Sri Lanka to export GI-certified value-added Ceylon Cinnamon products to Europe in 2024
The Morning: The first batch of Geographical Indication (GI)-certified value-added Ceylon Cinnamon products is anticipated to be exported to the European market by the early months of next year (2024) with the current tendency, The Daily Morning Business learnt.
Speaking to The Daily Morning Business an officer from the Export Development Board (EDB) of Sri Lanka who preferred to remain anonymous said: “There are so many procedures to be applied. After doing so, by the early part of next year (Sri Lanka will be able to export). That’s what we are planning right now.”
The officer further said that although Ceylon Cinnamon has been able to be GI-certified, the value addition has slipped from cinnamon exporters, since they believe bulk exportation would provide them with a justifiable revenue. Whereas once they are re-exported, they are reproduced as value-added products and can be sold into even better revenue, he pointed out.
“Around 80-90% of cinnamon exportation takes place in bulk. It is difficult for us to convert them to value addition due to the exciting mindset. It is the same, sometimes, with other exporting agricultural products as well.”
The EDB announced that the European Union (EU) handed over the GI certification for Ceylon Cinnamon, making it Sri Lanka’s first GI-certified product in April last year.
OSL take:
Sri Lanka is in the process of diversifying the country’s export product portfolio while ensuring high quality. It is in such a backdrop that Sri Lanka is looking at exporting GI-certified Ceylon Cinnamon to foreign markets. Sri Lanka’s exports sector has continuously been a key revenue generator for the country even during challenging conditions posed by the global pandemic and the economic crisis that followed. Local authorities are currently engaged in promoting local export products in foreign markets while also exploring new foreign markets to expand the process in line with the expanding export product portfolio. In order to further expand the country’s exports sector, the government of Sri Lanka has also prepared incentive schemes to attract foreign businesses/investors. Also, the many trade agreements as well as trade concessions enjoyed by the country have also helped boost Sri Lanka’s exports sector. Given the growing opportunities in Sri Lanka’s exports sector and the increasing profits, foreign businesses/investors could confidently explore opportunities in Sri Lanka’s exports sector.
| Article Code : | VBS/AT/20231117/Z_2 |