Colombo Tea Traders’ Association hosts 131st AGM

The Colombo Tea Traders’ Association (CTTA) hosted its 131st Annual General Meeting (AGM) recently, celebrating over a century of unwavering dedication to Sri Lanka’s beloved tea industry. 

This significant gathering brought together esteemed leaders, government officials and key stakeholders to reflect on a rich history, tackle today’s challenges and passionately plan for a vibrant future.

The event was graced by the distinguished presence of the chief guest, Minister Sunil Haduneththi and Advocata Institute Chair and JB Securities Ltd CEO Murtaza Jafferjee, who delivered an insightful address as the guest speaker.

Outgoing Chairman reflected on the CTTA’s deep-rooted legacy, established in 1894 to ensure fairness in the Colombo Tea Auction. 

“It is both an honour and a privilege to stand before you today as we reflect on a proud legacy, 131 years of service by the CTTA to our tea industry and to our nation,” he shared. 

He highlighted positive strides in tea production and passionately called for urgent action on the “ongoing discrepancy in land extent data” to improve policy and encourage vital replanting and value addition. 

Haduneththi emphasised the government’s strong commitment to a truly collaborative future for the tea industry. He stated, “As a country, we are moving forward not because of anything else but because we, as a collective team, discuss our goals, objectives and opportunities and act upon them.” 

Haduneththi pointed to the re-established Inter-Ministerial Council and discussed plans to release crucial funds. 

“If we couldn’t do it before, we now have a plan to release funds from the Treasury for the plans of the relevant sector in the upcoming year,” he assured.

Jafferjee offered a refreshing look at Sri Lanka’s macroeconomic landscape, urging business leaders to embrace fundamental shifts. He clarified currency dynamics, explaining, how to think about the currency and depreciated Sri Lankan rupee. 

Jafferjee highlighted positive trends like a consistent current account surplus and strengthening national reserves, largely thanks to the International Monetary Fund programme. 

He also shared, “I have serious reservations that if we are going to have productivity growth large state or state-led development is questionable.”

The 131st AGM wrapped up with a renewed sense of purpose, ensuring the continued prosperity of Sri Lanka’s cherished tea industry.