Business
Ceylon Cinnamon EU-PGI status promoted in Belgium
The Embassy of Sri Lanka in Belgium conducted an event on 18 October 2022 to celebrate the Protected Geographical Indication (PGI) status granted to Ceylon Cinnamon specifically for Ceylon Cinnamon quills, Ceylon Cinnamon powder, Ceylon Cinnamon leaf oil, and Ceylon Cinnamon bark oil by the European Union (EU) in February 2022, and to promote Ceylon Cinnamon in Belgium. The event was attended by officials of the European Commission’s Directorates-General, the European External Action Service (EEAS), and the Belgian government, as well as representatives of business entities that are engaged in importing or using cinnamon in their various products in Belgium and media agencies. Director, International Affairs of the Directorate General for Agriculture and Rural Development (DG AGRI) of the European Commission, John Clarke, who handles the PGI status for products, attended as a special guest. The objective of the event was to create awareness of the Ceylon Cinnamon with PGI status, which has been recognized as true cinnamon of high quality in the world cinnamon market. The European region largely uses Cinnamon Cassia, which is a cheaper substitute for Ceylon Cinnamon.
Ambassador Grace Asirwatham provided an introduction to the PGI status for Ceylon Cinnamon and the benefits that it presents to the producers, exporters, importers, and consumers in the EU region. The Ambassador said that Ceylon Cinnamon was a legacy and pride of Sri Lanka and added that while promoting Ceylon Cinnamon, Sri Lanka would like to share the inspiring story of Ceylon Cinnamon with the world. Further, the Ambassador said that Sri Lanka, being the true home of Ceylon Cinnamon, which holds 80% of the world market for Ceylon cinnamon, was confident that it would use the PGI status to penetrate into niche market segments in the EU and international markets.
The Sri Lankan companies associated with the event as coordinated by the Sri Lanka Export Development Board (EDB) and the Ceylon Chamber of Commerce include Verger Naturals (Pvt) Ltd., Elpitiya Plantations Plc, Lak Cinnamon Planters & Exporters Group (Pvt) Ltd., A. Baur & Company (Pvt) Ltd., Samagi Organics (Pvt) Ltd., Diamond International Lanka (Pvt) Ltd., Sanjeewaka Ayurvedic Products (Pvt) Ltd., Hddes Extracts (Pvt) Ltd., New Lanka Cinnamon (Pvt) Ltd., Silvermill, Ceyla Organics (Pvt) Ltd., Cinnamon One (Pvt) Ltd, and Enrich Tea & Food Exports (Pvt) Ltd.
Sri Lanka exports around 18,000MT of Ceylon Cinnamon to the world market, of which 45% is imported by South American countries and 14% by the US. The European region imports as little as 10% of Ceylon Cinnamon as it has been accustomed to using Cinnamon Cassia. The EU PGI status for Ceylon Cinnamon is a significant tool to differentiate Ceylon Cinnamon in the EU market from its substitutes of lower quality.
HNB Assurance Group (HNBA and HNBGI) has once again delivered impressive financial results for the year 2024, continuing its remarkable growth trajectory. The Group reported a 21% increase in Gross Written Premium (GWP), rising from Rs. 18.8 billion to Rs. 22.7 billion. Additionally, the Group recorded a consolidated Profit After Tax (PAT) exceeding Rs. 1.8 billion, marking a 7% growth compared to the previous year.
HNBA’s strong financial position was further highlighted by its upgraded Fitch rating, making it the only life insurer in Sri Lanka with an ‘A’ rating. HNBGI also earned an ‘A’ rating, positioning it among Sri Lanka’s leading general insurers.
Commenting on the achievements, Chairman Stuart Chapman expressed pride in the Group’s consistent growth, with a 22% average annual increase in GWP over the past four years. He also noted the 42% growth in share price by the end of 2024, reflecting market trust in HNBA’s stability.
CEO of HNBA, Lasitha Wimalaratne, highlighted significant milestones, including a 7.5% market share and a 27% growth in New Business Premiums. CEO of HNBGI, Sithumina Jayasundara, praised the company’s resilience, reporting a 59% increase in Profit After Tax and exceptional growth in non-motor insurance segments.
Overall, HNBA Group’s performance underscores its strong market presence and commitment to sustainable growth.
Chinese Dragon Café (CDC), Sri Lanka’s iconic Chinese restaurant chain, celebrates the first anniversary of its Dubai outlet. Established in 1942, CDC has become known for blending Sri Lankan spices with Chinese culinary techniques, creating a unique dining experience. The Dubai outlet, which opened in October 2023, is the first international expansion for the brand, representing Sri Lankan Chinese cuisine on the global stage.
CDC’s Managing Director, Udeshi, expressed pride in the warm reception the restaurant has received in Dubai, highlighting the universal appeal of its fusion dishes. The Hot Butter Cuttlefish, Nasi Goreng, and Seafood Fried Rice are some customer favorites. CDC’s Dubai outlet is also available on major delivery platforms, allowing diners to enjoy authentic Sri Lankan Chinese cuisine at home.
Yakaduru Yala, an eco-safari lodge nestled on the outskirts of Sri Lanka’s Yala National Park, has earned Booking.com’s prestigious 2025 Traveler Review Award with an impressive 9.6 rating. Since opening in 2022, the lodge has transformed former chena plantations into a sanctuary where ecological practices and traditional farming thrive together. Hosting over 30,000 guests, Yakaduru Yala has become one of Sri Lanka’s top eco-tourism destinations.
Committed to sustainability, the lodge uses solar power to eliminate its carbon footprint and engages in reforestation efforts with local wildlife and forest departments. Accommodations feature handcrafted mud cottages made from locally sourced materials, ensuring comfort while showcasing Sri Lankan craftsmanship.
Yakaduru offers guests immersive experiences, including guided wildlife safaris and walks exploring traditional agriculture and Sri Lankan rural life. Cultural performances and local cuisine further enhance the experience. Yakaduru’s success also benefits the local community by promoting chena farming and creating meaningful employment, making it a model of sustainable tourism.
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