Sri Lanka should diversify its exports while promoting non-traditional products as this allows them to explore new avenues of earning foreign exchange, said Board of Investment (BOI) Managing Director Renuka M. Weerakone.
“Therefore, the BOI has always encouraged and promoted individuals and enterprises like HDDES that diversify export products in addition to established sectors such as garments, rubber and other manufactures.
“BOI-based companies also contribute 65% of national exports,” she said during a visit to HDDES Group, a BOI-licensed company that grows, manufactures and exports organic spices, oils essential oils, oleoresins, tea extracts, herbs, medicinal plants. extracts, dehydrates, virgin coconut oil and coconut products.
She also said that the HDDES group is a perfect example, which illustrates BOI’s export diversification.
HDDES Group President, HD De Silva, said: “My view is to use trade agreements as much as possible to import, process and re-export agricultural products while guaranteeing the country much-needed foreign income at this crucial stage. . Thus, I request all competent authorities to positively accept this proposal and implement simple decisions to remove all obstacles and bottlenecks for all export industries. I believe this will pave the way for foreign revenue generation on the island,” he stressed.
HDDES located in the BOI area in Horana has conquered a wide portfolio of markets in Western and Eastern Europe, the Middle East, Australia, Africa, North, Central and South America, East Asia, Southeast Asia and South Asia. Basically, its priorities are to produce organic, but both products are available in the market, organic products as well as conventional products. HDDES farms are certified 100% organic according to the new concept.
The HDDES Group, which has been in existence since 1982, is dedicated to the development of natural products by manufacturing organic and conventional essential oils under the HDDES brand. HD De Silva founded the company, which he oversees as chairman.
In 2003, the Group diversified its portfolio and invested in the latest technologies to introduce flower and herbal extracts to the export market under HDDES Extracts.
The Group was also rewarded at the Presidential Export Awards.