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| Sunday, 19 October 2003 |
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| News Business Features Editorial
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Regaining Sri Lanka through tea by Pelham Juriansz Prices of tea could escalate by as much as 10 to 20 per cent if the country reduced the production of poor quality tea. Tea is our main foreign exchange earner, but battling substandard exports is a challenge we face, said Chairman Ceylon Tea Traders Association, Mahen Dayananda. Sri Lanka produced 310 million kilos of tea last year and exported 292 million kilos, earning US$ 660 million. He made these comments at the presentation of the progress report of the Regaining Sri Lanka Tea Task Force. Rohan Fernando, member of the Regaining Sri Lanka-Tea Task Force (RSLTTF) said that about US$ 128 million will be available from multilateral agencies to help tea companies diversify and secure niche markets. Significant strides were taken towards the diversification of RPC land so that the tea sector could attract the technology and investment it so badly needs to become a dominant quality supplier worldwide. A Tea Industry Apex Body to take responsibility for all aspects of the industry, moving towards self-regulation, has already been established under the name of the Tea Association of Sri Lanka. Lalin Fernando, Co-convener of RSLTTF said that a road show will be organised with the objective of reactivating the tea industry. As part of the 'Regaining Sri Lanka' road map to invest in Sri Lanka, the Tea Task Force was created to conceive and implement action plans for the improvement of conditions in the tea sector. He said the highlight in the sector is the approval of the Asian Development Bank (ADB) funding under the Plantation Development Project with loans being made effective from September 2003. Funds were also allocated for tea growing and harvesting, which will greatly benefit RPCs and the stakeholders that depend on them. The Japanese Bank for International Cooperation also contributed to the whole process by completing feasibility studies into plantation development together with the ADB. |
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