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Sri Lanka’s Agarwood tree value may well soar above Rs. 1 million with product diversification

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Founder Chairman Pintanna Plantations, Kumar Dharmasena (2nd on the left), Directors, Ashalya Dharmasena and Kavishka Dharmasena with Deputy Post Master General Sabaragamuwa, Shobha Tilakaratne at the unveiling of Pintanna's commemorative stamp cover

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.



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AAC looks towards a future of vertical mobility in Sri Lanka

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Drones could be facilitators of vertical mobility.

The Automobile Association of Ceylon (AAC) is looking beyond the traditional boundaries of mobility and road safety toward the future of mobility through sustainable developments in vertical mobility applications under the global guidance of the Fédération Internationale de l’Automobile (FIA).

AAC President Mr. Dhammika Attygalle believes AAC has the potential to contribute sustainable and proven systems, regulatory understanding, and international mobility frameworks toward developing Sri Lanka’s future mobility landscape while supporting the country’s broader economic development.

Representing Sri Lanka at the recent FIA Regional Drone and Vertical Mobility initiative held in Nepal was AAC Executive Committee Board Member Indula Sumithraarachchi, who participated alongside regional delegates and international mobility experts discussing the applications of vertical mobility systems and evolving regulatory frameworks covering mobility integration, safety, aviation and legal regulations.

“As mobility technologies evolve globally, we see vertical mobility as a natural extension of future mobility ecosystems. We believe vertical mobility is connected to sustainable areas not limited to future urban mobility, transport and logistics, infrastructure integration, safety frameworks, disaster and emergency response, and environmental efficiency,” he stated.

Drones are already being commercially utilized in Sri Lanka for dronegraphy (photography and videography using drones), agriculture, surveying and mapping, events, and marketing. However, it is important that greater attention is given toward safety standards, operational protocols, and aviation regulations, licensing, approvals and career professionalism as drone pilots within Sri Lanka in order to make these technologies safer and more accessible to the public.

International mobility experts increasingly recognize drones as part of a wider vertical mobility ecosystem operating alongside aviation and respective local regulatory frameworks. Experts explain that drone systems are helping countries establish regulatory structures, safety standards, technical expertise, aerial management systems, and operational frameworks that may eventually support broader future mobility technologies.

For AAC, the relationship between drones and vertical mobility represents a wider future mobility framework involving how people, services, safety, infrastructure, information, and transport systems may operate in more connected, intelligent, and efficient ways beyond conventional road-based transportation.

For decades, AAC has played an important role in Sri Lanka’s mobility sector through road safety advocacy, motoring assistance, tourism support services, driver awareness initiatives, and public mobility education. The association has continuously contributed toward improving safe mobility practices for Sri Lankan road users and motorists.

AAC now aims to position Sri Lanka within these evolving international mobility conversations while ensuring that future mobility development remains safe, responsible, and aligned with international standards.

The association also believes collaboration between regulators, aviation authorities, educational institutions, private sector innovators, and international mobility organizations will become increasingly important as future mobility ecosystems continue to develop globally.

Through FIA-supported international engagement and regional collaboration, AAC hopes to contribute toward building awareness and understanding of future mobility opportunities while ensuring Sri Lanka remains connected to emerging global transportation developments.

As mobility increasingly moves toward smarter, interconnected, and technology-driven systems worldwide, AAC’s initiatives into vertical mobility reflect its broader vision of supporting safe, progressive, and future-ready mobility solutions for Sri Lanka and future generations.

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Vietjet Air announces Colombo – Ho Chi Minh City route

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Vietjet announces its Ho Chi Minh City – Colombo direct route, in the presence of General Secretary and President of Vietnam To Lam (center) and Prime Minister of Sri Lanka Harini Amarasuriya (second from right)

Vietjet Air, Vietnamese new-age hybrid airline, has announced its first direct service connecting Colombo to Ho Chi Minh City at the Sri Lanka – Vietnam Trade, Investment and Tourism Cooperation Forum. The announcement took place in the presence of General Secretary and President of Vietnam To Lam, Prime Minister of Sri Lanka Harini Amarasuriya, and senior officials from both countries.

This is the airline’s first direct service between Sri Lanka and Vietnam, supporting the airline’s international expansion while contributing to stronger economic, trade, tourism, and people-to-people ties between the two nations.

The Colombo – Ho Chi Minh City route is expected to commence in August 2026 with four round-trip flights per week. Travelers from Colombo will soon enjoy affordable fares and seamless connectivity to Vietnam’s leading tourism and business hubs, along with convenient access through Vietjet’s extensive international flight network to major destinations across the Asia-Pacific region, including Australia, Japan, South Korea, China, and beyond.

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SDB bank and Hayleys Mobility forge strategic partnership to advance sustainable mobility and private vehicle leasing

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Tharanga De Silva - Chief Manager, Business Banking – SDB bank, Lahiru Ekanayake - Senior Manager - Leasing SDB bank, Chitral De Silva - Chief Business Officer- SDB bank, Manoj Akmeemana - Deputy Chief Executive Officer- SDB bank, Kapila Ariyaratne - Executive Director/Chief Executive Officer- SDB bank, Hasith Prematillake- Managing Director- Hayleys Mobility Limited, Roshani Dharmaratne - Executive Director - Hayleys Mobility Limited, Suraj Chularathne- Assistant General Manager- Hayleys Mobility Limited, Panduka Rathnayake - General Manager Finance - Hayleys Mobility Limited, Anjana Jayarathne - Asst. Manager Channel Development - Hayleys Mobility Limited

SDB bank has entered into a strategic partnership with Hayleys Mobility Limited through the signing of a Memorandum of Understanding, reinforcing the bank’s commitment to expanding access to structured mobility financing while advancing its broader sustainability banking agenda. The collaboration brings together two established institutions to support customers seeking leasing solutions for private vehicles, with a notable emphasis on electric vehicles as part of a more future-focused approach to transportation.

The MoU was signed recently at the Hayleys Mobility office in Union Place, in the presence of senior representatives from both organizations. Representing SDB bank Kapila Ariyaratne, Executive Director and Chief Executive Officer, Manoj Akmeemana, Deputy Chief Executive Officer, Chitral De Silva, Chief Business Officer, Lahiru Ekanayake, Head of Leasing and Tharanga De Silva Chief Manager, Business Banking were participated. Hayleys Mobility Limited was represented by Managing Director Hasith Prematillake, Director Roshani Dharmaratne, Mr. Panduka Rathnayake – General Manager Finance, and Mr. Suraj Chularathne – Assistant General Manager.

The partnership is designed to expand access to private and sustainable leasing solutions across Sri Lanka, while also responding to growing interest in cleaner and more responsible mobility choices. By placing special focus on electric vehicle leasing, the initiative reflects SDB bank’s recognition of changing customer preferences and the importance of supporting more sustainable transport options through accessible financing.

In addition to supporting conventional private vehicle financing, the collaboration enables customers to benefit from a more integrated experience that brings together vehicle selection and financing under a single proposition. Through the combined reach of SDB bank and Hayleys Mobility, the partnership is expected to improve accessibility and convenience for customers across the country, including professionals, self-employed individuals, business owners and other private vehicle buyers looking for reliable, structured leasing solutions.

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