HDDES group further diversifies Board of Investment’s export basket
The Morning: The HDDES Group, a Board of Investment (BOI)-approved firm, that grows, manufactures, and exports organic spices, essential oils, oleoresins, tea extracts, herbs, medicinal plant extracts, dehydrates, virgin coconut oil, and coconut products, is an example that illustrates the BOI’s export diversification, the BOI stated in a press release.
Speaking about the factory, BOI Director General Renuka M. Weerakone expressed: “The BOI, which contributes 65% to national exports, is of the viewpoint that developing countries like Sri Lanka should diversify their exports while promoting non-traditional products as it enables them to explore new avenues of earning foreign currencies.
“That’s why, the BOI has always encouraged and promoted individuals and firms like HDDES that diversify export products in addition to established sectors such as apparel, rubber, and other manufacturing-based products.”
A BOI team recently visited the production facility of HDDES located at the BOI zone in Horana and witnessed how HDDES operates its production, which immensely contributes to the country’s economy by dauntlessly promoting a variety of local products, the BOI stated.
Its priorities are to produce organic products, but both products are available in the market – organic as well as conventional products. HDDES farms are 100% organic certified under the new concept.
HDDES has captured a wide-ranging market portfolio in western and eastern Europe, the Middle East, Australia, Africa, North, Central and South America, East Asia, and Southeast and South Asia.
HDDES Group Chairman H. D. De Silva stated: “My view is to utilise as much as possible trade agreements to import, process, and re-export agricultural products while ensuring much-needed foreign income earnings to the country at this crucial stage.”
“Thus, I humbly request all relevant authorities to positively absorb this proposition and implement straight forward decisions to eliminate all barriers and bottlenecks for all export industries. I believe this will pave the way to generate foreign income to the island,” he pointed out.
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 brand name of HDDES. H D De Silva founded the company, which he oversees as its Chairman. In 2003, the Group diversified its portfolio and invested in the latest technology to introduce floral and herbal extracts to the export market under HDDES Extracts.
The Group has also been recognised at the Presidential Export Awards and has received the best exporter award in 2019-2020 and 2020-2021.
In addition, HDDES has its own brand “Classic”, “AURA” and “D’las” to cater to the retail consumer market.
OSL take:
Sri Lanka’s manufacturing and exports sectors have shown a steady growth despite the many challenges faced by the country’s economy. The many trade agreements and trade concessions enjoyed by the country have also helped boost Sri Lanka’s exports sector that continues to record an increase in the monthly revenue generation. The local authorities have also taken steps to introduce incentives to further boost the manufacturing and exports sectors. The businesses currently engaged in these sectors have shown a growth and recorded profits, indicating the growing business potential in these sectors. Foreign businesses/investors could explore the opportunities in Sri Lanka’s manufacturing and exports sectors that promises definite returns.
| Article Code : | VBS/AT/25072022/X_10 |