Sweet investment in sugar

Sweet investment in sugar

According to Trade Ministry 2 major investors are set to start large-scale sugar production plants in the country to increase local production to meet 20% of the demand.

The parties are as follows:
• A company based in India has signed the agreement, with 20,000 hectares of land from Kanthale which is reserved for sugarcane plantations.
• A Korean company will sign the agreement next week for the 2nd sugarcane factory.

The 2 companies will enter into a partnership with the Government and the government will provide lands as their stake in the investments.

The 20,000 hectares of land from the Eastern Province is being evaluated at present, with emphasis being paid to lands available in Moneragala, Ampara or Batticaloa.

Current production meets only 10% (65,000-70,000 tonnes) of the domestic demand and Sri Lanka imports 660,000 tonnes of both brown and white sugar per annum.

The 2 new plantations will increase local production to 20%.

The set national goal is to cover about 40% of local demand.

OSL Take:

More investment opportunities exist in this sector for foreign parties, and the biz-friendly OSL Team is ready to assist you 24X7.

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LOCATION : Kanthale
SECTOR : Manufacturing & Engineering

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