Business

Thai Sumeda incense sticks break into Canadian market

Published

5 years ago

2020/10/16

By Steve A. Morrell

Thai Sumedha incense sticks exported to many countries have now broken into the Canadian market. Hitherto, India was the main exporter of this commodity. Breaking into the trade was extremely difficult, said sole proprietor Sumedha Elpitiya at the recent launch of Sumedha incense sticks exports to Canada.

Minister of Trade Bandula Gunawardena and Minister of Industries Wimal Weerawansa were Joint Guests of Honour at the launch of this commodity to be exported to Canada.

Addressing the audience Minister Gunawardena said until recently our traditional exports were those commenced during the time of the British, who concentrated on the export of tea, rubber, coconut and other commodities. But all such products, although originating in this country, were products that were introduced by others . However, in this instance, the export of incense sticks under the brand name Thai Sumedha was a break from what we have been accustomed to. That too to a Western market like Canada, where similar products are perhaps not popular.

‘Irrespective of such a restrictive trade atmosphere, Thai Sumedha incense sticks to Canada marks a new chapter in exports, with the ‘Made in Sri Lanka’ brand that could be used in such export products . The President, informed of this product and the ground breaking reality of such exports reiterated support that the government would extend to ensure the product would reach more international markets, the minister said.

‘Incense sticks were traditionally exported by India to most other countries. Thanks to efforts of Sumedha Epitiya, it is now significant that such products are exported to other countries and reports are that such products were extremely well received. Value of exports of this product according recent information is now $ 22 million . The Cabinet was fully briefed on the firm quality of the product and Cabinet support too would be forthcoming, Gunawardena added.

Minister of Industries, Wimal Weerawansa after launch of the ceremonial package of Thai Sumedha Incense sticks destined to Canada said industries of such innovation and breaking with tradition will be supported by this government.

He said his ministry, the Ministry of Industries , responsible for such industries, would respond positively and encourage their expansion.

Chairman, Thai Sumedha Incense Sticks said while in Thailand to buy garments for his apparel outlet, he decided to visit temples in Bangkok and met a Sri Lankan monk . The monk advised him to develop high quality packs of incense sticks. He said he was diffident at first, that his products may not be marketable, but because of his strong entrepreneurial mind, set up its manufacture and production. In tribute to the origins of this product, he branded the product Thai Sumedha Incense Sticks. Combining the words Thailand and his own name Sumedha.

He was conscious of yet an un explored market and was determined to establish quality that would ensure his product would be accepted internationally.

Thai Sumedha Incense Sticks are now exported to the US, Australia, Germany, Malaysia, Hong Kong, Maldives, Tanzania, Czechoslovakia , UK, Singapore, and Lithuania. Exports to Canada were inaugurated that evening.

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Business

Dr RAD Jeewantha named most innovative dentist of the year

Published

14 hours ago

2025/04/27

Thilina Walpola

Dr Jeewantha receiving the award

Dr. R. A. D. Jeewantha was honoured as the Most Innovative Dentist of the Year at the Business World International Awards, 2025. Organised by the Business World International Organisation, the award ceremony was held recently at the Mount Lavinia Hotel. A graduate of the Faculty of Dental Sciences, University of Peradeniya, Dr. Jeewantha has built a reputation as one of Sri Lanka’s most respected and forward-thinking dental surgeons. After gaining vital experience in Government hospitals, including the Teaching Hospital in Karapitiya, he also served at a leading private hospital before launching his own practice—Doctor J Premium Dental Care in Delkanda, Nugegoda.

His dental clinic is known for offering advanced, patient-focused treatments in restorative dentistry, cosmetic procedures, and implantology, using state-of-the-art technology. Dr. Jeewantha is especially skilled in dental implants, having completed the American Residency Course in Dental Implantology at Roseman University, accredited by the American Academy of Implant Dentistry. Dr. Jeewantha holds fellowships from the International College of Continuing Dental Education (FICCDE) and the Pierre Fauchard Academy (USA). His advanced skills include modern root canal treatments using Mineral Trioxide Aggregate (MTA) for both surgical and non-surgical procedures.

He has completed international trainings in digital dentistry, full-arch implantology techniques like All-on-Four and Zygomatic Systems, and smile design using digital 3D scans. He has participated in global dental events such as the Asia-Pacific Dental Congress and completed training at institutions including the University of Manchester and North Western State Medical University in Russia. His courses have covered everything from intraoral scanning to managing tooth wear. He has previously received many local and international awards. Dr. Jeewantha also serves the community as a Justice of the Peace for All Island.

Business

IIHS Foundation in Biological Studies offers fast-track route to global health careers

Published

14 hours ago

2025/04/27

Thilina Walpola

The Foundation in Biological Studies at IIHS provides a unique alternative for students looking to fast-track their health careers after their Ordinary Level (O/L) exams. This programme offers a direct route to global health careers, bypassing traditional A/Ls. With over 1,000 students already advancing to universities in Australia, the UK, and Finland, IIHS has positioned the course as a reliable launchpad for careers in fields like medicine, nursing, biomedical sciences, and digital health. “This programme is a game-changer, offering a transformative journey into global healthcare education,” said IIHS CEO Dr. Kithsiri Edirisinghe.

Business

Seylan Bank Reports Strong Growth in Q1 2025 Financials

Published

14 hours ago

2025/04/27

Thilina Walpola

Seylan Bank has recorded a Profit before Tax (PBT) of LKR 4,199 million in Q1 2025, marking a 13.36% growth compared to LKR 3,704 million in Q1 2024. Profit after Tax (PAT) rose by 20.29%, reaching LKR 2,761 million, up from LKR 2,295 million in the corresponding period of 2024.

Despite a decrease in net interest income by 8.37% due to market interest rate reductions, the bank’s net fee-based income grew by 13.83%, driven by fees from loans, cards, remittances, and other services. Total operating income for the quarter was LKR 11,258 million, a 3.83% decrease from the previous year, while operating expenses rose by 4.62%, largely due to increased personnel and other operating costs.

Impairment charges were significantly reduced by 83.17%, totaling LKR 262 million, reflecting the bank’s solid credit quality and proactive provisions. The bank’s impaired loan ratio improved to 1.98% from 2.10% in Q1 2024, with a provision cover ratio of 80.74%.

Seylan Bank’s total assets grew to LKR 785 billion, with loans and advances reaching LKR 469 billion and deposits totaling LKR 647 billion. The bank’s capital adequacy ratios remained strong, with the Common Equity Tier 1 Capital Ratio at 13.67% and Total Capital Ratio at 17.64%.

In addition to its financial performance, Seylan Bank continued its commitment to education, opening 16 more “Seylan Pahasara Libraries,” bringing the total to 281 libraries across the island.Fitch Ratings upgraded Seylan Bank’s National Long-Term Rating to ‘A+(lka)’ with a Stable Outlook in January 2025, further underscoring the bank’s financial stability and growth trajectory.