Connect with us

Business

Leveraging digital technologies key to Asia’s COVID-19 recovery: ADB

Published

on

Digital platforms and other technology-based tools are providing new growth opportunities for businesses of all sizes and across all industries in Asia and the Pacific—a trend which could contribute significantly to the region’s sustainable recovery from the coronavirus disease (COVID-19) pandemic, according to a new report by the Asian Development Bank (ADB).

A flagship ADB publication, the Asian Economic Integration Report 2021, looks at Asia and the Pacific’s progress in regional cooperation and integration, and examines the initial impact of the pandemic on trade, cross-border investment, financial integration, and the movement of people. The latest edition features a special theme chapter on the role and potential of digital technologies in contributing to inclusive and sustainable development, how digital technology can spur post-pandemic recovery in the region, and ways to accelerate digital transformation while managing the risks effectively.

“Countries in Asia and the Pacific have leveraged rapid technological progress and digitalization to recover and reconnect to the global economy during the pandemic. Technology is helping to forge new global linkages, which offer enormous economic opportunities, but also present new risks and challenges,” said ADB Chief Economist Yasuyuki Sawada. “It is imperative to implement policies and regulations that manage the disruptions and maximize the gains from the burgeoning digital economy, and to lock in these gains through enhanced regional cooperation.”

Business-to-consumer revenues of digital platforms reached $3.8 trillion in 2019 globally, with Asia and the Pacific accounting for about 48% of the total or $1.8 trillion, equivalent to 6% of the region’s gross domestic product. These figures are expected to have significantly increased in 2020 as more business transactions—such as ride hailing, food delivery, and e-commerce—migrate to the digital space amid restrictions imposed to curb the spread of COVID-19.



Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

President discusses enhancing revenue and efficiency with Sri Lanka Customs and Inland Revenue officials

Published

on

By

President Anura Kumara Dissanayake held a key meeting with senior officials from both the Sri Lanka Customs Department and the Inland Revenue Department at the Presidential Secretariat today (09). The discussions centered on strategies to enhance revenue generation and improve operational efficiency within both departments, in line with the government’s broader economic mandate.

During the meeting, officials from both departments presented the challenges they face in managing revenue and tackling tax evasion. They stressed the importance of strengthening coordination between the Inland Revenue Department (IRD) and Customs to effectively combat these issues. It was highlighted that better collaboration would ensure more robust enforcement of tax laws and prevent tax leakage, further boosting the country’s revenue collection.

Representing the Sri Lanka Customs Department were  P B S C Nonis, Director General of Customs; Mrs. H W S P Karunaratne, Additional Director General of Customs; . C S A Chandrasekara, Additional Director General of Customs;  W S I Silva, Additional Director General of Customs;  S P Arukgoda, Additional Director General of Customs; J M M G Wijeratna Bandara, Additional Director General of Customs;  A. W. L. C. Weerakoon, Senior Deputy Director and  M R G A B Muthukuda, Chief Financial Officer, among other officials.

From the Inland Revenue Department, Mrs. W S Chandrasekara, Commissioner General;  B K S Shanta, Deputy Commissioner General; Mrs. J A D D B K Siriwardena, Deputy Commissioner General; Mrs. J D Ranasinghe, Deputy Commissioner General; D M N S B Dissanayake, Deputy Commissioner General;  H H S Samantha Kumara; and Ms. T M S Thennakone, Senior Commissioner, participated in the discussions.

Continue Reading

Business

First multi-stakeholder initiative on Child Rights in Tourism launched in Sri Lanka

Published

on

Pictured from left: Buddhini Withana, Senior Technical Advisor Child Protection and Child Rights in Business, Save the Children; Irstel Janssen, Director, Sustainable Sri Lanka; Mayuran, Director, Centre for Children’s Happiness during a panel discussion at the Seal launch event.

On World Tourism Day, representatives from leading hotel businesses, tourism associations, NGOs, and government departments convened in Colombo to officially launch the Mother and Child-Friendly Seal for Responsible Business in Tourism. This pioneering initiative, the first of its kind in Sri Lanka, brings together key actors from the tourism supply chain to enhance the well-being of children and families connected to the sector through long-term, continuous actions.

The launch comes on the heels of a new study by The Centre for Child Rights and Business in partnership with Save the Children, highlighting serious child rights risks in Sri Lanka’s tourism industry. The study identifies key challenges such as sexual exploitation, child labour, and educational disruptions, driven by factors like inadequate regulation of guesthouses and homestays, the absence of child safeguarding measures among tourism providers, and a lack of formalised pathways to decent work for youth.

This event marks a significant milestone in the expansion of the Mother and Child-Friendly Seal, which has already seen success in Sri Lanka’s tea sector, with seven major plantation companies and exporters committing to initiatives that improve the welfare of tea communities. The extension of this Seal to the tourism sector is timely, as Sri Lanka prepares to welcome over 3 million tourists by 2025, positioning the industry to align with global human rights due diligence regulations and the growing demand for ethical tourism.

At the launch, stakeholders engaged in practical discussions about the child rights risks facing the tourism sector and explored collective solutions. Issues such as the outmigration of mothers and its impact on children were brought up, with participants offering valuable insights into areas for Seal members to address.

The panel discussed the critical issues that women and children face in the travel and tourism industries and some of the priorities and opportunities that the industry could address.

“Young children often do not realise they are being exploited. Providing a safe and respectful environment for them should be our primary goal. We must consider the risk factors in these scenarios, as there is currently no data to support issues in tourism, such as trafficking and exploitation. While problems like festival tourism have existed, they have increased since COVID-19 and have been exacerbated by the economic crisis,” said Buddhini Withana, Senior Technical Advisor Child Protection and Child Rights in Business, Save the Children.

Irstel Janssen, Director, Sustainable Sri Lanka added: “10% of women are working in this sector due to social stigma, safety concerns, and harassment. The economic crisis has forced women to step into this industry, but they are not employed in roles that match the nature of the work. The Seal initiative is an important step to address these issues and encourage more women’s participation.”

One of the highlights of the event was a keynote speech delivered by Cinnamon Hotels, where they underscored their commitment to protecting women and children. The company outlined key initiatives, including robust policies to support the female workforce, a zero-tolerance stance on misconduct, and a comprehensive sexual harassment policy. Cinnamon Hotels also conducts awareness sessions to educate staff about these policies, provides parental leave, and offers 100 days of paternity leave. Additionally, the company places a strong emphasis on mental health benefits for all employees. Their efforts served as an inspiration for other accommodation providers, offering practical steps to strengthen child safeguarding and empower women in the tourism sector.

For more information about the Mother and Child-Friendly Seal for Responsible Business, visit srilanka-motherandchildseal.org or contact info.SL@childrights-business.org.

Continue Reading

Business

‘Brandix – A Great Place to Work for Women’ 

Published

on

Sri Lanka’s premier apparel solutions provider, Brandix, was recognized as one of Sri Lanka’s Most Outstanding Women-Friendly Workplaces at the Satyn Magazine Women Friendly Workplace Awards (WFWA) 2024. Initiated by CIMA Asia, the American Institute of Certified Public Accountants (AICPA) and Satyn Magazine, the accolade recognizes and celebrates organizations committed to gender equality and women empowerment. Senior General Manager Human Resources at Brandix, Dinusha Jayamanne, said Brandix is ‘constantly exploring new avenues to create a more inclusive and enriching environment for its female workforce, and the company stands proud of the pioneering initiatives it launched in this sphere.’ The latest award is a testament to the impact of these measures implemented across Brandix facilities in Sri Lanka and the world.

Continue Reading

Trending