Sri Lanka aims to revive coffee and cocoa production and diversify export markets for spices

President Wickremesinghe speaking at the AGM

Sri Lanka is looking to revitalise its high-quality coffee and cocoa production alongside measures to boost the country’s spice industry, which used to be a major foreoign exchange earner for the country.

President Ranil Wickremesinghe said the government is ready to allocate land and resources for the development of these sectors, with private land also available for interested parties to contribute to this initiative.
Speaking at the 19th Annual General Meeting of the Spice Council, President Wickremesinghe urged the country’s spice industry stakeholders to prepare a comprehensive plan to revive the industry, which was once a major source of foreign exchange.

He said the government stands ready to extend its fullest support for such an initiative.

 
“Sri Lanka once had the world’s best spices, but our neglect of the industry in the past 30-40 years has led to a decline in our income from spices.

This needs to change. As we implement economic reforms and debt sustainability measures, we must become a more competitive and export-oriented economy. We need to earn more foreign exchange to repay our debt and ensure a positive balance of payments,” Wickremesinghe said.

The President also called for the diversification of the country’s spice export markets beyond its historical boundaries. 

To facilitate this shift, he said the government has initiated measures in the right direction, including the establishment of a dedicated department for the development of the cinnamon industry.

“We should also immediately implement an agricultural modernisation programme that incorporates new technologies. This will help us to improve productivity and efficiency and to compete more effectively in the global market.

The private sector has a vital role to play in this endeavour. I therefore urge the Spice Council to develop a plan for promoting the spice industry and I assure you that the Minister and I are ready to provide the necessary support,” Wickremesinghe said.