Business
David Pieris launches Pearl Bay – a unique leisure destination
David Pieris Group leisure cluster formally opened Pearl Bay at Bandaragama. This unique leisure offering brings together Sri Lanka’s first water park, built and certified to European Health and Safety Standards and an FIA/CIK certified leisure and professional karting track. The facility has four key zones, SplashBay (water slides), SpeedBay (leisure karting), TargetBay (air rifle shooting range) and YumBay (restaurants) as well as relaxation and activity areas for the entire family. The Park will open to public on 26th January and tickets can be purchased on-line from today at www.thepearlbay.com
SplashBay – the water-based zone comprises of four towers and sixteen slides of different thrill levels. The waterpark includes a gravity drop slide of 88 m, a loophole slide of 120 m, a 40 m matt racer slide and a separate kiddies area consisting of a four-slide water play structure.
No expenses were spared when designing and building this facility with customer experience and safety being paramount. The slides were manufactured and commissioned by Arihant Industrial Corporation Limited and after extensive testing the facility was awarded “Fit for Use Certification.” Subsequently, TÜV Nord, an international not for profit certification organisation sent their team to carry out extensive onsite inspection and ensure compliance to European safety standards. Pearl Bay which also incorporates the karting facility previously known as the Sri Lanka Karting Circuit, is spread over 23 acres. The idyllic location surrounded by trees and bordered by a body of water provides “another world” a mere 30 minutes from Colombo and in proximity to the Southern Highway. The location is also available for events of any size from corporate to individual celebrations, with purpose-built entertainment areas and an in-house events team to cater to any requirement.
Business
Govt eyeing export revenue target of USD 3 billion per annum from gem and jewellery industry
By Ifham Nizam
The government of Sri Lanka has set a target of USD 3 billion per annum in the foreseeable future, from exporting precious gemstones and exclusive jewellery pieces, Minister of State for Industry and Entrepreneur Development, Chathuranga Abeysinghe said.
During the opening of the “Jewels 2024” International Gem and Jewelry Exhibition in Colombo, Abeysinghe highlighted the vital role the gem and jewelry sector can play in Sri Lanka’s economic growth, particularly in earning foreign exchange.
“This ambitious target reflects the government’s commitment to revitalizing and expanding the country’s gem industry,” he said.
Speaking further he said:
“Sri Lanka’s gem and jewellery sector, a vital industry with significant potential for foreign exchange earnings, is steadily declining due to the absence of a proper policy framework. The lack of it has caused the industry to lose its competitive edge. The challenges faced by the industry include technological gaps, government tax policies, and bureaucratic hurdles that stifle growth.
“In this backdrop, the current administration is focused on eliminating these barriers and aims to generate USD 3 billion in export revenue from the industry in the near future.”
“Without a comprehensive policy, we are losing out on the immense potential of this sector. Our government is fully committed to removing these obstacles and is focusing on creating the right policy changes. Sri Lanka has the capacity to become a global hub for gems and jewelry, and we are working to make that vision a reality.”
“The government’s strategy includes integrating the gem and jewelry sector with the tourism industry to accelerate its development. With its rich history in gem mining and jewelry crafting, Sri Lanka holds a unique position to become a leading player in the global market, provided the necessary policy reforms are implemented.”
“With the right steps, Sri Lanka can reassert itself as a dominant player in the global gem market, but time is of the essence in addressing the challenges currently facing the industry.”
“The goal of generating USD 3 billion in export revenue from the gem and jewelry industry is achievable. However, this requires swift action to overcome existing challenges such as technological gaps, outdated tax policies, and bureaucratic obstacles.”
“The government is focusing on policy reforms to remove these barriers, allowing the sector to thrive and fully exploit its export potential.”
“The sector’s development aligns with the government’s broader economic goals and will play a significant role in bolstering Sri Lanka’s foreign exchange reserves. As the global demand for high-quality gems continues to rise, Sri Lanka has the opportunity to capture a larger share of this lucrative market. The implementation of necessary reforms and the fostering of an innovative, sustainable industry will be key to achieving this target,” the state minister said.
This year’s theme for the exhibition was “Sustainable Development of Sri Lanka’s Gem and Jewelry Industry,” underscoring the importance of adopting sustainable practices while ensuring the industry’s growth.
Business
JICA setting up Doppler Weather Radar Network in Puttalam
To help improve climate resilience measures in Sri Lanka
by Sanath Nanayakkare
In partnership with the Department of Meteorology (DoM), JICA is spearheading the establishment of the Doppler Weather Radar Network in the Puttalam district, which can realize accurate weather observation and weather prediction based on the collected data by the radar. This initiative is a significant step in strengthening Sri Lanka’s improving its climate resilience including not only reducing risks of floods, landslides, and drought but also agriculture and fishery.
The groundbreaking ceremony for starting the construction of the radar, along with a media briefing, was held on December 23, 2024, at the DoM’s District Office in Puttalam. Naoaki Kamoshida, Deputy Head of Mission at the Embassy of Japan in Sri Lanka, Tetsuya Yamada, Chief Representative of JICA Sri Lanka, Dharmathilaka, Additional Secretary for the Disaster Management Division of the Ministry of Defence, and Karunarathne, Director General of the Department of Meteorology participated in the event.
The agreement on providing fund for establishing the radar network was signed in 2017 and there was a long way to start the construction due to COVID-19 pandemic from 2020, and the economic crisis from 2022.
Business
ComBank’s double Gold complemented by Silver and Bronze at CA Sri Lanka TAGS Awards 2024
The Commercial Bank of Ceylon won two Golds, a Silver and a Bronze at CA Sri Lanka’s ‘TAGS’ Awards 2024, reaffirming the Bank’s prowess in financial reporting through its Annual Report for 2023.
Excelling in the four pillars recognised by the awards programme – Transparency, Accountability, Governance, and Sustainability, Commercial Bank was presented the Gold for ‘Corporate Governance Disclosure’ in the Financial Services sector and the Gold for the Best Annual Report among the private sector banks. The Bank also won the Silver for ‘Digitally Transformative Reporting’ across all sectors, as well as the overall Bronze award for Excellence in Corporate Reporting.
“Our consistent recognition at the CA Sri Lanka TAGS awards is extremely relevant to all stakeholders, because it ratifies the Bank’s commitment to Transparency, Accountability, Governance, and Sustainability in its financial reporting,” Commercial Bank Managing Director/CEO Sanath Manatunge said. “Every year, our business grows exponentially in size and complexity as global standards change and customer expectations rise.
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