Business

Global tea convention positions tea as a versatile lifestyle choice

Published

2 years ago

2024/08/24

By Ifham Nizam

The Colombo International Tea Convention recently brought together a global audience in Colombo to explore the future of the tea industry. A primary focus of the forum was the need to position tea as a versatile lifestyle choice.

Dr. Sharon Hall, Chief Executive of the UK Tea & Infusions Association (UKTIA), provided exclusive insights into the event’s success, the challenges facing the industry, and the emerging trends that are shaping the future of tea.

The convention proved to be a resounding success, with participants from across the globe converging to discuss the future of tea, which the world body on the subject stressed.

Dr. Hall, speaking exclusively to The Island Financial Review highlighted the event’s theme, ‘Tea, A Lifestyle & A Livelihood,’ as central to its success. This theme emphasized the need to position tea as a versatile lifestyle choice and to enhance its value proposition among tea drinkers.

Dr. Hall added: ‘The Convention’s focus on consumption trends and encouraging younger generations to embrace tea aligns perfectly with UKTIA’s mission. By advocating for the health benefits of tea and supporting consumer campaigns, UKTIA aims to bolster tea consumption and adapt to evolving preferences.

‘Key trends discussed at the Convention included health-conscious choices. With a significant portion of young people opting for tea over alcohol, there is a growing trend towards health-conscious drinking. The UK’s younger demographic, particularly 18 to 29-year-olds, prefers tea for its taste and perceived health benefits.

‘Younger consumers are experimenting with tea pairings beyond traditional snacks. This presents an opportunity to introduce tea into various meal contexts.

‘The Convention addressed the gap in out-of-home tea consumption compared to coffee. Enhancing the value and experience of tea in cafes and takeaway settings is a crucial area for growth.

‘The rise of Bubble Tea and spiced chai is driving new consumer interest and could serve as gateways to broader tea consumption. These trends reflect a desire for innovative tea experiences.

‘One of the primary challenges discussed was the perception of tea’s value. As tea producers face increased regulatory and environmental demands, ensuring fair pricing and recognition of these efforts is essential. The Convention highlighted the need for a comprehensive approach to valuing tea that considers all aspects of its production and benefits.

‘The importance of international collaboration in advancing the tea industry was stressed. The Convention served as a platform for fostering partnerships and initiating working groups to address the industry’s challenges and opportunities.

‘With tea already being the second most consumed beverage globally, the future looks promising. UKTIA is preparing for future developments by focusing on sustainability and on enhancing consumer experience.

‘The Colombo International Tea Convention set the stage for a dynamic future for the tea industry. By addressing current trends, challenges, and opportunities, the Convention highlighted the potential for tea to evolve and thrive in the global market. As actions and collaborations from the Convention take shape, the industry looks poised for a bright future, driven by innovation and a renewed appreciation for tea’s diverse offerings.’

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Business

ADB approves $100 million loan to boost skills development and jobs for youth in Sri Lanka

Published

23 hours ago

2026/10/2

Thilina Walpola

The Asian Development Bank (ADB) has approved a $100 million results-based loan to help Sri Lanka transform its technical and vocational education and training (TVET) system, equip more young people with industry-relevant skills, and strengthen the country’s competitiveness and inclusive growth.

The Skills Development System Transformation Program will support the Government of Sri Lanka’s efforts in improving the quality and relevance of skills training, strengthening links between training providers and industries, and expanding employment opportunities for youth. The program will increase women’s employment opportunities in nontraditional jobs in fields including automotive technology, engineering, information and communications technology, construction, and renewable energy.

“A skilled workforce is essential to Sri Lanka’s long-term economic transformation and competitiveness,” said ADB Country Director for Sri Lanka Shannon Cowlin. “This program will help create stronger pathways from education to employment by making training more responsive to industry needs, expanding opportunities for young people and women, and ensuring that graduates have the skills required by a modern and evolving economy.”

Though Sri Lanka’s economy is recovering, it faces skills shortages in priority sectors, high youth unemployment, and low female labor force participation. Many employers report difficulty finding workers with the skills needed in a changing economy.

Aligned with the Government of Sri Lanka’s Technical and Vocational Education and Training Sector Strategic Framework 2026–2035, the nationwide program will be implemented from 2027 to 2031 and is expected to directly benefit more than 100,000 young people through improved access to quality, employment-oriented training.

Business

USD 40.84m pipeline to secure aviation fuel supplies to BIA

Published

23 hours ago

2026/10/2

Thilina Walpola

By Ifham Nizam

The government has cleared a USD 40.84 million and Rs. 8,548.75 million contract to build a dedicated aviation fuel pipeline from Muthurajawela to Bandaranaike International Airport (BIA), alongside a massive new fuel storage facility with a capacity of 92,000 cubic metres.

Energy Minister Anura Karunatilaka said the project represented a major investment in strengthening the infrastructure underpinning Sri Lanka’s aviation fuel supply and ensuring more reliable fuel availability at the country’s main international airport.

‘This project will provide the infrastructure required to strengthen the reliability and continuity of aviation fuel supplies to Bandaranaike International Airport, Karunatilaka said.

The contract has been awarded to China Petroleum Pipeline Engineering Company Limited, following an international competitive procurement process in which three bids were received.

The project will see a new aviation fuel storage tank complex constructed at Muthurajawela, together with the associated infrastructure required for handling and transferring aviation fuel.

Business

CSE activity up, turnover weak at Rs. 1.4 billion

Published

23 hours ago

2026/10/2

Thilina Walpola

By Hiran H Senewiratne

Trading activity on the Colombo Stock Exchange (CSE) gathered pace yesterday as global fuel prices began to show signs of easing, according to market analysts.In this context, both indices moved upwards. All Share Price Index up by 67.97 points while S and P SL20 up by 8.30 points.

Turnover stood at Rs 1.4 billion with seven crossings. Those crossings were reported in Sampath Bank 1.7 million shares crossed to the tune of Rs 238 million and its share price traded at Rs 140, Access Engineering two million shares crossed to the tune of Rs 159 million and its share price traded at Rs 79.50, LOLC one million shares crossed to the tune of Rs 129 million and its share price traded at Rs 129, HNB 100,000 shares crossed to the tune of Rs 38.4 million and its share price traded at Rs 384, JKH 1.9 million shares crossed to the tune of Rs 35 million and its share price traded at Rs 18.60, Hayleys 100,000 shares crossed to the tune of Rs 22.50 million and its share price traded at Rs 225 and Richard Pieris 847,000 shares crossed to the tune of Rs 22 million and its share price traded at Rs 25.50.

In the retail market top seven companies that have mainly contributed to the turnover were Sampath Bank Rs 114 million (813,000 shares traded), JKH Rs 100 million (5.3 million shares traded) LB Finance Rs 49 million (325,000 shares traded), HNB Finance Rs 30 million (27 million shares traded), HNB Rs 27 million (70000 shares traded), NTB Rs 25 million (82000 shares traded ) and Lanka IOC Rs 21 million (666,000 shares traded). During the day 65 million shares volumes changed hands in 10433 transactions.

The Banking and manufacturing sector counters performed well. In the banking sector Sampath Bank let the market while manufacturing sector especially JKH also significantly performed well. With the fuel revision Land IOC also a significant stock at the floor.

Meanwhile, First Capital Treasuries said that Ramesh Schaffter resigned as a Non-Independent Non-Executive Director with effect from October 1, to facilitate the restructuring of the company’s board.

Yesterday the Central Bank announced the US Dollar rate as against rupee. The rupee was quoted flat at Rs 330.65/80 to the US dollar in the spot market , while bond yields dropped, dealers said.