Sri Lanka’s Coconut Development Authority initiates investment assistance programme
The Coconut Development Authority (CDA) of Sri Lanka has initiated an investment assistance programme to promote bristle fibre production and construction of coconut shell burners.
According to a media report in the Daily FT, state the CDA is responsible for the development of the coconut industry in Sri Lanka and functions under the Plantation Industries and Export Agriculture Ministry and has decided to provide entrepreneurs with financial assistance to obtain machines.
These machines are locally improved with automated husk holding technology, and are able to manufacture bristle and mattress fibre to promote, upgrade and encourage bristle fibre production, media reports state.
In 2019, Sri Lanka had reportedly exported coconut fibre products worth of US$ 197 million of which US$ 3 million was bristle fibre.
Accordingly, potential entrepreneurs who can obtain 2,500 to 3,000 coconut husks daily, have access to three-phase electricity, water supply, and infrastructure facilities, as well as financial and commercial entrepreneur skills and capabilities, are eligible to apply for the financial assistance scheme.
Also, the industrialists are to be provided the opportunity to purchase machinery with improved and enhanced technology, where 50% of the required capital will be borne by the CDA subject to a maximum of Rs. 400,000.
The CDA has also decided to grant investment assistance to the industrialists who want to construct combustion stoves/burner ovens to promote eco-friendly, high-quality coconut shell charcoal production.
The CDA has called for applications by 20 July from prospective industrialists who are willing to manufacture coconut shell charcoal, are engaged informally in the industry, can collect 5,000 coconut shells per day, have one acre space facility, and also financial and entrepreneurial skills and capabilities.
OSL take:
The government of Sri Lanka is focussed on developing the county’s agriculture sector with special emphasis on export crops. Authorities have planned a host of incentives to encourage businesses to develop the export agriculture sector. This has resulted in the opening up of business/investment opportunities is Sri Lanka’s export agriculture sector. Foreign businesses/investors exploring opportunities in Sri Lanka could seriously look at this opportunity.
| Article Code : | VBS/AT/22072020/Z_2 |