By: Staff Writer

Colombo (LNW): Sri Lanka is set to reinvigorate once thrived and later neglected homestay’ tourism concept to boost tourist arrivals with the aim of achieving the present government’s goal to attract five million tourists in the year 2024.

The local population plays a significant role in the tourism industry since they serve as the tourists’ hosts.

Tourism must be promoted to maximize industrial benefits. Positive outcomes must be enhanced, while negative consequences must be controlled, tourism ministry sources said.

The tourism sector has conceptualized the “Home Stay Programme” for the purpose of directly involving the rural community in Tourism which is now becoming a major contributor to the Sri Lankan Economy.

The initiative was taken by Sri Lanka Tourism to reintroduce the Home Stay programme with the objective of engaging the local community together with their expertise and capacity to become stakeholders in the Tourism sector.

They would become beneficiaries of tourism by offering accommodation facilities in their own homes to tourists.

The Home Stay program will have a special feature where tourists will have a first-hand experience of local culture and lifestyle which most of the tourists look for in their travel.

According to a countrywide research survey especially in popular tourist destinations in the island, homestay tourism business owners need to invest In eco-friendly business operations.

This was because of eco-friendly hospitality services are the main trends in the current global tourism and hospitality business Sector.

Also, homestay business owners should know that practical knowledge is highly significant in the tourism and hospitality sector business environment.

In the future, community capacity development, Identification of a unique promotional mechanism, and eco-friendly business operations will be needed to manage negative impacts.

The program also provides training and other facilities to those who operators to offer clean, comfortable and affordable accommodation while ensuring a memorable experience to the guests who would become promoters of this program in their own countries.

The Sectoral Oversight Committee on National Economic and Physical Plans in Sri Lanka discussed the government’s goal to attract five million tourists to the country in the year 2024.

Addressing the Committee, officials of the Ministry of Tourism and Lands mentioned that they have planned to implement the Home Stay concept, while officials also pointed out that plans have been made to bring wealthy tourists to Sri Lanka in the coming year.

Furthermore, in order to attract more tourists to Sri Lanka, the Committee pointed out that the general society of Sri Lanka should be prepared to welcome such tourists in a respectful manner, as opposed to cheating them out of their money.

The officials pointed out that training programs are already being conducted in selected areas.

Furthermore, the Committee also pointed out that it is important to identify the places with tourist attractions at the local level and prepare methods to promote them.

By: Staff Writer

Colombo (LNW): Port City Colombo (PCC) showcased its commitment to sustainable development and global economic cooperation at the third Commonwealth Trade and Investment Summit (CTIS) held in London recently.

CTIS, known for bringing together senior business leaders and ministers from across the Commonwealth’s five regions, provided an ideal platform for PCC to engage in critical discussions on promoting trade and investment opportunities.

The event highlighted PCC’s dedication to fostering partnerships and driving economic growth not only in Sri Lanka but on a global scale.

Port City Colombo is poised to be a regional game-changer through its Special Economic Zone (SEZ) offering a range of incentives and benefits for investors and businesses. Port City Colombo will access South Asia, tipped to be one of the fastest growing regions over the next few years.

Port City Colombo’s five-year plan aims at revitalising Sri Lanka’s economy through FDIs. This plan calls for a substantial $ 5.6 billion in FDI, a move that will position Sri Lanka as a leader in the global service export market.

The SEZ also aims to contribute a staggering $ 13.8 billion to Sri Lanka’s annual GDP and generate over 140,000 direct job opportunities. During the construction phase, a projected fiscal revenue of $ 1.7 billion is expected, with an annual recurring revenue of about $ 700 million during the operational phase

Port City Colombo Deputy Managing Director Thulci Aluwihare addressed the gathering on “Financing Sustainable Infrastructure”.

The panel, comprised of representatives from governments, developers, financiers, and ecosystem enablers worldwide, and delved into the collaboration between the public and private sectors to bridge the infrastructure gap and advance sustainable development.

Sharing insights derived from PCC’s unique position as a brand-new city development, Aluwihare highlighted the city’s commitment to Colombo’s green transition.

Emphasising energy-efficient real estate development and a robust commuter transportation strategy, PCC aims to set a new standard for sustainable urban living while effectively mitigating climate risks.

A key focus of the discussion was unlocking green financing channels for emerging markets like Sri Lanka.

Aluwihare addressed this challenge, shedding light on the legal and regulatory hurdles and offering strategic solutions to ensure that green financing becomes a catalyst for positive change in the region.

Port City Colombo’s presence at CTIS 2023 not only underscores its commitment to global economic cooperation but also positions it as a leader in sustainable urban development.

By actively contributing to discussions on sustainable infrastructure financing, PCC is solidifying its role as a key player in the international arena, exemplifying its vision as the “Gateway to South Asia”.

Colombo (LNW): The Sri Lankan Rupee (LKR) indicates a slight fluctuation against the US Dollar today (12) in comparison to yesterday, as per the official exchange rates released by the Central Bank of Sri Lanka (CBSL).

Accordingly, the buying price of the US Dollar has increased to Rs. 322.24 from Rs. 322.18, and the selling price has dropped to Rs. 332.32 from Rs. 332.37.

The LKR, meanwhile, indicates depreciation against several other foreign currencies, including Gulf currencies.

By: Staff Writer

Colombo (LNW): The Sri Lanka Telecom Group (SLT Group) is now under a restructuring process of divesting of its major stake of management in a public private partnership venture.

The government’s decision is aimed at eliminating its inefficiency, unproductivity and less contribution for economic growth with massive overheads, although it has been considered as a profit- making institution.

The Government has extended the deadline for submission of Request for Qualification (RfQ) for the purchase of controlling stake in Sri Lanka Telecom (SLT) until 12 January 2024.

The previous deadline was 18 December 2023.The SOE Restructuring Unit (SRU) has ruled out any further extension.

The last date for receiving clarification requests from prospective bidders is 13 December.

SRU hopes the issuance of Request for Proposal; opening of data room and qualified bidders’ due diligence to take place in the first quarter of 2024.

In November, the Finance Ministry issued a notice on RfQ from interested parties to acquire a 50.23% stake in SLT.

The SLT restructure will be making the national telecom provider as an efficient, transparent and accountable business enterprise of providing effective service delivery, Finance Ministry sources disclosed.

Restructuring of SLT will be done by Public Enterprise Holding Company Ltd.

The SLT with 4,697 employees is currently operating with 21 trade unions and it has become a burden to the country with frequent workers protests and strikes making it difficult to the management to steer the public enterprise on a real profitable path.

It has failed to achieve the establishment objectives of ensuring the maximum return on public investment while making sure the optimum use of institutional resources as well as the ability to operate with commercially viable and independent entity.

Although SLT is making profits, its profitability ratio is very much lower than its competitors operating in the country.

The average profitability ratio of SLT during past five years was around 6.52 per cent whereas the Dialog Axiata PLC, its main competitor maintains a profitability ratio of 15.2 per cent.

Profitability ratios are defined as financial metrics used to assess a firm’s ability to generate earnings relative to its revenue, operating costs, balance sheet assets, or shareholders’ equity over time, using data from a specific point in time.

Preparations for the privatisation of SLT started in the early 1990s under “free market” economic reforms carried out by then UNP President Ranasinghe Premadasa by transforming the telecommunications department into SLT Corporation in 1991.

In 1996, it became a publicly traded company under the SLFP-led government of then President Chandrika Kumaratunga.

In 1997 the Kumaratunga government sold 40 per cent of SLT shares to Japanese Nippon Telegraph and Telephone Company (NTT). The NTT in 2007 sold 25 per cent of its shares to Malaysian Usaha Tegas Sdn, a subsidiary of Maxis Communication Bhd.

This privatisation was accompanied by mass layoffs of SLT’s workforce which had been reduced to 6,600 from 8,600 during the period 2000-2006 under a voluntary redundancy scheme, with many workers replaced by low-paid contractors.

Colombo (LNW): The Sri Lankan Rupee (LKR) indicates steadiness against the US Dollar today (12) in comparison to yesterday at leading commercial banks of the country.

At Peoples Bank, the buying price of the US Dollar has dropped to Rs. 321.33 from Rs. 321.42, and the selling price has increased to Rs. 332.53 from Rs. 332.12.

At Commercial Bank, the buying price of the US Dollar has dropped to Rs. 319.99, and the selling price remains unchanged at Rs. 331.

At Sampath Bank, the buying and selling prices of the US Dollar remain unchanged at Rs. 323 and Rs. 332, respectively.