Sri Lanka’s President advocates boosting cultivation of high-quality cinnamon varieties
Daily FT: President Ranil Wickremesinghe has asserted the importance of boosting the cultivation of high-quality cinnamon varieties, noting Sri Lanka’s legacy as a leading cinnamon producer and exporter.
He made these remarks at the inauguration of the main office of the newly established Department of Cinnamon Development and launched its official website yesterday in Karandeniya in Galle.
The initiative originates from a proposal in the 2023 Budget, aimed to revitalise the Ceylon cinnamon industry.
During the opening ceremony, Wickremesinghe was presented with a 10-year roadmap for the industry’s promotion and a technical publication titled ‘Cinnamon Handbook’.
He also awarded Good Agricultural Practices (GAP) and Geographical Indication (GI) certificates to selected cinnamon entrepreneurs.
The President highlighted that each acre of land should be maximised for productivity with a focus on cultivating high-quality cinnamon varieties.
Wickremesinghe stressed the importance of enhancing cinnamon production and quality.
He highlighted that each acre of land should be maximised for productivity with a focus on cultivating high-quality cinnamon varieties.
The President also asserted the need for expanding cinnamon cultivation areas and integrating cinnamon with other crops to potentially triple or quadruple production.
He also underlined the necessity of boosting sales alongside increased production. The President suggested leveraging both local and international expertise to improve market reach, stating that the Government is ready to support companies willing to take on this responsibility.
“We are re-establishing this department after 200 years to revive the development of cinnamon cultivation in the country. The primary responsibility of this department is to enhance cinnamon production, starting with increasing output. We need to focus on cultivating high-quality cinnamon varieties and expanding the area under cultivation,” he said.
He also pointed out the importance of transitioning from an import-based economy to an export-driven one to ensure the country’s economic stability.
“With the right economic policies, we have managed to free ourselves from bankruptcy and reduced our debt by about $ 8 billion. If we do not transition to an export economy, our country’s economy will collapse again in 15 years. Therefore, we must swiftly adopt a new economic system and earn foreign exchange through exports,” he added.
Wickremesinghe called for a strategic plan to restart cinnamon cultivation from Puttalam to Hambantota and attract new investments in various industries, including information technology.
OSL take:
Sri Lanka is currently engaged in expanding the country’s agriculture crop exports portfolio. Locally produced cinnamon is now leading the list of agriculture crops targeting foreign markets. Ceylon Cinnamon is now fast becoming a brand in international markets with local authorities and producers paying much attention to exporting high quality cinnamon varieties to the foreign markets. Sri Lanka’s strong trade ties have also helped with Ceylon Cinnamon exports. Given the state patronage enjoyed by Sri Lanka’s cinnamon industry, foreign businesses/investors could be assured of incentive schemes for those interested in engaging in the industry. With the increasing business potential of Ceylon Cinnamon in the overseas markets, foreign businesses/investors could confidently explore the growing opportunities in the industry. Foreign businesses could also look at forming joint ventures or partnerships with local businesses engaged in the cinnamon industry to further expand operations.