Sadaharitha signs largest agarwood tech-sharing deal with Malaysian firm

Saturday, 13 July 2024 00:17 - - {{hitsCtrl.values.hits}}

Sadaharitha Plantations Ltd., said it has successfully entered into an agreement with agarwood growers in Malaysia to share and sell its proprietary “SP Tech” for the inoculation of agarwood trees. This technology, developed through years of rigorous research and development, is designed to boost resin production in agarwood trees using natural ingredients. Initially, this agreement will witness the inoculation of one million agarwood trees annually, while three new agarwood product factories will be set up in Malaysia, across different states.

The agreement marks a pivotal achievement not only for Sadaharitha but also for Sri Lanka’s commercial forestry sector. By 2028, the developments resulting from this agreement are expected to meet up to 30% of the world’s demand for agarwood oil.

This strategic partnership underscores the credibility and trust placed in Sadaharitha by international partners, affirming the company’s position as a trailblazer in the industry. Sadaharitha’s innovative “SP Tech” represents a significant advancement in multiplying agarwood yield, and meeting the global demand for high-quality agarwood products. This achievement aligns with the company’s long-standing commitment to sustainable practices and green investment, having planted over one million trees and served over 47,000 satisfied customers, both locally and globally, a statement from the Company said.

Sadaharitha Group Chairman Sathis Navarathna said, “Our expansion into the Malaysian market through technology export and expertise sharing reflects our pioneering spirit and dedication to environmental stewardship. By exporting our unique, home-grown technology and techniques, we are both enhancing our global footprint and contributing to Sri Lanka’s foreign income earnings. We are also proud to announce that this partnership with Malaysia is the largest programme of its kind in the history of the industry, highlighting the trust and confidence the world places in Sadaharitha.”