Business
‘Price shocks have come to an end though people are not noticing’
By Sanath Nanayakkare
High inflation has steadily cooled from last year’s flash-point although price pressures continue to feel like an uphill battle for consumers, State Minister of Finance Ranjith Siyambalapitiya said speaking to journalists.
“People will scold me for saying this. But the truth is, there isn’t that frustration about persistent price hikes overnight like in last year. That trend has been contained through policy tools. Yes, you may see that increased prices still remain on certain items, but you don’t see prices increasing at the rate that had caused such a shock to households and businesses across the country in 2022.”
“Food inflation had exceeded 90% in July 2022 as against 2021. By July 2023, headline inflation decreased to 6.3% from 12.0% in June 2023. And the food category, nearly after four years, recorded a year-on-year deflation of 1.4% in July 2023. This reflects a trend of reducing prices in the food category. One may name specific items and argue that price markups are still high, but in general, when you look at the commonly used food basket of a household, there is clearly a reduction in its cost. The people are not noticing something. The times they experienced price shocks have now come to an end, and inflation expectations are well anchored.”
Meanwhile, the Central Bank of Sri Lanka said on July 31 that inflation is expected to moderate further and stabilise around the targeted level over the medium term.
“The disinflation process is supported by the impact of tight monetary and fiscal policies, improvements on the supply side, the softening of energy and food inflation, and the favourable base effect,” the Central Bank said.
However, State Minister Siyambalapitiya last week revealed that it had been agreed to settle around US$ 750 million for Sri Lanka Development Bonds (SLDBs) in Sri Lanka rupees, under the Domestic Debt Optimization programme.
“As a result, the banks now have to collect this amount of dollars to provide to their dollar depositors when they need it. To accumulate the required dollars, banks may limit the release of dollars to the market. This development coupled with other factors, has led to the recent depreciation of the rupee and an increase in the value of the dollar,’ he said.
Business
Sri Lanka wins ‘Best Stand for Doing Business’ award at WTM 2024
Sri Lanka Tourism has once again showcased its global appeal and commitment to strengthening the tourism industry by winning the esteemed “Best Stand for Doing Business” award at the 2024 World Travel Market (WTM) in London competing with more 183 destination stands present at the show. It was presented to chairman Sri Lanka Tourism Buddhika Hewawasam by the Johnathan Hull, chairman of World Travel Market & Reed Exhibitions UK on November 6 at the Sri Lanka stand. The award underscores Sri Lanka’s innovative approach to promoting tourism and fostering partnerships with international trade partners, reaffirming its position as a key player in the global travel and hospitality industry.
The WTM, one of the world’s most prominent travel fairs, brings together tourism professionals from across the globe, facilitating business networking, and encouraging investment in the travel sector. This year, the Sri Lanka Tourism stand impressed judges and attendees alike with its visually captivating design, welcoming ambiance, and strategic layout that optimized business interactions. The stand featured immersive experiences showcasing Sri Lanka’s rich cultural heritage, pristine natural landscapes, and vibrant wildlife, setting the perfect stage for meaningful discussions and collaborations with international tourism professionals.
The “Best Stand for Doing Business” award is particularly significant as it reflects Sri Lanka’s commitment to building strong partnerships and boosting tourism following a period of unprecedented challenges. The Sri Lanka Tourism stand drew hundreds of visitors, offering them a taste of the country’s unique attractions and providing opportunities for in-depth business discussions. Key stakeholders from travel agencies, tour operators, and hospitality chains engaged in productive dialogues that promise to bring more travelers to the island.
“We are thrilled to receive this recognition, as it not only acknowledges the beauty and richness of our country but also validates our strategic efforts to position Sri Lanka as an accessible, desirable, and thriving destination for global travelers,” said Buddhika Hewawasam, chairman of Sri Lanka Tourism. “This award is a testament to the hard work and resilience of our tourism industry, and we look forward to strengthening partnerships that will make Sri Lanka a top choice for travelers worldwide.”
The award comes at a time when Sri Lanka has also been recognized as the best island destination in the world at the Wanderlust Reader Travel Awards, adding to the momentum for a promising year ahead. This dual achievement highlights the dedication of Sri Lanka Tourism in showcasing the island’s potential and its readiness to welcome the world.
Sri Lanka Tourism extends its heartfelt gratitude to the WTM organizers, participants, and all stakeholders who supported its efforts at this year’s fair. The team is optimistic that this recognition will inspire greater collaboration, attract more visitors, and contribute to the sustainable growth of Sri Lanka’s tourism sector.
(Sri Lanka Tourism Promotion Bureau)
Business
Eye-openers on reading and education disseminated at BCIS
Intellectual curiosity is the key to knowledge and wisdom and without an undying thirst for reading, which triggers such an urge, these invaluable personal assets could never be acquired. This thought provoking message was conveyed to nearly a hundred local primary and secondary students who were visitors to the Bandaranaike Centre for International Studies (BCIS), Colombo on October 25th by Senior Lecturer, Sri Jayewardenepura University, Dr. Madhubashini Disanayake Ratnayake.
Dr. Disanayake Ratnayake was speaking on the subject: ‘The Role of Reading in Shaping Futures in an Interconnected World.’
The event was launched, in view of National Reading Month, by the BCIS, which is celebrating the 50th year of its founding this year. Besides imparting to the students the value of the reading habit, the BCIS also intended to introduce the students to its well-equipped library, which is an invaluable resource base for those desirous of seeking a well-rounded education. For those in pursuit of cutting-edge knowledge in particularly International Relations, the BCIS Library is a veritable ‘must-go-to’ institution.
The relevant programs were conducted by the BCIS staff under the guidance of the institution’s Executive Director, Ms. Priyanthi Fernando.
The students were taken on a tour of the BCIS Library and other knowledge resources of the institution with the aim of stimulating in them the reading habit and a zest for knowledge-seeking. Such projects couldn’t have come at a better time than the present when local education at school level in particular is mainly examination-oriented.
The following are some key ‘take-away’ points, Dr. Madhubashini presented to her young audience: ‘Although exams are important, they are by no means the end-all and be-all of education. Being well-read, on the other hand, opens the door to in-depth and wide-ranging knowledge which will lead to the intellectual self-sufficiency of any individual, young or old.
‘Acquiring knowledge through continuous reading is, accordingly, a life-long process. It leads to knowledge empowerment even in one’s old age and the acquiring of ‘paper qualifications’ is not essential at the end of this process.
‘It is important to read whenever there is a possibility to do so. Reading even half a page of a literary work per day that proves enjoyable will serve the cause of one’s literacy. This points to the importance of time-management.
‘Acquiring membership of the country’s important libraries, including the National Library and its branches, will prove a great fillip in this process of educational empowerment.’
President, Sri Lanka Library Association and Librarian /Registrar, CFPS Law School, Dr. Preethi Liyanage, who also addressed the students was equally emphatic about the need for enthusiastic and continuous reading. The branches of the National Library which are spread far and wide in Sri Lanka are a boon that should be tapped effectively he pointed out.
Dr. Liyanage stressed the following: ‘Acquiring membership of the town branch of the National Library is a most inexpensive process. The annual fee that should be paid by a student is very nominal and it is not compulsory that a student be a resident of the Colombo District to be a member of the ‘Colombo Public Library’ any longer. Anyone from anywhere in the island is eligible to be a member of the ‘parent library’.
‘Literacy and knowledge is not a matter of acquiring high-sounding formal qualifications. Literary greats of Sri Lanka of yesteryear, such as Martin Wickremesinghe and G.B. Senanayake, could not boast of long primary and secondary school careers. However, they were avid readers who made good use of the country’s libraries. Their knowledge and literary greatness derived entirely from their undying reading habit.
‘Next time you wish to give someone a present, don’t give him or her a cake or sweetmeats which only invite illness. Present them with a valuable book instead.’
Lynn Ockersz
Business
A case for data-driven decision-making for plantations
By Ifham Nizam
In an era where sustainable agriculture has become a global priority, Dr. Chandra Embuldeniya, Honorary Fellow at the National Institute of Plantation Management and Founding Vice-Chancellor of Uva Wellassa University, addressed plantation professionals on the transformative potential of data-driven decision-making (DDDM) for plantation sustainability.
Speaking at the “Professional Members Day” hosted recently by the National Institute of Plantation Management, Embuldeniya outlined a path toward a resilient and efficient agricultural future, guided by precision technology and collaborative innovation.
Embuldeniya’s presentation, titled “Data-Driven Decision Making for Plantation Sustainability,” resonated with Sri Lanka’s agricultural leaders and policy makers. He emphasized that with global food demand on the rise, sustainable and efficient farming practices have become more essential than ever to conserve resources, protect ecosystems, and support biodiversity.
In this effort, he argued, plantations must adopt data-driven methods that leverage real-time analytics, precision agriculture, and Internet of Things (IoT) technology to optimize resources, cut waste, and increase resilience against climate change.
“By utilizing data to guide our decisions, we can revolutionize plantation management,” he added. “The combination of DDDM and precision agriculture allows us to optimize resources and foster sustainability in ways traditional methods cannot.”
Central to his presentation was the concept of precision agriculture, an innovative approach that uses data to tailor farming practices to the unique needs of each plantation. Technologies such as Geographic Information Systems (GIS), Variable Rate Technology (VRT), and remote sensors help growers monitor and manage critical factors like soil moisture, nutrient content, and crop health.
This data-driven approach, Embuldeniya noted, enables plantations to address specific challenges efficiently, leading to higher yields, lower costs and reduced environmental impact.
Embuldeniya highlighted that the adoption of DDDM has far-reaching sustainability benefits, allowing plantations to reduce chemical inputs, lower water usage and avoid excess fertilizer application. By using data from IoT devices and precision tools, plantations can better manage pest control and optimize their fertilization schedules, promoting both soil health and biodiversity.
This approach, he explained, also helps plantations adapt to climate change. With predictive analytics, growers can make informed decisions on planting schedules and crop rotations based on historical data and current environmental conditions, ensuring resilience in the face of changing weather patterns.
Embuldeniya illustrated the power of machine learning and big data analytics through a case study on corn yield prediction in the United States. By analyzing data from IoT sensors and satellite imagery, farmers in the Midwest achieved significant yield increases by adjusting practices to weather conditions and soil health data. This success, he argued, is a testament to the impact of DDDM and IoT integration in modern agriculture, providing valuable insights for Sri Lanka’s own plantation sector.
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