News & market updates

Vella Group launched a new corporate group structure to serve as a central hub for administering more than 10 subsidiaries across tea, leisure/adventure, investments and IT. The group highlighted assets like Halpé Tea and 98 Acres Resort & Spa, named its board and unveiled a new website.

HVA Foods PLC signed an exclusive herb distribution agreement with Muggenburg Pflanzliche Rohstoffe GmbH & Co. KG on 29 October to supply herbs to value-added tea exporters, nutraceutical and supplement companies in Sri Lanka.

JICA will launch a four-year technical cooperation project early next year to improve fecal sludge management in Sri Lanka, including producing biosolids, drafting technical standards and by-laws, and piloting services in selected local authorities.

Asia Asset Finance PLC held a breast cancer awareness event in Hatton for over 500 tea estate workers in partnership with Hatton Tea Plantations. Local healthcare professionals led sessions on detection, symptoms and prevention as part of the company’s CSR focus on women’s health and empowerment.

The Colombo Tea Traders’ Association held its 130th AGM on Oct 25, 2024, urging sustainability, technology adoption (including digital auctioning), automation and renewable energy investments to boost productivity and protect Ceylon Tea. The meeting also pushed for GI protection and highlighted social outreach and the revived Colombo International Tea Convention.

Kotagala Plantations opened the Rosita Tea House, its first dedicated Tea Center overlooking St. Clair's Waterfall, to showcase Dimbula single-origin teas. The ceremony included Lankem Plantations and Sri Lanka Tea Board representatives and aims to promote Kotagala's tea to visitors and global markets.

Sri Lanka presented a national pavilion at the World Trade Expo 2024 in Mumbai, showcasing value-added cinnamon, coconut, cocoa, dehydrated fruits and Ceylon tea to promote trade, tourism and investment linkages.

Sri Lanka hosted a national pavilion at the World Trade Expo 2024 in Mumbai to promote trade and tourism, where companies showcased value-added cinnamon, coconut, cocoa products, dehydrated fruits and Ceylon tea and established business contacts for future collaboration.

Horana Plantations PLC (HOPL.N0000) became the first Sri Lankan company to develop an EU Deforestation Regulation (EUDR)-compliant management system, third-party verified by Preferred by Nature. The certification and HPL's knowledge-sharing aim to improve EU market access and industry preparedness.

Vella Group has established a centralized corporate group structure (Vella) to manage its 10+ subsidiaries across tea, leisure/adventure, investments and IT, consolidating brands such as Halpé Tea, 98 Acres Resort & Spa and Flying Ravana.

Planters' Association said member RPCs raised Deepavali festival advances for workers from Rs.20,000 to Rs.25,000 and for staff from Rs.25,000 to Rs.30,000. The increase follows a recent plantation wage rise (Rs.1,000 to Rs.1,350/day) and aims to support employees.

Planters’ Association of Ceylon said member RPCs raised Deepavali festival advances to Rs.25,000 for workers (from Rs.20,000) and Rs.30,000 for staff (from Rs.25,000). The increase follows a recent wage rise for plantation workers to Rs.1,350/day and includes a productivity-linked earnings component.

President Anura Kumara Dissanayake told the National Chamber of Commerce the government will carry out a nationwide digital transformation within three years and is introducing measures to lower electricity bills and promote energy autonomy. The NCCSL pledged pro bono support and discussions covered banking, insurance, construction, tourism, plantations and SMEs.

President Anura Kumara Dissanayake announced a nationwide digital transformation within three years and said the government aims to significantly reduce electricity bills while advancing an Electricity Act to promote energy autonomy. He also cited tax concessions, export expansion and sector reforms affecting banking, insurance, construction, tourism and plantations.

The 22nd Middle East Organic and Natural Product Expo will run at Dubai World Trade Centre from Nov 18–20, 2024 with over 550 exhibitors—nearly double 2023’s ~300—and visitor numbers expected to exceed last year’s 12,000.

Merchandise exports fell 3.49% y-o-y to US$937.95m in September 2024, while services exports rose 6.08% to US$329.89m, leaving total exports down 1.17% at US$1,267.84m.

Dankotuwa Porcelain (DPL.N0000), Talawakelle Tea Estates (TPL.N0000) and Watawala Plantations (WATA.N0000) were named among Great Place to Work’s Best Workplaces™ for Women 2024, recognising organisations with strong women-friendly policies and culture.

The Coconut Cultivation Board launched mobile sales trucks to provide coconuts at affordable prices to ease consumer hardship amid high coconut prices ahead of the general election. The piece highlights Sri Lanka's coconut export potential, links with Hainan/China and the need to develop the coconut value chain.

Lumbini Tea Factory Deniyaya was awarded the world’s first group ‘regenagri’ certification for regenerative agriculture covering 1,515 contracted farmers who cultivate about 937.87 hectares; the farmers are paid a premium for their green leaves.

Great Place to Work Sri Lanka named its Best Workplaces for Women 2024, listing Dankotuwa Porcelain (DPL.N0000), Talawakelle Tea Estates (TPL.N0000) and Watawala Plantations (WATA.N0000) among the 15 winners recognized for inclusive workplace practices.

Sri Lankan High Commissioner Rohitha Bogollagama met Fortnum & Mason executives in London to promote Sri Lankan processed food exports; F&M expressed interest in canned/bottled/packed foods, Ceylon tea, cinnamon, virgin coconut oil, kitul treacle and cashew products and requested samples and promotional collaborations.

SLASSCOM AI Asia Summit 2024, powered by Deloitte, will take place on November 5, 2024, showcasing AI's transformative impact across industries including banking and finance, manufacturing, agriculture (including tea) and hospitality. The event will feature keynotes, panels, hands-on sessions and industry partners.

The Sri Lanka–USA Business Council re-elected Charithra Hettiarachchi, CEO of Wichy Plantation Company, as president for 2024/25 and said it will expand partnerships with USAID, the EDB and BOI to boost trade and support sectors such as agriculture.

HKTDC and Sri Lanka’s Export Development Board held a roadshow at The Kingsbury Hotel in Colombo on 11 Oct 2024, attracting about 80 Sri Lankan exporters across apparel, tea, food, ICT, gems and more to promote trade with Hong Kong. Sri Lanka's exports to Hong Kong were $163m in 2023.

HKTDC and Sri Lanka's Export Development Board held a Roadshow at The Kingsbury Hotel, Colombo on 11 Oct 2024 to boost exports to Hong Kong; around 80 Sri Lankan firms from apparel, tea, food, electronics and ICT sectors attended.

Charithra Hettiarachchi, CEO of WICHY Plantation Company, was re-elected President of the Sri Lanka–USA Business Council for 2024/2025 at the AGM on 15 October 2024. The event, attended by US Ambassador Julie J. Chung, highlighted US–Sri Lanka trade initiatives (National Trade Single Window, AccelerateHER) and plans to expand partnerships with USAID, EDB and BOI.

China donated LKR 30 million (USD 100,000) to Sri Lanka as emergency flood relief, handed over by Ambassador Qi Zhenhong to President Anura Kumara Dissanayake. They also discussed long-term flood prevention and measures to boost community resilience after heavy rains displaced thousands and damaged infrastructure and agriculture.

IPS says goods and services exports were 20.4% of GDP in 2023, with industrial goods—primarily apparel—making up 77% of export income, leaving Sri Lanka highly concentrated and vulnerable. The institute urges trade liberalisation (including RCEP), energy pricing and renewable support, and agricultural value‑chain reforms to diversify exports and offset rising electricity and fuel costs hurting apparel and tea margins.

Ceylon Chamber of Commerce has rescheduled the Sri Lanka Economic Summit to January 28–29, 2025 due to the upcoming General Election; the summit will focus on policies for export-led growth with breakout sessions on Tourism, Agriculture and Value‑Added Manufacturing.