Spice industry should reinvest profits – Minister Bathiudeen

The government which annually spends Rs 40 billion for fertilizer subsidy has extended the subsidy to all crops. The subsidy was previously limited to a few selected crops including rice.

Members of Advisory Committee on Spice, who met Industry and Commerce Minister Rishad Bathiudeen on May 11, expressed their gratitude for the above move.

According to the proposals, price of cinnamon fertiliser to be reduced by 54% in the due course, from its Rs 2950.00 per kilo to Rs 1350.00 per 50 kilo bag. This would help the small producers who are the backbone of the Spice Industry.

The Minister was at the meeting of the Advisory Committee on Spice on May11 held at the Export Development Board. During the meeting, Minister Bathiudeen said that Sri Lanka’s spice industry needs to re-invest its profits back, ensuring industry growth. “We also need to thank the spice producers for the forex revenues they bring in” he said.

Minister Bathiudeen expressed satisfaction and thanked for the increased forex brought in by spice industry. “Our spice industry needs to re-invest its profits back, so that the industry can continue to grow” the Minister pointed out.

 

“The Divineguma programme of the government could be used to increase our cinnamon production by enlisting the households to grow cinnamon and various other spices so that the families too benefit” the Minister said. The committee members also informed Minister Bathiudeen of various promotional activities that the EDB and the spice industry have undertaken in past few years. The future promotional activities include the launching of the Ceylon Cinnamon Lion logo locally in the next two months by President Mahinda Rajapaksa and thereafter to be launched internationally at the Anuga Trade Fair in Germany and IFT in New Orleans, USA. This will be followed by registering the Ceylon Cinnamon Lion logo in the main consumer markets.