Business

Beyond the Fashion Value Chain: MAS Leads Global Biodiversity Restoration

Published

6 days ago

2026/01/11

Aerial Reforestation Project

Sri Lanka is one of the world’s richest biodiversity hotspots, with nature deeply intertwined with community life. Reflecting this connection, across the island, small-scale conservation efforts have always thrived in pockets. For MAS Holdings, the urgency of the environmental crisis made it clear that scattered initiatives were not enough- it was time to bring them together into an impactful, long-term approach. Employees have also welcomed the chance to be part of projects that protect nature, finding meaning in contributing to something that benefits both their communities and the environment.

Recognising this, apparel-tech conglomerate MAS Holdings has made biodiversity restoration central to its sustainability roadmap, the MAS Plan for Change 2030. Building on its commitments for 2025, the company has pledged to reforest and restore biodiversity across an area 100 times larger than its global operational footprint.

For an organization that spans 15 countries- across North America, Europe, Asia and Africa, this amounts to more than 31,700 acres of land. According to Nemanthie Kooragamage, Director – Group Sustainable Business at MAS Holdings, achieving reforestation on such an ambitious scale demands bold and innovative approaches.

“Well-planned restoration can do far more than replace lost trees,” she explains. “It can reconnect fragmented landscapes, stabilise soils, improve freshwater quality, rebuild coastal and mangrove nurseries, and create wildlife corridors- benefits that safeguard nature and the long-term resilience of apparel supply chains and communities.”

Building a Scalable Goal

The roots of MAS’ biodiversity goal trace back to 2017, when it pledged to restore 250 acres of land, equivalent to its operational footprint at the time. By the end of the initiative, the company had doubled its target and restored 500 acres of land.

Even then, MAS recognised that planting trees alone was not enough. As it pursued this goal, it became clear that landscapes face different pressures, from invasive species to degraded soils, and therefore require tailored interventions. And so, MAS developed its six-model framework for restoration: Conservation, Reforestation, Invasive Removal, Afforestation, Analog Forests, and Forest Gardens.

This framework later underpinned the biodiversity target set under Plan for Change 2025, which scaled up the 2017 pledge to restore 100 times MAS’ operational footprint at the time, a total of 25,000 acres.

Applying the Six-Model Approach

Over the last five years, the six-model framework has been put into practice, with projects demonstrating how different contexts required different interventions.

Conservation was at the heart of the Panama In-Situ Turtle Conservation Project, launched in partnership with two corporates and the Wildlife and Ocean Resources Conservation Society. Protecting a three to ten-kilometre stretch of coastline, the project has safeguarded 272 nests and released over 17,000 hatchlings since October 2023, directly supporting the survival of endangered sea turtle species.

Reforestation included the restoration of 10 acres of mangroves in Trincomalee, where MAS achieved an 81% sapling survival rate. Meanwhile, the Ittapana Mangrove Forest Reforestation Project, undertaken with the University of Sri Jayawardenepura and local communities, planted 500 saplings with a 94% survival rate. Beyond ecological restoration, it enhanced local fisheries, improved water quality, and engaged students and residents, ensuring long-term community impact.

To restore large, inaccessible degraded terrains, MAS partnered with the Sri Lanka Air Force to disperse seed bombs. This aerial reforestation method restored 275 acres and achieved a 45% survival rate, demonstrating an efficient solution for landscapes that could not be rehabilitated through conventional means.

Invasive Alien Species (IAS) removal was another critical strand, with programmes carried out in national parks in partnership with the Department of Wildlife Conservation. At Horton Plains, MAS removed Ulex europaeus from 82% of the affected areas and restored 244 acres of sensitive ecosystem. At Udawalawe and Lunugamwehera, the manual removal of Lantana camara supported the regeneration of grasslands vital for elephants, leopards, and sloth bears.

“We tested different approaches in Sri Lanka, from coastal conservation to seed bombing and invasive species removal, and they proved effective in their own contexts. With the scale of our biodiversity goals and our global operational footprint, the next step was to take these learnings beyond Sri Lanka and apply them internationally,” said Uvini Athukorala, Manager – Environmental Sustainability.

Expanding Globally

As part of its Plan for Change 2025 biodiversity conservation efforts, MAS extended projects beyond Sri Lanka to countries where it also has manufacturing operations. This ensured that the company’s restoration work addressed the landscapes and communities directly connected to its business footprint.

In Central Java, Indonesia, the Blora Ngawi Biodiversity Restoration Project has restored over 12,601 acres since 2023. The initiative planted more than half a million trees and established a multi-stakeholder forest management model that combines forest protection, land rehabilitation, and habitat enrichment.

In Kenya, MAS launched its largest conservation project to date, protecting 8,275 acres within the Nairobi National Park, in partnership with The Wildlife Foundation. The project secured wildlife corridors critical for elephants, lions, and cheetahs, reduced human-wildlife conflict, and created conservation-linked livelihoods for more than 600 people, with women and youth playing a central role.

These global projects demonstrated that the lessons learned in Sri Lanka, experimenting with diverse approaches and working hand in hand with local partners, could be successfully scaled in other contexts, while directly benefiting the communities where MAS operates.

Lessons for the Future

As the Plan for Change 2025 concludes, MAS has restored 25,058 acres toward its biodiversity conservation goal. The experience highlights two key lessons. First, that restoration must be context-specific. From mangrove reforestation in Trincomalee to invasive species removal in Horton Plains, or aerial reforestation of degraded terrain, each ecosystem required a different model to deliver meaningful results. Second, that collaboration is essential. Partnerships with government agencies, non-profits, universities, and local communities in Sri Lanka, Indonesia, and Kenya ensured both technical expertise and local ownership, making projects sustainable beyond their initial interventions.

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Business

Diplomatic thaw in Middle East sparks hope for Sri Lankan tea exports

Published

10 hours ago

2026/01/17

Thilina Walpola

Iran and the Middle East are important markets for Sri Lankan tea

Amid softening diplomatic rhetoric between the United States and Iran, a senior economist told The Island Financial Review yesterday that the stability of Sri Lanka’s tea exports to the Middle East, particularly Iran, would be maintained.

The economist, who closely follows regional developments, pointed to recent statements by Iranian Foreign Minister Abbas Araghchi and U.S. President Donald Trump as signs of de-escalation. Araghchi denied plans to execute anti-government protesters, while Trump indicated he had received assurances that killings had stopped and that the U.S. was “watching the process.”

“When geopolitical tensions ease, trade channels stabilise,” the economist said. “Iran and the Middle East are important markets for Sri Lankan tea. Any reduction in political risk is likely to support demand and reduce vulnerability in our export earnings,” he added.

The comments come against the backdrop of this week’s Colombo tea auction, where offerings totalled 6.0 million kilograms. The auction report noted “less activity from Iran and the Middle Eastern markets following recent restrictions in trading conditions,” reflecting the sensitivity of tea exports to regional instability.

Western Slopes and Nuwara Eliya teas showed mixed trends, with some grades firm and others declining. High and Medium Grown CTC teas sold around previous levels, while Low Grown varieties were easier by up to Rs. 20 per kg. Ex-Estate offerings remained steady at 0.74 million kilograms, with no significant change in quality, according to Forbes and Walker Research.

Low Growns, which accounted for approximately 2.4 million kilograms, saw varied demand: the Leafy category was quieter, while Semi-Leafy met with fair interest. Tippy teas faced pressure, especially in the Premium catalogue, where a lack of suitable bids left many unsold.

Selective demand was noted from shippers to the UK, Europe, and South Africa, while markets in Japan, China, the Middle East, and the CIS were reasonably active mostly at lower levels, Forbes and Walker said.

The economist added that while global tea markets remain volatile, any sustained calm in the Middle East could help restore buyer confidence from Iran – a key destination for Sri Lankan Orthodox teas.

“We are not out of the woods yet, but the signs are encouraging,” he said. “If the diplomatic tone continues to improve, we could see firmer demand from the region in the coming weeks,” he said.

By Sanath Nanayakkare

Business

Call for stepped-up economic engagement between SL and Maldives

Published

10 hours ago

2026/01/17

Thilina Walpola

Sudesh Mendis; ‘Potential in steppedup SL-Maldives business links

Sri Lanka is looking to significantly expand its commercial engagement with the Maldives, with business leaders calling for a more focused strategy to capitalise on growing opportunities in trade, services and tourism-linked investments.

Immediate Past President of the Sri Lanka-Maldives Business Council Sudesh Mendis said that the Maldives remains a high-potential market for Sri Lankan exporters and service providers, particularly in construction materials, food and beverage supplies, logistics and professional services aligned with the island nation’s expanding tourism and infrastructure sectors.

“The Maldives offers a demand-driven market where Sri Lankan products and services already enjoy strong acceptance, Mendis said, noting that geographical proximity and long-standing business ties give Sri Lanka a natural competitive advantage.

He said continued resort development, urban housing projects and public infrastructure investments in the Maldives have sustained demand for Sri Lankan goods, while services such as engineering, consultancy and skilled manpower also present room for growth.

However, Mendis stressed that logistical inefficiencies and administrative bottlenecks continue to limit expansion. “Improving shipping connectivity, reducing customs delays and ensuring smoother payment mechanisms are essential if Sri Lankan businesses are to scale up operations, he said.

Tourism collaboration was identified as another underdeveloped area, with Sri Lanka and the Maldives increasingly viewed as complementary destinations rather than rivals. Joint marketing initiatives and multi-destination travel packages could help increase visitor arrivals to both countries, Mendis added.

He also called for stronger private-sector leadership through regular trade missions, sector-focused business forums and targeted policy support to sustain momentum.

“With a coordinated and commercially driven approach, Sri Lanka can substantially deepen its economic presence in the Maldivian market, Mendis said.

Sri Lanka and the Maldives have maintained close economic relations, with bilateral trade expected to gain further traction as regional connectivity improves.

By Ifham Nizam

Business

News of IMF delegation’s visit to SL brings cheer to bourse

Published

10 hours ago

2026/01/17

Thilina Walpola

The CSE commenced trading yesterday on a negative note due to profit-takings but later turned positive, when sections of the media reported that an IMF delegation is to visit Sri Lanka next week to facilitate the fifth review of the extended fund facility to Sri Lanka.

Amid those developments both indices moved upwards. The All Share Price Index went up by 41.42 points, while the S and P SL20 rose by 25.28 points.

Turnover stood at Rs 4.73 billion with ten crossings. Top seven crossings were reported in DFCC, which crossed 4.4 million shares to the tune of Rs 701 million and its shares traded at Rs 159, HNB 250,000 shares crossed for Rs 105 million; its shares traded at Rs 420, Sierra Cables 2 million shares crossed for Rs 75 million; its shares traded at Rs 37.57, Seylan Bank 666,000 shares crossed for Rs 73.4 million; its shares traded at Rs 110.50.

Commercial Bank 300,000 shares crossed for Rs 57.2 million; its shares traded at Rs 225, Sampath Bank 300,000 shares crossed to the tune of Rs 46.6 million; its shares traded at Rs 155 and Ambeon Capital 1 million shares crossed for Rs 42 million; its shares traded at Rs 43.

In the retail market top seven companies that have mainly contributed to the turnover were; ACL Cables Rs 171 million (1.7 million shares traded), Commercial Bank Rs 153 million (686,000 shares traded), Sierra Cables Rs 130 million (3.5 million shares traded), Sampath Bank Rs 109 million (703,000 shares traded) , HNB Rs 109 million (250,000 shares traded), Lanka Credit and Business Finance Rs 76 million (8.2 million shares traded) and HNB (Non-Voting) Rs 76 million (213,000 shares traded). During the day 132 million share volumes changed hands in 37857 transactions.

It is said that the banking and finance sector led the market, especially HNB and Commercial Bank, while construction related companies, especially Sierra Cables, also performed well at the floor.

The manufacturing and travel and tourism sectors also performed well.

Yesterday the rupee was quoted at Rs 309.50/60 to the US dollar in the spot market weaker from Rs 309.35/50 Wednesday, having depreciated in recent weeks, dealers said, while bond yields were broadly steady.

The telegraphic transfer rates for the American dollar were 305.9000 buying, 312.9000 selling; the British pound was 408.2980 buying, and 419.6162 selling, and the euro was 352.7488 buying, 364.1370 selling.

By Hiran H Senewiratne