EU to support boosting Ceylon Cinnamon exports to premium markets
The Morning: The European Union (EU) anticipates bringing in the expertise of the International Finance Corporation (IFC) to promote Ceylon cinnamon exports to higher-value markets, the EU Delegation to Sri Lanka and Maldives said in a statement.
Moreover, the EU supports Sri Lanka’s initiative of the newly established Department of Cinnamon Development through the Export Agriculture in Sri Lanka project, focusing on quality improvement efforts of Ceylon cinnamon.
The project supports the implementation and enforcement of quality standards, builds the capacity of field officers and farmer organisations, and provides technology, it added.
President Ranil Wickremesinghe recently inaugurated the newly established Department of Cinnamon Development, dedicated to the cultivation and enhancement of cinnamon production. This department aims to boost cinnamon output, leveraging advanced techniques and support systems to elevate the industry.
During the ceremony, selected cinnamon entrepreneurs were awarded Geographical Indications (GI) certificates. These distinctions recognize the highest standards in cinnamon cultivation and production, setting a benchmark for quality and excellence in the industry, the EU delegation’s statement added.
OSL take:
With Sri Lanka exploring the expansion of its export product portfolio, especially in the field of crop exports, Ceylon Cinnamon currently tops the list of Sri Lankan exports. GI certified Ceylon Cinnamon has become a key export product for Sri Lanka since of late and the local authorities are looking at further diversifying the product and expanding its market reach. The many trade agreements and trade concessions enjoyed by Sri Lanka with many foreign markets provides Ceylon Cinnamon more access to foreign markets. It is in such a backdrop that the EU has expressed interest to support Ceylon Cinnamon to reach premium markets. Local export authorities have also launched several programmes starting from overseas promotional campaigns to pushing local manufacturers to diversify their product portfolios to strengthen and expand Sri Lanka’s exports including Ceylon Cinnamon. Given the growing interest in Ceylon Cinnamon in international markets, the support from many strong trade ties and the support expressed by the EU to further promote Ceylon Cinnamon in premium markets, foreign businesses/investors could explore the expanding business/investment opportunities in the local cinnamon industry. With the Ceylon Cinnamon market showing a steady growth potential, foreign businesses/investors could explore the expanding opportunities in the cinnamon industry.