Business
Sri Lanka’s Agarwood tree value may well soar above Rs. 1 million with product diversification
By Sanath Nanayakkare
The value of an Agarwood (Wallapatta) tree in Sri Lanka will soar to more than Rs. 1 million by 2028 with properly curated product diversification, Kumar Dharmasena, Chairman of Pintanna Plantations said in Ayagama- Ratnapura on Saturday.
He said so while pledging to make Ayagama the heart of Agarwood farming in Sri Lanka along with high-tech processing of the perfumery end-product. He was speaking at an event where the Sri Lanka Philatelic Bureau of the Department of Posts issued a commemorative stamp and first day cover recognising his forest products company’s contribution to the economy and the society at large.
Dharmasena unveiled a newly constructed multi-purpose building equipped with modern technology at Pintanna Estate coinciding with the commemorative stamp launch.
“We specialize in cultivating, adding value and exporting the processed end- product extracted from this most commercially valued tree to the global market and we bring foreign exchange to the country. I believed in this dream for many years when hardly anyone wanted to believe in it. We had only a limited number of investors who bought our plants those days and they also invested in the project placing trust in me rather than in the project’s future. But today, as the company possesses tangible assets in terms of increased farming land of Agarwood, manufacturing and processing plants, R&D centre, dedicated staff and sales centres in UAE, Saudi Arabia and Oman under ‘Silani ‘ brand, more and more investors are placing their trust in our growth trajectory. I think with proper product diversification, we should be able to increase the value of an Agarwood tree to more than Rs. 1 million by 2028. I invite potential investors to study and explore what we have achieved so far and join with us in our forward journey. By investing in Agarwood, you will get a good return on your investment and it will also help create a greener future for Sri Lanka,” he said.
Presenting return on investments (ROI) to a group of investors who had bought Agarwood plants three years ago, he said,” Today they got more than 22% ROI on their investments which is more attractive than current market interest rates. Having seen our growth and capacity, some investors have decided to reinvest their returns in the project on a longer term further encouraging us.”
“Today we are engaged in the total cycle of commercialization of Agarwood. At our state-of-the-art laboratory, we study and research this phenomenal Agarwood tree to harness more uses from it. Each successful experiment has proved to us that there is more to it than meets the eye. Our R&D activities will ensure consistent growth of our product portfolio beyond making Agarwood chips and Oud oil distilling. Agarwood tea is another one of our innovative products. In the years ahead, we will be focusing on using the extract of Agarwood in 102 products in addition to its main products. We have not achieved at least 50% of our potential yet. When our ‘Unanduwa’ perfume brand goes global and when our planned local and global expansion drive is completed, that will make up 50% of our journey,” he noted.
He went on to say that Wallapatta which gives the best of fragrances of Agarwood family is uniquely endemic to Sri Lanka, and therefore, all stakeholders engaged in the industry have a duty to safeguard the uniqueness of Sri Lankan Wallapatta without transporting its seeds beyond the country’s borders.
The event also saw the unveiling of Sri Lanka’s first Agarwood Museum which Dharmasena said would serve to ignite entrepreneurial spirit among Sri Lankan youth, requesting them to work hard and think innovatively to achieve success for themselves and the country.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
