BOI projects to export ayurvedic medicines

The Board of Investment of Sri Lanka granted investment approval to Gokula Natural Medicines (Private) Limited for a project to manufacture ayurvedic medicines for the export market.

Dhammika Perera, Chairman / Director General signed the agreement on behalf of the BOI and formally presented the BOI Certificate of Registration to the investors.

The investment agreement worth Rs. 22 million is a joint venture between Gokula Natural Medicines and Iron River, United Kingdom. Chairman of Gokula Natural Medicines Limited, Ayur.

Dr. M. B. Ratnayaka said that the company will manufacture ayurvedic medicines of international standard that will be exported to the European market.

Evolving throughout history, ayurveda remains an influential system of medicine in South Asia. Ayurveda is considered to be a form of complementary and alternative medicine within the western world having a growing interest.

"Ayurvedic medical methods which were limited to countries like Sri Lanka and India have now become an international need.

The current requirement for ayurvedic medicine to the western world is supplied by India and China. There is an immense opportunity to earn foreign currency by penetrating this segment" said Dr. Ratnayaka. He said that herbs that are required to manufacture the medicine are not available in large quantities in Sri Lanka. To address this issue the company will set up a 100 acre Herbal plantation in Kurunegala.

Production will be initially carried out in the plant located at Kadawatha and manufacturing plants will later be established in Wayamba and Uva Provinces.

This is done in line with President Mahinda Rajapaksa's concept of taking investments outside Colombo and Gampaha, which have traditionally attracted investment.

The company also expects to setup 7 ayurvedic health spas in the country with the guidance and support from the Ministry of Indigenous Medicine.

The first two ayurvedic health spas are expected to be established in Bandarawela and Hambantota.Ayur. Dr. M. B. Ratnayaka intends to utilise his 25 year experience in the sector to improve the awareness among people. Dr. Ratnayaka was the Chairman of State Ayurveda Drugs Corporation from (1983-88) and has been actively involved at the College of Siddhayurvedic Medicine, Gampaha as Senior Lecturer to Principal.

He further said that he expects to increase the number of professionals, who are well versed in ayurvedic medicine to sustain the longevity of this sector in Sri Lanka. Chairman, Ayur. Dr. M. B. Ratnayaka signed the agreement on behalf of the company.

Directors of the company Ayur. Dr. Mrs. Wijayalakshmi Ratnayaka, Dr. Gokula Ratnayaka, Sanjaya Ratnayaka and Kosala Ratnayaka were also present at the occasion.