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PARIS (AFP): Governments around the world are scrambling to save companies battered by coronavirus lockdowns but the world is nevertheless facing a massive surge in bankruptcies by a third, a study conducted by a trade insurance firm said Monday. “COVID-19 is creating an insolvency time bomb,” said the report by Euler Hermes, predicting a 35-percent cumulative jump in the number of companies that go bust between 2019 and 2021. The firm, which provides insurance for trade deals, said this would be a record for its global insolvency index – and that about half of the countries worldwide would be setting new highs since the 2009 financial crisis. The biggest increase among the world’s economic powerhouses will be in the United States, with a 57% jump in insolvencies in 2021 compared to 2019, before the coronavirus struck. Bankruptcies are expected to soar by 45% in Brazil, 43% in Britain, and 41% in Spain. China is forecast to see a 20% surge in bankruptcies. In the United States, “the rapid spread of the virus is amplifying the trough in activity and generating a liquidity crisis for a larger set of companies”, said the report. “We do not expect the U-shaped recovery in the US to be sufficient to offset all the legacies of the crisis on financial metrics, nor to prevent the rise in insolvencies from continuing into 2021,” it added. The insolvencies are disruptive as other firms are left unpaid or forced to scramble to find new, often more expensive suppliers. “The larger the company filing for bankruptcy, the higher the risk of a domino effect,” said the report. Euler Hermes also warned of two scenarios in which bankruptcies could jump even higher. A premature withdrawal of supportive economic and policy measures could push the rise in insolvencies to 40-45%. “And if the global economic recovery takes longer than expected, the surge” in insolvencies could rise to as high as 85 to 95%, it added.

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Industrial Asphalts (Ceylon) PLC (IAC), a company listed on the Colombo Stock Exchange under the stock code ASPH.N is going through a capital raising exercise with the announcement of the rights issue. The company is the pioneer in the bitumen business in Sri Lanka established in 1964 by a group of dynamic industry experts who set out to provide innovative solutions for the road construction. The company from the inception also embarked on introducing highly successful bituminous products for the paints and coatings industry. IAC is the proud owner of some of the most iconic brands including NOLEAKÒ and BritexÒ amongst others. The portoflio brands and products have been serving the IAC’s customers for now close to 60 years. These brands popularity and brand strength can be measured by the fact that it has achieved a status of generic reference to the functionality of the brands denoted. The company foresees rapid investment in infrastructure on the back of the Government’s development initiatives. Infrastructure sector in general and roads sector in specific will be experiencing significantly higher growth rates during the years 2021 to 2025. The extensive development of the roads is the primary thrust through which the Country’s infrastructure is being developed. The roads themselves are developed through multiple levels, providing more consistent growth in IAC’s products relating to the road construction and insulating from uncertainties stemming from funding issues and lockdowns introduced due to counter measures to combat COVID19. From 2015, the Company embarked on a process of registering its iconic brands with the National Intellectual Property Office. Today, the company has successfully registered all its brands under multiple classes to get complete legal protection from various infringements of the brands. IAC is currently expanding its product offering under its brands to include Nano-technology in addition to polymer and acrylic products. The complete range of product offering under its existing brands along with a new product promotion campaign is expected to recapture its market share in the protective coatings space in the paints and coatings industry. IAC is leveraging on the existing strength of its portfolio of brands to expand the market through new and innovitve uses for its productions. IAC is currently going through an expansionary process to increase its operating capability by strengthening its balance sheet. The decline in the economy experienced during 2015 to 2019 is now being met with progressive policies which are reflected in the infrastructure development projects planned and executed currently. The significant increase in such projects has motivated the Board of Industrial Asphalts (Ceylon) PLC to announce the rights issue with an objective of strengthening its balance sheet. A stronger balance sheet would enable IAC to capture the emerging opportunities in both road construction space and the protective coatings segment. The rights issue is well priced at 20 cents per share enabling wide range of investors to take the opportunity to invest in the growth of the Company. For any further clarifications on the rights issue, please contact 0115 289 845 / 0779 267 601.

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London Stock Exchange Group (LSEG) has announced today that Arjuna Nanayakkara has been appointed as the Head of Shared Services Centre – Sri Lanka. He will be responsible for managing, building, and extending the capabilities of the centre in Sri Lanka. Nanayakkara joins LSEG from Global Market Technologies (GMT), formerly known as Mubasher/Direct FN where he held multiple leadership roles during a 13-year tenure. He was part of the strategic leadership responsible for transforming GMT into a leader in financial markets by establishing and operating an enterprise scale technology and support centre with global standards. Prior to GMT, he has worked at Richard Pieris and developed large format retail operations and modern supply chain management for the group.  He also recapitalised and commenced regulated financial services under Janashakthi Group and managed corporate finance, treasury and asset debt/restructuring under Asian Hotels and Properties in his previous positions. He started his career as a management trainee at Ceylinco Securities and Financial Services. Arjuna brings with him over two decades of experience and exposure on strategic planning, financial management, corporate governance, marketing, continuous improvements, systems design and product development. Commenting on this appointment, Global Head of Shared Services, Dee Liyanwela said “I’m delighted to welcome Arjuna to the Group. His proven experience in steering global organisations to reach exceptional top-line and bottom-line results will help LSEG Sri Lanka in building and extending our capabilities here in Sri Lanka.”

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Fitch Ratings, releasing its latest report yesterday (20), said it has revised down the operating environment (OE) score for Sri Lankan banks to ‘B-’ from ‘B’ after the sovereign rating was downgraded to ‘B-’ in April 2020. The Outlook on Sri Lanka’s Long-Term Issuer Default Rating (IDR) is Negative, as is the outlook on the OE score. The downgrading was done in May. The change in the OE score followed a revision in the outlook on the score to Negative from stable in January, which came on the heels of a revision in the Outlook on Sri Lanka ‘B’ sovereign is rating to Negative from Stable in December 2019. “These actions show that the OE score for banks is usually constrained by the sovereign rating. The OE score change also reflects Fitch’s assessment that the risk of doing business in Sri Lanka could rise in the medium term. The current OE assessment factors in the pressure arising from the coronavirus pandemic and the possibility of further risk if the pandemic worsens or lingers,” the ratings agency said. The assigned OE score is consistent with the implied score for Sri Lankan banks, which is at the lower end of the ‘B’ range. This reflects a GDP per capita of around $ 4,000 and a 48.2 percentile ranking under the World Bank’s Ease of Doing Business index for 2019. Fitch also considers qualitative aspects when assigning the OE score, such as the sovereign rating, macroeconomic stability, size and structure of the economy, economic performance, the level and growth of credit, financial market development, regulatory and legal framework and international operations. Fitch’s Macro Prudential Risk Indicator (MPI) of 2 for Sri Lanka indicates that there is moderate vulnerability to potential stress in the banking system and the broader economy.  

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Emirates will resume passenger services to Stockholm with weekly flights from 1 August, expanding its network in Europe to 22 cities, and connecting customers from Europe to the Middle East, Asia Pacific and Africa. The restart of Stockholm flights means that all Emirates gateways in Scandinavia will have resumed services by August, with flights to Oslo resuming from 4 August and services to Copenhagen being in operation since June. This will take the airline’s passenger network to 63 destinations in August, offering customers around the world more convenient connections to Dubai, and via Dubai. Flights between Stockholm and Dubai will operate once a week on Saturdays. Emirates flight EK157 will depart Dubai at 08:40 and arrives in Stockholm at 13:10. The return flight EK 158 leaves Stockholm Arlanda Airport at 15:05 and arrives into Dubai International Airport at 23:20. All times are local. The flights will be operated with the Emirates Boeing 777-300ER and can be booked on emirates.com or via travel agents. Dubai is open: Customers from across Emirates’ network can now to travel to Dubai as the city has re-opened for business and leisure visitors with new air travel protocols that safeguard the health and safety of visitors and communities. For more information on entry requirements for international visitors to Dubai, visit: www.emirates.com/flytoDubai Flexibility and assurance: With the gradual re-opening of borders over the summer, Emirates has revised its booking policies to offer customers more flexibility and confidence to plan their travel. Customers whose travel plans are disrupted by COVID-19 related flight or travel restrictions, can simply hold on to their ticket which will be valid for 24 months and rebook to fly at a later time; request travel vouchers to offset against future Emirates purchases, or request refunds via an online form on Emirates’ website or via their travel booking agent. Health and safety first: Emirates has implemented a comprehensive set of measures at every step of the customer journey to ensure the safety of its customers and employees on the ground and in the air, including the distribution of complimentary hygiene kits containing masks, gloves, hand sanitiser and antibacterial wipes to all customers. For more information on these measures and the services available on each flight, visit: www.emirates.com/yoursafety Travel restrictions: Customers are reminded that travel restrictions remain in place, and travellers will only be accepted on flights if they comply with the eligibility and entry criteria requirements of their destination countries. Visit: www.emirates.com/travelrestrictions Photo caption: Emirates resumes flights to Stockholm from 1 August

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The COVID-19 pandemic has forced Asian corporates to confront their business resilience in an unprecedented way, underlining the urgent need for greater digitisation in particular, according to HSBC’s Navigator report, Building Back Better, a survey of more than 1,400 Asian companies published today (21). “The global pandemic has also driven business to rethink how they can inject more transparency and traceability into their supply chains. COVID-19 has exposed weak links in supply chains, and companies are shifting from a just-in-time model to just-in-case when it comes to managing their stock,” the HSBC said. The pandemic has precipitated the worst global recession since the Great Depression, and in the months of April and May, Navigator spoke with more than 1,400 businesses from seven major Asian economies. The survey reveals that Asian companies felt more prepared to weather the challenges from the first six months of 2020. Over half of companies in Asia indicated they were as well prepared as they could be, far more so than firms in the rest of the world.The higher level of preparedness stands Asian firms in good stead as and when the world comes out of this public health crisis. “Digitisation is no longer something that is nice to have – Asian firms have woken up to the benefits of being digital. While in the past some firms were reluctant to adopt new technologies, COVID-19 has clearly illustrated the need to embrace change. The digitisation of processes can build resilience and safeguard against external shocks,” Stuart Tait, Regional Head of Commercial Banking in Asia-Pacific for HSBC said in a statement. “Regarding future ways of working, Asia is more likely than the rest of the world to believe that digitisation of trade and payment processes will become standard practice over the next 1-2 years. In these areas HSBC has been leading the way in applying technologies such as blockchain and APIs in digitising trade and payments processes.” “In addition to underlining the benefits of digitisation, COVID-19 has shone a spotlight on the vulnerability of a company’s supply chain.” According to Navigator, 54% of Asian companies say they will increase the transparency and traceability of their supply chains. Meanwhile, over one-third of Asian firms will review supply chain partners to ensure they are able to weather future challenges. Tait commented: “While any bank can tell you that it’s important to know your customer and your customer’s customer, our latest Navigator survey tells us that companies are beginning to understand the importance of knowing one’s supplier – as well as those who supply their suppliers.” When asked to describe a resilient business, Asian companies say that the top three characteristics are being agile, being customer-centric, and acting in a sustainable manner. Meanwhile, when asked to name the top barriers to resilience, Asian companies cite financial factors such as having sufficient cashflow and managing the cost of working capital. Tait concluded: “COVID-19 has been a once-in-a-century rude awakening for many companies across Asia. Resilience is about survival. If companies are to survive and thrive, they must make changes to how they operate, whether it’s becoming more digital or strengthening their supply chains.”

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Cementing its position as a global leader in quality and innovative healthcare, Hemas Hospitals announced the launch of a proprietary Infectious Patient Transportation Chamber (IPTC); a sealed, easily maneuverable cubicle with wheels to transport suspected or positive COVID-19 patients. Ideated and built by Senior Manager – Operations, Hemas Hospitals Wattala Chaaminda Kodikara, the chamber was designed with the primary objective of warranting the safety of hospital employees and patients. The novel device is currently in the process of being patented. The IPTC will be a critical tool in preventing the mass contamination of hospitals treating suspicious or COVID-19 positive patients as well as other highly contagious diseases. The five-foot transparent chamber was designed with the secondary objective of reducing the extraordinary amount of time and human resources it takes to disinfect and clean equipment and space utilized in the transportation of such patients through the hospital premises. Spacious, safe and comfortable, the IPTC is ventilated in such a way that it filters air to protect persons inside and outside from virus or bacteria in the air that leaves the patient – eliminating risk of cross-contamination. It is also structured in a way that allows for future motorization of the unit. The novel invention better protects healthcare staff involved in managing infectious patients as well – enabling them to provide a quality, efficient service without the fear of infection. “In the case of a COVID-19 suspect or positive patient, clinical teams are required to take extreme protectionary measures in transporting the patient and action a stringent process of disinfecting the patient’s room along with the corridors and lifts the patient was transported through. This exhaustive process is a costly, time-consuming affair that requires the utmost attention. Negligence at any point may lead to contamination and a lockdown of that area. The Infectious Patient Transportation Chamber was designed explicitly to address this growing, unmet need,” stated Hemas Hospitals Wattala, Senior Manager – Operations, Chaaminda Kodikara. Kodikara continued to remark that with the coming monsoon season, healthcare providers were expecting a rise of other diseases such as Dengue – whose primary symptoms include fever much like COVID-19. In preparation for the increase in admissions of these patients, special treatment areas had to be created within the hospital until they can be cleared of having been infected with COVID-19. The IPTC will be a critical tool in this regard. He also went on to state that this innovation would not have been possible if it weren’t for the immense support of Hemas Hospitals Wattala, Director General Manager – Dr. Lasantha Karunasekera who continuously motivates and encourages staff to ideate game-changing processes and solutions for the benefit of all patients and the hospital at large; which was a key factor in finishing the chamber amidst the country-wide curfew. This is in addition to the invaluable support and encouragement given by Hemas Hospitals Wattala, Manager – Medical Services – Dr. Sanjaya Ratnayake. Commenting on their proprietary innovation, Hemas Hospitals and Laboratories Managing Director and President, Association of Private Hospitals and Nursing Homes Dr. Lakith Peiris said, “The progress of humanity is incomplete without innovation and now, in the midst of an unprecedented global crisis, the immediate need for disruptive innovation in healthcare has never been more present. At Hemas Hospitals, we are constantly looking to fulfill critical, unmet healthcare needs in promising ways. Right now, it is our mission to protect the community and country by doing our part in curbing the spread of COVID-19. Our team of deeply committed employees have been working tirelessly, pooling all available resources, to ensure that our premises is fully-geared to defeat this pandemic. The novel Infectious Patient Transportation Chamber is a powerful example of our team’s effort and mindset in action.” In a concerted attempt to safeguard the health of both its patients and staff members, Hemas Hospitals was pro-active in implementing a COVID-19’ protocol based exclusively on the rigorous guidelines set forth by the epidemiology unit of the Ministry of Health (MOH) as well as the World Health Organisation (WHO). Patient triaging areas with temperature and health checks were quickly implemented, along with multiple hand washing stations and ample access to liquid sanitiser for disinfection, while mandatory regulations for face-masks were enforced. Special seating areas too were set aside for the loved ones of patients to avoid over-crowding of the premises. All hospital staff were thoroughly educated on the pandemic, and regular disinfection of the hospital environment was kicked into high gear. All staff that come into direct contact with patients were trained on the process of wearing and disposing Personal Protection Equipment to avoid contamination and infection. As such, Hemas Hospitals remains continuously vigilant and deeply committed to support the country during this time. Photo Caption – A patient being transported in the novel Infectious Patient Transportation Chamber (IPTC)

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Local software company Axienta that has been an innovator in the field of Sales Force Automation (SFA) for a large number of leading Blue chip companies in Sri Lanka and having forged a leadership position in the market in supporting the SME sector with their VANTAGE Solution, has now taken the leap to further expand their footprint into the African region. They recently signed a partnership agreement with TecnoZone IT Solutions, a software technology company operating in Malawi, which specializes in providing innovative Enterprise and Cloud based E-Learning & Social Learning Solutions, Retail Management Solutions and Support Services among many other services. and with the aim of collaborating the expertise of both organizations to support SME companies in the African Region. Ruwan Kahawattage, Managing Director of TecnoZone IT Solutions stated “Our partnership with Axienta reflects and demonstrates our commitment to adding continuous value to our customers through tailored technology solutions. The VANTAGE Solution we will be launching with Axienta will provide everything SME’s require to remain competitive by effortlessly optimizing their sales processes and in keeping track of their KPI, anytime and anywhere”. Stefan Fernando, Vice President of Axienta added “the partnership with TecnoZone will enable Axienta to tap into the African region, which is a lucrative market with immense opportunities. We aim to play an active role in  supporting the African SME’s segment in their journey towards growth and hope to encourage and co-develop innovative solutions that will transform the SME industry across the African region through this collaboration.” Proven to increase efficiency, ease of use, inventory management and reporting and dashboards, both Axienta and TecnoZone intends to use their collective expertise to provide greater standardization and visibility of operations for SME’s in the African Region through VANTAGE. Having commenced their journey in offering their solutions in the global arena initially with Vietnam, and recently setting up an office in USA in 2019, Axienta hopes to once again establish a secured market share in this region, as they have done in the other countries they currently operate in. With Small and Medium enterprises (SMEs) representing almost 90% of the businesses around the world according to the World Bank, which points out the significance of SMEs in the economy of the world, Axienta hopes to be a leading software innovator for SME companies around the world and play an integral role in supporting their growth and success . Photo Caption : Mr Ruwan Kahawattage, and Mr. Stefan Fernando, at the signing of the partnership

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Headline inflation as measured by the year-on-year (Y-o-Y) change in the National Consumer Price Index (NCPI, 2013=100)1 increased to 6.3% in June 2020 from 5.2% in May 2020. This was mainly driven by the monthly increase in prices of items in the Food category. Accordingly, Food inflation (Y-o-Y) increased to 13.6% in June 2020 from 11.1% in May 2020, while Non-food inflation (Y-o-Y) remained unchanged at 0.8% in June 2020. The change in the NCPI measured on an annual average basis increased to 5.6% in June 2020 from 5.2% in May 2020. Monthly change of NCPI recorded at 1.4% in June 2020 mainly due to increases observed in prices of items in the Food category. Accordingly, within the Food category, prices of seven food items including vegetables, sugar, fresh fish, eggs and rice increased significantly during the month. Further, core inflation (Y-o-Y) increased to 4.4% in June 2020 from 3.7% in May 2020, while annual average core inflation decreased to 4.6%  in June 2020 from 4.8%  in May 2020.

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Moody’s Investors Service has today extended its review for downgrade on Bank of Ceylon’s (BOC), Hatton National Bank PLC’s (HNB) and Sampath Bank PLC’s (Sampath) long-term local currency deposit and foreign currency issuer ratings of B2. The extension of the review for downgrade on the banks’ ratings follows the review for downgrade that remains in place on Sri Lanka’s B2 sovereign rating. Moody’s believes that there is a high level of dependency between the creditworthiness of the banks and that of the sovereign, given that the banks operate mainly within the country and hold significant amounts of sovereign debt. Furthermore, the government’s ability to support the banks in times of need is a key input to Moody’s assessment of the banks’ ratings. Moody’s had earlier initiated the review for downgrade on the banks’ ratings following its placement of the sovereign rating on review for downgrade. Given the review for downgrade, the banks’ Baseline Credit Assessments (BCAs) and long-term ratings are unlikely to be upgraded during the review period. Nevertheless, Moody’s could confirm the ratings if Sri Lanka’s sovereign rating is confirmed. A downgrade of the sovereign rating could lead to a downgrade of the banks’ BCAs and long-term ratings. Moody’s could also downgrade the banks’ BCAs if there is a material deterioration in asset quality. A significant decline in capitalization could also exert downward pressure on the banks’ BCAs.  

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Central Bank of Sri Lanka (CBSL) has taken measures to pay the compensation payments to the depositors of ETIFL and SFSP from the Sri Lanka Deposit Insurance and Liquidity Support Scheme (SLDILSS), upon suspension of the finance businesses of ETI Finance Limited (ETIFL) and Swarnamahal Financial Services PLC (SFSP) with effect from 13.07.2020. Accordingly, compensation payment will be commenced from Saturday 25.07.2020 through selected branches of the People’s Bank Island wide. In terms of the regulations of the SLDILSS, maximum compensation of Rs. 600,000/- per depositor will be paid through 45 branches of People’s Bank Island wide. Accordingly, the necessary funds for paying compensations to all the depositors/ legal beneficiaries confirmed by ETIFL and SFSP has already been allocated by SLDILSS and the CBSL has taken all required measures to ensure that compensation procedure is implemented in an efficient and effective manner. The depositors of ETIFL and SFSP are hereby requested to extend their maximum cooperation towards this compensation payment programme by submitting originals of deposit certificates, identification details and other required documents to the respective branch of People’s Bank. Further details pertaining to the compensation to the depositors of ETIFL and SFSP can be obtained from the following telephone numbers. People’s Bank: 0112 481 594, 0112 481 320, 0112 481 617, 0112 481 703 Central Bank of Sri Lanka: 0112 398 788, 0112 477 261

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Sri Lanka’s Wellness Tourism industry received a new impetus when the Sri Lanka Export Development Board (EDB) recognized Wellness Tourism as a thrust sector under the National Export Strategy (NES) 2018-22, as the island has natural and traditional endowments that can be used to develop a sustainable Wellness Tourism industry. Ever since then, the EDB has undertaken ground-breaking initiatives to make Wellness Tourism one of the top income earners of the country. Laying the foundation The industry includes a broad range of services such as the Ayurveda /Indigenous Medical sector, Western Medical Sector, and other wellness services as Yoga, Meditation, Spiritual, etc. A Wellness Tourism Advisory Committee was formed in 2018 by the EDB to provide necessary recommendations to the Government through the EDB to address the industry concerns and direct the development and promotional activities of the sector. The Wellness Tourism Advisory Committee is comprised of leading private sector stakeholders and the relevant Government Institutions including the Ministry of Health and Indigenous Medicine, Institute of Indigenous Medicine – the University of Colombo, Dept. of Ayurveda, SLTPB, and the SLTDA. In late 2018, the EDB invited Stella Photi, Managing Director of Wellbeing Escapes- UK, to the country with the aim of obtaining her expertise to develop the industry. She evaluated the industry’s existing capabilities and the readiness of individuals to cater/attract the wellness travellers from the UK/European region and agreed to provide her assistance in linking the Wellness Tourism industry with Wellness Travel companies in the UK. Formulating a Comprehensive Strategy with International Assistance The EDB obtained the services of Dr. Franz Linser, Managing Director, Linser Hospitality, to undertake a rapid assessment on the potential of the Wellness Tourism industry in Sri Lanka, with financial and technical assistance from Australia’s Market Development Facility. Further, the engagement with Dr. Linser was extended to formulate a Product Development, Marketing and Branding Strategy for the wellness industry which was funded by the Delegation of the EU to Sri Lanka and the Maldives.The rapid assessment on the potential of Sri Lanka’s Wellness Tourism industry outlined the main cornerstones that Sri Lanka needs to develop at a public sector and private business level in order to be perceived as a top-notch wellness destination with a focus on the German-speaking market. Product Development, Brand Development and Marketing Strategy The report on product development described the most important global trends relevant to the wellness tourism industry, outlining overall global long-term trends that shape society and deriving emerging developments that give rise to new niche products. The study then analysed different potential wellness segments to consider for the Sri Lankan wellness industry, including Ayurveda and medical approaches, as well as things like immersion in nature and experiencing local culture. For the creation of the Sri Lankan wellness tourism brand (brand development and brand design), Linser Hospitality collaborated with renowned marketing agency FACTOR GmbH, based in Germany. The brand name was developed as “Sri Lanka –Body and Mind”. The key proposed element of the marketing strategy is creating a website – a content hub that displays all the essential content and information on “Wellness & Health Tourism in Sri Lanka” in addition to providing the opportunity for booking. The website is to be supplemented with active presence in Facebook and Instagram in addition to using influencers such as bloggers, journalists, and celebrities. Showcasing Globally Sri Lanka’s first ever participation at Arab Health Exhibition & Congress, held in Dubai-UAE, was organized by the EDB in collaboration with the Ministry of Foreign Affairs, Sri Lanka Consulate in Dubai, and the SLTPB in January 2019.The participant companies were able to establish business contacts with travel agents and other relevant parties. In another landmark move, the EDB arranged the Sri Lankan Wellness Tourism industry’s inaugural participation at the World Travel Market in the UK during November 2019 in partnership with the Sri Lankan High Commission in the UK. Developing Regulatory Standards to the Sri Lankan Indigenous/Ayurveda sector To position Sri Lanka Ayurveda (including Hela Wedakama) as an international brand, it is necessary to make it clear to the discerning clients that the facilities and treatment are of a high standard. As a leading destination in such a valuable service, Sri Lanka needs to have a strict compliance regime through compulsory registration with the Department of Ayurveda and to be on par with International Health Guidelines. Since 2018, the EDB in collaboration with the Ministry of Health and Department of Ayurveda have been taking steps to develop National Standards/Regulations for Ayurveda Private Healthcare Institutions to regulate the industry. As per this process, the Department of Ayurveda has now developed the “Rules and Regulations on Traditional Medicine (Medical Tourism) Institutions”, and it is now in the process of submitting them for the approval of legal draftsman. The regulations and its enforcement are expected to improve the quality of the service provided by Ayurveda Resorts and Wellness Centres in Sri Lanka. Forming the Sri Lanka Wellness Tourism Association (SLWTA) Fulfilling a long-felt need, the EDB spearheaded the formation of the SLWTA. The association is made up of more than 50 reputed companies from the Indigenous, Ayurveda practitioners, Western Medicine profession, and others engaged in Wellness Tourism activities such as Ayurveda spas, yoga, spiritual, meditation and joined hands to form the SLWTA. The association is expected to represent their interests with the government as well as the larger stakeholder base notably foreign partners and clients. Plans for 2021 In association with the relevant government organizations and industry associations, the EDB expects to host a Wellness Tourism Summit in 2021 with the participation of national and international wellness service providers to promote Sri Lanka as a high-quality destination for wellness services internationally. Furthermore, the EDB intends to implement the product development and brand development initiatives proposed by Dr Franz Linser for the Sri Lanka Wellness Tourism sector in collaboration with the line agencies and funding partners to promote Sri Lanka’s Wellness Tourism under the brand name“Sri Lanka –Body and Mind”.

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