Business
‘Agri Deshiya’ re-imagines the use of Kithul sap to tap export destinations
rāgā, an innovative line of organic, kithul-based products was launched by Agri Deshiya (Pvt.) Ltd. – a local company committed to elevating Sri Lanka through value-added agricultural products of Sri Lankan origin to international fame.
The official launch took place on the 14th of December at the opening of the Agri Deshiya factory, which was inaugurated by Minister of Industries, Wimal Weerawansa in the presence of Minister of Coconut, Kithul and Palmyrah Cultivation Promotion, Arundika Fernando and the Agri Deshiya management.
The new facility located at the Nalanda Ellawala Industrial Zone, Ratnapura is equipped with state-of-the-art brewing and canning technologies, enabling rāgā products to revolutionise one of Sri Lanka’s most beloved yet, severely under-utilised foods: Kithul.
“We are extremely proud of the fact that, through rāgā, we have not just reimagined the potential of our island nation’s underappreciated agro-resources such as Kithul, but we have also paved the way for the traditional, village level Kithul tapping trade to become an internationally recognised industry. As an organisation that is built on the principles of people care, earth care and fair share, we have considered all aspects of the value chain including the improvement of financial benefits for rural communities to enhance their way of life, and thereby benefitting Sri Lanka as a whole,” said Prabath De Alwis, Chairman of Agri Deshiya (Pvt.) Ltd.
Driven by local innovation, sustainability and ethical production, all rāgā products are 100% natural, with no added preservatives. The technology partner, Industrial Technology Institute (ITI) has played a critical role in providing pioneering and unique technologies that have been incorporated at each step of the production process. These advanced mechanisms, including the first ever Enterprise Resource Planning (ERP) solution for the collection of Kithul sap in Sri Lanka, has been put in place to ensure premium quality in every product.
The entire factory is also backed by internationally recognised standards such as ISO 22000 – Food Safety Management System, GMP and HACCP, in addition to the continuous quality testing conducted in-house. To find out more about rāgā and its revolutionary products, please visit www.ragaceylon.lk.
Bringing the best of nature to Sri Lanka and the world, Agri Deshiya Pvt Ltd, founded in 2019, utilises ethical methods in technological agriculture to enhance the industry within the agro-based economy. Through new technologies and care for people and the earth, the Company aims to enhance the country’s economy and develop an agriculturally sustainable future, through the unique raw materials found in the rich soil of the island. The company operates with a desire to elevate Sri Lanka to its highest level of productivity through sustainable utilisation of its natural resources, while providing benefits for all parties involved in the unique and innovative production process. Please visit www.agrideshiya.com or email info@agrideshiya.com for more information.
Business
Affairs of Sri Lankan Airlines could be turned around using local expertise – former CAA chair
The financial affairs of national carrier Sri Lankan Airlines could be turned around along with the fortunes of Mattala Airport, using local management expertise without divesting these assets, former chairman CAA and veteran travel and tourism expert Upul Dharmadasa said.
“Sri Lanka has experts and knowledgeable persons to develop Sri Lankan Airlines into a viable entity. But when it comes to the debt restructuring process the government should absorb the losses to salvage our national carrier, former chairman Civil Aviation Authority Upul Dharmadasa told The Island Financial Review.
Speaking on Mattala Airport Dharmadasa said that during the Covid 19 pandemic he spearhead the airlines’ operations to bring more than 138,000 Sri Lankans back into the country. “At that time Mattala Airport functioned as a second international airport and it assisted the government in managing Covid patients in a more systematic way, he said.
Dharmadasa added: ‘Further, Mattala Airport’s 11 anniversary falls today. It falls on the government to develop it as the second international airport. It could attract large aircraft.
“We need to deploy proper and qualified persons to streamline the entire process.
“I have been in the airline industry for more than a decade. The number of airline arrivals in the country and departures from it have come down considerably after Covid 19 pandemic.
“In this scenario, Sri Lankan Airlines should focus on launching new flights to US and Canada. Together they account for more than 1.4 million Sri Lankan diaspora members who fly to Sri Lanka.
“Sri Lankan Airlines should resume Rome flights as well, which is a lucrative market. Apart from that Sri Lankan Airlines should focus on new destinations, wherein they could sell tickets and attract huge revenue to the airline.
“The airline should have 25 aircraft to offer uninterrupted services to air travelers but at present it has only 23 aircraft.”
By Hiran H Senewiratne
LOLC Al-Falaah, Sri Lanka’s leading provider of alternate financial solutions, proudly announces the launch of ‘Al-Falaah Wakalah Future-Cash’, a pioneering Shariah-compliant alternative for Factoring, Invoice & Cheques discounting facility, designed to transform business financing. This ground-breaking financial solution empowers businesses to elevate and realize future cash flows in real-time, while maintaining adherence to ethical financial principles. Setting a new benchmark in Sri Lanka’s Islamic financial services sector, this initiative strengthens LOLC Al-Falaah’s commitment to innovation and excellence in the alternate finance arena.
Unlike conventional Factoring, which relies on interest-based returns against receivables, LOLC Al-Falaah’s ‘Wakalah Future-Cash Today’ product is structured under the ‘Wakalah-Bil-Istithmar’ concept, ensuring full compliance with Islamic economic jurisprudence. Through this model, LOLC Al-Falaah provides capital infusion into business operations in exchange for a pre-determined Anticipated Profit Return (APR), eliminating interest-based transactions. Businesses are appointed as agents to deploy these funds within their operations, with surplus earnings allocated as a performance incentive. This structure enhances financial discipline, promotes transparency, and encourages ethical business practices.
The introduction of this pioneering facility is particularly timely as Sri Lanka transitions towards economic recovery and long-term stability. Shiraz Refai, Head of Alternate Financial Services at LOLC Al-Falaah, emphasized the significance of this initiative: “As Sri Lanka embarks on a path of economic resurgence, businesses require the right financial instruments to capitalize on emerging opportunities. As a trailblazer in the alternate financial services sector, LOLC Al-Falaah has identified a critical gap in the bills-discounting and factoring industry. The launch of LOLC Al-Falaah’s ‘Wakalah Future-Cash Today’ product presents a strategic solution that enhances liquidity and working capital efficiencies while adhering to Islamic financial principles.
City Cycle Industries Manufacturing (Pvt) Ltd, a leading provider of sustainable mobility solutions and renowned for its household brand Lumala, has been honored with the Best National Industry Brand award under the Large-Scale Other Industry Sector at the recent National Industry Brand Excellence Awards 2024.
Organized by the Sri Lanka Technical Development Board under the Ministry of Industry and Entrepreneurship Development, the award ceremony was held on 21 February at Eagle Lakeside and saw the participation of distinguished leaders from diverse industry sectors. The vent was graced by Prime Minister Harini Amarasuriya as the Chief Guest.
-
Foreign News3 days agoSearch continues in Dominican Republic for missing student Sudiksha Konanki
-
Features5 days agoRichard de Zoysa at 67
-
News6 days agoAlfred Duraiappa’s relative killed in Canada shooting
-
Midweek Review6 days agoRanil in Head-to-Head controversy
-
Features5 days agoSL Navy helping save kidneys
-
Features2 days agoThe Royal-Thomian and its Timeless Charm
-
News3 days agoDPMC unveils brand-new Bajaj three-wheeler
-
Latest News4 days agoDebutant Madara, Athapaththu fashion Sri Lanka women’s first T20I win in New Zealand