Sri Lanka to halt cultivation of Palm Oil trees and promote coconut cultivation
Sri Lanka’s President Gotabaya Rajapaksa says the country will halt with immediate effect the cultivation of palm oil trees, while giving assistance to growth coconut in new areas.
The President made this observation while making the policy statement of the new government.
“Plantation of palm oil trees will be stopped completely,” the President observed.
Sri Lanka’s publicly traded commercial plantations companies have moved into palm oil after the island’s politically connected coconut land owners pushed the ruling class to raise import duties on vegetable oil in a bid to charge higher prices from consumers, local media reports stated.
However, concerns have been raised by environmental rights groups over palm oil tree cultivations in Sri Lanka, claiming they had an adverse impact on the soil.
Member of Parliament Chamara Dasanayake meanwhile delivering his maiden speech in parliament on Friday (21) said that palm oil cultivations have resulted in many natural water springs drying up causing a water shortage in some areas of the country, including his constituency.
Meanwhile President Rajapaksa said support will be given to grow coconut in new lands.
OSL take:
The decision of the government of Sri Lanka to promote the country’s coconut cultivation is indicative of the growth and business potential in the coconut industry. It also shows an expansion in the business/investment opportunities in the country’s coconut industry. The government is also looking at allocating new lands for coconut cultivations as well. Foreign businesses could explore business/investment opportunities in Sri Lanka’s coconut industry.
| Article Code : | VBS/AT/31082020/Z_7 |