FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com


Join the forum, it's quick and easy

FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com
FINANCIAL CHRONICLE™
Would you like to react to this message? Create an account in a few clicks or log in to continue.
FINANCIAL CHRONICLE™

Encyclopedia of Latest news, reviews, discussions and analysis of stock market and investment opportunities in Sri Lanka

LISTED COMPANIES

Submit Post
Poll

Can there be another Covid-19 wave in Sri Lanka?

 
 
 

View results

STOCK MARKET TRAINING
ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
Submit Post


CONATCT US


Send your suggestions and comments

* - required fields

Read FINANCIAL CHRONICLE™ Disclaimer

Latest topics

» DVP යනු කුමක්ද? Explained
by Maduranga97 Today at 8:27 pm

» AMF will reach its high again?
by Equity Win Today at 7:49 pm

» EAST WEST PROPERTIES PLC (EAST.N0000)
by SAGA Today at 7:10 pm

» Browns price down
by Dilip Today at 6:41 pm

» LLUB=BULL Chevron Lanka Lubricant Target Price Rs 150..
by samansilva Today at 5:10 pm

» Concened Investor writes to CSE regarding new DVP
by God Father Today at 2:00 pm

» EXPOLANKA HOLDINGS PLC (EXPO.N0000)
by Mr. X Today at 1:15 pm

» Colombo Stock Market poised for growth - Webinar
by dayandacool Today at 12:43 pm

» DVP - හදුන්වාදීම කොටස් වෙළදපලේ අධිකාරීන් ඔබට පැහැදිලි කරන්න සූදානම් - කතාකරන්න අන්ක.මෙන්න
by Mr. X Today at 9:35 am

» No static policies hurting SL
by dayandacool Today at 2:41 am

» Investing in Sri Lanka in ‘The New Normal’ - Nimal Perera
by CHRONICLE™ Today at 12:43 am

» Daily Foreign Transactions update
by Pradeep90 Yesterday at 9:01 pm

» HATTON NATIONAL BANK PLC
by judecroos Yesterday at 8:55 pm

» LANKA ALUMINIUM INDUSTRIES PLC (LALU.N0000)
by dulans Yesterday at 8:35 pm

» Directors' Dealings 18/06/2021
by SAGA Yesterday at 7:28 pm

» Top Foreign Tradings today - 18/06/2021
by SAGA Yesterday at 7:00 pm

» SOFTLOGIC CAPITAL PLC (SCAP.N0000)
by SAGA Yesterday at 4:40 pm

» NIFL going up
by SAGA Yesterday at 4:19 pm

» L B FINANCE PLC (LFIN.N0000)
by KILLER99 Yesterday at 1:51 pm

» LOLC HOLDINGS PLC (LOLC.N0000)
by SAGA Yesterday at 12:57 pm

EXPERT CHRONICLE™

MARKET CHAT


CHRONICLE™ ANALYTICS


ECONOMIC CHRONICLE

GROSS DOMESTIC PRODUCT (GDP)


CHRONICLE™ YouTube


You are not connected. Please login or register

FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ »  Spice traders call for national action plan to rescue industry

Spice traders call for national action plan to rescue industry

Go down  Message [Page 1 of 1]

Malika1990

Malika1990
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
In the backdrop of lowered spice production in Sri Lanka, Chairman of the Spices and Allied Producers and Traders Association, Viren Ruberu, called for the formation of a national action plan to develop the industry.

“Production is the main issue. We need a national action plan, and we need it now before Indonesia, Malaysia, India and Vietnam overtake our spices industry.” Ruberu stated.

Citing Central Bank statistics for the end of May, Ruberu noted that with the exception of Cinnamon, spices such as pepper, cloves, citronella, and nutmeg declined in production, whilst overall agricultural exports dropped by as much as 11.8%.

He further noted that production of Cinnamon increased by 11%, boosted by an increase in land area available for cultivation from approximately 4,471 hectares in 2005 to 30,500 hectares in 2010.

“When I took over as Chairman last year, pundits said that our post war economy was bright, that global economies would grow and the recession in Europe would ease, and that Sri Lanka was bound to benefit from the ripple effects of this growth. Nothing of the sort has happened.”

“The question is where do we go from here? In the case of Ceylon Cinnamon, we need to market it the way Ceylon Tea is marketed by local brands that are our very own. Even the diversity in color and taste can be effectively niche marketed. Every district has its unique inherent character. We have to move away from tradition and introduce our own brands,” he stated.

Taking note of the 13 Regional Plantation Companies (RPCs) which had joined the Spices and Allied Producers and Traders Association, Ruberu urged the Minister of Minor Export Crop Promotion, Reginald Cooray, to support and encourage the companies in their efforts to diversify their plantations into spices.

“Although the RPCs have planned to open up around 1,000 hectares, this journey has become very slow. As it is they are bound by a captive wage structure unrelated to productivity and current costs, they are also bound by a lease period, they are living on borrowed capital, so will they risk going into unknown territory?”

“Their success could have a huge impact on the spice industry in this country but they need encouragement. We could seek international funding specifically for such a purpose and grant soft loans on concessionary terms for spice production for the big players as well as the whole community.” Ruberu stated.

Making reference to the Indo-Sri Lanka Free Trade Agreement, Ruberu noted that trade balance was heavily weighted in favor of India, due in part to concessionary tariff rates for Indian exporters under the agreement.
“For certain commodities India has imposed CAP. A 2,500 tonne CAP on the export of Pepper is an example, as a result of which Sri Lankan exporters have not exported any Pepper to India under the ISFTA.”
Ruberu called on Minister Cooray to work towards eliminating such non-reciprocal factors in order to improve export figures further.
http://www.dailymirror.lk/business/economy/21441-spice-traders-call-for-national-action-plan-to-rescue-industry-.html

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum