Sri Lanka to push Agripreneurship Villages Project to boost innovations in sector
Daily FT: The Cabinet of Ministers cleared the implementation of the Agripreneurship Villages establishment project, marking the first phase of this ambitious endeavour in 2024.
The significant initiative aimed at revolutionising the agricultural sector will select one village from each of the chosen Divisional Secretariat Areas to serve as the pilot site for Agripreneurship Villages.
“These villages will serve as hubs of agricultural innovation, equipped with state-of-the-art technology and smart solutions to facilitate farmers in adopting modern agricultural practices,” Cabinet Co-Spokesman and Minister Bandula Gunawardena said.
He said the primary objective of the project is to create a vibrant youth Agripreneurship community and introduce agri-innovation to rural agricultural areas.
“By encouraging a culture of entrepreneurship and innovation, the project expects to attract young individuals to the field of agriculture and elevate their economic status,” he added.
Gunawardena said through the integration of new technologies and smart solutions, farmers will have access to advanced tools and techniques to optimise crop yields, minimise resource usage, and enhance overall efficiency. In addition, he said the project aligns with broader efforts to modernise the agriculture sector and address youth unemployment and rural poverty by providing young individuals with opportunities for entrepreneurship and economic empowerment in the agricultural sector.
OSL take
Sri Lanka’s agriculture industry is fast becoming a hotspot for business/investment opportunities in the country given the increasing demand in the industry in line with the overall economic expansion. Given the increasing demand for consumption and export crop cultivation, there is an overall expansion in Sri Lanka’s agriculture industry. Apart from the development of infrastructure and supplementary infrastructure facilities required by the industry to meet the increasing demand, there are also opportunities in providing technical and technological expertise as well as machinery required by the industry. Also, the expanding trade ties have further increased opportunities for Sri Lanka to export crops, especially value added products to foreign markets. The growth and profits recorded by local businesses engaged in the agriculture industry are indicative of the overall growth and business potential in the industry. Foreign businesses/investors could therefore explore the expanding business/investment opportunities in Sri Lanka’s agriculture industry.