Sri Lanka to set up proposed Institute of Food Science and Technology
Daily FT: The Cabinet of Ministers recently approved instructing the legal draftsman to expedite the completion of the Bill for establishing the Sri Lanka Institute of Food Science and Technology, incorporating the necessary amendments.
“The initial approval for the preparation of the bill to establish the Sri Lanka Institute of Food Science and Technology had been granted previously. Following this, the legal draftsman prepared the relevant bill and the Attorney General proposed several amendments,” Cabinet Co-Spokesman and Minister Bandula Gunawardena said at the post-Cabinet media briefing.
He said the establishment of this institute aims to advance food science and technology in Sri Lanka, promoting research, innovation and development in the sector.
“The prompt completion and enactment of the bill will facilitate the institute’s formation. It also reflects the Government’s commitment to strengthening the agricultural and plantation industries, enhancing food security and supporting scientific advancement in food technology,” he added.
The proposal to this effect submitted by Agriculture and Plantation Industries Minister Mahinda Amaraweera was approved by the Cabinet of Ministers.
OSL take:
Sri Lanka’s agriculture industry has presented a host of new business/investment opportunities given the growing demand in the many sectors under the industry. Given the increasing demand for food crop and export crop cultivation, there’s a growing need for the introduction of the latest global trends in the agriculture industry. This is a lucrative business opportunity in a country that is on thr path to becoming a regional hub. Foreign businesses/investors could therefore explore the expanding business/investment opportunities in Sri Lanka’s agriculture industry. Also, the formation of the proposed Institute provides the space for foreign businesses/investors to explore possibilities of forming collaborations with local business entities to further expand operations in the agriculture industry in Sri Lanka.