Commerce Minister urges to increase annual sugar output

Minister Bathiudeen ceremonially chops a sugar cane at the Buttala cane plantation of Palawatte Sugar Factory. Chairman of Lanka Sugar Company (Private) Limited Navin Adikarama (standing third from left) looks on

“Today, the government owned sugar production industry is earning profits without any need for privatization. You, the more than 11000 workers under LSCL, have together helped transform our losses to equal levels of massive profits in just one year. This is a state-owned business success.
“I thank you for your contribution and wish for success in your harvesting. Let us build on this trend. We are producing less than 10 percent of our annual sugar needs locally and we need to increase this. Meanwhile Maximum Retail Prices (MRP) on sugar sales is not helping our sugar development efforts. I believe removing MRPs can help the sector to be more competitive,” said Minister of Industry and Commerce Rishad Bathiudeen this week in Buttala. 
Minister Bathiudeen was addressing the inauguration event of sugar cane harvesting ceremony of Pelawatte Sugar Industries owned by Lanka Sugar Company (Private) Limited (LSCL) under his Ministry. Joining Minister Bathiudeen was Chairmanof LSCL Navin Adikarama.

Annually Sri Lanka consumes 500,000 MT sugar but locally productions is only 8 percent of it. In 2015 LSCL under Minister Bathiudeen’s Ministry produces best quality natural brown sugar in Sri Lanka. LSCL reported a Rs one billion loss (US $ 6.6 million) but this trend reversed by September 2016 when LSCL reported a Rs one billion profit (US $ 6.6 million)-a stunning turnaround not seen in any other Sri Lankan state-owned business enterprises in recent times.