Touchwood targets Rs. 30 b turnover by 2015

Touchwood Investments Ltd (TIL), the only ISO certified forestry company in Sri Lanka and in the South Asian region plans to create an export market with an annual turnover of Rs. 30 billion by 2015.The company will plant trees on over 12,000 acres of land and provide employment to around 1,500 people after 2015.

CEO,TIL, Asitha Koralage said their forestry plantations will help the Government in its efforts to alleviate poverty, support economic growth, develop community infrastructure and provide overseas jobs for Sri Lankans.

TIL manages over 1,500 acres of private forestry plantations for around 1,400 customers in Kalutara, Matale, Badulla and Ratnapura.

The company plants trees such as mahogany, sandalwood, vanilla and teak which are commercially viable and environmentally sensitive.

As a global company committed to reduce destruction of rain forests and meet the growing demand for timber we help to maintain bio-diversity, protect the country's rain forests, reduce the impact on global warming and promote carbon trading and eco-tourism in the country", Koralage said.

TIL plans to introduce Super Teak into the product range in Sri Lanka to strengthen the market and provide investors with more security through a variety of high value timber.

"Sri Lanka can grow the best vanilla in the world. Its rich fragrance makes it one of the best flavours used for culinary purposes and ice cream," he said.

Vanilla fetches a high price in the local and international markets.

The annual global demand for vanilla is 12,000 MT while the present production is around 4,000 MT.

Director, GM TIL, Channa Abeygunawardene said the company plans to encourage foreign investors to invest in Sri Lanka which will help to earn around US$ five million by 2008.

"Risk in investments has been a prime concern to us and we have taken steps to minimise them by providing a deed to the land as collateral, using modern forest management techniques in compliance with international standards", Abeygunawardene said.

The company is aiming at achieving national and international Credit Ratings by 2010.

It recorded a turnover of Rs. 1,015 million for the financial year 2005/06 and a profit after tax of Rs. 613 million.

TIL a member of the Touchwood Group has operations in Thailand, Hong Kong, Australia Dubai, Malaysia, Qatar, China and South Korea.

LF