
In her address, Prime Minister Amarasuriya commended the resilience and dedication of Sri Lankan entrepreneurs, especially amid challenging economic times. “It is a pleasure to join you at this occasion. Witnessing your commitment to industry during these difficult times is a source of strength for us. The government is dedicated to protecting businesses and providing the necessary support for their development. Your involvement in these industries is crucial for our economic recovery,” she stated.
She further emphasized the importance of inclusive industrial growth, highlighting the significance of women’s entrepreneurship in building economic resilience. “Industries not only strengthen the economy but also generate vital employment opportunities. Despite challenges such as resource constraints, cultural barriers, and gender disparities, you continue to drive progress. We must amplify Sri Lanka’s brand globally. To the award-winning entrepreneurs: this is not the end of your journey but the beginning. Let us work together to rebuild our economy through industry,” the Prime Minister concluded.
Minister of Industries and Entrepreneurship Development, Mr. Sunil Handunnetti, also addressed the gathering, underscoring the importance of promoting Sri Lankan products globally. “Having a brand is vital, but it is even more valuable when it is recognized as Sri Lankan-made. Our goal should be to elevate the rupee to the strength of a dollar,”he remarked. The Minister highlighted initiatives in the recently presented 2025 budget that favor industrial growth, announcing plans for a national tax policy by the end of the year. “We aim to foster an industrial culture from the school level, enhance export revenue, and develop all sectors of industry. We call upon you to join us in this national endeavor,”he urged.
The event was attended by a distinguished gathering, including Deputy Minister of Industries and Entrepreneurship Development Chathuranga Abeysinghe, Secretary of the Ministry Ms. Thilaka Jayasundara, and numerous entrepreneurs from diverse sectors, all united in their commitment to drive Sri Lanka’s industrial advancement.
[Prime Minister’s media Division]
Business
HNB Assurance Group achieves strong financial performance in 2024
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HNB Assurance Group (HNBA and HNBGI) has once again delivered impressive financial results for the year 2024, continuing its remarkable growth trajectory. The Group reported a 21% increase in Gross Written Premium (GWP), rising from Rs. 18.8 billion to Rs. 22.7 billion. Additionally, the Group recorded a consolidated Profit After Tax (PAT) exceeding Rs. 1.8 billion, marking a 7% growth compared to the previous year.
HNBA’s strong financial position was further highlighted by its upgraded Fitch rating, making it the only life insurer in Sri Lanka with an ‘A’ rating. HNBGI also earned an ‘A’ rating, positioning it among Sri Lanka’s leading general insurers.
Commenting on the achievements, Chairman Stuart Chapman expressed pride in the Group’s consistent growth, with a 22% average annual increase in GWP over the past four years. He also noted the 42% growth in share price by the end of 2024, reflecting market trust in HNBA’s stability.
CEO of HNBA, Lasitha Wimalaratne, highlighted significant milestones, including a 7.5% market share and a 27% growth in New Business Premiums. CEO of HNBGI, Sithumina Jayasundara, praised the company’s resilience, reporting a 59% increase in Profit After Tax and exceptional growth in non-motor insurance segments.
Overall, HNBA Group’s performance underscores its strong market presence and commitment to sustainable growth.
Business
Chinese Dragon Café marks first anniversary in Dubai
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Chinese Dragon Café (CDC), Sri Lanka’s iconic Chinese restaurant chain, celebrates the first anniversary of its Dubai outlet. Established in 1942, CDC has become known for blending Sri Lankan spices with Chinese culinary techniques, creating a unique dining experience. The Dubai outlet, which opened in October 2023, is the first international expansion for the brand, representing Sri Lankan Chinese cuisine on the global stage.
CDC’s Managing Director, Udeshi, expressed pride in the warm reception the restaurant has received in Dubai, highlighting the universal appeal of its fusion dishes. The Hot Butter Cuttlefish, Nasi Goreng, and Seafood Fried Rice are some customer favorites. CDC’s Dubai outlet is also available on major delivery platforms, allowing diners to enjoy authentic Sri Lankan Chinese cuisine at home.
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