Lanka in first mutual recognition agreement trade call with biggest global supplier

Daily FT - 13/08/2014

• ‘Important development!: Exporters
• 'MRA can help boost FTA biz’: Rishad
• 'Agreed!’: Deputy Indian HC Bagchi
• Trade under ISFTA jumps by 40%!
• Indo-Lanka overall bilateral trade at $ 3.63 b

As bilateral free trade leaped by a huge 40%, Sri Lanka’s biggest supplier in the world nodded in agreement on 7 August that a wider and consistent trade harmonisation push could remove existing barriers in one go -and amplify bilateral business.

“Sri Lankan businesses that invested in India have done very well. I agree with you that a wider Mutual Recognition Agreement will be useful to increase bilateral trade. I also agree that the lack of unified market standards across various states in India could be an issue for Lankan exporters,” said a keen Arindam Bagchi (Deputy High Commissioner of India to Sri Lanka) on 7 August in Colombo.
Deputy High Commissioner Bagchi was addressing Minister of Industry and Commerce of Sri Lanka Rishad Bathiudeen on 7 August during the first courtesy call he made on Minister Bathiudeen. Deputy High Commissioner Bagchi previously served in such stations as Beirut, New York, Spain and was finally functioning as the Director of Indian Prime Minister’s Office (PMO) before he arrived in Colombo. Joining Minister Bathiudeen on 7 August were Department of Commerce of Sri Lanka DG R.D.S. Kumararatne and EDB Chairman/CEO Bandula Egodage.



“India’s new government led by Prime Minister Narendra Modi has a special focus on SAARC region. On that note, let’s build on the long standing special relationship between Sri Lanka and India,” said Deputy High Commissioner Bagchi, and added: “As for India’s export problems, they are more or less similar to Sri Lanka’s – if EU market drops, similar to Sri Lanka exports, we too fall. And so is when it comes to exports market diversification. As for the Indo-Sri Lanka Free Trade Agreement (ISFTA), it helped both countries. I also think we can find alternative ways to expand Indo-Lanka trade in addition to the current ISFTA. In fact, now what is important is to expand ISFTA to other trade aspects. When it comes to Indo Lanka trade, the name of the agreement is not important but what is important is how to expand the benefits to other areas of (trade) cooperation. More importantly, Sri Lankan businesses that invested in India have done very well. In fact, we are very happy of their steady progress.”

According to the Department of Sri Lanka, India is the biggest supplier to Sri Lanka in 2013, followed by China. In 2013, total Indo-Lanka trade stood at $ 3.636 billion with imports from India reporting no less than $ 3.09 billion. Total trade ‘under ISFTA’ stood at $ 748.2 million and it jumped by a strong 40% in 2013 from 2012’s $ 536 million. Also in Y2013, 65% of Lanka’s total exports to India were exports ‘under ISFTA’.

Sri Lankan investment volumes in India too saw an uptick especially after both countries signed the Bilateral Investment Protection Agreement (BIPA) in January 1997 which came into force in February 1998. Among top Lankan investments currently in operation in India are Brandix, MAS Holdings, Damro, Dankotuwa, Carson Cumberbatch, Aitken Spence, John Keels, Colombo Dockyards, DRH Logistics and Freight Links International. Sri Lanka also aims at bringing more Indian investments to widen its exports base and enable integration in to regional supply chains in automobile parts, light engineering and pharmaceuticals.
Indian investments flow to Sri Lanka (in 2012 alone) stood at $ 158.20 million. Such Indian giants as Bharati Airtel (mobile telecom) Britannia (confectionary) Lanka IOC (fuel), TATA (heavy steel), Taj Hotels, Ultratech Cements, Ambuja Cement, CEAT (rubber), Piramal Glass and Ashok Leyland (vehicles) are operating in Sri Lanka and often find significant share of their group annual volumes originating from Sri Lanka.

Responding to Deputy High Commissioner Bagchi, Minister Bathiudeen said: “We extend you a warm welcome to Sri Lanka. It has been a pleasure for me and my Ministry to closely work with the Indian High Commission and relevant Indian Ministries to develop our bilateral trade. It is time for both sides to implement decisions of the Joint Task Force made in Colombo to develop bilateral trade so that mutual benefits are gained. As R.D.S. Kumararatne, my DG of Department of Commerce here informs me that what is now required to speed up Indo-Lanka trade to next levels is a wider and a proper Mutual Recognition Agreement (MRA) on standards. “Lack of such a wider and proper MRA has led to many of Lankan exporters facing issues in India-in that interpretation of trade issues differently at different times, thereby slowing trade progress. For example one day we come across certain accepted measures not acceptable to the other side suddenly. Even if MRA is a long process, if we start it now, one day we will be there! In fact, the biggest barrier we have in terms of process related trade issues is the lack of an MRA. To get the maximum of FTA, we need to develop the confidence of business communities on both sides. A proper MRA, rather than a mere harmonisation agreement, could give us the much needed consistency and resolve current trade issues to a great extent in one go. Therefore I strongly believe it is time to enter to a proper, wider MRA with India.”

Under the ISFTA, Sri Lanka has been able to promote a diverse range of new exports such as furniture, MDF boards, insulated copper wiring sets and cables, bottle coolers, cocoa products, polished marbles, apparel, glass bottles, rubber gloves, copper wires, new pneumatic rubber tyres, machinery & electrical equipment parts, processed meat products, ceramic tableware & tiles, food preparations, spices, strawberries, and even cosmetics. Reportedly, current harmonisation agreement between India and Sri Lanka focuses only on narrow harmonisation.  A fresh, proper MRA could open the door for wider engagement and further boost Indo Lanka trade that stood at $ 3.636 billion in 2013.

Deputy High Commissioner Bagchi responding to Minister Bathiudeen said: “I agree with you that wider Mutual Recognition Agreement will be useful to increase bilateral trade. I also agree that the lack of unified market standards across various states in India could be an issue for keen Lankan exporters to India and needs to be looked into. For example the Indian government’s General Sales Tax (GST), an important domestic tax, has issues in its progress due to it needing the concurrence of all the states where it will be implemented.”

Top Lankan exporters and trade researchers praised Minister Bathiudeen’s 7 August initiative.
“This is a very important development and we welcome it,” said Spice Council of Sri Lanka Founder Chairman Sarada de Silva and added: “This is the kind of thing we too are pushing for, which is even important for value added exports. For instance, when we talk of our spice exports, more than 70% of our cloves, pepper and nutmeg are headed to India. As a start therefore, we welcome a mutual MRA between Indian Standard Institute and Sri Lanka’s Standards Institute (SLS) instead of unilateral agreement at present, which could help our exporters greatly.” Verite Research Head of Economic Research Subhashini Abeysinghe said: “In our experience, an MRA which mutually accepts testing, certification and standard compliance report would be of great benefit to Lankan exporters.”

Both Deputy High Commissioner Bagchi and Minister Bathiudeen also discussed of Indian development assistance to Sri Lanka and other forms of bilateral cooperation between both countries on 7 August.

Branding would give Lankan rubber boost

Daily News - 14/08/2014
Vishmi Wijeratne

The Plastic and Rubber Institute of Sri Lanka CEO Forum recently mooted ideas for improving plastic and rubber industries in Sri Lanka.

While quality adding has been long discussed topic of improvement, it was discussed that branding Sri Lankan rubber will give Sri Lankan rubber a significant boost.

Chairman and CEO of the Export Development Board of Sri Lanka, Bandula Egodage, who attended the event said rubber is one of the chief exports in Sri Lanka and Sri Lanka's rank in the contribution of rubber exported globally is 32% . However, he also said Sri Lanka's solid tyres rank at the first place in exports, which is a clear indication that there is a market for value added goods rather than just the raw form.

Branding is a new concept for Sri Lankan rubber, through a brand Sri Lanka can gain the benefits of credibility, loyalty of buyers, the consumer preference.

Country branding should be what the rubber industry is looking for, he said.

Sri Lanka has many rubber products of different brands, according to Egodage these superior brands should be linked to get a better market than the present share.

The government initiatives to develop both plastic and rubber exports were also addressed at the forum. It was agreed upon that the government's initiatives on developing infrastructure and education has greatly helped the plastic and rubber industries but all other industries too.

The forum also discussed the predominant problem of lacking funds for Research and Development in the plastic and rubber sector of Sri Lanka.

Exhibitions will put Sri Lanka on the map swiftly: Swaminathan

Daily FT - 13/08/2014

Plastics and Rubber Institute of Sri Lanka (PRISL), together with Enterprising Fair India will conduct the 2nd edition of SRILANKA PLAST – a Plastics Expo and the 1st Edition of RUBEXPO – a Rubber Expo on 14, 15 and 16 August 2014 at BMICH, Colombo. Below are the excerpts of an interview conducted with Enterprising Fairs India Ltd Managing Director B. Swaminathan in light of the exhibition.


Q: Why exhibitions?
A: Exhibitions are one of the most effective mediums for establishing and maintaining customer relations. In an increasingly digital age, they are the only media where buyer, seller and product physically come together – a potent force for business. Enterprising Fairs India Ltd, believes that exhibitions act as a catalyst for the growth of business in a given vertical, be it plastics, packaging, solar, food, logistics, electrical and electronics, etc. in countries like India, Kenya, Sri Lanka, Vietnam and Myanmar with a developing economy. You can reach a large proportion of the market in a short span of time. Whether you are looking to raise your company profile, change market perceptions or generate sales leads, you can achieve more in four days at an exhibition than you might otherwise achieve in months.
Exhibitions are also one of the quickest and most cost-effective means of exploring and entering new export markets. Exhibitions combine the mass-reach of advertising, the targeting of direct mail, the persuasive power of face-to-face selling, and the networking benefits of the Internet, to create a unique environment in which a wide range of sales and marketing objectives can be pursued, either singly, or side by side.
Exhibitions are key drivers of any industry. They play a catalytic role in the growth of the sector itself as they showcase current developments both in machines and materials related to the sector. They also facilitate the adoption of new and appropriate technologies at affordable investments. They accelerate the growth of the sector and thereby create new entrepreneurs and new employment opportunities

Q: What are the advantages of an exhibition?
A: Exhibitions are an influential, flexible and highly cost-effective business tool – as well as being significant wealth generators in their own right. In established economies they are a vital part of the marketing mix, alongside direct selling, advertising, direct mail and the Internet. In new and emerging markets they are a major stimulus for industrial and commercial development including, Driving industrial development and technology transfer, boosting regional and national industry and stimulating foreign investment in industry and infrastructure. Hence I firmly believe that it reaches out to the exact buyer, consumer of another country, attracting his interest to another geography, which without a doubt puts Sri Lanka in the World map for other than the commodities it has to offer the world. Exhibitions also have a major impact on local and national economies

Q: Would you be able to share some information about Sri Lanka PLAST and RUBEXPO?
A: Enterprising Fairs India Private Limited, a B2B Exhibition company from India, has collaborated with The Plastics and Rubber Institute of Sri Lanka (PRISL), to conduct the 2nd edition of SRILANKA PLAST – a Plastics Expo and the 1st Edition of RUBEXPO – a Rubber Expo (www.rubexpo.com) on 14, 15 and 16 August 2014 at BMICH, Colombo. The Ministry of Industry and Commerce (MOIC), Export Development Board (EDB), Industrial Development Board (IDB), Rubber Research Institute of Sri Lanka (RRISL) and Central Institute of Plastics and Engineering Technology, a government body of India (CIPET) have also extended their support to these B2B exhibitions. The plastics and rubber expos are B2B exhibitions bringing over 150 exhibitors from 10 different countries, including Sri Lanka, India, China, Taiwan, Japan, Italy, Philippines etc. showcasing their, machinery and technology available.
There will also be a guidance booth for young and aspiring entrepreneurs who can get direction on how to start a business in the Plastics and Rubber Industry. This expo is set to attract over 20,000 visitors over the three days according to the organisers. As a developing nation Sri Lanka is opening up with its economy and infrastructural advantages, there is no better time than this to open up the country and inviting international businesses to experience its riches.

Top Asia-Pac fishery man prepping Colombo for rare int’l confab

Asian Tribune - 13/08/2014

Bandula Egodage (Chairman/CEO-EDB-second from right) meets Dr Abdul Basir Kunhimohammed (Director General- INFOFISH-seated, with red tie, second from left) as Sujatha Weerakoone (DG-EDB-far right) joins the discussion on 12 August at EDB.

Sri Lanka will feature a rare international confab this November –and many top global fishery experts and exporters will gather together in one place for the first time in South Asia, as announced on 12 August. “First ever International Ornamental Fish Conference to be held in Sri Lanka is taking place this November with EDB’s support. We thank Malaysia based INFOFISH for affording this opportunity to Sri Lanka” said an upbeat Bandula Egodage (Chairman/CEO-EDB) on 12 August at EDB.

Chairman Egodage was meeting Dr Abdul Basir Kunhimohammed (Director General- INFOFISH) on 12 August at EDB. Visiting INFOFISH DG Dr Kunhimohammed is currently in Colombo to hold preparatory meetings with Lankan stakeholders for the first ever INFOFISH Global Conference to be held in Sri Lanka titled “Sri Lankan International Ornamental Fish Conference” scheduled on 10-11 November at Kingsbury Hotel, Colombo.

“This will be a global event attended by ten international ornamental fish industry speakers” said
INFOFISH DG Dr Kunhimohammed and added: “Since they are willing to share their experiences with local ornamental industry, this will be a rare first time opportunity for Sri Lankan fishery sector to directly network and learn important lessons from international experts right here in Colombo-and all such leading figures gathering together at the same time in one location. I urge the Lankan and regional fishery sectors to make the most of this. Some of the top presenters are not only fishery experts but are also leading international fishery businesspersons. Therefore, the networking potential will be considerable. Gerald Bassleer (Current President of Ornamental Fish International) will be a star presenter and I don’t think that Lankan fishery sector should miss him. The reputed Ornamental Fish International is a trade association across no less than 44 major fish exporting and importing nations. It is not I, but the late Dr. Alex Ploeg, former Secretary General of INFOFISH who was scheduled to be in Colombo today and meet you but very sadly, Dr. Alex Ploeg, his wife, their son and his friend all perished together in the recent MH17 plane crash above Ukraine on 17 July. Despite this great loss to us and the international fishery sector, to continue with Dr Ploeg’s valuable efforts, we still decided go ahead with Colombo event in November. The event is jointly organised by INFOFISH and EDB, and co-sponsored in collaboration with OFI.”

he Kuala Lumpur, Malaysia based INFOFISH is an inter-governmental organization across 14 countries and provides marketing information and technical advisory services to the fishery industries of the Asia-Pacific region. Specially, it’s the leading source of marketing support for fish producers and exporters in the region. In addition to exhibitions, conferences, workshops, seminars and training programs, INFOFISH also undertakes consultancies on all aspects of fisheries. Also joining the 12 August meeting were Dr Yousuf Maraikkar (ED-EDB) and reps from both NAQDA and NARA.

In 2013, Sri Lanka exported $10.7 Mn of ornamental fish, a surge of 41% from 2012’s exports. US, UK, Germany, Japan and France were the top five importers from Sri Lanka in Y‘13.

“First ever International Ornamental Fish Conference to be held in Sri Lanka is taking place this November with EDB’s support” said Bandula Egodage (Chairman/CEO-EDB). “We thank Malaysia based INFOFISH for affording this opportunity to Sri Lanka. In fact INFOFISH has been continuously assisting us to upgrade the Lankan sector. Minister of Industry and Commerce Rishad Bathiudeen inaugurated the 26th session of INFOFISH Governing Council held in Colombo in 2011 December. Therefore INFOFISH is no stranger to us. EDB wants to enlist stakeholders of Lankan fisheries such as the Fisheries Ministry, National Aquaculture Development Authority of Sri Lanka (NAQDA) and National Aquatic Resources Agency (NARA).”

“Ornamental fisheries sector in Sri Lanka is very cottage and SME level and has been identified as a potential export development segment” said Sujatha Weerakoon (DG-EDB). “Therefore we need to give them not only knowledge and resources, but even networking and international linkages as well. This is the reason we decided to do this global event in Sri Lanka in November so that international participants will discuss important aspects with the local participants. We are anticipating 200 to 300 participants of which one third will be foreign ” DG Weerakoon added.

AWARENESS SEMINAR/WORKSHOP ON ORNAMENTAL FISH FOR THE EXPORT MARKET - NWP/NCP

The North Western Provincial office of the SLEDB, successfully conducted the awareness seminar/workshop on Ornamental Fish for the export Market on 12th August 2014 in the auditorium of District Secretariat-Kurunegala with the participation of 110 export oriented Ornamental Fish farmers in North Western & North Central Provinces. The programme was organized by the NWP-EDB with the assistance of National Aquaculture Development Authority (NAQDA).

The main objective of conducting this programme is to increase the capacity of export oriented ornamental fish farmers in the region by way of enhancing Technical/Market awareness and facilitating linkages between farmers and exporters in order to develop consolidated supply base of quality ornamental fish for exports.

At this seminar, Mr. A.R.Mudalige/Officer In Charge of Aquaculture Development Center at Dambulla -NAQDA, took part as a resource person & delivered a valuable presentation giving more emphasis to the technical aspects of farming quality ornamental fish for the export market including water quality maintenance, the process & importance of quarantine facility & disease control methods etc. The presentation was more helpful for participants as they could discuss all the technical matters they have encountered while dealing in this industry. Mr. A.R.Mudalige elaborated further that organizing these types of seminars by the EDB is vital for the advancement of the industry & highlighted the need of providing assistance to obtain brood stocks for farmers as the investment is high.

In addition NWP-EDB made arrangements to get the service of an export company for the seminar as a resource person with the intention of providing practical experience on the sector for participants.   In response to a request made by the NWP-EDB, Mr. Gayan Danushka/ Managing Director of Aqualified International (Pvt) Ltd. a leading Ornamental fish exporter in the industry delivered a presentation on significance of quality requirements of supplying ornamental fish for the export market. Moreover participants made aware on regular problems face by exporters when supplying ornamental fish for the export market. He expressed that there is a huge potential to develop this industry in Sri Lanka based on the availability of natural resources, though the current export share in the world market is less than 3%. Singapore is the world leader in exporting Ornamental fish which comprise the largest market share, even they have very minimal natural resources in the country compared to Sri Lanka.

An officer representing the North Western Provincial office of the EDB also delivered a presentation on current export market trends of the Ornamental Fish at this seminar.

However, this event offered certainly an excellent opportunity for export oriented Ornamental Fish farmers in the NWP/ NCP and the NWP-EDB is intending to facilitate to establish linkages between farmers & exporters with the assistance of respective institutes to develop consolidated supply base of quality Ornamental Fish for the export market from Regions as an upcoming activity of this programme.

Korean Push for First Ever Lanka Regional Apparel Training

Source: Department of Government Information, Sri Lanka

As apparel revenues topped $2.4 Bn in ’14 1H, in a new development, Korea has extended its support to enhance industry capacity in North-and Sri Lanka’s crucial apparel industry training efforts have now expanded to regions for the first time.

“We are receiving today’s apparel technical support thanks to Korea International Cooperation Agency (KOICA) and the Government of Korea. Thanks to KOICA, our apparel training efforts have entered the regions” said Rishad Bathiudeen, Minister of Industry and Commerce of Sri Lanka and Vanni MP on Sunday (04) in Mannar.

Minister Bathiudeen was speaking at the inauguration event of first ever branch of Sri Lanka Institute of Textile & Apparel (SLITA) under his Ministry in Mannar. SLITA under Ministry of Industry and Commerce caters to the apparel industry in training, testing, consultancy and technical services and has a world class testing lab which is internationally accredited and is certified with ISO 17025 and 9001 standards. In 2013, SLITA recorded highest income at $ 1.05 million from training, testing and consultancy services. SLITA also has no less than 185 training programmes with a total trainee strength of 3430. SLITA’s 56 strong lecture panel of which 18 are qualified at Masters’ level is yet another benchmark in the industry.
Sri Lanka January-June ’14 provisional exports recorded the highest 1H earnings since Y2010, and registered $5410.4 Mn ($5.4B) in total. This is a huge 45% jump from H1 2010 which stood at $3741 Mn.  In this five year 1Hs, apparel exports surged by 57%. On a YoY basis, in 2014 1H, provisional apparel revenues rose by 20.40% to $2400.5 Mn.

“This office in Mannar will serve the apparel training needs of Northern Province. This is the first time that SLITA under my Ministry is expanding to the regions. Thanks to the commitment of President Mahinda Rajapaksa, the infrastructure of Northern Province is rapidly developing. Our government has allocated more than $161 Mn for development of Mannar District. At the same time, demand for new jobs among the Northern people too is growing and there is pressure for new employment generation. Introduction of apparel training is one way that the government is trying to develop the region and also generate new employment here” said Minister Bathiudeen, and added: “Today’s batch of 20 Trainers, after one month’s training, will start to train Mannar youth and new students over a six month period. We are receiving today’s apparel technical support thanks to Korea International Cooperation Agency (KOICA) and the Government of Korea. Thanks to KOICA, our apparel training efforts entered the regions This initiative involves villages of Mannar region at first but will take the training to the rest of Northern Province thereafter. After six months’ training, the trained will be given sewing machines so that production begins soon. On behalf of people of Northern Province and SLITA, I thank KOICA for their valuable support. Next year we will officially request Mannar Divisional Secretary for land allocation for a sewing training plant to be constructed.”

In this Mannar initiative, the Korea International Cooperation Agency has donated equipment to the value of $20,000 -that includes 13 JUKI sewing machines, industrial grade cutting machine and vacuum board, a bottle iron, furniture and computers. KOICA is the main ODAs channel of the Korean Government, and provides development assistance for 44 countries worldwide.

KOICA grant aid programs include development assistance for poverty alleviation, economic infrastructure development, capacity building for public sector and supporting the education sector in Secondary education and Technical and Vocational Training. The international Convention Centre in Hambantota is a KOICA funded project.(KH).

World’s first official true cinnamon pass now live

Daily Finance Times - 11/08/2014

• EDB clears historic cinnamon upgrade effort
• 'Pure Ceylon Cinnamon TM live in 4 markets: Rishad
• 13 Lankan firms pass first global certification

In its efforts to expand the global reach of its historic spice, Sri Lanka has begun equipping its exporters with international licensing as insisted by global market hotspots. As a result, the historic assemblage of Lankan exporter firms officially sanctioned to use the internationally accredited ‘Pure Ceylon Cinnamon Global Certification’ was born in Colombo last week.

“During the last five years, Pure Ceylon Cinnamon exports have shown an increasing trend due to surging demand for it in global markets. The other good news is that the EDB has completed registration of this trade mark in the key markets of USA, EU, Peru and Colombia,” said Minister of Industry and Commerce Rishad Bathiudeen.

He was addressing the ‘Issuance of Permanent Licenses of Pure Ceylon Cinnamon Certification Mark’ event held by the EDB on 7 August in Colombo. Also joining Bathiudeen were Anura Siriwardene (Secretary, Ministry of Industry and Commerce), Bandula Egodage (Chairman/CEO, EDB), Sujatha Weerakoone (DG, EDB) and Dr. Yousuf Maraikkar (ED, EDB).

Thirteen Lankan cinnamon exporter firms that were successful in fulfilling the required criteria to win this historic certification were awarded their certifications by Bathiudeen.

These cinnamon exporters were shortlisted in April this year from many applications received for certification, and they were promptly issued with temporary cinnamon licenses based on which they began their four month long exports enhancement process in conformity with quality standards of GMP/ISO9000, SLSI 81 Test, and ITI test reports.

A technical and progress evaluation committee (which included public officials) appointed by EDB, finally confirmed these 13 firms as qualified to be licensed after continuously evaluating their incremental progress over this period.

The 13 firms are A Baur & Co, Casa Canela, Devi Trading Company, Dtriangle, Food & Nature, GP De Silva & Sons International, Intercom Ltd., International Commodity Traders, JP Products, Mohksha Ltd., New Rathna Producers Cinnamon Exports, PD Romanis & Sons, and Spicing Lives. Together, these 13 firms claim approximately one-fourth of Sri Lanka’s cinnamon exports which stood at $ 61.09 m in 2013.
“Let me congratulate today’s successful recipients of Pure Ceylon Cinnamon license certification. It is thanks to the efforts of you, our committed exporters, that today we are witnessing a five-year high in first half exports of this year at $ 5.4 b, which is provisional. This is a huge increase of 54% from year 2010 first half exports of $ 3.7 billion. I am happy to note that Pure Ceylon Cinnamon plays a major role in the spice and allied product sector in terms of exports,” said Bathiudeen.

He added that during the last five years cinnamon exports have been seeing an increasing trend due to the high demand for it in global markets with USA, Mexico, Peru, and Colombia being among top buyers.
The Minister said spices and such products have been identified to achieve $ 1 b by 2020 under the committed exports vision of President Mahinda Rajapaksa. Spice exports have grown steadily and even between May and June this year, with the sector growing by 22% to $ 49.48 m.

EDB Chairman and CEO Bandula Egodage said: “Today Ceylon Cinnamon is reaping the results of value addition efforts that we followed and EDB is celebrating an important milestone. We welcome you to this event today not as outsiders but as stakeholders. We need to commend the Spice Council of Sri Lanka for its efforts to enhance our spice exports.”

EDB Director General Sujatha Weerakoone said: “We are vying to make the spices sector a billion dollar export sector by creating value additions and global branding to gain a premium price. Our very special thanks and appreciation also goes to President Mahinda Rajapaksa who initiated this global cinnamon branding effort. We also extend our gratitude to Minister Bathiudeen who has been extending his support and advice to EDB all the time.”