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Experts explore what sets Sri Lanka apart as a tourist destination

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Conservation Tourism Webinar

The Conservation Tourism webinar series organised by Sri Lanka Tourism Alliance was held last month, to explore the topic of ‘Wildlife and Nature Conservation, as it applies to the Future Sustainability of Sri Lanka’s Tourism Industry’.

The webinar attracted a record number of virtual attendees and featured an eminent panel of speakers. The session was introduced by Co-Chair of the Sri Lanka Tourism Alliance, Malik J Fernando, and moderated by Niranga Gunaratna, Director of Communications at Shangri-La Colombo & Shangri-La Hambantota.

The speakers touched on important elements such as what sets Sri Lanka apart as a tourist destination and the economic value of Sri Lanka’s nature and wildlife to the visitor economy. It was clearly established that our biodiversity was the main attraction for tourists. The webinar went on to discuss major challenges faced by Sri Lanka’s nature and wildlife and the consequences to local tourism. The speakers expounded how the tourism industry could bring about conservation outcomes, that would also be beneficial to their own bottom line.

Srilal Miththapala, Past President of The Hotels Association of Sri Lanka (THASL) emphasized that wildlife is a critical component of Sri Lanka’s tourism industry and that in 2018, out of the 2.2 million tourists who visited Sri Lanka, 50% had visited Sri Lanka’s wildlife parks. He also spoke of how he tried to “awaken” people to the value of Sri Lanka’s wildlife by assigning economic value to this natural resource, especially for wild elephants. Sadly, Sri Lanka whilst being one of the best countries to see them in the wild, is also the country with the worst human-elephant conflict (HEC) in the world. On average over 300 elephants are killed in Sri Lanka annually due to HEC.

Toby Sinclair, Director of &Beyond Asia has over 40 years’ experience in Sri Lanka and with his international lens on tourism, he stated how a couple of decades ago Sri Lanka was certainly the best place to see leopards and elephants in the wild but because the country has chosen “quantity over quality”, the quality of those experiences has declined over time. “Driving in Yala has become like driving down Galle Road at 5 o’clock in the evening,” he said. Mismanagement of our wildlife resources, lack of training for wildlife park guides and jeep drivers and not improving the standard of the visitor experience are keeping Sri Lanka from becoming a successful wildlife tourism destination. “The potential of Sri Lanka is enormous. I am optimistic but I am very concerned that we are going to kill the golden-goose”.

Dr Sumith Pilapitiya, Former Director General of Sri Lanka’s Department of Wildlife Conservation (DWC) highlighted that “Sri Lanka has the ‘potential’ to be the best wildlife tourism destination outside Africa”, however despite being blessed with every natural resource, it is unlikely that we will reach that potential, as the country lacks strategic direction. Rather we are destroying that potential by destroying our nature and wildlife. He went on to say that the private tourism sector should be doing much more, to work with the government in order to strategically develop the sector by protecting its natural resources, rather than sit complacent while they focus on reaping the benefits of Sri Lanka’s unique biodiversity today. “If Sri Lanka is to reach its potential as the best wildlife tourism destination outside of Africa, the private tourism sector has to play a significant role to make that happen”.



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Dialog Smart Home Enables Seamless Home Automation via Range of Intuitive Solutions 

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Dialog Axiata PLC, Sri Lanka’s premier connectivity provider, introduced a range of convenient and integrated solutions via ‘Dialog Smart Home’ to enable intelligent automation and intuitive control of homes.

The newly introduced range of future-fit smart home solutions by Dialog Smart Home ranges from Home Automation, Home Security & Surveillance and Home Connectivity, and are designed to enable any home to work as one harmonious system where all elements work in tandem together to create a truly intelligent home.

The Home Automation solutions offer homeowners seamless and convenient control of their electronic appliances through their smartphones anytime, anywhere. With the Smart Touch Wall Switches, Smart Power Strips and Smart Fan Controllers, homeowners can take control of existing light bulbs, table fans, rice cookers, chargers, ceiling fans and more appliances. Additionally, the Artificial Intelligence (AI) powered TeDi Alexa Solution enables users to control connected smart devices including TVs, air conditioners, home security systems and more through voice commands.

Home Security & Surveillance solutions transform basic cameras into high-powered CCTV solutions. Baby and house monitoring smart cameras can be placed inside homes to keep a 360-degree eye on children and pets. The Indoor Security Camera has the ability to sound a siren and notify users if a stranger enters their home. Dialog Smart Home has also partnered with Singer to offer customers world-renowned Dahua CCTV solutions.

The Home Connectivity solutions offers consumers Wi-Fi extenders to facilitate uninterrupted internet connectivity across the house to fit the homeowner’s lifestyle and requirements.

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CBSL implements extraordinary measures to support banking sector

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The Central Bank of Sri Lanka, considering the prevailing macroeconomic conditions and its impact on the banking sector, has decided to implement the following regulatory measures to support the banking sector to facilitate effective financial intermediation and the flow of credit to the economy, whilst ensuring the soundness of the banking sector.

• Sri Lankan banking sector maintains a Capital Conservation Buffer (CCB) of 2.5% to ensure that banks have an additional layer of usable capital that can be drawn down during stress times. An industry wide flexibility is granted for banks to drawdown the CCB (up to 2.5%), if needed, subject to restrictions on distribution to shareholders/ repatriation of profits and submission of a capital augmentation plan to rebuild CCB during a period up to three years.

• The current deadline for licensed banks to meet the enhanced minimum capital requirement (31.12.2022) is extended up to 31.12.2023. Licensed banks which are unable to meet the minimum capital requirement by 31.12.2022, need to submit their capital augmentation plan, including plans to consolidate or merge with suitable financial institutions, by 31.12.2022 and these licensed banks too shall refrain from distribution of dividends/ repatriation of profits until the minimum capital requirement is met.

• Licensed banks are encouraged to move to approaches such as The Standardised Approach (TSA) or alternative TSA for computation of risk weighted assets for operational risk for the purposes of computing the Capital Adequacy Ratio, subject to supervisory review.

• Licensed banks are given the flexibility to stagger the unrealised mark to market loss on Government Securities denominated in LKR on account of the recent interest rate hike for Capital Adequacy purposes until Q2 of 2024, subject to conditions.

• Licensed banks are granted flexibility on the treatment for Other Comprehensive Income (OCI) for Capital Adequacy purpose in line with the International Standards.

• The deadline for licensed banks to submit the document on Internal Capital Adequacy Assessment Process (ICAAP) for 2022, to the Central Bank of Sri Lanka is extended by one month, until 30.06.2022.

• As a short-term measure to support licensed banks to adjust their liquidity profiles, licensed banks are provided with the flexibility to operate maintaining the Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) not lower than 90% up to 30.09.2022. Furthermore, the Central Bank of Sri Lanka, on 06 May 2022 decided to restrict certain discretionary payments of licensed banks, such as declaring cash dividends and repatriation of profits, until the financial statements for the year 2022 are audited by its External Auditor, engaging in share buy backs, increasing management allowances and payments to the Board of Directors until 31 December 2022 with a view to strengthening the liquidity and capital positions of licensed banks under these exceptional circumstances.

The above measures were introduced with the aim of providing the licensed banks with more flexibility and opportunities to operate in these challenging conditions and support economic recovery, while taking measures to improve their safety and soundness. The Central Bank of Sri Lanka will periodically review the implementation of these policy measures and expects licensed banks to avail these measures in the best interest of the customers and the economy at large, while supporting the banking sector to remain resilient.

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CEAT official tyre supplier for locally assembled Tata Ace HT 

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CEAT Kelani Holdings has been appointed as the official tyre supplier for Tata Ace HT series compact trucks which are assembled in Sri Lanka by DIMO in collaboration with India’s largest automobile manufacturer TATA Motors.

 CEAT RHINO PLUS TL tyres in the size of 155R12 8PR, manufactured at the CEAT Kelani plant in Kelaniya are used for the TATA Ace HT series vehicles, popularly known in Sri Lanka as “DIMO Batta” under this project. The locally manufactured CEAT RHINO PLUS TL tyre features a zig zag pattern on its circumference and ribs with lateral notches that contribute towards uniformity and better wear and tear on local roads.

 Commenting on this latest OEM agreement of the company, CEAT Kelani Holdings Managing Director Mr. Ravi Dadlani said: “As a brand that has been at the forefront of local value addition in Sri Lanka, CEAT is excited to contribute further to the process through its association with this assembly operation. This is particularly relevant in the prevailing situation in the domestic market. We are able to provide high-quality tyres engineered for local conditions at competitive prices and ensure uninterrupted supply, while at the same time helping to conserve foreign exchange.”

In January this year, CEAT was appointed as an OEM for a range of heavy-duty trucks, tippers and light commercial vehicles assembled in Sri Lanka by Lanka Ashok Leyland PLC (LAL), a joint venture company of Ashok Leyland India. In November 2021 the brand was chosen as the OEM for Bolero City Pik-up vehicles assembled in Sri Lanka by Mahindra & Mahindra India in collaboration with Ideal Motors.

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