Sri Lanka Tea Board to boost promotional activities in existing markets
The Morning: The Sri Lanka Tea Board (SLTB) has revealed plans to extend promotional activities in its existing markets over the next 6-12 months.
Speaking to The Sunday Morning Business, SLTB Chairman Raaj Obeyesekere revealed that the board was looking to invest money in developing production and regulatory mechanisms, as well as in promotion.
Commenting on envisaged promotional activities, he stated that the SLTB was looking to extend these activities to increase demand for Ceylon Tea.
Responding to a query on the target markets for these promotional activities, he stated: “At present, we have to promote in the markets we already have. However, if there are any new markets, we will look at them as well.”
However, he stated that decision-making with regard to these promotional activities was still at its inception and that there were certain formalities that had to be followed first. Nevertheless, he revealed that this extension of promotional activities would be implemented within the next 6-12 months.
Commenting further, Obeyesekere stated that while the ongoing conflicts in the Middle East and Ukraine had negatively impacted shipping and payment settlements, and therefore like the rest of the world, the Sri Lankan tea industry was also facing difficulties in its business dealings with the regions.
However, he clarified that despite these issues, Sri Lanka had managed to maintain its tea export numbers.
More than 50% of the tea exported by Sri Lanka is in a value-added form. The value-added product range of Sri Lankan tea includes green tea, flavoured tea, organic tea, instant tea, iced tea, and ready-to-drink tea. Tea-based soap, bath gel, shampoo, and cosmetic products have recently been added to this product range.
OSL take:
Sri Lanka’s tea industry is focused on regaining the prominence enjoyed by Ceylon Tea at one time in the international market. However, the gradual increase in the prices of Sri Lankan tea and tea-based products in the international markets is an encouraging sign of the growing business potential in Sri Lanka’s tea industry. The many trade agreements as well as trade concessions enjoyed by Sri Lanka with other countries and the promotional campaigns carried out by local authorities in foreign markets have all helped boost Sri Lanka’s tea industry. The Sri Lankan government has also introduced many incentive schemes to the tea plantation sector to attract more investments to the sector. With Sri Lanka’s tea industry on a steady growth path, the expanding business/investment opportunities in the industry presents many opportunities for foreign businesses/investors. The growing business potential in the local tea industry would also ensure quick returns on investment.
Article Code : | VBS/AT/20241020/Z_2 |