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.
Business
Shark and Ray Karawala
When we buy shark dry fish (Mora Karawala), do we really know what species we are consuming? What if endangered sharks are hiding in our meal? Most consumers are unaware.
In Sri Lanka, dried fish is more than food; it is a flavour, a tradition and a way of life. Affordable, long-lasting, and rich in taste, it has become a staple across the island, mainly in rural communities, the dry zone, and hill country. While most fish are eaten fresh, about 14% of the catch is preserved through age-old methods, such as salting, sun drying, smoking and fermentation. Whether served as a main dish (Karawala) or as a flavourful condiment (Umbalakada), dried fish has secured a special place on Sri Lankan plates.
Today, nearly two-thirds of the demand for dry fish is met locally, with dried sharks being the most common and popular in markets. And many people believe that milk sharks are particularly nutritious for lactating mothers.
Typically, part of the excess fish supply in peak seasons, fish arrive late from multiday fishing boats, fish from the bottom of nets, fish that are susceptible to quick spoilage or have low market appeal, are used to produce dry fish rather than letting this resource go to waste. In many coastal villages, drying fish is carried out at the fishing “waadi” (fishing villages/houses) level, often led by women as a means of earning supplementary income.
- Salting (not an elasmobranch
- Cutting rays into pieces prior to salting
But this comes with a cost. Sharks and Rays are slow-growing, late maturing and producing only a few young cannot keep up with rising demand. Sharks and Rays are captured by large-scale artisanal fisheries and often retained as bycatch. Mainly exploited for their meat and other derivatives, including gill plates, fins, and skins. Overfishing has pushed their populations into serious decline.
In Sri Lanka, over 60–70% of shark and ray species are threatened with extinction according to the IUCN Red List, with many others listed as Data Deficient — meaning their true status may be even worse. Only a handful of species might be considered less at risk, but even those assessments are uncertain.
Once dried, it becomes nearly impossible to identify which species are being sold. Drying removes distinguishing features, making it impossible to verify the species or ensure sustainability. Labelling is virtually non-existent, and consumers have no reliable way to tell which species they are purchasing.
This means endangered sharks are likely ending up on plates across the country — without anyone realising it. Given the high proportion of threatened species and the lack of transparency, the safest and most responsible choice is to avoid all shark-based dried fish entirely.
By choosing alternative dried fish products made from more sustainable species, we can protect Sri Lanka’s marine biodiversity and ensure that our cultural traditions remain part of a future where sharks still swim in our oceans.
About the Author:
Apsara Rupasinghe, a zoologist with a BSc (Hons) Degree in Zoology, is pursuing MPhil research on shark and ray genetics at BRT-FiPo, with a background in conservation genetics and population genetics. Her work involves combining genetics and conservation to improve species identification and protect endangered elasmobranch species. Apsara pays special attention to the dry fish industry in Sri Lanka as part of her research.
by Apsara Rupasinghe
(Researcher, Fisheries and Policy Programme, Blue Resources Trust)
Business
SPAR Sri Lanka opens first Kandy outlet, redefining modern retail in hill capital
SPAR Sri Lanka marked a significant milestone with the opening of its 12th outlet—its first in the historic city of Kandy and only the second outside the Western Province. Established in 2018 as a joint venture between SPAR South Africa Group and Ceylon Biscuits Limited, SPAR Sri Lanka combines global expertise with strong local roots.
Speaking at the launch, CEO of SPAR Sri Lanka highlighted the cultural and commercial significance of Kandy, noting that the brand’s aim is “not just to open a store, but to serve the community in a meaningful and relevant way.”
The Kandy outlet offers over 6,200 products, with nearly 3,900 locally sourced, supporting farmers, producers, and SMEs, while the remaining range includes imported SPAR international brands. Innovative features such as a dedicated pet care section, TOPs liquor store, pharmacy, and banking facilities create a one-stop lifestyle destination.
SPAR Sri Lanka is also fostering youth employment and professional development, providing structured training programs to equip staff with globally recognised retail skills. The store has created over 50 jobs in the region and supports local suppliers in meeting international standards, opening doors for broader market access.
With its SPAR2U online platform and SPAR Rewards app, customers can enjoy convenience and value, while the company’s ecosystem approach supports retailers, suppliers, and communities alike. The brand’s next expansion is scheduled in Kurunegala, underscoring SPAR Sri Lanka’s vision of reshaping retail while uplifting local economies.
Text and Pic By S.K Samaranayake
Business
Sri Lanka Insurance Life Honoured at Great Managers Awards, Becoming First SOE to Achieve this Recognition
Sri Lanka Insurance Life (SLIC Life) was recognised at the prestigious ‘Great Managers Awards 2025’, held on 26th March 2026 at Cinnamon Grand, Colombo, marking a significant milestone as the first State-Owned Enterprise (SOE) to receive this recognition.
Organised by CLA Coaching in collaboration with the Colombo Leadership Academy, the awards recognise organisations and individuals who demonstrate excellence in leadership and managerial effectiveness, benchmarked against global best practices through a rigorous evaluation process.
Sri Lanka Insurance Life was recognised under the category of ‘Companies with Great Managers’, reflecting its commitment to nurturing leadership talent and building a culture that supports sustainable performance and people development.
Several SLIC Life team members were also honoured across multiple categories, highlighting the depth of leadership within the organisation. Duminda Pieris, Assistant General Manager/Zonal Head, was recognised for Driving Results and Execution Excellence, while Chaminda Athauda, Deputy General Manager – Life, received recognition for Aligning Organisational Vision. Jagath Welgama, Deputy General Manager – National Sales, and Manjula Darmaprema Branch Manager – Pilimathalawa were acknowledged for Building Team Effectiveness and Collaboration. Amali Gomez, Manager – Corporate & Marketing Communications, was recognised for Integrality and Holistic Approach. Ruchira Edirisinghe, Brand Manager, and Uththara Kapugamage, Manager – Employee Engagement, were both recognised as Great Millennial Managers.
Commenting on the achievement, Nalin Subasinghe Chief Executive Officer of Sri Lanka Insurance Life stated: “We are truly humbled and honoured to be recognised at the Great Managers Awards 2025, especially as the first State-Owned Enterprise to receive this accolade. This achievement is a testament to the strength, dedication, and professionalism of our team, who continue to demonstrate exceptional leadership across all levels of the organisation. We take great pride in this collective success.” He further added, “We also commend this initiative for its role in encouraging organisations to nurture and develop future leaders. Platforms such as these are vital in shaping strong leadership cultures that drive sustainable business success and industry-wide progress.”
This recognition underscores Sri Lanka Insurance Life’s ongoing commitment to developing its people, strengthening leadership capabilities, and fostering a high-performance culture that contributes to long-term organisational success.
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