Govt. to amend rules to allow STC to break into export market

The government will amend the rules to allow State Timber Corporation (STC) engage in export activities in collaboration with the private sector.

Agriculture, Wildlife and Forest Resource Conservation Minister Mahinda Amaraweera on Monday sought the approval of the Cabinet of Ministers to amend the responsibilities of STC, which was established in 1968, under the provisions of State Industrial Corporations Act No. 49 of 1957, to cater to the contemporary requirements.

Cabinet Spokesperson and Transport, Highways and Mass Media Minister Bandula Gunewardena said these amendments would allow STC to engage in export activities, while forming potential partnerships with the private sector players.

At present, he pointed out that STC has a sophisticated product portfolio, including high value-added products, which have significant export potential.