Opportunity Sri Lanka | » Sri Lankan government kicks off programme to cultivate 1 million indigenous herbs
Sri Lankan government kicks off programme to cultivate 1 million indigenous herbs

Sri Lankan government kicks off programme to cultivate 1 million indigenous herbs

Daily FT: The Sri Lanka Ayurvedic Drugs Corporation (SLADC) has achieved its highest profit in years in 2023, recording a notable Rs. 195 million, State Minister of Indigenous Medicine Sisira Jayakody revealed yesterday.
He said this achievement marks a significant turnaround for the SLADC, highlighting the positive impact of the new management’s strategies.
“This profit is the highest since 2017,” Jayakody stated, emphasising the remarkable progress made by the SLADC under its new leadership. He attributed this success to the implementation of effective measures by the new management, which have revitalised the corporation’s operations and financial standing.
Speaking at a press briefing titled ‘Collective Path to a Stable Country,’ held at the President Media Centre (PMC), State Minister Jayakody said in celebration of the 76th National Independence Day, the Government has launched a program to cultivate 1 million indigenous herbs across the country thereby boost domestic production of medicinal herbs and to reduce reliance on imports.
The program’s first phase began yesterday and will continue until 7 April. It focuses on all Grama Niladhari (GN) Divisions across the country, ensuring widespread participation and impact. This initiative recognises the abundance of medicinal plants in Sri Lanka and aims to address the long-standing issue of importing indigenous medicines.
By promoting domestic cultivation, the program seeks to establish indigenous medicine as a viable commercial industry. It also aims to reduce the cost of imported raw materials used in medicine production, ultimately saving valuable resources and strengthening Sri Lanka’s self-reliance in the healthcare sector.
Government-owned vacant lands are being repurposed for a novel initiative: cultivating medicinal plants.

OSL take:
Sri Lanka’s agriculture industry is fast becoming a hotspot for new business/investment opportunities. There’s a growth in the cultivation of food crops, export crops and now herbal crops. These activities are indicative of the expansion in the country’s agriculture industry. The increasing demand for food crops, the expansion in export crop sector and the growth in the herbal medicinal sector have opened up a host of new business/investment opportunities in Sri Lanka’s agriculture industry. The growth and profits recorded by Sri Lanka’s herbal medicines manufacturing sector is a clear indication of the emerging market for medicinal herbs. It is in such a backdrop that the local authorities are looking at promoting the cultivation of medicinal herbs. Given the growth and business potential in the new medicinal herb cultivation, foreign businesses/investors could explore the expanding opportunities in the sector. Foreign businesses could also look at forming partnerships or joint ventures with local businesses to engage in these endeavors.

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Article Code : VBS/AT/20240215/Z_2

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