Sri Lanka receives 340 million Euro investment into organic durian export venture in Nawalapitiya
UK-registered but Malaysian-owned Hobbify China Ltd. is reportedly looking at investing 340 million Euros (Rs. 78 billion) to organically cultivate and export value-added durians from 200 acres in the Nawalapitiya area.
According to reports, the respective company has entered Sri Lanka and launched the venture through the acquisition of a company called ‘In The Nature Ltd.’
The local company had planned to establish a project to cultivate durian with the aim of meeting the high demand in global markets and the project is to be at Hineford Estate Mapakanda, Nawalapitiya.The project has been in the making for six years and has been finally cleared by relevant State agencies.
A spokesman for ‘In the Nature’ has told the local media that the proposed project was in conformity with the national policies on sustainable development and national environmental policy in the country and also aims to develop under-utilised pines plantation into a more profitable durian plantation.
The project plans to grow 10,000 durian trees on the 200-acre site.
The biggest market for durians has been identified as Singapore and the project has already secured orders from Singapore.
OSL take:
With Sri Lanka adopting the organic agriculture policy by banning agro chemical imports, there is a growing opportunity in the food exports sector, especially in the export of organic food products. The many trade agreements as well as concessions enjoyed by the country have helped boost Sri Lanka’s exports sector including food exports. Given the growing demand for organic fruits and vegetables in the local as well as international markets, foreign businesses/investors could explore opportunities in organic agriculture. The trade agreements and concessions enjoyed by Sri Lanka will help in the export process.
| Article Code : | VBS/AT/09112021/Z_2 |