Business
Tea industry expected to contribute $ 200 million extra revenue to public coffers
By Hiran H. Senewiratne
In a situation where the country is short of foreign reserves, the tea industry will likely contribute US$ 200 million extra revenue to the country despite the current chemical fertilizer restriction, chairman, Tea Small Holdings Development Authority Dr. Thushara Priyadarshana said.
|” The tea industry helps the Sri Lanka economy to earn more than 10 percent of foreign exchange, earning US $ 1.4 billion. With an increase of 20 percent production this year we could expect another US$ 200 million additional revenue to the country, Priyadarshana told The Island Financial Review.
Priyadarshana added: ‘The tea industry is composed of two main sub-sectors; the corporate sub-sector or the large plantation companies and tea smallholdings. The small holders/holdings which grow tea between 20 perches to 10 acres comprise 46000 smallholdings, spanning more than 160,000 acres, including upcountry contributing more than 75 percent to the country’s total annual production.
‘Last year total tea production was 285 million metric tons and this year it would likely go up to 325 million metric tons. With the increase of another 20 percent of the production we could earn another additional revenue of 20 percent this year compared to the last year.
“The Covid- 19 pandemic situation also helped to retain its labour force within the industry, which in turn prevented the exodus of labour from the sector. Further, the government banned importing refuse tea and also helped the sector in a significant manner.
“At present we have ample fertilizer stocks for this season but from next year onwards we will be shifting to organic fertilizer to cut down on the chemical fertilizer in the country in order to produce organic tea, which has very high demand in the international markets.
“More than 450,000 smallholders are spread in 13 districts (8 regions). The smallholder sector has recorded 1.5 million dependents and over 400 factory owners have emerged as the major force in tea production.
“The State Minister of Company Estate Reforms, Tea Estates Related Crops has taken many steps to provide 25 million additional plants to the farmers through subsidized nurseries island-wide in addition to 25 million plants provided by private nursery owners.
“Further, cultivation subsidies and incentives are being provided to maintain continuous extension services for the development of technical and management knowledge to improve the sector.”
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.”
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