Marking a significant milestone in its organic agriculture journey and contributing to an increase in foreign exchange earnings, Pussalla, through its subsidiary Pussalla Agri Ventures, inaugurated a state-of-the-art Cinnamon processing facility at Kosgama.<\/p>\n
Chairman Pussalla, Philip J. Wewita, at the opening last week, said that despite several concerns, they invested in this segment with the primary objective of contributing to the country’s FOREX earnings, which is a priority. \u201cWe also want to help elevate the cinnamon industry and its workers to a higher level.\u201d<\/p>\n
He stated that they have started this new venture using unutilized lands in their poultry operation, and they use their own organic fertilizers.
\n\u201cWe executed a long-term plan and started our own factory, R&D center, and picked a marketing team which helped us to produce over 20 by-products and find international buyers as well.\u201d<\/p>\n
\u201cWe also trained over 20 new employees and, most importantly, cultivated over 100 acres of cinnamon in many geographical locations in Sri Lanka, which was started 6 years ago. It was cultivated in different stages, ensuring a year-round supply and providing year-round employment for our employees in this operation.\u201d<\/p>\n
We are happy to note that today we will be exporting 100% \u2018Pussalla Agri Ventures\u2019 made products that include cinnamon quills, powder, essential oil, air fresheners, hand wash, and Sri Lanka\u2019s first 100% unique non-blended pure cinnamon brew to the Gulf from August, earning foreign exchange.
\n\u201cWe will enter the EU markets at the end of the year and to the US next year, doubling the exports.\u201d<\/p>\n
World-renowned researcher on Ceylon cinnamon and Director of the Agricultural Biotechnology Center (AGbc) of the University of Peradeniya, Professor Pradeepa Bandaranayake, said Ceylon cinnamon, known as Cinnamomum zeylanicum, is native to Sri Lanka and holds prestigious Geographical Indication (GI) status granted by the EU in 2022.<\/p>\n
Ceylon Cinnamon, considered the best in the world, was first discovered by the Portuguese from up country, and later the Dutch introduced it to the Low Countries.<\/p>\n
One of the defining advantages of local cinnamon is that it makes it a safer and more desirable choice for health-conscious consumers around the world, in contrast to produce from other countries.<\/p>\n
\u201cThough various global studies on Ceylon cinnamon show significantly low coumarin content, its anti-inflammatory and antioxidant properties, and its positive effect on blood sugar regulation and heart health, Sri Lanka still exports nearly 90% of the world\u2019s total output of Cinnamon with limited value addition.\u201d<\/p>\n
She disclosed that Sri Lanka’s largest buyers, Mexico and Peru, then mix Ceylon cinnamon with Chinese and Indian products and market them to the US and EU, mentioning that they are Ceylon cinnamon.<\/p>\n
She said Pussalla\u2019s venture stands as a leading example of how Sri Lankan enterprises can be unique and thrive in the global arena with value addition.<\/p>\n
Director Pussalla, Dr. Chamindi Wewita Jayasooriya, stated that today it was disheartening to discover the non-availability of Ceylon cinnamon in the Portuguese market and have other forms cinnamon, even though it was they who discovered Ceylon cinnamon and took it to the world.<\/p>\n
She further requested government authorities to intervene and initiate positive steps to introduce and establish the true identity of Ceylon to the world.<\/p>\n
Chairman, Industrial Development Board of Ceylon Ravi Nissanka, who was the chief guest, mentioned that value-added exports of Cinnamon is an answer to Sri Lanka\u2019s dollar-earning challenge and thanked Pussalla for taking a financial risk and entering this segment.
\nHe further stated that, with value addition, earnings from cinnamon can be significantly increased via ventures of this nature.<\/p>\n","protected":false},"excerpt":{"rendered":"
Marking a significant milestone in its organic agriculture journey and contributing to an increase in foreign exchange earnings, Pussalla, through its subsidiary Pussalla Agri Ventures, inaugurated a state-of-the-art Cinnamon processing facility at Kosgama. Chairman Pussalla, Philip J. Wewita, at the opening last week, said that despite several concerns, they invested in this segment with the […]<\/p>\n","protected":false},"author":1,"featured_media":4352,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-4351","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"\n