Business
Sri Lankan entrepreneur devices process to put shredded currency notes to productive use
By Hiran H.Senewiratne
At a time when the world is encountering the major environmental issue of disposing of shredded currency notes, which are accumulating in the tens of thousands of tons on a daily basis, a Sri Lankan entrepreneur has devised a chemical-free method of putting such old currency notes to productive use by recycling them and using as a catalyst in the process disposable local fruits and vegetables, instead of burning or burying the latter.
“I invented this new disposable shredded currency note system by using local vegetables and fruits. The process is 100 percent environment- friendly. Out of the process a hard timber material could be manufactured as a by- product, Managing Director, Ceylon Eco Friendly Products (Pvt) Ltd Udaya Gunarathne told The Island Financial Review.
Gunarathne said that the hard timber which is manufactured is termite- resistant and out of it numerous utility items could be manufactured. Stationery items, packaging material, for example, could be turned out. The timber could be also used as a substitute for wooden planks.
Gunarathne added: ‘Currently worldwide, discarded currency is destroyed either by burning or dumping in the sea or by burying. Whatever option used, such material is harmful to the environment. Central Banks worldwide, including that in Sri Lanka, spend a lot of money to destroy shredded currency notes at the expense of the environment.
‘Our company, being a responsible company, has invested and patented the technology which could be used for the benefit of the country and mother nature. Our recycling process is chemical- free and we use only local vegetables and fruits or agricultural products in this process.
‘I have already informed the Cuban ambassador in Sri Lanka about this new invention, targeting the G-77 summit, which will be held in Havana, Cuba this month. At the event the environmental issue is going to be one of the hot topics and Sri Lankan President Ranil Wickremesinghe has already confirmed his participation in the event.
‘I could generate US $ 10 million per month as foreign currency for Sri Lanka. It is also said that in Europe such notes are heavily accumulating in high volumes, which has become a glaring environmental hazard. We could provide a service to the country by way of earning foreign reserves.
‘If this project kicks off it could overtake export revenue that comes from tourism, apparel and foreign remittances.
‘At present the Central Bank of Sri Lanka is responding positively to this project while the Export Development Board chairman Dr Kingsley Bernard is also enthusiastic to promote this concept in other countries.
‘If the government approves this project I need 2000 acres of land in the Kankesanturai area since it is close to a shipping port that could bring shredded currency notes from other countries for recycling. I could also cultivate fruits and vegetables that are exclusively use for this recycling process, which in turn could provide employment opportunities for thousands of farmers in the country.
‘If things move in the proper way, I am going to support my Alma Mater, S.Thomas’ College, Mount Lavinia, via the project, as a mark of gratitude.’
By Sanath Nanayakkare
In a major boost to bilateral economic ties, the Chamber of Construction Industry of Sri Lanka (CCISL) and the Indo–Sri Lanka Chamber of Commerce & Industry (ISCCI) have signed a strategic Memorandum of Understanding (MoU) to deepen cooperation in real estate, infrastructure, and urban development.
The agreement establishes a formal framework for both institutions to drive collaborative initiatives, including business delegations, high-level conferences, workshops, B2B matchmaking sessions, and technical site visits. Designed to bridge businesses, government institutions, and project stakeholders across the Palk Strait, the partnership aims to unlock new avenues for cross-border joint ventures and technology transfers.
A focal point of this newly minted partnership is the facilitation of an upcoming trade delegation from the National Real Estate Development Council (NAREDCO) of India. Comprising major Indian players in the real estate and infrastructure sectors, the visiting delegation will engage in targeted business meetings, workshops, and inspection tours of prominent construction projects in Sri Lanka.
Under the terms of the MoU, CCISL will serve as the principal host coordinator in Sri Lanka. In close consultation with ISCCI, the apex construction body will curate itineraries, identify viable projects for engagement, and facilitate high-level dialogues with key government agencies, regulatory bodies, and industry leaders.
With both nations prioritizing sustainable urban growth, modern construction technologies, and infrastructure expansion, industry leaders view the partnership as a timely catalyst for economic rejuvenation. The collaboration is anticipated to accelerate market access, knowledge exchange, and foreign direct investment into Sri Lanka’s burgeoning property and development sectors.
To ensure the success of the upcoming NAREDCO delegation, CCISL has issued an urgent appeal to statutory authorities and relevant project owners to come forward with viable investment proposals. Stakeholders holding projects seeking foreign investment or technical partnerships are invited to submit comprehensive details to the Secretary General and CEO of CCISL via email at secyces@gmail.com.
Both chambers emphasize that translating this foundational agreement into tangible partnerships and robust capital flows will significantly strengthen bilateral connectivity between the construction and real estate sectors of India and Sri Lanka.
Hettich, the globally renowned German manufacturer of furniture fittings and architectural hardware known for its state-of-the-art manufacturing plants and magical interior solutions across the world celebrated a significant milestone in Sri Lanka, marking 10 years of presence in the country with its inaugural Partner Meet in Colombo.
The landmark event brought together Hettich’s key partners, stakeholders and industry leaders to celebrate a decade of growth, collaboration and shared success, while reaffirming the company’s long-term commitment to the Sri Lankan market.
Over the past decade, Hettich has strengthened its presence in Sri Lanka through its focus on German engineering, innovation, quality and functionality, contributing to the creation of contemporary and intelligently designed living and working spaces across the country.
The gala evening was graced by a distinguished delegation of senior leaders, including Dr. Andreas Hettich, Chairman, Hettich Group Advisory Board; S. K. Poddar, Chairman, Hettich India & Adventz Group; Mr. Akshay Poddar, Director, Hettich India; Andre Eckholt, Managing Director, Hettich India, SAARC, Middle East & Africa; Rahul Thakkar, Director – Sales, Hettich India & SAARC; and Dinusha Bhaskaran, Managing Director, Vallibel One PLC.
GS Evo Motors Limited, the authorized distributor of JMEV electric vehicles in Sri Lanka, has officially launched the JMEV EWIND, a next-generation compact electric SUV. The vehicle is designed to offer strong performance, intelligent technology, premium comfort, and high safety standards, marking another milestone in Sri Lanka’s growing electric mobility sector.
The EWIND features a sleek, aerodynamic exterior with penetrating LED daytime running lights, trapezoidal chain-inspired LED tail lamps, 19-inch alloy wheels, and a bold silhouette. Inside, it offers a spacious cabin with a panoramic moonroof and retractable curtain, an ultra-thin suspended instrument panel, a D-shaped multifunction steering wheel, multi-colour ambient lighting, premium finishes, and electrically adjustable front seats.
The SUV is available in single-motor front-wheel drive configurations, producing up to 108 kW and 210 Nm, with 0–100 km/h acceleration in 8.9 seconds.
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